REGISTERED NUMBER: 10650133 (England and Wales)

Group Strategic Report, Report of the Director and

Consolidated Financial Statements for the Year Ended 31 March 2025

for

The White House (Curdridge) Holdings

Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Director

3

Report of the Independent Auditors

4

Consolidated Statement of Comprehensive Income

8

Consolidated Balance Sheet

9

Company Balance Sheet

10

Consolidated Statement of Changes in Equity

11

Company Statement of Changes in Equity

12

Consolidated Cash Flow Statement

13

Notes to the Consolidated Cash Flow Statement

14

Notes to the Consolidated Financial Statements

15

DIRECTOR:

Ms J F Harrison

REGISTERED OFFICE:

The White House

Vicarage Lane, Curdridge

Southampton

United Kingdom

Hampshire

SO32 2DP

REGISTERED NUMBER:

10650133 (England and Wales)

AUDITORS:

Griffiths Marshall

Floor 4

Llanthony Warehouse

The Docks

Gloucester

Gloucestershire

GL1 2EH

BANKERS:

National Westminster Bank plc

68 Above Bar Street

Southampton

Hampshire

United Kingdom

SO14 7DS

The director presents her strategic report of the company and the group for the year ended 31 March 2025.

REVIEW OF BUSINESS

The company generates revenue from residential and nursing care home facilities.

The group would like to thank the team for their continued hard work and commitment during the period.

PRINCIPAL RISKS AND UNCERTAINTIES

The health care industry is highly regulated and strong relationships with the Quality Care Commission are important and quality care is core to the Group's business.

Competition could also impact the occupancy and revenue of the Group. The Group undertakes regular reviews of its competitors and their pricing to ensure they remain a market leader in the area.

The Group is exposed to a variety of financial risks which result from its operating activities. The board is responsible for coordinating the company's risk management and focuses on securing the Group's short to medium term cash flows.

The Group seeks to manage risks to ensure sufficient liquidity is available to meet its foreseeable needs. Regular contact is maintained with the Group's bankers to ensure that sufficient funding is available for the Group's needs if required.

KEY PERFORMANCE INDICATORS

The Group's ley financial and other performance indicators during the current period and prior period are:

2025

2024

Revenue

3,425,200

3,195,866

Gross profit

1,316,068

1,107,681

Operating profit

399,146

184,655

Occupancy rate %

98%

96%

FUTURE DEVELOPMENTS

The Group remains committed to continue a high quality of care to Residents and excel in CQC compliance.

ON BEHALF OF THE BOARD:

Ms J F Harrison - Director

25 November 2025

The director presents her report with the financial statements of the company and the group for the year ended 31 March 2025.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of a care home.

DIVIDENDS

Ordinary dividends were paid amounting to £1,500. The director does not recommend payment of a final dividend.

DIRECTOR

Ms J F Harrison held office during the whole of the period from 1 April 2024 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 she 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 her to ensure that the financial statements comply with the Companies Act 2006. She 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 she has taken all the steps that she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditor, Griffiths Marshall, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:

Ms J F Harrison - Director

25 November 2025

Opinion

We have audited the financial statements of The White House (Curdridge) Holdings 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 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 three, 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:

Extent to which our procedures are capable of detecting irregularities including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council's website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

-

Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

-

Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;

-

Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

-

Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omissions, misrepresentations, or the override of internal control.

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.

Greg Lewis (Senior Statutory Auditor)

for and on behalf of Griffiths Marshall

Floor 4

Llanthony Warehouse

The Docks

Gloucester

Gloucestershire

GL1 2EH

2 December 2025

TURNOVER

3

3,425,200

3,195,866

Cost of sales

2,109,132

2,088,185

GROSS PROFIT

1,316,068

1,107,681

Distribution costs

-

(1

)

Administrative expenses

916,922

923,027

916,922

923,026

OPERATING PROFIT

5

399,146

184,655

Interest receivable and similar income

330

-

399,476

184,655

Interest payable and similar expenses

7

170,810

172,470

PROFIT BEFORE TAXATION

228,666

12,185

Tax on profit

8

84,593

34,536

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

144,073

(22,351

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

144,073

(22,351

)

Profit/(loss) attributable to:

Owners of the parent

144,073

(22,351

)

Total comprehensive income attributable to:

Owners of the parent

144,073

(22,351

)

FIXED ASSETS

Intangible assets

11

-

-

Tangible assets

12

6,102,198

6,229,757

Investments

13

-

-

6,102,198

6,229,757

CURRENT ASSETS

Stocks

14

8,000

8,000

Debtors

15

543,277

419,309

Cash at bank and in hand

165,966

132,462

717,243

559,771

CREDITORS

Amounts falling due within one year

16

1,186,788

1,169,555

NET CURRENT LIABILITIES

(469,545

)

(609,784

)

TOTAL ASSETS LESS CURRENT LIABILITIES

5,632,653

5,619,973

CREDITORS

Amounts falling due after more than one year

17

(2,174,675

)

(2,296,255

)

PROVISIONS FOR LIABILITIES

20

(71,085

)

(79,398

)

NET ASSETS

3,386,893

3,244,320

CAPITAL AND RESERVES

Called up share capital

21

100

100

Retained earnings

3,386,793

3,244,220

SHAREHOLDERS' FUNDS

3,386,893

3,244,320

The financial statements were approved by the director and authorised for issue on 25 November 2025 and were signed by:

Ms J F Harrison - Director

FIXED ASSETS

Intangible assets

11

-

-

Tangible assets

12

5,783,251

5,877,662

Investments

13

100

100

5,783,351

5,877,762

CURRENT ASSETS

Debtors

15

20,663

24,310

Cash at bank

92,586

3,950

113,249

28,260

CREDITORS

Amounts falling due within one year

16

495,679

518,362

NET CURRENT LIABILITIES

(382,430

)

(490,102

)

TOTAL ASSETS LESS CURRENT LIABILITIES

5,400,921

5,387,660

CREDITORS

Amounts falling due after more than one year

17

2,135,518

2,243,814

NET ASSETS

3,265,403

3,143,846

CAPITAL AND RESERVES

Called up share capital

21

100

100

Retained earnings

3,265,303

3,143,746

SHAREHOLDERS' FUNDS

3,265,403

3,143,846

Company's profit for the financial year

123,057

70,406

The financial statements were approved by the director and authorised for issue on 25 November 2025 and were signed by:

Ms J F Harrison - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2023

100

3,266,571

3,266,671

Changes in equity

Total comprehensive income

-

(22,351

)

(22,351

)

Balance at 31 March 2024

100

3,244,220

3,244,320

Changes in equity

Dividends

-

(1,500

)

(1,500

)

Total comprehensive income

-

144,073

144,073

Balance at 31 March 2025

100

3,386,793

3,386,893

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2023

100

3,073,340

3,073,440

Changes in equity

Total comprehensive income

-

70,406

70,406

Balance at 31 March 2024

100

3,143,746

3,143,846

Changes in equity

Dividends

-

(1,500

)

(1,500

)

Total comprehensive income

-

123,057

123,057

Balance at 31 March 2025

100

3,265,303

3,265,403

Cash flows from operating activities

Cash generated from operations

1

529,838

484,647

Interest paid

(165,291

)

(169,252

)

Interest element of hire purchase payments paid

(5,519

)

(3,218

)

Tax paid

(415

)

(62,845

)

Net cash from operating activities

358,613

249,332

Cash flows from investing activities

Purchase of tangible fixed assets

(117,654

)

(411,950

)

Sale of tangible fixed assets

-

20,001

Interest received

330

-

Net cash from investing activities

(117,324

)

(391,949

)

Cash flows from financing activities

Loan repayments in year

(94,181

)

3,678

Capital repayments in year

(12,104

)

64,545

Repayment of preference shares

(100,000

)

(100,000

)

Equity dividends paid

(1,500

)

-

Net cash from financing activities

(207,785

)

(31,777

)

Increase/(decrease) in cash and cash equivalents

33,504

(174,394

)

Cash and cash equivalents at beginning of year

2

132,462

306,856

Cash and cash equivalents at end of year

2

165,966

132,462

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

31.3.25

31.3.24

£

£

Profit before taxation

228,666

12,185

Depreciation charges

245,213

232,201

Profit on disposal of fixed assets

-

(6,884

)

Finance costs

170,810

172,470

Finance income

(330

)

-

644,359

409,972

(Increase)/decrease in trade and other debtors

(43,717

)

110,283

Decrease in trade and other creditors

(70,804

)

(35,608

)

Cash generated from operations

529,838

484,647

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

165,966

132,462

Year ended 31 March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

132,462

306,856

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash at bank and in hand

132,462

33,504

165,966

132,462

33,504

165,966

Debt

Finance leases

(64,545

)

12,104

(52,441

)

Debts falling due within 1 year

(247,429

)

85,884

(161,545

)

Debts falling due after 1 year

(2,243,814

)

108,296

(2,135,518

)

(2,555,788

)

206,284

(2,349,504

)

Total

(2,423,326

)

239,788

(2,183,538

)

1.	STATUTORY INFORMATION

The White House (Curdridge) Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

- Section 7 'Statement of Cash Flows': Presentation of a statement of cash flow and related notes and disclosures;

- Section 33 'Related Party Disclosures': Compensation for key management personnel.

Basis of consolidation

The consolidated financial statements incorporate those of The White House (Curdridge) Holdings Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Their results are incorporated from the date that control passes.

All financial statements are made up to 31 March 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Significant judgements and estimates

In the application of the group's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

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

The main accounting estimates are:

- Useful economic life of tangible fixed assets

- Residual value of the freehold property in 50 years' time

- Accruals and prepayments

Turnover

Turnover from residents, day care, and respite fees are recognised in the period that the service is provided.

Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

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

-

not provided

Freehold improvements

-

10% on cost

Fixtures and fittings

-

20% on cost

Motor vehicles

-

25% on reducing balance

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Freehold land and buildings are not depreciated as the assets' residual value and useful life are reviewed annually. As at 31 March 2025 the market value of the buildings is in excess of cost.

This is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the director non-compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

Stocks

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

Financial instruments

The group has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest rate method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, and deposits held at call with banks.

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.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.