REGISTERED NUMBER: 04721969 (England and Wales)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 March 2025

for

Swindon Caravan Centre Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Consolidated Statement of Comprehensive Income

7

Consolidated Balance Sheet

8

Company Balance Sheet

9

Consolidated Statement of Changes in Equity

10

Company Statement of Changes in Equity

11

Consolidated Cash Flow Statement

12

Notes to the Consolidated Cash Flow Statement

13

Notes to the Consolidated Financial Statements

14

DIRECTORS:

G R Collister

Mrs J Collister

T R Collister

SECRETARY:

G R Collister

REGISTERED OFFICE:

Greatfield

Royal Wootton Bassett

Swindon

Wiltshire

SN4 8EQ

REGISTERED NUMBER:

04721969 (England and Wales)

AUDITORS:

Langham Walsh Limited - Statutory Auditor

Blythe Valley Innovation Centre

Central Boluevard

Blythe Valley Park

Solihull

West Midlands

B90 8AJ

The Directors present their Group Strategic Report of the Swindon Caravan Centre Limited for the year ended 31 March 2025 and comment on its strategic performance and risks and uncertainties throughout the year under review, as well as its position at the end of the year.

REVIEW OF BUSINESS

The Directors are delighted with the continued profitability of the Group, at a time of slow economic growth and economic uncertainty.

The Directors believe their focus on operations during this and prior years has helped to achieve profitability in difficult times globally for business.

The Directors believe that the Group can continue to use the synergy of multiple sites to reduce costs through economies of scale and offer a wider range of products to the customer.

The Directors believe that the Groups financial position at the year end is very healthy. The Groups Net Current Asset position has increased from £4.3m to £4.8m. The Groups Net Asset position has risen from £6.2m to £6.7m. During the year the Group has completed investment into an Investment Property and begun rentals.

The Directors consider the key performance indicators of the Group to be turnover and cost of sales. Turnover has increased by 8% to £24.7m and cost of sales has increased by 11% to £22.7m. The Groups main activities are the sale, service and repair of new and used caravans, sale of new and used motorhomes and the sale of camping and caravanning accessories. The Directors have indicated that the Group has maintained profitability in the following period. The investment in the e-commerce website has enabled the Group to reach customers on a national scale.

PRINCIPAL RISKS AND UNCERTAINTIES

The Group operates within the leisure industry and as such sales can be affected by adverse political and economic conditions; consumers' costs of holidaying abroad and levels of disposable income. Some elements of these risks may become less critical in the coming year due to movements in exchange rates. The Directors are constantly striving to stay ahead of developments within the industry that may affect trade to ensure they optimise all the opportunities available to them.

Liquidity risk

The objective of the Group in managing liquidity risk is to ensure that it can meet its financial obligations as and when they fall due. The Group expects to meet its financial obligations through operating cash flows. In the event that the operating cash flows would not cover all the financial obligations the Group has credit facilities available.

Supply chain disruption

Due to the impact from global issues such as political unrest and raw material shortages there are supply issues with certain parts being available. The Group maintained strong relationships with its suppliers and took the opportunity to actively looked at new supplier lines. A new supplier, Adria has been sourced and is available across the Group.The Group have further expanded their supplier range with New Motorhomes now being available at the Oxford site.

Inflation and cost of living

Persistent high inflation and increased interest rates in the Uk could erode customers discretionary spending. The potential reduction of the appeal of large ticket items is a risk for The Group. The Group having new Motorhomes for sale, which have a high starting price somewhat shield the Group from reduced demand as these items are luxury. In terms of selling new and used caravans the Group is focused on margins.

Customer credit exposure

The Group may offer credit terms to its customers which allow payment of the debt after delivery of the goods or services. The Group is at risk to the extent that a customer may be unable to pay the debt on the specified due date. This risk is mitigated by the strong on-going customer relationships and by credit insurance.

Interest rates

During the year there has been a rise in UK bank interest rates. The Group is shielded from the impact of this due to the fact that there are no bank borrowings across the Group. Interest charges can be incurred from stock purchases, however the Group has a practice of settling outstanding amounts before this occurrence. Higher rates of interest will impact the Group as Customers purchasing on credit terms via a lender will face higher charges. The Group will attempt to mitigate against this by maintaining their competitive pricing.

ON BEHALF OF THE BOARD:

G R Collister - Director

2 December 2025

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

PRINCIPAL ACTIVITIES

The principal activities of the group in the year under review were those of the retail sale, hire of and repair of caravans and motorhomes.

DIVIDENDS

The total distribution of dividends for the year ended 31 March 2025 was £98,000.

DIRECTORS

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

G R Collister

Mrs J Collister

T R Collister

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the directors' report.

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.

ON BEHALF OF THE BOARD:

G R Collister - Director

2 December 2025

Opinion

We have audited the financial statements of Swindon Caravan Centre Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the Consolidated Statement of 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 three, 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:

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements through discussion with the management (as required by auditing standards).

We had regard to laws and regulations in areas that directly affect the financial statements including financial reporting and taxation legislation.

We considered the extent of compliance with those laws and regulations as part of our procedures relating to items on the financial statements..

We communicated and identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

We evaluated the risk that revenue may be materially misstated due to fraudulent recognition, including the risk of management override, by testing the appropriateness of journal entries and other adjustments; Understanding and assessing internal controls over revenue, including IT controls where relevant, and evaluating whether these controls could be bypassed by management; Substantive testing of revenue transactions using sampling techniques based on our assessment of fraud risk, including verifying occurrence, accuracy and timing; assessing whether the judgements that are made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed, and the further removed that non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

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.

Kevin Walsh (Senior Statutory Auditor)

for and on behalf of Langham Walsh Limited - Statutory Auditor

Blythe Valley Innovation Centre

Central Boluevard

Blythe Valley Park

Solihull

West Midlands

B90 8AJ

2 December 2025

TURNOVER

3

24,733,492

22,727,404

Cost of sales

22,770,648

20,495,780

GROSS PROFIT

1,962,844

2,231,624

Administrative expenses

1,372,770

1,440,903

590,074

790,721

Other operating income

87,982

73,065

OPERATING PROFIT

678,056

863,786

Interest receivable and similar income

66,190

80,637

744,246

944,423

Interest payable and similar expenses

6

824

432

PROFIT BEFORE TAXATION

7

743,422

943,991

Tax on profit

8

197,479

241,214

PROFIT FOR THE FINANCIAL YEAR

545,943

702,777

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

545,943

702,777

Profit attributable to:

Owners of the parent

545,943

702,777

Total comprehensive income attributable to:

Owners of the parent

545,943

702,777

FIXED ASSETS

Intangible assets

11

3

3

Tangible assets

12

661,329

704,948

Investments

13

-

-

Investment property

14

1,327,708

1,285,695

1,989,040

1,990,646

CURRENT ASSETS

Stocks

15

10,610,944

9,378,724

Debtors

16

235,921

127,926

Cash at bank

2,816,476

1,925,223

13,663,341

11,431,873

CREDITORS

Amounts falling due within one year

17

8,865,421

7,079,594

NET CURRENT ASSETS

4,797,920

4,352,279

TOTAL ASSETS LESS CURRENT LIABILITIES

6,786,960

6,342,925

PROVISIONS FOR LIABILITIES

22

(49,080

)

(49,994

)

ACCRUALS AND DEFERRED INCOME

23

(40,697

)

(43,891

)

NET ASSETS

6,697,183

6,249,040

CAPITAL AND RESERVES

Called up share capital

24

300

100

Retained earnings

25

6,696,883

6,248,940

SHAREHOLDERS' FUNDS

6,697,183

6,249,040

The financial statements were approved by the Board of Directors and authorised for issue on 2 December 2025 and were signed on its behalf by:

G R Collister - Director

FIXED ASSETS

Intangible assets

11

1

1

Tangible assets

12

239,427

241,521

Investments

13

2,183,704

2,183,704

Investment property

14

1,327,708

1,285,695

3,750,840

3,710,921

CURRENT ASSETS

Stocks

15

5,586,344

5,143,371

Debtors

16

145,770

73,437

Cash at bank

1,236,694

304,864

6,968,808

5,521,672

CREDITORS

Amounts falling due within one year

17

5,671,618

4,368,115

NET CURRENT ASSETS

1,297,190

1,153,557

TOTAL ASSETS LESS CURRENT LIABILITIES

5,048,030

4,864,478

PROVISIONS FOR LIABILITIES

22

(40,989

)

(40,122

)

ACCRUALS AND DEFERRED INCOME

23

(26,995

)

(31,338

)

NET ASSETS

4,980,046

4,793,018

CAPITAL AND RESERVES

Called up share capital

24

300

100

Retained earnings

25

4,979,746

4,792,918

SHAREHOLDERS' FUNDS

4,980,046

4,793,018

Company's profit for the financial year

284,828

315,860

The financial statements were approved by the Board of Directors and authorised for issue on 2 December 2025 and were signed on its behalf by:

G R Collister - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2023

100

5,714,163

5,714,263

Changes in equity

Dividends

-

(168,000

)

(168,000

)

Total comprehensive income

-

702,777

702,777

Balance at 31 March 2024

100

6,248,940

6,249,040

Changes in equity

Issue of share capital

200

-

200

Dividends

-

(98,000

)

(98,000

)

Total comprehensive income

-

545,943

545,943

Balance at 31 March 2025

300

6,696,883

6,697,183

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2023

100

4,645,058

4,645,158

Changes in equity

Dividends

-

(168,000

)

(168,000

)

Total comprehensive income

-

315,860

315,860

Balance at 31 March 2024

100

4,792,918

4,793,018

Changes in equity

Issue of share capital

200

-

200

Dividends

-

(98,000

)

(98,000

)

Total comprehensive income

-

284,828

284,828

Balance at 31 March 2025

300

4,979,746

4,980,046

Cash flows from operating activities

Cash generated from operations

1

1,128,086

487,588

Interest paid

(824

)

(432

)

Tax paid

(139,769

)

(314,352

)

Net cash from operating activities

987,493

172,804

Cash flows from investing activities

Purchase of tangible fixed assets

(42,912

)

(66,577

)

Purchase of investment property

(42,013

)

(826,457

)

Sale of tangible fixed assets

9,250

4,950

Interest received

66,190

80,637

Net cash from investing activities

(9,485

)

(807,447

)

Cash flows from financing activities

Amount introduced by directors

13,443

91,120

Share issue

200

-

Equity dividends paid

(98,000

)

(168,000

)

Net cash from financing activities

(84,357

)

(76,880

)

Increase/(decrease) in cash and cash equivalents

893,651

(711,523

)

Cash and cash equivalents at beginning of year

2

1,920,264

2,631,787

Cash and cash equivalents at end of year

2

2,813,915

1,920,264

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

31.3.25

31.3.24

£

£

Profit before taxation

743,422

943,991

Depreciation charges

77,374

139,619

Profit on disposal of fixed assets

(93

)

(628

)

Finance costs

824

432

Finance income

(66,190

)

(80,637

)

755,337

1,002,777

Increase in stocks

(1,232,220

)

(1,421,804

)

(Increase)/decrease in trade and other debtors

(107,995

)

20,579

Increase in trade and other creditors

1,712,964

886,036

Cash generated from operations

1,128,086

487,588

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

2,816,476

1,925,223

Bank overdrafts

(2,561

)

(4,959

)

2,813,915

1,920,264

Year ended 31 March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

1,925,223

2,641,663

Bank overdrafts

(4,959

)

(9,876

)

1,920,264

2,631,787

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash at bank

1,925,223

891,253

2,816,476

Bank overdrafts

(4,959

)

2,398

(2,561

)

1,920,264

893,651

2,813,915

Total

1,920,264

893,651

2,813,915

1.	STATUTORY INFORMATION

Swindon Caravan Centre 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Basis of consolidation

The group financial statements consolidate the financial statements of Swindon Caravan Centre Limited

and all its subsidiary undertakings drawn up to 31 March each year.

The parent company has taken advantage of section 408 of the Companies Act 2006 and has not included its own Profit and Loss Account in these financial statements.

The parent company's profit for the year prior to dividends was £284,828 (2024: £315,860).

The individual accounts of Swindon Caravan Centre Limited have also adopted the following disclosure

exemptions:

- the requirement to present a statement of cash flows and related notes

- financial instrument disclosures, including:

categories of financial instruments,

items of income, expenses, gains or losses relating to financial instruments,

and

exposure to and management of financial risks

Going concern

After reviewing the group's forecasts and projections, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. The group therefore continues to adopt the going concern basis in preparing its consolidated financial statements.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Critical accounting judgements and key sources of estimation uncertainty

The Company makes estimates and assumptions concerning the future. There are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of the assets and liabilities within the next financial year.

Turnover

Turnover represents net invoiced sales of goods, servicing and repairs excluding value added tax. Income from the sale of caravans and motorhomes is recognised when full payment has been received and all risks and rewards transferred.

Income from servicing and repairs is recognised in the period in which the services are provided.

Rental income from Investment property is recognised in the period in which the accommodation was provided.This is recognised in other income.

Goodwill

Goodwill arising on business combinations is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful life. The period chosen for writing off goodwill is 5 and 10 years. The reason for choosing this period is based on the useful lives of the individual subsidiaries. Provisions are made for any impairment.

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 reducing balance

Short leasehold

-

4% on cost and Straight line over 13 years

Long leasehold

-

7% on cost, 4% on cost and Straight line over 13 years

Plant and machinery

-

20% on cost and 15% on reducing balance

Fixtures and fittings

-

25% on reducing balance, 20% on cost and 10% on reducing balance

Motor vehicles

-

25% on reducing balance and 20% on cost

Computer equipment

-

33% on reducing balance

Tangible fixed assets are recognised at cost less accumulated depreciation and accumulated impairment losses.

The cost of Land is not depreciated.

Investment property

Investment property is shown at fair value. Any aggregate surplus or deficit arising from changes in fair value is recongnised in the profit and loss.

Stocks

Stocks are stated at the lower of cost and net realisable value. Consignment Stock in respect of which finance charges are levied are regarded as being effectively under the control of the company and, in accordance with FRS 102 are included in stocks even though legal title has not passed. The corresponding liability is included in creditors. Net realisable value is the price at which stocks can be sold in the normal course of business after allowing for the cost of realisation. Provision is made where necessary for obsolete, slow moving and defective stock.

Financial instruments

Financial assets and financial liabilities are recognised when the group entity becomes a party to the contractual provisions of the instruments. Financial assets and financial liabilities are initially measured at fair value.

Loans and receivables

Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Loans and receivables (including trade and other receivables, and bank balances and cash) are measured at amortised cost using the effective interest method, less any impairment.

Other financial liabilities

Other financial liabilities including borrowings and trade payables are subsequently measured at amortised cost using the effective interest method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.