REGISTERED NUMBER: 00813043 (England and Wales)

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST MARCH 2025

FOR

HAROLD W SMART & SON LIMITED

Page

Company information

1

Strategic report

2

Report of the directors

4

Report of the independent auditors

6

Income statement

10

Other comprehensive income

11

Balance sheet

12

Statement of changes in equity

13

Cash flow statement

14

Notes to the cash flow statement

15

Notes to the financial statements

17

Directors:

P J Smart

D P Smart

Secretary:

P J Smart

Registered office:

Stone End Farm

Churcham

Gloucestershire

GL2 8AA

Registered number:

00813043 (England and Wales)

The directors present their strategic report for the year ended 31st March 2025.

Principal activity

The company is an Agribusiness operating arable farms, poultry sites, renewable enterprises and property.

Review of business

The directors are pleased with the performance of the company. A summary of the year's trading results is given on page 10 of the accounts.

Turnover remains satisfactory at £17m (2024: £18m) and operating profit was £2.3m (2024: £2.1m).

The business requires continuous investment in both production buildings and associated equipment which invariably runs on a cycle in excess of a single year. Overheads are closely managed and kept under control.

The results for the year are reflective of the improvements in margins we have seen for chickens. Chicken stocking rates changed in March 2025 which was publicized six to twelve months before. This created an under-supply of poultry and created a "race for space".

Despite some investment in fixed assets and investment property of £2.1m (2024: £286k), cash balances have increased by £760k. Net assets have increased from £16.8m to £18.5m, which is reflective of the profitability of the company. This provides the directors the tactical ability to take advantage of opportunities as they arise. Dividend policy has been unchanged for some years.

The company owns a portfolio of investment properties which also requires a steady flow of expenditure, but creates returns that are not generally prone to market volatility and represent a sensible management of risk.

Principal risks and uncertainties

The key business risks and uncertainties affecting the company are considered to relate to:

- market conditions in the United Kingdom

- weather conditions

- bio-security issues and disease

- food supply chain pressures

The company is well positioned to tackle these risks as events develop, with their commitment to renewable energy being a main factor in mitigating those risks.

The company aims to create value by delivering consistent high quality products into a competitive market place. We aim to do this through investment into management, staff, machinery and buildings.

The directors monitor the state of the market segments that affect the business and evolve the business strategy as required.

Key performance indicators

The company utilises a range of measures to assess its performance. These range from financial measures across the company as a whole to operational measures within individual sections including benchmarking against similar businesses.

Development and performance

The directors will continue to build cash reserves in order to take advantage of opportunities as they arise.

The year ending 31st March 2026 is expected to be even better due to the "race for space".

On behalf of the board:

P J Smart - Director

25th November 2025

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

Dividends

The directors recommend that a final dividend of £80,000 be paid, and the remainder be transfered to reserves.

Future developments

The directors expect improvement in the level of activity and operational profits for the forthcoming year ending 31st March 2026. No significant changes in the operational activities are expected in the foreseeable future. However, the directors will continue to hold reasonable cash reserves to enable the Company to take advantage of opportunities as they arise.

Directors

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

P J Smart

D P Smart

Financial instruments

The company enters into no complex financial instruments.

Close company status

The company is a close company within the meaning of the Income Tax Act 2007 and Corporation Tax Act 2010.

Statement of directors' responsibilities

The directors are responsible for preparing the 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 of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 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 company's auditors are unaware, and each director 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 company's auditors are aware of that information.

On behalf of the board:

P J Smart - Director

25th November 2025

Opinion

We have audited the financial statements of Harold W Smart & Son Limited (the 'company') for the year ended 31st March 2025 which comprise the Income statement, Other comprehensive income, Balance sheet, Statement of changes in equity, Cash flow statement and Notes to the 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 company's affairs as at 31st March 2025 and of its 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 company 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 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 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 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 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or

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

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

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

Responsibilities of directors

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

In preparing the financial statements, the directors are responsible for assessing the 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 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.

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 agricultural industry;

-

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; and

-

identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

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;

-

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

-

understanding the design of the company's remuneration policies.

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 the 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;

-

reading the minutes of meetings of those charged with governance;

-

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

-

reviewing correspondence with HMRC, relevant regulators and the company's legal advisors.

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.

Chris Duckett (Senior Statutory Auditor)

for and on behalf of Chris Duckett (Audit) Limited

Chartered Accountants & Statutory Auditors

Network House

Thorn Office Centre

Rotherwas

Hereford

HR2 6JT

25th November 2025

Turnover

17,056,834

18,026,937

Cost of sales

12,989,752

14,162,578

Gross profit

4,067,082

3,864,359

Administrative expenses

1,840,777

1,822,795

2,226,305

2,041,564

Other operating income

64,640

64,540

Operating profit

5

2,290,945

2,106,104

Interest receivable & similar income

6

249,937

168,614

2,540,882

2,274,718

Interest payable & similar expenses

7

190,984

195,756

Profit before taxation

2,349,898

2,078,962

Tax on profit

8

512,403

333,900

Profit for the financial year

1,837,495

1,745,062

Profit for the year

1,837,495

1,745,062

Other comprehensive income

Revaluation of investment property

-

902,748

Income tax relating to other comprehensive income

-

(225,700

)

Other comprehensive income for the year, net of income tax

-

677,048

Total comprehensive income for the year

1,837,495

2,422,110

Fixed assets

Tangible assets

10

9,714,359

7,983,760

Investments

11

401,054

1,054

Investment property

12

6,431,149

6,115,000

16,546,562

14,099,814

Current assets

Stocks

13

1,448,904

1,600,740

Debtors

14

1,783,011

2,446,403

Cash at bank and in hand

6,553,165

5,792,250

9,785,080

9,839,393

Creditors

Amounts falling due within one year

15

4,176,332

2,940,108

Net current assets

5,608,748

6,899,285

Total assets less current liabilities

22,155,310

20,999,099

Creditors

Amounts falling due after more than one year

16

(2,618,581

)

(3,177,417

)

Provisions for liabilities

19

(666,200

)

(647,500

)

Accruals & deferred income

20

(322,021

)

(383,169

)

Net assets

18,548,508

16,791,013

Capital and reserves

Called up share capital

21

3,000

3,000

Undistribr. reserves

22

2,051,725

2,051,725

Retained earnings

22

16,493,783

14,736,288

Shareholders' funds

18,548,508

16,791,013

The financial statements were approved by the Board of Directors and authorised for issue on 25th November 2025 and were signed on its behalf by:

P J Smart - Director

Called up

share

Retained

Undistribr.

Total

capital

earnings

reserves

equity

£

£

£

£

Balance at 1st April 2023

3,000

13,071,226

1,374,677

14,448,903

Changes in equity

Dividends

-

(80,000

)

-

(80,000

)

Total comprehensive income

-

1,745,062

677,048

2,422,110

Balance at 31st March 2024

3,000

14,736,288

2,051,725

16,791,013

Changes in equity

Dividends

-

(80,000

)

-

(80,000

)

Total comprehensive income

-

1,837,495

-

1,837,495

Balance at 31st March 2025

3,000

16,493,783

2,051,725

18,548,508

Cash flows from operating activities

Cash generated from operations

1

2,755,345

2,540,383

Interest paid

(190,835

)

(195,681

)

Interest element of hire purchase payments paid

(149

)

(75

)

Tax paid

(328,784

)

-

Net cash from operating activities

2,235,577

2,344,627

Cash flows from investing activities

Purchase of fixed assets

(2,142,454

)

(282,680

)

Purchase of fixed asset investments

(400,000

)

-

Purchase of investment property

(316,149

)

(3,505

)

Sale of fixed assets

57,584

30,927

Interest received

249,937

168,614

Net cash from investing activities

(2,551,082

)

(86,644

)

Cash flows from financing activities

Loan repayments in year

(99,318

)

(95,493

)

Capital repayments in year

(126,291

)

(119,397

)

Amount introduced by directors

803,085

-

Amount withdrawn by directors

-

(209,506

)

Movement in related party balances

578,944

(194,652

)

Equity dividends paid

(80,000

)

(80,000

)

Net cash from financing activities

1,076,420

(699,048

)

Increase in cash and cash equivalents

760,915

1,558,935

Cash and cash equivalents at beginning of year

2

5,792,250

4,233,315

Cash and cash equivalents at end of year

2

6,553,165

5,792,250

1.	Reconciliation of profit before taxation to cash generated from operations

31.3.25

31.3.24

£

£

Profit before taxation

2,349,898

2,078,962

Depreciation charges

461,839

521,170

Profit on disposal of fixed assets

(57,568

)

(21,766

)

Finance costs

190,984

195,756

Finance income

(249,937

)

(168,614

)

2,695,216

2,605,508

Decrease in stocks

151,836

737,807

Decrease/(increase) in trade and other debtors

663,392

(1,068,087

)

(Decrease)/increase in trade and other creditors

(755,099

)

265,155

Cash generated from operations

2,755,345

2,540,383

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 31st March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

6,553,165

5,792,250

Year ended 31st March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

5,792,250

4,233,315

3.	Analysis of changes in net funds

Other

non-cash

At 1.4.24

Cash flow

changes

At 31.3.25

£

£

£

£

Net cash

Cash at bank

and in hand

5,792,250

760,915

6,553,165

5,792,250

760,915

6,553,165

Debt

Finance leases

(159,897

)

126,291

(50,000

)

(83,606

)

Debts falling due

within 1 year

(99,318

)

(445,457

)

-

(544,775

)

Debts falling due

after 1 year

(3,136,917

)

544,775

-

(2,592,142

)

(3,396,132

)

225,609

(50,000

)

(3,220,523

)

Total

2,396,118

986,524

(50,000

)

3,332,642

1.	Statutory information

Harold W Smart & Son 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 Company Information page.

2.	Accounting policies

Basis of preparing the financial statements

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

Turnover

Turnover all of which arises in the UK, represents net invoiced sales of goods, excluding value added tax.

Tangible fixed assets

Tangible fixed assets are stated in the Balance Sheet at cost less depreciation. Depreciation is

provided at the following rates, in order to write off each asset over its estimated useful life;

Buildings

2%, 4%, 7% & 10% straight line & 2%, 10% & 20% reducing balance

Tenants improvements

10% straight line

Plant & machinery

15%-25% reducing balance; 10%-25% straight line

Cottage/office fixtures & fittings

10% reducing balance

Motor vehicles

25% reducing balance

Freehold land is not depreciated.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

Stock is valued at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items. Growing crops have been valued according to the cost of the feeds, seeds and fertilisers applied, together with any contracting charges incurred.

Work in progress

Work in progress is included in the accounts as a proportion of the full sales value based on the level of completion. At the year end the work in progress value is treated as turnover in the profit and loss account and included within debtors in the balance sheet.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and 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 trade and other receivables and cash and bank balances, are measured at transaction price less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at the cost less impairment.

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 date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after 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 assets 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 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 deducing all of its liabilities.

Basic financial liabilities, including trade and other payables are measured at the transaction price. Other financial liabilities, including bank loans and preference shares that are classified as debt, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Derecognition of financial liabilities

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

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the 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.

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.

Research & development

Research and development expenditure is expensed to the profit and loss account as it is incurred.

Hire purchase

Assets held under hire purchase contracts are capitalised as tangible fixed assets and depreciated over the useful lives of the assets. The capital elements of future obligations are recorded as liabilities, while the interest elements are charged to the profit and loss account over the period of the contracts on a straight line basis.

Pension costs & other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Investments

Fixed asset investments are shown at cost less provision for permanent diminution in value.

Grants

Grants of a capital nature are credited to the Balance Sheet and amortised over the life of the assets to which they relate.

Grants receivable in respect of expenses or losses already incurred are recognised in profit and loss in the period when the grant becomes receivable or in the period in which the grant is intented to compensate.

3.	Significant accounting judgements & key sources of estimation uncertainty

The following judgements and estimations have been made in the process of applying the company's accounting policies that have had the most significant effect on amounts recognised in the financial statements.

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 it affects only that period or in both current and future periods.

Valuation of investment property

The Directors assess the fair value of investment property on an ongoing annual basis using up to date open market value and considering comparable properties in similar location and condition.

Useful economic lives of tangible fixed assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economical lives and residual values of the assets. These are assessed by the Directors on an annual basis.

Grant amortisation

Amortisation is provided to credit grant income over the economic useful life of the asset to which they relate. The useful economic lives and residual values are reviewed on an annual basis by the Directors.