REGISTERED NUMBER: 12563418 (England and Wales)

CRUMP HOLDINGS LTD

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTOR AND

AUDITED

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2024

Page

Company Information

1

Group Strategic Report

2

Report of the Director

5

Report of the Independent Auditors

6

Consolidated Income Statement

10

Consolidated Other Comprehensive Income

11

Consolidated Balance Sheet

12

Company Balance Sheet

13

Consolidated Statement of Changes in Equity

14

Company Statement of Changes in Equity

15

Consolidated Cash Flow Statement

16

Notes to the Consolidated Cash Flow Statement

17

Notes to the Consolidated Financial Statements

19

DIRECTOR:

S J Crump

REGISTERED OFFICE:

1A Netherthorpe Lane

Killamarsh

Sheffield

South Yorkshire

S21 1BZ

REGISTERED NUMBER:

12563418 (England and Wales)

AUDITORS:

Xeinadin Audit Limited

Statutory Auditor, Chartered Accountants

Sidings House, Sidings Court

Lakeside

Doncaster

South Yorkshire

DN4 5NU

The director presents his strategic report of the company and the group for the year ended 31 December 2024.

The results for the year and financial position of Crump Holdings Ltd ("the Company") are shown in the annexed financial statements.

CURRENT BUSINESS AND PERFORMANCE REVIEW

The Group has achieved growth in the current period as a result of conducting work under the ECO4 scheme, an energy efficiency scheme launched in 2022 to improve measures across low income, vulnerable and fuel poor households.

Challenges in the year included cost inflation, with increases in the cost of raw materials and labour. All sectors within the company attempted to pass on cost increases in a reasonably disciplined manner in order to minimise the erosion of gross margins. The fluctuations in raw material and energy price inflation remain as major uncertainties. The Company also had to write off a large sum relating to fees conducted by external surveyors that did not convert to successful installation fees - trade with this entity has since haulted. Despite the challenges faced, the Company have achieved turnover growth, gross profit growth and, excluding the exceptional surveyor fee write off, operating profit growth. Both affect sales margins and are a risk to the profitability of our business.The directors believe that the business has performed solidly and remains well positioned in the marketplace for continued improvement.

We have increased the key customer base with innovative and positive supply chain solutions working with our sales team, suppliers, customers and workforce to provide a comprehensive 'end to end' service that our clients have requested. We have also provided our customers new and innovative products that enhance the range of services we can offer in the industry sector. The ongoing working relationship with our customer base is key and we are striving to provide a consistent and profitable partnership going forward.

FUTURE REVIEW

The Group remains well poised to capitalise on any future potential revenue streams and is committed to supporting the communities that we operate in wherever we can, The demand for energy efficiency saving measures remains poignant throughout the UK economy with the push for a cleaner, greener Britain being an opportunity for the Group to continue and expand operations. The group are poised to take advantage of the Warm Homes Scheme, coming into force in 2026 and replacing ECO4.

FINANCIAL KEY PERFORMANCE INDICATORS

2024

2023

Turnover

£16,606,298

£14,891,212

Gross Profit Margin

56.56%

55.47%

Operating Profit*

£931,097

£2,113,855

Bank and Cash Balances

£1,534,602

£1,791,929

Net Current Assets

£7,506,812

£7,748,094

Net Assets

£8,494,751

£8,715,877

* 2024 operating profit including exceptional costs amounting to £1,591,903 of survey fees resulting to no leads being written off in the year.

Turnover increased 11.51% from the prior year, an impact of the ECO4 scheme which has provided additional work for the Company in the year.

Going concern

Whilst the Report of the directors and Financial Statements are focused on the financial results from 2024, the company's directors are mindful of the impacts of the macroeconomic conditions on the short to medium term resilience of the company. Due to the uncertainty caused by the macroeconomic landscape, the directors have looked at the resilience of the company to stay in business over the next 12 months. Three key measures have been looked at to determine if that position is reasonable, namely, income, expenditure, and cash flow. Based on a forecast of the likely activity in each of these areas the directors are satisfied that this position remains appropriate. A more detailed assessment of the situation is given below.

Cash flow

Based on the forecasted income and expenditure cash flow remains at a level above which is required to meet the debts of the company as they fall due.

The company's activities expose it to a number of financial risks including cash flow risk, credit risk, liquidity risk and price risk.

The use of financial derivatives is governed by the company's policies approved by the board of directors, which provide principles on the use of financial derivatives to manage these risks. The company does not use derivative financial instruments for speculative purposes.

PRINCIPAL RISKS AND UNCERTAINTIES

The directors consider that the principal risks that the company faces are:-

Sales and Profit Risk

The Group operates in a competitive market place and is also under pressure to deliver on time and in line with industry requirements. As the business increases it is vital that the same levels of service currently being provided are maintained. It is for this reason that we are investing more time and effort into recruiting more office and operational staff and looking to relocate to more suitable premises to accommodate the next phase of growth. It is vital that we understand the new government backed schemes and work with our customers to deliver innovative and energy saving services and products. This is why going forward we are looking to also enhance the product range provided by the company. Managing this growth is going to be the key priority going forward.

Debt Risk

The Group does not have a large customer base so the risk of losing a customer could potentially impact the business. The processes in place for credit control are robust and have proved successful over a number of years and it is a system that works well alongside the requirements of our clients. As our core clients are major industry names we also benefit from their liquidity.

Cash flow risk

The Group's activities expose it primarily to the financial risks of changes in foreign currency exchange rates. The company uses foreign exchange forward contracts to hedge these exposures.

Credit risk

The Group's principal financial assets are the bank balances and cash, and trade and other receivables. The company's credit risk is primarily attributable to its trade receivables. The amounts presented in the Balance Sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction of the cash flows. The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies. The company has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.

Liquidity risk

In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the company uses a mixture of long-term and short-term debt finance.

Price risk

The company is exposed to commodity price risk. The company does not manage its exposure to commodity price risk due to cost benefit considerations.

EVENTS SUBSEQUENT TO YEAR-END

There were no other significant events worth of mention after the end of the financial year 2024.

ON BEHALF OF THE BOARD:

S J Crump - Director

23 December 2025

The director presents his report with the financial statements of the company and the group for the year ended 31 December 2024.

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2024 will be £409,134.

DIRECTOR

S J Crump held office during the whole of the period from 1 January 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 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, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

S J Crump - Director

23 December 2025

Qualified opinion

We have audited the financial statements of Crump Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 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, except for the possible effects of the matter described in the Basis for Qualified Opinion paragraph, the financial statements:

- give a true and fair view of the financial position of Crump Holdings Limited as at 31 December 2024 and of its financial performance and its cash flows for the year then ended;

- have been 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 qualified opinion

Crump Holdings Limited is carrying on the Statement of Financial Position at 31 December 2024 an amount in investments of £500,000. We are unable to obtain sufficient appropriate audit evidence relating to the recoverability of the investment. Consequently, we are unable to satisfy the assertion that the future economic benefit and long term plans from the investment will be greater than the value of the investment. Our audit opinion on the current period is modified in this respect.

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 qualified 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 five, 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:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the company, we identified that the principal risks of non-compliance with laws and regulations related to building regulations and corporation tax legislation and we considered the extent to which non-compliance might have a material effect on the financial statements. As part of this assessment we considered both quantitative and qualitative factors. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements, such as the Companies Act 2006 and FRS 102.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements which included the risk of management override of controls. We determined that the principal risks were related to posting inappropriate journal entries, omitting, advancing or delaying recognition of events and transactions that have occurred during or after the reporting period, and potential management bias in the determination of accounting estimates or judgements to manipulate results.

Audit procures performed by the engagement team include:

- Enquiring of and obtaining written representation from management in relation to known or suspected instances of non-compliance with laws and regulations and fraud;

- Evaluation of management's controls designed to prevent and detect irregularities;

- Identifying and, where relevant, testing journal entries posted by senior management or with unusual combinations;

- Assessing and evaluating the business rationale of significant transactions outside the normal course of business;

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

- Incorporating elements of unpredictability into the nature, timing and/or extent of audit procedures performed.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentation, or through 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.

Andrew Cribb FCA (Senior Statutory Auditor)

for and on behalf of Xeinadin Audit Limited

Statutory Auditor, Chartered Accountants

Sidings House, Sidings Court

Lakeside

Doncaster

South Yorkshire

DN4 5NU

24 December 2025

TURNOVER

16,606,298

14,891,212

Cost of sales

7,214,308

6,630,772

GROSS PROFIT

9,391,990

8,260,440

Administrative expenses

8,460,976

6,146,585

OPERATING PROFIT

4

931,014

2,113,855

Interest receivable and similar income

75,000

40,014

1,006,014

2,153,869

Amounts written off investments

5

496,500

45,000

509,514

2,108,869

Interest payable and similar expenses

6

32,379

20,061

PROFIT BEFORE TAXATION

477,135

2,088,808

Tax on profit

7

289,127

499,670

PROFIT FOR THE FINANCIAL YEAR

188,008

1,589,138

Profit attributable to:

Owners of the parent

188,008

1,589,138

PROFIT FOR THE YEAR

188,008

1,589,138

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

188,008

1,589,138

Total comprehensive income attributable to:

Owners of the parent

188,008

1,589,138

FIXED ASSETS

Tangible assets

10

610,259

525,775

Investments

11

535,000

535,000

Investment property

12

-

-

1,145,259

1,060,775

CURRENT ASSETS

Stocks

13

982,316

1,321,184

Debtors

14

5,803,776

6,533,464

Cash at bank and in hand

1,534,602

1,791,923

8,320,694

9,646,571

CREDITORS

Amounts falling due within one year

15

813,882

1,898,476

NET CURRENT ASSETS

7,506,812

7,748,095

TOTAL ASSETS LESS CURRENT LIABILITIES

8,652,071

8,808,870

CREDITORS

Amounts falling due after more than one year

16

(63,505

)

(22,665

)

PROVISIONS FOR LIABILITIES

18

(93,815

)

(70,328

)

NET ASSETS

8,494,751

8,715,877

CAPITAL AND RESERVES

Called up share capital

19

280

280

Retained earnings

20

8,494,471

8,715,597

SHAREHOLDERS' FUNDS

8,494,751

8,715,877

The financial statements were approved by the director and authorised for issue on 23 December 2025 and were signed by:

S J Crump - Director

FIXED ASSETS

Tangible assets

10

-

1,224

Investments

11

535,280

535,280

Investment property

12

235,000

235,000

770,280

771,504

CURRENT ASSETS

Debtors

14

4,015,722

3,714,878

Cash at bank

68,176

5,713

4,083,898

3,720,591

CREDITORS

Amounts falling due within one year

15

17,837

1,999

NET CURRENT ASSETS

4,066,061

3,718,592

TOTAL ASSETS LESS CURRENT LIABILITIES

4,836,341

4,490,096

CAPITAL AND RESERVES

Called up share capital

19

280

280

Retained earnings

20

4,836,061

4,489,816

SHAREHOLDERS' FUNDS

4,836,341

4,490,096

Company's profit for the financial year

755,379

1,160,491

The financial statements were approved by the director and authorised for issue on 23 December 2025 and were signed by:

S J Crump - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

280

7,651,459

7,651,739

Changes in equity

Dividends

-

(525,000

)

(525,000

)

Total comprehensive income

-

1,589,138

1,589,138

Balance at 31 December 2023

280

8,715,597

8,715,877

Changes in equity

Dividends

-

(409,134

)

(409,134

)

Total comprehensive income

-

188,008

188,008

Balance at 31 December 2024

280

8,494,471

8,494,751

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

280

3,854,325

3,854,605

Changes in equity

Dividends

-

(525,000

)

(525,000

)

Total comprehensive income

-

1,160,491

1,160,491

Balance at 31 December 2023

280

4,489,816

4,490,096

Changes in equity

Dividends

-

(409,134

)

(409,134

)

Total comprehensive income

-

755,379

755,379

Balance at 31 December 2024

280

4,836,061

4,836,341

Cash flows from operating activities

Cash generated from operations

1

936,200

754,395

Interest paid

(27,326

)

(14,951

)

Interest element of hire purchase payments paid

(5,053

)

(5,110

)

Tax paid

(707,309

)

(582,021

)

Net cash from operating activities

196,512

152,313

Cash flows from investing activities

Purchase of tangible fixed assets

(178,636

)

(75,245

)

Sale of tangible fixed assets

15,650

12,499

Interest received

75,000

40,014

Net cash from investing activities

(87,986

)

(22,732

)

Cash flows from financing activities

Capital repayments in year

62,045

(924

)

Amount introduced by directors

-

40

Amount withdrawn by directors

(18,758

)

-

Equity dividends paid

(409,134

)

(525,000

)

Net cash from financing activities

(365,847

)

(525,884

)

Decrease in cash and cash equivalents

(257,321

)

(396,303

)

Cash and cash equivalents at beginning of year

2

1,791,923

2,188,226

Cash and cash equivalents at end of year

2

1,534,602

1,791,923

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

2024

2023

£

£

Profit before taxation

477,135

2,088,808

Depreciation charges

79,366

70,353

Profit on disposal of fixed assets

(863

)

(170

)

Finance costs

32,379

20,061

Finance income

(75,000

)

(40,014

)

513,017

2,139,038

Decrease/(increase) in stocks

338,868

(354,839

)

Decrease/(increase) in trade and other debtors

729,688

(1,980,325

)

(Decrease)/increase in trade and other creditors

(645,373

)

950,521

Cash generated from operations

936,200

754,395

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 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

1,534,602

1,791,923

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

1,791,923

2,188,226

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank and in hand

1,791,923

(257,321

)

1,534,602

1,791,923

(257,321

)

1,534,602

Debt

Finance leases

(45,768

)

(62,045

)

(107,813

)

(45,768

)

(62,045

)

(107,813

)

Total

1,746,155

(319,366

)

1,426,789

1.	STATUTORY INFORMATION

Crump Holdings Ltd 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 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 Merger Accounting method per section 19 of FRS 102. The full 12 months results of the Subsidiary companies, as described below, have been included in this set of Consolidated financial statements.

Crump Holdings Ltd was incorporated on 20/04/2020 with 280 Ordinary Shares being issued.

Crump Holdings Ltd acquired J&J Crump & Son Ltd on 06/05/2020 by way of share for share exchange.

J&J Crump & Son Ltd acquired a controlling interest in JJ Crump Innovations Ltd on 04/05/2020. At this date the net assets of JJ Crump Innovations Ltd were £nil.

There has been no change in the substance of the Shareholder's investment, with the relative rights of the shareholders preserved, thus meeting the criteria to apply Merger Accounting.

Related party exemption

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

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.