REGISTERED NUMBER: 06543667 (England and Wales)

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

AUDITED

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

SLICK STITCH HOLDINGS LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Consolidated Income Statement

9

Consolidated Other Comprehensive Income

10

Consolidated Balance Sheet

11

Company Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Company Statement of Changes in Equity

14

Consolidated Cash Flow Statement

15

Notes to the Consolidated Cash Flow Statement

16

Notes to the Consolidated Financial Statements

17

DIRECTORS:

Mrs N Jain

I M Jain

G M Jain

SECRETARY:

I M Jain

REGISTERED OFFICE:

Dixon House

Old Heath Road

Wolverhampton

WV1 2BF

REGISTERED NUMBER:

06543667 (England and Wales)

AUDITORS:

Luckmans Duckett Parker Limited

1110 Elliott Court

Coventry Business Park

Herald Avenue

Coventry

West Midlands

CV5 6UB

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

REVIEW OF BUSINESS

The Group operates as an apparel embellisher, provider of embellished corporate apparel and online retailer of clothing, uniforms and other personalised garments.

The Group provides services and products to a broad customer base, including global companies, SMEs and sole traders. We provide services into a wide range of sectors including school clothing, healthcare, sportswear and general business and corporate workwear.

The Directors submit the audited accounts for the year ended 31 March 2025. The profit after tax was £2,223,712 (2024: £1,167,832).

PRINCIPAL RISKS AND UNCERTAINTIES

The Group reviews the key risks and uncertainties faced on an on-going basis, these are set out below with their mitigating factors:

Financial risk management

The Group's key financial risks are the effects of changes in credit risk and market risk.

Market risk

The Group has a broad customer and market base which it services utilising its own customer portals, the Directors are therefore of the opinion that the risk from loss of business through the lack of retention of key clients is mitigated. No single end user makes up a significant proportion of the Group's turnover.

Credit risk

The Group has a strong credit control policy that requires credit checks on all potential customers before sales are made. The amount of exposure to any individual customer is subject to a limit, which is regularly reassessed by the Directors.

Business continuity

Controls are in place to maintain the integrity and efficiency of the IT systems, including disaster recovery plans which would be implemented in the event of a major failure. IT security is monitored and updated to ensure data is protected from unauthorised use and corruption. The business continuity plan for all significant activities and operations is reviewed and tested on a regular basis

Health and safety

The Board is aware of its responsibilities on all matters relating to health and safety of employees, customers, visitors to Group premises and others affected by the Group's activities. The Group has clearly defined health and safety policies which follow current best practices and meet or exceed legal requirements.

The policy is brought to the attention of all employees and copies of policy documents are available upon request to all interested parties.

The Group has arrangements in place to consult employees regarding health and safety matters. There are regular meeting of site-based committees which comprise employee representatives and health and safety representatives as appropriate.

Financial key performance indicators

The Directors' consider the key financial indicators of the business to be as follows:

2025

2024

Gross margin percentage

40%

41%

Profit/(loss) for the financial year

£2,223,712

£1,167,832

Net assets

£12,640,951

£10,417,239

Other key performance indicators

In addition, management closely monitors sales pipeline, order fulfilment and quality measures. As notes above, the Board also monitors the availability of funding and is pleased to report that cash generation and funding headroom are both strong.

ON BEHALF OF THE BOARD:

I M Jain - Director

3 November 2025

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

DIVIDENDS

No dividends will be distributed for the year ended 31 March 2025.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2024 to the date of this report.

Mrs N Jain

I M Jain

G M Jain

FINANCIAL INSTRUMENTS

The principal financial instruments of the Group comprise bank balances and borrowings, trade creditors and trade debtors. The main purpose of these instruments is to raise funds for the Group's operations and to finance its continuing operations. Liquidity risk is managed by the use of bank balances and fixed deposit facilities along with efficient monitoring and forecasting of cash flow to ensure there are sufficient funds to meet liabilities. Trade debtors are managed in respect of credit and cash flow risk by policies monitoring the credit offered to customers, and regular monitoring of amounts outstanding for both time and credit limits.

ENGAGEMENT WITH EMPLOYEES

The Directors recognise that employees are the company's most valuable asset and remain committed to fostering a culture of open dialogue, engagement, and mutual respect. Throughout the year, engagement initiatives are focused on enhancing communication, professional development, and overall well-being. Employee surveys are undertaken via staff committees twice a year to gather feedback on workplace satisfaction and identify key areas for improvement, with action plans subsequently developed and implemented across all departments. Furthermore, regular weekly/monthly meetings and internal correspondence help to ensure transparency regarding company performance, strategic direction and other important updates. The company has invested in training and development programmes designed to equip Slick Stitch's team with the skills necessary for future growth and career progression. These efforts help both improve employee retention and morale and also directly positively contribute to the company's operational efficiency and success.

The Group gives full consideration to applications for employment from disabled persons where the requirements of the job can adequately fulfilled by a handicapped or disabled person. Where existing employees become disabled, it is the Group's policy wherever practable to provide continuing employment under normal terms and conditions and to provide training and career development and promotion to disabled employees wherever appropriate.

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;

-	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, Luckmans Duckett Parker Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

I M Jain - Director

3 November 2025

Opinion

We have audited the financial statements of Slick Stitch 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 pages four and five, 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:

In identifying and assessing the risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

-

reference to past history and experience of the Entity,

-

enquiry of management, including obtaining and reviewing supporting documentation concerning the Entity's procedures relating to:

-

identifying and complying with laws and regulations and whether they were aware of any instances of non-compliance;

-

detection and response to risk of fraud and whether they were aware of any actual or suspected instances of fraud.

-

assessment of the controls and processes that the Entity has in place to mitigate risk

Our assessments included the identification of the following potential areas for fraud:

-

Management override of control;

-

Revenue recognition, particularly in respect of delivery of services

We design audit procedures by tailored and directed testing to aid and support the level of determined level of risk. In response to the assessed risk we plan audit tests and procedures that target specific areas where misstatement may occur. These procedures and the extent to which they are capable of detecting irregularities, including fraud, are detailed below:

-

We critically assessed the appropriateness and tested the application of the revenue and cost recognition policies

-

We tested the appropriateness of accounting journals and other adjustments made in the preparation of the financial statements

-

We reviewed the Entity's accounting policies for non-compliance with relevant standards.

-

We made enquiries of management and reviewed correspondence with the relevant authorities to identify any irregularities or instances of non-compliance with laws and regulations

In performing an audit in accordance with UK GAAP, we exercise professional judgement and maintain professional scepticism throughout the audit process.

The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion or override of internal controls. There are inherent limitations in the audit procedures performed.

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.

Mark Spafford FCA FCCA (Senior Statutory Auditor)

for and on behalf of Luckmans Duckett Parker Limited

1110 Elliott Court

Coventry Business Park

Herald Avenue

Coventry

West Midlands

CV5 6UB

3 November 2025

TURNOVER

3

19,531,146

18,046,719

Cost of sales

11,524,279

10,690,948

GROSS PROFIT

8,006,867

7,355,771

Administrative expenses

5,539,962

5,833,184

2,466,905

1,522,587

Other operating income

20,687

74,398

OPERATING PROFIT

5

2,487,592

1,596,985

Interest receivable and similar income

638,173

418,198

3,125,765

2,015,183

Interest payable and similar expenses

6

110,920

128,706

PROFIT BEFORE TAXATION

3,014,845

1,886,477

Tax on profit

7

791,133

718,645

PROFIT FOR THE FINANCIAL YEAR

2,223,712

1,167,832

Profit attributable to:

Owners of the parent

2,223,712

1,167,832

PROFIT FOR THE YEAR

2,223,712

1,167,832

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

2,223,712

1,167,832

Total comprehensive income attributable to:

Owners of the parent

2,223,712

1,167,832

FIXED ASSETS

Intangible assets

9

1,407,170

1,551,481

Tangible assets

10

2,469,719

2,848,930

Investments

11

-

-

3,876,889

4,400,411

CURRENT ASSETS

Stocks

12

1,148,739

1,360,506

Debtors

13

10,742,425

8,739,731

Cash at bank and in hand

917,768

1,660,807

12,808,932

11,761,044

CREDITORS

Amounts falling due within one year

14

3,197,885

3,532,657

NET CURRENT ASSETS

9,611,047

8,228,387

TOTAL ASSETS LESS CURRENT LIABILITIES

13,487,936

12,628,798

CREDITORS

Amounts falling due after more than one year

15

(575,000

)

(1,875,000

)

PROVISIONS FOR LIABILITIES

17

(271,985

)

(336,559

)

NET ASSETS

12,640,951

10,417,239

CAPITAL AND RESERVES

Called up share capital

18

1,000

1,000

Foreign exchange reserve

19

26,149

26,149

Retained earnings

19

12,613,802

10,390,090

SHAREHOLDERS' FUNDS

12,640,951

10,417,239

The financial statements were approved by the Board of Directors and authorised for issue on 3 November 2025 and were signed on its behalf by:

I M Jain - Director

FIXED ASSETS

Intangible assets

9

-

-

Tangible assets

10

-

-

Investments

11

4,002,000

4,440,587

4,002,000

4,440,587

CURRENT ASSETS

Debtors

13

8,900,027

6,652,299

Cash in hand

-

1,359

8,900,027

6,653,658

CREDITORS

Amounts falling due within one year

14

6,594,174

3,749,526

NET CURRENT ASSETS

2,305,853

2,904,132

TOTAL ASSETS LESS CURRENT LIABILITIES

6,307,853

7,344,719

CREDITORS

Amounts falling due after more than one year

15

500,000

1,500,000

NET ASSETS

5,807,853

5,844,719

CAPITAL AND RESERVES

Called up share capital

18

1,000

1,000

Retained earnings

5,806,853

5,843,719

SHAREHOLDERS' FUNDS

5,807,853

5,844,719

Company's (loss)/profit for the financial year

(36,866

)

369,054

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 3 November 2025 and were signed on its behalf by:

I M Jain - Director

Called up

Foreign

share

Retained

exchange

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 April 2023

1,000

9,222,258

26,149

9,249,407

Changes in equity

Total comprehensive income

-

1,167,832

-

1,167,832

Balance at 31 March 2024

1,000

10,390,090

26,149

10,417,239

Changes in equity

Total comprehensive income

-

2,223,712

-

2,223,712

Balance at 31 March 2025

1,000

12,613,802

26,149

12,640,951

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2023

1,000

5,474,665

5,475,665

Changes in equity

Total comprehensive income

-

369,054

369,054

Balance at 31 March 2024

1,000

5,843,719

5,844,719

Changes in equity

Total comprehensive income

-

(36,866

)

(36,866

)

Balance at 31 March 2025

1,000

5,806,853

5,807,853

Cash flows from operating activities

Cash generated from operations

1

(445,496

)

703,591

Interest paid

(104,670

)

(110,456

)

Finance costs paid

(6,250

)

(18,250

)

Tax paid

(818,260

)

(286,790

)

Net cash from operating activities

(1,374,676

)

288,095

Cash flows from investing activities

Purchase of intangible fixed assets

(5,048

)

(6,395

)

Purchase of tangible fixed assets

(119,748

)

(112,894

)

Sale of intangible fixed assets

-

2

Sale of tangible fixed assets

-

49,374

Interest received

638,173

424,156

Net cash from investing activities

513,377

354,243

Cash flows from financing activities

Loan repayments in year

(300,000

)

(300,013

)

Movement in directors accounts

418,260

326,866

Net cash from financing activities

118,260

26,853

(Decrease)/increase in cash and cash equivalents

(743,039

)

669,191

Cash and cash equivalents at beginning of year

2

1,660,807

991,616

Cash and cash equivalents at end of year

2

917,768

1,660,807

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

2025

2024

£

£

Profit before taxation

3,014,845

1,886,477

Depreciation charges

648,317

882,728

Loss on disposal of fixed assets

-

148,006

Impairment of goodwill

-

392,072

Finance costs

110,920

128,706

Finance income

(638,173

)

(418,198

)

3,135,909

3,019,791

Decrease in stocks

211,767

281,054

Increase in trade and other debtors

(2,445,454

)

(1,675,311

)

Decrease in trade and other creditors

(1,347,718

)

(921,943

)

Cash generated from operations

(445,496

)

703,591

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

917,768

1,660,807

Year ended 31 March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

1,660,807

991,629

Bank overdrafts

-

(13

)

1,660,807

991,616

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash at bank and in hand

1,660,807

(743,039

)

917,768

1,660,807

(743,039

)

917,768

Debt

Debts falling due within 1 year

(300,000

)

-

(300,000

)

Debts falling due after 1 year

(375,000

)

300,000

(75,000

)

(675,000

)

300,000

(375,000

)

Total

985,807

(443,039

)

542,768

1.	STATUTORY INFORMATION

Slick Stitch 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

Statement of compliance

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.

The financial statements of UK GAAP Limited have been prepared in compliance with United Kingdom Accounting Standards, including Financial Reporting Standard 102, ‘The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland’ (‘FRS 102’) and the companies act 2006.

Basis of preparing the financial statements

The preparation of financial statements in compliance with FRS102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies.

The financial statements are presented in Pound Sterling and rounded to the nearest £1.

The following principal accounting policies have been applied:

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Critical accounting judgements and key sources of estimation uncertainty

The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

(i) Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. The remaining useful economic life of the main production plant asset is considered a source of significant estimation uncertainty.

(ii) Impairment of debtors

The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including credit rating of the debtor, the ageing profile of debtors and historical experience.

(iii) Impairment of goodwill

The Group considers whether goodwill is impaired. Where an indication of impairment is identified the estimation of recoverable value requires estimation of the recoverable value of the cash generating units (CGUs). This requires estimation of the future cash flows from the CGUs and also selection of appropriate discounted rates in order to calculate the net present value of those cash flows.

Turnover

Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of returns, discounts and rebates allowed by the company and value added taxes.

Rendering of services

The company recognises revenue when (a) the significant risks and rewards of ownership have been transferred to the buyer, (b) the company retains no continuing involvement or control over the goods, (c) the amount of revenue can be measured reliably, (d) it is probable that future economic benefits will flow to the entity.

Intangible assets

Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of comprehensive income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

The estimated useful lives range as follows:

Goodwill

-

20 years

Software development

-

4 years