REGISTERED NUMBER: 13438798 (England and Wales)

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

FOR

ELEANOR CARE HOMES HOLDINGS LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Consolidated Income Statement

10

Consolidated Other Comprehensive Income

11

Consolidated Balance Sheet

12

Company Balance Sheet

13

Consolidated Statement of Changes in Equity

14

Company Statement of Changes in Equity

15

Consolidated Cash Flow Statement

16

Notes to the Consolidated Cash Flow Statement

17

Notes to the Consolidated Financial Statements

18

DIRECTORS:

M V Santhiapillai

Ms K Wordley

REGISTERED OFFICE:

Third Floor

17 London Road

Bromley

BR1 1DE

REGISTERED NUMBER:

13438798 (England and Wales)

AUDITORS:

Edwards Chartered Accountants

Statutory Auditor

409-411 Croydon Road

Beckenham

Kent

BR3 3PP

The directors present their strategic report of the company and the group for the year ended 31 March 2025.

REVIEW OF BUSINESS

In 2024/25, the UK care sector experienced significant challenges due to a turbulent economic environment. Rising inflation, increased operational costs, and workforce shortages presented substantial difficulties for care providers. The cost-of-living crisis, higher wages, and recruitment difficulties made it increasingly hard to attract and retain skilled workers. These challenges were compounded by new regulatory demands and growing expectations for more personalized, high-quality care to meet the needs of an aging population.

Despite these pressures, Eleanor Care Homes Holdings Limited demonstrated resilience, navigating these challenges while remaining committed to exceptional patient care. By investing in innovative care models and technology, we improved operational efficiency and enhanced access to care. The year marked a pivotal period of transformation and growth for the Group, as we expanded services, deepened our commitment to patient-centricity, and focused on operational excellence and sustainability.

Principal Activities:

Eleanor Care Homes Holdings Limited continue to provide residential nursing care, focusing on both general and specialized care services. The Group is dedicated to delivering personalized, high-quality care, with a strategic focus on expanding our private pay market share and broadening services to include specialized care sectors like rehabilitation and prison healthcare.

PRINCIPAL RISKS AND UNCERTAINTIES

The Board closely monitors strategic risks and evaluates performance through Key Performance Indicators (KPIs) to ensure alignment with the Group's long-term objectives.

SECTION 172(1) STATEMENT

In 2024-25, we prioritised workforce development by launching initiatives to support employee well-being, professional development, and retention. Recognizing the competitive healthcare labour market, we focused on attracting diverse talent and fostering a strong culture of professional growth. These efforts have significantly reduced turnover rates and improved staff morale.

KPIs used:

Staff turnover rates,

Training participation,

Number of hours for staffing (employed and agency).

Health & Safety

Providing a safe environment for residents and staff remains a priority. In 2024, we strengthened our health and safety policies and improved training programs to ensure full compliance with regulatory safety standards.

KPIs used:

Accident statistics,

Notifiable accident frequency.

Cost Base Inflation

Inflationary pressures, especially in staffing, energy, and food, posed challenges in 2023-24. However, our cost control measures, including centralized procurement and operational efficiency programs, helped mitigate these risks.

KPIs used:

EBITDA and EBITDAR per bed,

Costs per resident per day.

CORE STRATEGIES

Sustained Growth: Growth was driven through new care facilities, acquisitions, and service enhancements.

Technology Integration: We focused on digital transformation to streamline operations, enhancing service quality and patient outcomes.

Expansion into New Care Areas: Diversification into specialized services such as rehabilitation and prison care to capture new revenue streams.

OPERATIONAL PERFORMANCE

In 2024-25, Eleanor Care Homes Holdings Limited successfully executed several key initiatives aimed at improving operational efficiency and service quality. By embracing digital transformation, we streamlined administrative processes, reduced inefficiencies, and enhanced real-time data management. These improvements directly impacted service user satisfaction, contributing to a notable increase in satisfaction rates and a measurable improvement in clinical outcomes.

REGULATORY AND QUALITY STANDARDS

Our strong relationship with regulatory bodies, particularly the Care Quality Commission (CQC), was critical in maintaining high standards of care. In 2024-25, Eleanor Care home holdings enhanced its internal compliance frameworks, ensuring staff were well-trained and services met evolving regulatory requirements. Our commitment to compliance and excellence resulted in improved quality ratings across several facilities.

FINANCIAL PERFORMANCE

Eleanor Care Homes Holdings Limited delivered a robust financial performance in 2024-25, despite the pressures of inflation and workforce shortages. Revenue grew by £2.97m (£21.75m v £18.78m) and profitability increased by £940k (£2.79m v £1.85m), underpinned by prudent fiscal management and cost-control measures.

Key Financial Indicators:

Revenue growth: 16%

EBITDAR: £8.36m

Care home Occupancy rate: 91%.

Private occupancy rate: 54%

Strategic Risks and Key Performance Indicators:

The Board closely monitors strategic risks and evaluates performance through Key Performance Indicators (KPIs) to ensure alignment with the Group's long-term objectives.

CLINICAL QUALITY AND PATIENT SAFETY

Ensuring high-quality care is central to our operations. We have made significant investments in clinical governance, care delivery frameworks, and staff training. Our specialist teams and advanced monitoring systems ensure we deliver consistent, high-standard care.

KPIs used:

Regulatory compliance (CQC ratings),

Clinical well-being indicators,

Patient satisfaction scores.

ON BEHALF OF THE BOARD:

M V Santhiapillai - Director

18 September 2025

The directors present their report with the financial statements of the company and the group for the year ended 31 March 2025.

DIVIDENDS

The total distribution of dividends for the year ended 31 March 2025 will be £ 780,000 .

DIRECTORS

M V Santhiapillai has held office during the whole of the period from 1 April 2024 to the date of this report.

Other changes in directors holding office are as follows:

Ms K Wordley - appointed 19 April 2024

CHARITABLE DONATIONS AND EXPENDITURE

During the year, the group made charitable donations of £10,037.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Edwards Chartered Accountants, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

M V Santhiapillai - Director

18 September 2025

Opinion

We have audited the financial statements of Eleanor Care Homes Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of 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).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2025 and of the group's profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our 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 the 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.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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 can detect irregularities, including fraud is detailed below:

Our approach was as follows:

a) We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined that the most significant are those that relate to include the Companies Act 2006, and relevant tax legislation. In addition, we have considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty.

b) We communicated identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

c) We examined the company's regulatory and legal correspondence and discussed with management any known or suspected instances of fraud or non-compliance with laws and regulations.

d) We assessed the risks of material misstatement in respect of fraud as follows:

i) We considered the use of remuneration incentive schemes and performance targets for management and did not identify any additional fraud risks

ii) The audit team discussed whether there were any areas that were susceptible to misstatement as part of their fraud discussion.

iii) In addressing the risk of management override of controls, we tested the appropriateness of journal entries. We also challenged assumptions and judgements made by management in their significant accounting estimates and judgements.

iv) We incorporated an element of unpredictability in the selection of the nature, timing and extent of our audit procedures.

Based on the results of our risk assessment we designed our audit procedures to identify and to address material misstatements in relation to fraud, including:

Designing audit procedures to address, for example:

a) The possibility of fraudulent or corrupt payments made through third parties.

b) The risk of bribery and corruption.

c) The opportunity to segregate duties within the entity.

Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above.

Using our general commercial and sector experience and through discussions with management, we identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements as well as those arising from management's own assessment of the risks that irregularities may occur either because of fraud or error.

The engagement partner considers the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations.

Under ISA 240 (UK) there is a presumed risk that revenue may be misstated due to the improper recognition of revenue. To address this risk, we obtained an understanding of the company's revenue recognition policies and compared these to the accounting standard, performed a walkthrough to confirm our understanding of the processes and controls through which the business initiates, records, processes and reports revenue transactions.

We tested a sample of revenue transactions to supporting evidence and tested, on a sample basis, revenue related balances in the balance sheet.

We considered the extent to which the audit was considered capable of detecting irregularities: There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentation, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company'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 a Report of the Auditors 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 company's members as a body, for our audit work, for this report, or for the opinions we have formed.

John Duggan (Senior Statutory Auditor)

for and on behalf of Edwards Chartered Accountants

Statutory Auditor

409-411 Croydon Road

Beckenham

Kent

BR3 3PP

18 September 2025

TURNOVER

21,758,380

18,787,840

Cost of sales

10,616,679

8,797,231

GROSS PROFIT

11,141,701

9,990,609

Administrative expenses

6,638,414

5,269,977

4,503,287

4,720,632

Other operating income

47,904

14,500

OPERATING PROFIT

4

4,551,191

4,735,132

Interest receivable and similar income

41,748

8,476

4,592,939

4,743,608

Interest payable and similar expenses

5

1,746,049

1,761,045

PROFIT BEFORE TAXATION

2,846,890

2,982,563

Tax on profit

6

50,695

1,127,438

PROFIT FOR THE FINANCIAL YEAR

2,796,195

1,855,125

Profit attributable to:

Owners of the parent

2,796,195

1,855,125

PROFIT FOR THE YEAR

2,796,195

1,855,125

OTHER COMPREHENSIVE INCOME

Revaluation of freehold properties

-

57,248,034

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

-

57,248,034

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

2,796,195

59,103,159

Total comprehensive income attributable to:

Owners of the parent

2,796,195

59,103,159

FIXED ASSETS

Intangible assets

9

823,625

2,408,478

Tangible assets

10

75,157,586

75,194,205

Investments

11

37,586,042

15,584,166

113,567,253

93,186,849

CURRENT ASSETS

Stocks

12

16,350

8,500

Debtors

13

1,632,010

1,688,477

Cash at bank and in hand

7,091,506

2,297,860

8,739,866

3,994,837

CREDITORS

Amounts falling due within one year

14

18,077,128

14,833,080

NET CURRENT LIABILITIES

(9,337,262

)

(10,838,243

)

TOTAL ASSETS LESS CURRENT LIABILITIES

104,229,991

82,348,606

CREDITORS

Amounts falling due after more than one year

15

(40,488,697

)

(20,833,330

)

PROVISIONS FOR LIABILITIES

18

(458,402

)

(248,579

)

NET ASSETS

63,282,892

61,266,697

CAPITAL AND RESERVES

Called up share capital

19

1

1

Revaluation reserve

20

57,248,034

57,248,034

Retained earnings

20

6,034,857

4,018,662

SHAREHOLDERS' FUNDS

63,282,892

61,266,697

The financial statements were approved by the Board of Directors and authorised for issue on 18 September 2025 and were signed on its behalf by:

M V Santhiapillai - Director

FIXED ASSETS

Intangible assets

9

11,973,701

13,614,088

Tangible assets

10

35,000,000

-

Investments

11

37,586,041

15,584,165

84,559,742

29,198,253

CURRENT ASSETS

Debtors

13

1

1

Cash at bank

1,112,886

1,376,012

1,112,887

1,376,013

CREDITORS

Amounts falling due within one year

14

8,595,908

9,166,312

NET CURRENT LIABILITIES

(7,483,021

)

(7,790,299

)

TOTAL ASSETS LESS CURRENT LIABILITIES

77,076,721

21,407,954

CREDITORS

Amounts falling due after more than one year

15

40,488,697

20,833,330

NET ASSETS

36,588,024

574,624

CAPITAL AND RESERVES

Called up share capital

19

1

1

Revaluation reserve

28,314,774

-

Retained earnings

8,273,249

574,623

SHAREHOLDERS' FUNDS

36,588,024

574,624

Company's profit for the financial year

7,698,626

364,957

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 18 September 2025 and were signed on its behalf by:

M V Santhiapillai - Director

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 April 2023

1

2,163,537

-

2,163,538

Changes in equity

Total comprehensive income

-

1,855,125

57,248,034

59,103,159

Balance at 31 March 2024

1

4,018,662

57,248,034

61,266,697

Changes in equity

Dividends

-

(780,000

)

-

(780,000

)

Total comprehensive income

-

2,796,195

-

2,796,195

Balance at 31 March 2025

1

6,034,857

57,248,034

63,282,892

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 April 2023

1

209,666

-

209,667

Changes in equity

Total comprehensive income

-

364,957

-

364,957

Balance at 31 March 2024

1

574,623

-

574,624

Changes in equity

Total comprehensive income

-

7,698,626

28,314,774

36,013,400

Balance at 31 March 2025

1

8,273,249

28,314,774

36,588,024

Cash flows from operating activities

Cash generated from operations

1

11,468,189

6,780,998

Interest paid

(1,746,049

)

(1,761,045

)

Tax paid

(1,349,884

)

(350,832

)

Net cash from operating activities

8,372,256

4,669,121

Cash flows from investing activities

Purchase of intangible fixed assets

(412,034

)

(190,700

)

Purchase of tangible fixed assets

(1,549,811

)

(1,123,449

)

Purchase of fixed asset investments

(22,001,876

)

(1

)

Sale of tangible fixed assets

1,328

1

Interest received

41,748

8,476

Net cash from investing activities

(23,920,645

)

(1,305,673

)

Cash flows from financing activities

New loans in year

21,122,035

-

Loan repayments in year

-

(1,666,668

)

Equity dividends paid

(780,000

)

-

Net cash from financing activities

20,342,035

(1,666,668

)

Increase in cash and cash equivalents

4,793,646

1,696,780

Cash and cash equivalents at beginning of year

2

2,297,860

601,080

Cash and cash equivalents at end of year

2

7,091,506

2,297,860

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

Profit before taxation

2,846,890

2,982,563

Depreciation charges

3,581,995

2,530,426

Profit on disposal of fixed assets

(6

)

-

Change in inter-company balances

1,021,440

-

Finance costs

1,746,049

1,761,045

Finance income

(41,748

)

(8,476

)

9,154,620

7,265,558

Increase in stocks

(7,850

)

-

Decrease/(increase) in trade and other debtors

56,467

(161,511

)

Increase/(decrease) in trade and other creditors

2,264,952

(323,049

)

Cash generated from operations

11,468,189

6,780,998

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2025

31/3/25

1/4/24

£

£

Cash and cash equivalents

7,091,506

2,297,860

Year ended 31 March 2024

31/3/24

1/4/23

£

£

Cash and cash equivalents

2,297,860

601,080

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1/4/24

Cash flow

At 31/3/25

£

£

£

Net cash

Cash at bank and in hand

2,297,860

4,793,646

7,091,506

2,297,860

4,793,646

7,091,506

Debt

Debts falling due within 1 year

(1,666,668

)

(1,466,668

)

(3,133,336

)

Debts falling due after 1 year

(20,833,330

)

(19,655,367

)

(40,488,697

)

(22,499,998

)

(21,122,035

)

(43,622,033

)

Total

(20,202,138

)

(16,328,389

)

(36,530,527

)

1.	STATUTORY INFORMATION

Eleanor Care Homes Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2021, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on cost and in accordance with the property

Long leasehold

-

in accordance with the property

Plant and machinery

-

25% on cost and 15% on reducing balance

Fixtures and fittings

-

25% on cost, 25% on reducing balance and 15% on reducing balance

Motor vehicles

-

25% on cost and 25% on reducing balance

Computer equipment

-

25% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.