The directors present the strategic report for the year ended 31 December 2024.
The results are for the year ended 31 December 2024.
The Directors consider that the results for the period reflect the hard work the Pentex team has put into all aspects of the business, in what remained, very challenging conditions.
The Group's principal financial instruments comprise bank balances, trade creditors and trade debtors.
In respect of bank balances, the liquidity risk is managed by the continual monitoring and forecasting of Pentex's working capital requirements and ensuring there is always sufficient headroom by maintaining a balance between current, deposit and currency accounts.
Trade debtors are managed in respect of credit risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. Pentex also utilises credit insurance to mitigate exposure levels where appropriate.
Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet the amounts due.
The Group regularly review foreign exchange commitments, utilising forward contracts to minimise exposure to currency risks.
The Group works closely with their suppliers to ensure we provide the very best value to our customers.
The Group regularly reviews its supplier base to ensure it can fulfil customer demand and that the
factories achieve the very highest standards both ethically and efficiently. Pentex also have their own employees imbedded within each factory to check and monitor the performance of each factory and to ensure that highest standards are always maintained. Our factories are in the Far East, providing highly competitive pricing.
As expressed in our ESG statement, sustainable and ethical trading is at the forefront of our attentions and we are very proud of our strong record in this area and we conduct regular inspections of all our factories to ensure that the very highest standards are maintained.
Also expressed in our ESG statement, sustainability is a strategic objective and Pentex has worked hard to increase its market share in sustainable product, whilst also encompassing other arenas of environmental objectives. Pentex are pleased to note that we achieved our sustainable fabric target for 2024, which was to have at least 50% of its fabrics from recycled or sustainable sources. We achieved nearly 60%.
The key financial highlights are as follows:
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|
|
|
2024 |
2023 |
|
|
|
| £ | £ |
Turnover |
|
|
| 126,977,219 | 120,437,740 |
Stock |
|
|
| 13,263,005 | 10,989,668 |
|
|
|
|
|
|
Net assets |
|
|
| 40,130,289 | 34,558,410 |
The reported Net Profit Margin to December 2024 was 6.1%. The margin was enhanced by bank interest received on deposits. The underlying Trading Profit Margin was 5.2%. This is broadly in line with expectations.
Environmental, Social and Governance
Pentex are committed to promoting a greener environment and this has become integral to our mission. We are working with our factories and customers to move towards using sustainable materials and our record in the period clearly demonstrates our success in adopting this policy and is a continuing policy.
We are pleased to be associated with our major customers who are themselves leading the move to more sustainable fashion.
Protecting the Environment
We operate in line with all relevant environmental legislation and regulatory requirements, and require our employees to carry out their duties in a way that is mindful of the environment and the Company’s concern for it.
We continue prioritise the use of certified recycled materials and sustainably sourced raw materials. 76% of units booked in the past 12 month use sustainable materials. Our target is to reduce Scope 1 and 2 emissions by 45% by 2030.
Supporting our People
People are central to what we do. Pentex strives to provide its team with essential training and incentives which have been instrumental in the retention of key employees and minimising staff turnover. Our Health and Safety Policy enables employees to perform their work safely and efficiently in line with health and safety law and is reviewed annually with employees consulted before the integration of any new practices.
The group’s human resources procedures make clear that full and fair consideration must be given to applications made by and the promotion of disabled persons.
All employees attend training workshops aimed at promoting respect, diversity and inclusion in the work place.
Employee Involvement
The Group undertakes staff surveys to canvas views on significant matters. The directors also communicate regularly with employees to keep them informed of the status of the Group and relevant challenges and strategies.
Governance
Pentex continues to promote high ethical and moral standards, which our Board and employees are expected to abide by. The Board is committed to high standards of corporate governance, and our joint CEO’s encourage self-evaluation by all Board members and feedback on the content of Board meetings.
We are part of a pilot project that aims to enable paying garment workers a living wage. Third party audits are regularly conducted, plus an in-house country team that supports factories with compliance. Established grievance mechanisms are in place across all factories.
The board of directors at Pentex Limited are of the opinion that they have made decisions and acted to promote success of the business.
The Group adopted all government and public health guidelines; in addition, put into place numerous safety measures at the workplace, to support the health and wellbeing of all employees and external visitors.
On behalf of the board
The directors present their annual report and financial statements for the year ended 31 December 2024.
The results for the year are set out on page 8.
Ordinary dividends were paid amounting to £294,000 (2023: £4,294,000).
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
The trading environment remains positive for Pentex in the short to medium term. Pentex will continue to invest to enhance their core strengths in design and development. The company will also invest in and expand its overseas operations and factories, to ensure both quality and prices remain highly competitive.
Pentex Limited is committed to the Energy Savings Opportunities Scheme that applies to large undertakings as defined by the Companies Act 2006. The energy consumption reports the energy and carbon consumption for Pentex Limited only.
Total Energy Consumption (TEC)
Total energy consumption per fuel type for the reporting period is set out as follows:
Fuel TEC Consumption TEC Consumption Emissions
(kWh) % Total CO2e
Grid supplied electricity 84,854 100 17,569
Natural Gas 84,589 100 17,141
Methodology
Data used in calculating Total Energy Consumption (TEC) electricity and gas meter readings and utility bills. Electricity and gas conversions to kWh and CO2 emissions data have been calculated in line with UK Government environmental reporting guidance using 2024 UK Government GHG conversion factors for company reporting. Grid supplied electricity and natural gas are the company’s only sources of energy.
Intensity Measurement Ratio
The intensity measurement ratio is a measure of environmental impact, the quality of energy per unit of output, we have chosen the entire office square meterage.
Office Square Energy Consumption Intensity Ratio Emissions Intensity Ratio
Meter (kWh) (kWh) Sq.meter tCO2e (tCO2e)/Sq.meter
2,400 84,854 35.35 17,569 7.32
2,400 84,589 35.24 17,141 7.14
Measures taken to improve energy efficiency
The Group has made efforts to become more environmentally conscious by promoting the use of efficient technologies and introducing measures such as:
Lighting upgrades
Increased availability and encourage use of video conferencing
Lowering travel emissions by reducing face to face meeting
Electric company vehicles
Upgrading group PCs and hardware has improved energy efficiency
Reducing paper printouts and using recycled paper
We have audited the financial statements of Pentex Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
Basis for opinion
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. However, because not all future events or conditions can be predicted this statement is not a guarantee as to the group's and parent company's ability to continue as a going concern
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
The information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.
The extent to which the audit was considered capable of detecting irregularities including fraud
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the company and the group through discussions with directors and other management, and from our commercial knowledge and experience of the clothing manufacturing sector;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group and parent company, including the Companies Act 2006, taxation legislation, employment and health and safety legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;
understanding the business model as part of the control and business environment; and
understanding the design of the group's remuneration policies.
To address the risk of fraud through management bias and override of controls, we:
performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
agreeing financial statement disclosures to underlying supporting documentation; and
enquiring with the company and group management of actual and potential non-compliance with laws and regulations.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment by for example forgery, or intentional misrepresentation or through collusion. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the company’s and the group's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the group and the company’s and group's members as a body, for our audit work, for this report, or for the opinions we have formed.
The income statement has been prepared on the basis that all operations are continuing operations.
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £294,000 (2023: £4,294,000).
Pentex Holdings Limited (“the company”) is a private limited company incorporated in England and Wales. The registered office is 94-100 Christian Street, London, United Kingdom, E1 1RS.
The group consists of Pentex Holdings Limited and all of its subsidiaries.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The consolidated financial statements incorporate those of Pentex Holdings Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits).
All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover is recognised at the fair value of the consideration received or receivable for goods net of VAT and trade discounts.
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.
Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
At the reporting date of 31 December 2024, the directors assessed that the fair value of the derivative contract was not materially different from the fair value of the derivative contract at the date that the contract was entered into. Hence, no fair value adjustment has been made in respect of the derivative contract as at 31 December 2024 (note 23).
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
The group manufactures and wholesales clothing and is subject to changing consumer demands. As a result it is necessary to consider the recoverability of the cost of stock and the associated provision required. When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability of finished goods. See note 15 for the net carrying amount of the stock and associated provision.
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2023: 4).
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
Details of the company's subsidiaries at 31 December 2024 are as follows:
There is no significant difference between the replacement cost of finished goods and their carrying amounts.
Stock is stated after provision for expected wastage on fabrics which, at the year end, stood at a provision of £793,734 (2023: £793,734).
Trade debtors disclosed above are classified as loans and receivables and are therefore measured at amortised cost. Trade debtors are stated after provisions for impairment of £154,079 (2023: £154,079).
The bank facilities are secured by way of fixed and float charge over all of the company's assets.
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
The deferred tax asset set out above is expected to reverse within 2 years and relates to the realisation of short term timing differences.
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
There are 4 classes of Ordinary shares.
One vote is attached to each 'A' Ordinary share.
The holders of the 'B', 'C' and 'D' Ordinary shares do not carry voting rights unless the resolution affects the rights of the 'B', 'C' and 'D' Ordinary shares respectively.
The company enters into forward foreign currency contracts to mitigate the exchange risk for certain foreign currency payables and receivables.
At the balance sheet date the company had commitments to sell currency under foreign exchange currency contracts on which the total sterling equivalent outstanding amounted to £6,190,839 (2023: £4,778,991). These forward foreign currency contracts have not been measured at fair value but if they had been, at the balance sheet date, would amount to a liability of £6,389,118 (2023: £4,709,576).
The company has provided a cross guarantee dated 21 December 2017 in favour of HSBC Bank plc, to guarantee the borrowings of Lavender Hill Properties Limited, a connected company.
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
The remuneration of key management personnel is as follows.
During the year the group entered into the following transactions with related parties:
The following amounts were outstanding at the reporting end date:
The following amounts were outstanding at the reporting end date:
No guarantees have been given or received.