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Company No: 03589504 (England and Wales)

# GLOBAL INSTRUMENTATION LIMITED

### Unaudited Financial Statements
For the financial year ended 30 June 2025
Pages for filing with the registrar

GLOBAL INSTRUMENTATION LIMITED

## Unaudited Financial Statements

For the financial year ended 30 June 2025

Contents

GLOBAL INSTRUMENTATION LIMITED

## COMPANY INFORMATION

For the financial year ended 30 June 2025
GLOBAL INSTRUMENTATION LIMITED

## COMPANY INFORMATION (continued)

For the financial year ended 30 June 2025

Directors | Mr S L C Land
| Mr D Smith (Appointed 01 February 2026)
| Mr D Smith (Resigned 01 November 2025)
| Mr P R Wetherfield

Registered office | 940 Innovation Building Popjack Road
| Kent Science Park
| Sittingbourne
| ME9 8HL
| United Kingdom

Company number | 03589504 (England and Wales)

Accountant | Kreston Reeves LLP
| 2nd Floor, Maritime Place
| Quayside
| Chatham Maritime
| Chatham
| Kent
| ME4 4QZ

## ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF
THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF GLOBAL INSTRUMENTATION LIMITED

For the financial year ended 30 June 2025

## ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF
THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF GLOBAL INSTRUMENTATION LIMITED (continued)

For the financial year ended 30 June 2025

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Global Instrumentation Limited for the financial year ended 30 June 2025 which comprise the Balance Sheet and the related notes 1 to 12 from the Company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/regulation.
It is your duty to ensure that Global Instrumentation Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Global Instrumentation Limited. You consider that Global Instrumentation Limited is exempt from the statutory audit requirement for the financial year.
We have not been instructed to carry out an audit or a review of the financial statements of Global Instrumentation Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

This report is made solely to the Board of Directors of Global Instrumentation Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Global Instrumentation Limited and state those matters that we have agreed to state to the Board of Directors of Global Instrumentation Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Global Instrumentation Limited and its Board of Directors as a body for our work or for this report.

Kreston Reeves LLP

2nd Floor, Maritime Place
Quayside
Chatham Maritime
Chatham
Kent
ME4 4QZ

19 March 2026

GLOBAL INSTRUMENTATION LIMITED

## BALANCE SHEET

As at 30 June 2025
GLOBAL INSTRUMENTATION LIMITED

## BALANCE SHEET (continued)

As at 30 June 2025

| Note | 2025 |  | 2024
|  | £ |  | £
Fixed assets |  |  |  |
Tangible assets | 4 | 23,852 |  | 28,987
Investments | 5 | 80,000 |  | 100,000
|  | 103,852 |  | 128,987
Current assets |  |  |  |
Stocks |  | 72,141 |  | 10,000
Debtors | 6 | 857,528 |  | 1,492,507
Cash at bank and in hand |  | 22,047 |  | 521,997
|  | 951,716 |  | 2,024,504
Creditors: amounts falling due within one year | 7 | ( 553,048) |  | ( 1,194,623)
Net current assets |  | 398,668 |  | 829,881
Total assets less current liabilities |  | 502,520 |  | 958,868
Creditors: amounts falling due after more than one year | 8 | 0 |  | ( 50,000)
Provision for liabilities | 9 | ( 5,964) |  | ( 7,247)
Net assets |  | 496,556 |  | 901,621
Capital and reserves |  |  |  |
Called-up share capital | 10 | 338,921 |  | 338,921
Capital redemption reserve |  | 76 |  | 76
Profit and loss account |  | 157,559 |  | 562,624
Total shareholders' funds |  | 496,556 |  | 901,621

For the financial year ending 30 June 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
- These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Global Instrumentation Limited (registered number: 03589504) were approved and authorised for issue by the Board of Directors on 19 March 2026. They were signed on its behalf by:

Mr P R Wetherfield Director |

GLOBAL INSTRUMENTATION LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2025
GLOBAL INSTRUMENTATION LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2025

##### 1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

##### General information and basis of accounting

Global Instrumentation Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 940 Innovation Building Popjack Road, Kent Science Park, Sittingbourne, ME9 8HL, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

##### Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.
Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

##### Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

##### Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

##### Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

##### Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

##### Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings | 5 years straight line
Computer equipment | 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.
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 credited or charged to profit or loss.

##### Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.
All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

##### Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

##### Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

##### Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

##### Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

##### Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

##### Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

##### Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments 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 method.

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

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Statement of Income and Retained Earnings. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

##### Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

##### Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

##### Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

##### Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

##### Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.

##### Pensions

Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

#### 2. Employees

| 2025 |  | 2024
| Number |  | Number
Monthly average number of persons employed by the Company during the year, including directors | 28 |  | 29

#### 3. Share-based payments

Equity-settled share-based payment schemes

The Company has a share option scheme for all employees.

Details of the share options outstanding during the financial year are as follows:

| 2025 |  | 2024
| Weighted Average |  | Weighted Average
| Number of share options | Average exercise price (£) |  | Number of share options | Average exercise price (£)
Outstanding at beginning of period | 14,389,414 | 0.01063 |  | 15,980,353 | 0.01084
Granted during the period | 0 | 0 |  | 273,128 | 0.01280
Forfeited during the period | ( 291,043) | 0.01050 |  | ( 1,864,067) | 0.01280
Outstanding at the end of the period | 14,098,371 | 0.01063 |  | 14,389,414 | 0.01063
Exercisable at the end of the period | 0 | 0 |  | 0 | 0

On 22 August 2016, the company's immediate parent undertaking, Global Umbrella Limited, granted 3,389,214 Ordinary D share options of £0.01 each to a director with no performance conditions attached. The options are exercisable on the date on which an Exit occurs.
On 1 November 2017, Global Umbrella Limited granted 2,880,832 Ordinary B share options of £0.01 each to certain employees with performance conditions attached where the employees may exercise one fourth of the share options if the consolidated accounts achieve profit after interest and tax exceeding £200k for the year ended 2017, and £250k for the years ending 2018, 2019 and 2020.
On 1 August 2018, Global Umbrella Limited granted a further 364,695 Ordinary B share options of £0.01 each to certain employees with performance conditions attached where the employees may exercise one fourth of the share options if the consolidated accounts achieve profit after interest and tax exceeding £250k for the years ending 2018, 2019, 2020 and 2021.
On 1 August 2019, Global Umbrella Limited granted 40,522 Ordinary B share options of £0.01 each to one employee with performance conditions attached where the employee may exercise one fourth of the share options is the consolidated accounts achieve profit after interest and tax exceeding £250k for the years ending 2019 , 2020, 2021 and 2022.
During the period ended 30 June 2023, Global Umbrella Limited issued a further 9,545,612 Ordinary B share options of £0.01 each were issued to employees on 31 March 2022 and 40,522 Ordinary B share options of £0.01 each issued to an employee on 18 January 2023 with performance conditions attached where the employees may exercise one fourth of the share options if the consolidated accounts achieve profit after interest and tax exceeding £250k for the years ending 2023, 2024, 2025 and 2026.
During the year ended 30 June 2024, a further 273,128 Ordinary B share options of £0.0128 each were issued to employees on 21 December 2023 with performance conditions attached where the employees may exercise one fourth of the share options if the consolidated accounts achieve profit after interest and tax exceeding £250k for the years ending 2024, 2025, 2026 and 2027.
The options shall lapse on the tenth anniversary of the date on which they were granted, assuming they are not exercised before then and no event occurs to cause them to lapse earlier under the rules.
During the year ended 30 June 2025, certain share options lapsed. Further details are provided in the table above.
No share option charge has been recognised in the financial statements as the fair value of the share options cannot be reliably obtained.

#### 4. Tangible assets

| Fixtures and fittings |  | Computer equipment |  | Total
| £ |  | £ |  | £
Cost |  |  |  |  |
At 01 July 2024 | 1,115 |  | 80,027 |  | 81,142
Additions | 0 |  | 5,786 |  | 5,786
Disposals | 0 |  | ( 40,935) |  | ( 40,935)
At 30 June 2025 | 1,115 |  | 44,878 |  | 45,993
Accumulated depreciation |  |  |  |  |
At 01 July 2024 | 19 |  | 52,136 |  | 52,155
Charge for the financial year | 223 |  | 10,698 |  | 10,921
Disposals | 0 |  | ( 40,935) |  | ( 40,935)
At 30 June 2025 | 242 |  | 21,899 |  | 22,141
Net book value |  |  |  |  |
At 30 June 2025 | 873 |  | 22,979 |  | 23,852
At 30 June 2024 | 1,096 |  | 27,891 |  | 28,987

#### 5. Fixed asset investments

Investments in subsidiaries

| 2025
| £
Cost |
At 01 July 2024 | 100,000
Disposals | ( 20,000)
At 30 June 2025 | 80,000
Carrying value at 30 June 2025 | 80,000
Carrying value at 30 June 2024 | 100,000

#### 6. Debtors

| 2025 |  | 2024
| £ |  | £
Trade debtors | 567,677 |  | 1,381,254
Amounts owed by Group undertakings | 208,668 |  | 5,178
Prepayments | 21,222 |  | 35,321
Corporation tax | 20,229 |  | 0
Other debtors | 39,732 |  | 70,754
| 857,528 |  | 1,492,507

#### 7. Creditors: amounts falling due within one year

| 2025 |  | 2024
| £ |  | £
Bank loans | 50,000 |  | 50,000
Trade creditors | 300,442 |  | 610,554
Accruals | 68,909 |  | 365,996
Corporation tax | 0 |  | 3,159
Other taxation and social security | 104,945 |  | 136,892
Other creditors | 28,752 |  | 28,022
| 553,048 |  | 1,194,623

#### 8. Creditors: amounts falling due after more than one year

| 2025 |  | 2024
| £ |  | £
Bank loans (secured) | 0 |  | 50,000

The bank loan is secured by a fixed and floating charge over the assets of the company.

#### 9. Deferred tax

| 2025 |  | 2024
| £ |  | £
At the beginning of financial year | ( 7,247) |  | ( 1,018)
Credited/(charged) to the Statement of Income and Retained Earnings | 1,283 |  | ( 6,229)
At the end of financial year | ( 5,964) |  | ( 7,247)

The deferred taxation balance is made up as follows:

| 2025 |  | 2024
| £ |  | £
Accelerated capital allowances | ( 5,964) |  | ( 7,247)

#### 10. Called-up share capital

| 2025 |  | 2024
| £ |  | £
Allotted, called-up and fully-paid |  |  |
33,876,541 A shares ordinary shares of £ 0.01 each (2024: 33,876,499 shares of £ 0.01 each) | 338,765.41 |  | 338,764.99
15,600 B shares ordinary shares of £ 0.01 each | 156.00 |  | 156.00
1 C shares ordinary share of £ 0.01 | 0.01 |  | 0.01
| 338,921.42 |  | 338,921.00

#### 11. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

| 2025 |  | 2024
| £ |  | £
within one year | 73,036 |  | 41,029
between one and five years | 61,015 |  | 18,953
Total future minimum lease payments under non-cancellable operating leases | 134,051 |  | 59,982

Pensions

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £89,550 (2024 - £86,998). Contributions totalling £11,667 (2024 - £13,621) were payable to the fund at the balance sheet date and are included in creditors.

#### 12. Related party transactions

The company has taken advantage of the exemptions available under FRS102, section 33.5, not to disclose details of its transactions with members of the group headed by Global Umbrella Limited. All other transactions with related parties that arose during the current and prior years, including any directors' remuneration payable, were done so under normal market conditions.