REGISTERED NUMBER: 15086504 (England and Wales)

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

FOR

BERNHARD & CO. HOLDINGS LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Director

4

Report of the Independent Auditors

5

Consolidated Income Statement

8

Consolidated Other Comprehensive Income

9

Consolidated Balance Sheet

10

Company Balance Sheet

11

Consolidated Statement of Changes in Equity

12

Company Statement of Changes in Equity

13

Consolidated Cash Flow Statement

14

Notes to the Consolidated Cash Flow Statement

15

Notes to the Consolidated Financial Statements

17

DIRECTOR:

J J Bernhard

REGISTERED OFFICE:

2 Church Walk

Rugby

Warwickshire

CV21 3AZ

REGISTERED NUMBER:

15086504 (England and Wales)

AUDITORS:

Prime

Chartered Accountants

Statutory Auditor

161 Newhall Street

Birmingham

B3 1SW

The director presents his strategic report of the company and the group for the year ended 30 June 2025.

Sustaining Global Leadership in a Shifting Landscape

In the year under review, Bernhard & Co Holdings Limited group has not only upheld its global leadership in sports turf technologies but has also successfully navigated a period of significant global transition. We have reaffirmed our commitment to delivering world-class grinding machines and turf care solutions to prestigious golf courses and sports facilities across the globe. While supply chain and staffing pressures have shown signs of easing, new challenges including US tariff threats, ongoing geopolitical instability, and foreign exchange volatility have emerged. Through it all, we have remained strategically agile, resolute in our focus, and dedicated to empowering our customers to achieve exceptional cutting precision with simplicity, efficiency, and accuracy.

Navigating New Market Complexities

Our products' international presence remains a core strength and a key focus. The easing of supply chain disruptions and workforce shortages has allowed us to make significant progress in reducing lead times and improving service levels. However, this recovery is now set against a backdrop of wider economic uncertainty and the potential for new trade barriers. The threat of additional US tariffs necessitates careful strategic planning for our key market, while the broader risk of global instability requires heightened vigilance. By proactively managing these complexities, we continue to make a substantial impact on raising the standards of golf courses and sports facilities worldwide.

Sustainability and Conservation as a Constant

Amidst a fluctuating economic climate, our dedication to sustainability and conservation remains a non-negotiable pillar of our operations. We continue to support and develop research and educational programmes, promoting environmentally responsible and sustainable practices within the turf industry. This commitment ensures the longevity and preservation of sports facilities worldwide, providing value that transcends short-term economic cycles.

Innovation as a Shield Against Volatility

Innovation remains central to our strategy, serving as our primary tool for mitigating external risks. Our strengthened team has worked diligently to advance our product portfolio, ensuring we stay at the forefront of technological advancements. This focus allows us to meet our customers' evolving needs and continue to provide comprehensive, high-value solutions, including advisory and installation services for surface air movement and moisture control systems, even in an uncertain global environment.

Principal Risks and Uncertainties

The principal risks and uncertainties facing the group are as follows:

- Foreign Exchange (Forex) Volatility and Trade Wars: Fluctuations in foreign exchange rates, potentially exacerbated by escalating trade wars, pose a significant risk to profitability. The group continues to mitigate this risk through a disciplined approach to forward exchange contracts and strategic financial planning.

- Geopolitical and Macroeconomic Instability: Global conflict, political unrest, and wider economic fragility continue to threaten stable shipping routes, energy prices, and overall production costs. This requires constant monitoring and agile supply chain management.

- US Tariff Threats: The potential for new and increased tariffs on goods imported into the United States presents a direct risk to cost structures and pricing in our most significant market. We are actively evaluating strategies, including potential supply chain adjustments and cost optimisation programmes, to mitigate this impact.

- Supply Chain Resilience: While issues have eased, the global supply chain remains susceptible to shocks. We continue to focus on diversifying our supplier base and proactively sourcing critical components to build resilience against future disruptions.

Key Performance Indicators (KPIs)

The Board monitors the group's progress using the following KPIs:

- Turnover: We aim to continually grow revenue by leveraging our reputation for quality, navigating tariff-related challenges, and expanding our customer base in both new and existing markets.

- Gross Profit Margin: Protecting our margin is a key priority in the face of inflationary pressures and potential tariff costs. We will continue to seek improvements by optimising efficiencies, managing costs effectively, and implementing strategic pricing measures.

- Lead Times: We have made excellent progress in reducing lead times as supply chain and labour issues have eased. Our focus remains on sustaining these improvements and building a more robust and responsive production operation to guard against future volatility.

Looking ahead with Cautious Optimism

As we move forward, Bernhard & Co Holdings Limited group remains committed to prioritising customer satisfaction, innovation, and sustainability. We will navigate the evolving challenges of trade policy, forex impacts, and economic uncertainty with strategic foresight. Our dedication to excellence and agility will guide our efforts, ensuring we continue to deliver unparalleled value and service to our customers and stakeholders across the globe.

Gratitude and Resolve for the Future

In closing, we express our heartfelt gratitude to our dedicated team, loyal customers, and stakeholders for their incredible support and resilience. The lessons of recent years have made us a stronger, more agile group. We look forward to a future where our collective resolve ensures continued growth, success, and shared prosperity. Together, we are poised for another year of strategic progress and achievement.

ON BEHALF OF THE BOARD:

J J Bernhard - Director

24 November 2025

The director presents his report with the financial statements of the company and the group for the year ended 30 June 2025.

DIVIDENDS

No dividends will be distributed for the year ended 30 June 2025.

DIRECTORS

J J Bernhard has held office during the whole of the period from 1 July 2024 to the date of this report.

Other changes in directors holding office are as follows:

S G Bernhard ceased to be a director after 30 June 2025 but prior to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 director is 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 he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

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

ON BEHALF OF THE BOARD:

J J Bernhard - Director

24 November 2025

Opinion

We have audited the financial statements of Bernhard & Co. Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 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 30 June 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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, 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 Director 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 Director 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 Director.

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 director's remuneration specified by law are not made; or

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

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is 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 director determines 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 director is 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 director either intends to liquidate the group or the parent company or to cease operations, or has 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the industry sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence;

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC and other relevant parties.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or 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.

Morgan Davies FCA (Senior Statutory Auditor)

for and on behalf of Prime

Chartered Accountants

Statutory Auditor

161 Newhall Street

Birmingham

B3 1SW

5 December 2025

TURNOVER

15,940,408

11,399,391

Cost of sales

9,503,224

6,974,983

GROSS PROFIT

6,437,184

4,424,408

Distribution costs

1,952,158

1,630,129

Administrative expenses

2,395,672

1,617,875

4,347,830

3,248,004

2,089,354

1,176,404

Other operating income

15,034

1,559

OPERATING PROFIT

4

2,104,388

1,177,963

Profit on sale of investment

5

-

58,428

2,104,388

1,236,391

Interest payable and similar expenses

6

101,782

103,454

Other finance costs

21

2,000

9,000

103,782

112,454

PROFIT BEFORE TAXATION

2,000,606

1,123,937

Tax on profit

7

445,434

386,974

PROFIT FOR THE FINANCIAL YEAR

1,555,172

736,963

Profit attributable to:

Owners of the parent

1,555,172

736,963

PROFIT FOR THE YEAR

1,555,172

736,963

OTHER COMPREHENSIVE INCOME

Actuarial gain/loss on pension liability

(52,000

)

64,000

Movement on deferred tax relating

to pension asset/liability

13,000

(18,000

)

Income tax relating to components of other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

(39,000

)

46,000

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,516,172

782,963

Total comprehensive income attributable to:

Owners of the parent

1,516,172

782,963

FIXED ASSETS

Intangible assets

9

(2,230,807

)

(2,824,542

)

Tangible assets

10

2,032,785

2,437,343

Investments

11

-

-

(198,022

)

(387,199

)

CURRENT ASSETS

Stocks

12

2,923,471

3,289,134

Debtors

13

2,871,317

1,884,674

Cash at bank and in hand

835,558

2,484

6,630,346

5,176,292

CREDITORS

Amounts falling due within one year

14

2,416,689

2,178,938

NET CURRENT ASSETS

4,213,657

2,997,354

TOTAL ASSETS LESS CURRENT LIABILITIES

4,015,635

2,610,155

CREDITORS

Amounts falling due after more than one year

15

(918,572

)

(954,347

)

PROVISIONS FOR LIABILITIES

19

(178,277

)

(217,194

)

PENSION LIABILITY

22

(39,000

)

(75,000

)

NET ASSETS

2,879,786

1,363,614

CAPITAL AND RESERVES

Called up share capital

20

580,651

580,651

Retained earnings

21

2,299,135

782,963

SHAREHOLDERS' FUNDS

2,879,786

1,363,614

The financial statements were approved by the director and authorised for issue on 24 November 2025 and were signed by:

J J Bernhard - Director

FIXED ASSETS

Intangible assets

9

-

-

Tangible assets

10

-

-

Investments

11

1,000,000

1,000,000

1,000,000

1,000,000

TOTAL ASSETS LESS CURRENT LIABILITIES

1,000,000

1,000,000

CAPITAL AND RESERVES

Called up share capital

20

580,651

580,651

Retained earnings

21

419,349

419,349

SHAREHOLDERS' FUNDS

1,000,000

1,000,000

Company's profit for the financial year

-

419,349

The financial statements were approved by the director and authorised for issue on 24 November 2025 and were signed by:

J J Bernhard - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Changes in equity

Issue of share capital

580,651

-

580,651

Total comprehensive income

-

782,963

782,963

Balance at 30 June 2024

580,651

782,963

1,363,614

Changes in equity

Total comprehensive income

-

1,516,172

1,516,172

Balance at 30 June 2025

580,651

2,299,135

2,879,786

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Changes in equity

Issue of share capital

580,651

-

580,651

Total comprehensive income

-

419,349

419,349

Balance at 30 June 2024

580,651

419,349

1,000,000

Changes in equity

Balance at 30 June 2025

580,651

419,349

1,000,000

Cash flows from operating activities

Cash generated from operations

1

2,116,597

1,062,229

Interest paid

(101,782

)

(103,454

)

Pension contributions paid

(90,000

)

(37,824

)

Tax paid

(319,468

)

(233,646

)

Net cash from operating activities

1,605,347

687,305

Cash flows from investing activities

Purchase of intangible fixed assets

(539,805

)

(248,632

)

Purchase of tangible fixed assets

(88,289

)

(147,707

)

Sale of tangible fixed assets

4,062

2,620

Cash and cash equivalents on acquisition

-

(390,367

)

Net cash from investing activities

(624,032

)

(784,086

)

Cash flows from financing activities

Loan repayments in year

(42,965

)

(6,011

)

Net cash from financing activities

(42,965

)

(6,011

)

Increase/(decrease) in cash and cash equivalents

938,350

(102,792

)

Cash and cash equivalents at beginning of year

2

(102,792

)

-

Cash and cash equivalents at end of year

2

835,558

(102,792

)

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

Period

21.8.23

Year ended

to

30.6.25

30.6.24

£

£

Profit before taxation

2,000,606

1,123,937

Depreciation charges

71,053

(60,799

)

Profit on disposal of fixed assets

(11,198

)

(61,048

)

Movement in warranty provision

45,488

(3,440

)

Finance costs

103,782

112,454

2,209,731

1,111,104

Decrease in stocks

365,663

130,432

Increase in trade and other debtors

(986,643

)

(633,801

)

Increase in trade and other creditors

527,846

454,494

Cash generated from operations

2,116,597

1,062,229

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 30 June 2025

30.6.25

1.7.24

£

£

Cash and cash equivalents

835,558

2,484

Bank overdrafts

-

(105,276

)

835,558

(102,792

)

Period ended 30 June 2024

30.6.24

21.8.23

£

£

Cash and cash equivalents

2,484

-

Bank overdrafts

(105,276

)

-

(102,792

)

-

3.	ANALYSIS OF CHANGES IN NET DEBT

Non-cash

At 1.7.24

Cash flow

changes

At 30.6.25

£

£

£

£

Net cash

Cash at bank

and in hand

2,484

833,074

-

835,558

Bank overdrafts

(105,276

)

105,276

-

-

(102,792

)

938,350

-

835,558

Debt

Debts falling due

within 1 year

(46,939

)

42,965

(35,775

)

(39,749

)

Debts falling due

after 1 year

(954,347

)

-

35,775

(918,572

)

(1,001,286

)

42,965

-

(958,321

)

Total

(1,104,078

)

981,315

-

(122,763

)

1.	STATUTORY INFORMATION

Bernhard & Co. 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.

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.

Going concern

The company continues to be profitable and the directors have a reasonable expectation that the company will continue in operational existence for at least 12 months form the date of approval of the financial statements. Therefore the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Basis of consolidation

The group consolidated financial statements include the financial statements of the company and its subsidiary undertaking made up to 30 June 2025. The results of subsidiary acquired is consolidated for the periods from the date on which control passed.

Business combinations are accounted for under the acquisition method. Where necessary, adjustments are made to the financial statements of subsidiary to bring the accounting policies used in line with those used by the group. All inter-group transactions, balances, income and expenses are eliminated on consolidation.

Significant judgements and estimates

In the application of the company's accounting policies the directors are required to make judgements,

estimates and assumptions about the carrying amounts of assets and liabilities that are not readily

apparent from other sources. The estimates and associated assumptions are based on historical

experience and other factors that are considered to be relevant. Actual results may differ from these

estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of revision and future periods if the revision effects both current and future periods.

In preparing these financial statements, the directors have made the following judgements:

During the year, the company capitalised development costs. These development costs relate to product innovation, and the criteria for capitalisation under FRS 102 Section 18 have been met. The directors have reviewed the carrying amount of capitalised development costs as of the reporting date and confirm that no impairment has been identified.

A stock provision was recognised during the year to cover slow-moving and obsolete stock. The provision was determined based on an assessment of the recoverable amount of inventories in light of current market conditions and historical sales data. The directors have reviewed the carrying amount of inventory at the reporting date and confirm that the provision is adequate to cover expected losses on inventory.

The company recognised a net defined benefit pension liability on the balance sheet. The obligation was calculated based on an actuarial valuation, applying the projected unit credit method in compliance with FRS 102 Section 28. The directors have reviewed the assumptions used in the actuarial valuation, which were determined to be appropriate for the company's circumstances.

The company has recognised a warranty provision in respect of products sold with warranty coverage. The provision is based on the company's past experience with warranty claims, expected future claims, and recent trends in claim frequency and cost. The directors have reviewed the warranty provision at the reporting date and believe it is sufficient to cover future warranty obligations based on current information.

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 2023, 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.

Patents and licences are being amortised evenly over their estimated useful life of three years.

Development costs are being amortised evenly over their estimated useful life of seven years.

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

-

1% on cost

Plant and machinery

-

33.33% on cost

Fixtures and fittings

-

33.33% on cost

Motor vehicles

-

33.33% on cost and 25% on cost

Other assets

-

Straight line over 30 years

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.