REGISTERED NUMBER: 09120565 (England and Wales)

Group Strategic Report,

Report of the Directors and

Audited

Consolidated Financial Statements

for the Year Ended 31 July 2025

for

Wilson Group Holdings Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Consolidated Statement of Comprehensive Income

10

Consolidated Balance Sheet

11

Company Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Company Statement of Changes in Equity

14

Consolidated Cash Flow Statement

15

Notes to the Consolidated Cash Flow Statement

16

Notes to the Consolidated Financial Statements

17

DIRECTORS:

H Wilson

G Wilson

J Wilson

C Wilson

J G Armstrong

REGISTERED OFFICE:

River Drive

South Shields

Tyne & Wear

NE33 1LH

REGISTERED NUMBER:

09120565 (England and Wales)

AUDITORS:

TTR Barnes Limited

Chartered Accountants and Statutory Auditors

3-5 Grange Terrace

Stockton Road

Sunderland

Tyne & Wear

SR2 7DG

The directors present their strategic report of the company and the group for the year ended 31 July 2025.

The principal activity of UK Docks Marine Services North Limited, UK Docks Marine Services South Limited, UK Docks Marine Services Teesside Limited, UK Docks South Shields Limited, UK Docks Marine Services Mashfords Limited and UK Docks Marine Services Royal Clarence is that of ship repairs and maintenance. The principal activity of Whinstone View Limited is that of a wedding, bistro and hospitality venue.

The directors consider it appropriate to adopt the going concern basis of accounting to prepare the financial statements.

REVIEW OF BUSINESS

The group had a satisfactory year of trading with good sales and net profit.

A key performance indicator used by the directors is gross profit percentage together with profit and sales growth. Details are shown below:-

2025

2024

2023

2022

2021

Turnover

£59,899,200

£51,575,517

£33,630,912

£28,729,622

£30,472,307

Gross Profit

£14,589,854

£12,899,172

£11,055,807

£9,064,401

£7,508,518

GP %

24.36%

25.01%

32.87%

31.55%

24.64%

The Group has seen an improvement in the GP%, as a result of the changing sales mix of the business. As the business has grown the nature of work, includes more long-term contracting work. This provides a secure pipeline of work, which enables greater certainty of income, and enables more focused longer term asset investment and resource planning.

The order book remains healthy for the Group, and the Group continues to grow its order pipeline and grow the business. The owners of the Group continue to re-invest majority of profits generated to sustainably grow the business and is proud to continue its investment in future generations by increasing recruitment in more modern apprentices, to complement the experienced team within the business.

In June 2025 the business incorporated a new subsidiary, UK Docks South Shields Limited, to continue the growth strategy around the River Tyne.

PRINCIPAL RISKS AND UNCERTAINTIES

The directors are of the opinion that the principal risk the group faces is economic risk and general difficult trading conditions that continue within some of its markets.

At present, the directors feel that the general business environment is relatively stable and that good trading relationships exist with customers. The focus for the future is to increase market share and become the customers preferred choice.

The directors continually review the risks and uncertainties during the year as they target controlled consistent growth.

FINANCIAL RISK MANAGEMENT

The group's operations may expose it to a variety of financial risks that include the effects of changes in prices, liquidity risk currency movements and interest rate risk. The group seeks to limit the adverse effect on the financial performance of the group as follows :

Price risk

The directors monitor movements in market prices on a regular basis as these price movements relate to increasing sub-contractor and material prices. The group has no exposure to equity securities price risk as it holds no listed or other equity investments.

Credit risk

The group has policies in place that require credit checks on potential customers before and after contracts are entered into.

Liquidity risk

The group actively maintains sufficient liquid working capital balances to fund its operations and is, therefore, not subject to significant liquidity risk.

Interest rate risk

The group holds interest bearing assets and liabilities. Cash balances earn interest at variable rates, the directors consider interest rate risk on cash balances to be minimal.

Currency movements

The group carries out minimal transactions in other currencies. The directors monitor the movement in those currencies and seek to minimise any risk.

SECTION 172(1) STATEMENT

Although the group is a large group, as Wilson Group Holdings Limited and its subsidiaries are all individually medium or small companies, SECR disclosure is not required for the year ended 31 July 2025. In addition Wilson Group Holdings consumed less than 40,000kWh of energy in the year S20D(7)(a) permits the parent an exemption from disclosing carbon figures.

SECR Disclosure

Marine and engineering related activities can have a seriously detrimental effect on the environment and the Group has put in place a management system to minimise such effects. The Group has a role to play in decarbonising the environment for a greener, more sustainable future and has made positive steps to reduce our carbon intensity rate through a number of initiatives.

APPROVED AND AUTHORISED FOR ISSUE BY THE BOARD:

J G Armstrong - Director

12 February 2026

The directors present their report with the financial statements of the company and the group for the year ended 31 July 2025.

PRINCIPAL ACTIVITIES

The principal activities of the group in the year under review were those of ship repairs and maintenance and a wedding, bistro and hospitality venue

DIVIDENDS

The total distribution of dividends for the year ended 31 July 2025 will be £1,073,516.

DIRECTORS

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

H Wilson

G Wilson

J Wilson

C Wilson

Other changes in directors holding office are as follows:

J G Armstrong - appointed 10 April 2025

DISCLOSURE IN THE STRATEGIC REPORT

The principal risks and uncertainties of the group together with a business review are disclosed within the strategic report of the company on pages 2-3 of the accounts.

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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;

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

-	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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 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 directors are 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 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 group's auditors are aware of that information.

AUDITORS

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

APPROVED AND AUTHORISED FOR ISSUE BY THE BOARD:

J G Armstrong - Director

12 February 2026

Opinion

We have audited the financial statements of Wilson Group Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 July 2025 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 July 2025 and of the group's profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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 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 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 Group 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 Group 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 Group 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 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 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 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 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 Directors' Responsibilities Statement 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 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 directors either intend to liquidate the group or the parent 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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

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

- we identified the laws and regulations applicable to the companies through discussions with directors and other management, and from our commercial knowledge and experience of the relevant sectors;

- 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; and

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

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

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

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining 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 including the Health and Safety Executive, 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.

David J Cook FCCA (Senior Statutory Auditor)

for and on behalf of TTR Barnes Limited

Chartered Accountants and Statutory Auditors

3-5 Grange Terrace

Stockton Road

Sunderland

Tyne & Wear

SR2 7DG

12 February 2026

TURNOVER

3

59,899,200

51,575,517

Cost of sales

45,309,346

38,676,345

GROSS PROFIT

14,589,854

12,899,172

Administrative expenses

9,914,398

6,535,414

4,675,456

6,363,758

Other operating income

4

453,460

290,631

OPERATING PROFIT

6

5,128,916

6,654,389

Interest receivable and similar income

8

578,275

130,688

5,707,191

6,785,077

Interest payable and similar expenses

9

2,972

7,955

PROFIT BEFORE TAXATION

5,704,219

6,777,122

Tax on profit

10

1,651,484

1,836,984

PROFIT FOR THE FINANCIAL YEAR

4,052,735

4,940,138

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

4,052,735

4,940,138

Profit attributable to:

Owners of the parent

4,052,735

4,940,138

Total comprehensive income attributable to:

Owners of the parent

4,052,735

4,940,138

FIXED ASSETS

Intangible assets

13

459,869

764,579

Tangible assets

14

12,812,765

8,866,993

Investments

15

-

-

13,272,634

9,631,572

CURRENT ASSETS

Stocks

16

310,948

242,224

Debtors

17

18,064,930

13,301,126

Cash at bank and in hand

25,447,085

18,820,142

43,822,963

32,363,492

CREDITORS

Amounts falling due within one year

18

30,693,128

18,568,963

NET CURRENT ASSETS

13,129,835

13,794,529

TOTAL ASSETS LESS CURRENT LIABILITIES

26,402,469

23,426,101

CREDITORS

Amounts falling due after more than one year

19

(7,798

)

(57,459

)

PROVISIONS FOR LIABILITIES

22

(400,796

)

(353,986

)

NET ASSETS

25,993,875

23,014,656

CAPITAL AND RESERVES

Called up share capital

23

100

100

Retained earnings

24

25,993,775

23,014,556

SHAREHOLDERS' FUNDS

25,993,875

23,014,656

The financial statements were approved by the Board of Directors and authorised for issue on 12 February 2026 and were signed on its behalf by:

G Wilson - Director

FIXED ASSETS

Intangible assets

13

-

-

Tangible assets

14

5,701,780

2,164,170

Investments

15

450,501

450,401

6,152,281

2,614,571

CURRENT ASSETS

Debtors

17

7,360,763

7,388,773

Cash at bank

5,416,780

4,599,894

12,777,543

11,988,667

CREDITORS

Amounts falling due within one year

18

8,579,980

2,084,850

NET CURRENT ASSETS

4,197,563

9,903,817

TOTAL ASSETS LESS CURRENT LIABILITIES

10,349,844

12,518,388

PROVISIONS FOR LIABILITIES

22

192,500

-

NET ASSETS

10,157,344

12,518,388

CAPITAL AND RESERVES

Called up share capital

23

100

100

Retained earnings

24

10,157,244

12,518,288

SHAREHOLDERS' FUNDS

10,157,344

12,518,388

Company's (loss)/profit for the financial year

(1,287,528

)

1,510,986

The financial statements were approved by the Board of Directors and authorised for issue on 12 February 2026 and were signed on its behalf by:

G Wilson - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 August 2023

100

19,007,418

19,007,518

Changes in equity

Dividends

-

(933,000

)

(933,000

)

Total comprehensive income

-

4,940,138

4,940,138

Balance at 31 July 2024

100

23,014,556

23,014,656

Changes in equity

Dividends

-

(1,073,516

)

(1,073,516

)

Total comprehensive income

-

4,052,735

4,052,735

Balance at 31 July 2025

100

25,993,775

25,993,875

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 August 2023

100

11,940,302

11,940,402

Changes in equity

Dividends

-

(933,000

)

(933,000

)

Total comprehensive income

-

1,510,986

1,510,986

Balance at 31 July 2024

100

12,518,288

12,518,388

Changes in equity

Dividends

-

(1,073,516

)

(1,073,516

)

Total comprehensive income

-

(1,287,528

)

(1,287,528

)

Balance at 31 July 2025

100

10,157,244

10,157,344

Cash flows from operating activities

Cash generated from operations

1

15,140,275

16,511,189

Interest paid

-

(2,751

)

Interest element of hire purchase payments paid

(2,972

)

(5,204

)

Tax paid

(3,064,205

)

(1,956,333

)

Net cash from operating activities

12,073,098

14,546,901

Cash flows from investing activities

Purchase of tangible fixed assets

(4,878,638

)

(2,901,906

)

Interest received

578,275

130,688

Net cash from investing activities

(4,300,363

)

(2,771,218

)

Cash flows from financing activities

Capital repayments in year

(72,276

)

(73,981

)

Equity dividends paid

(1,073,516

)

(933,000

)

Net cash from financing activities

(1,145,792

)

(1,006,981

)

Increase in cash and cash equivalents

6,626,943

10,768,702

Cash and cash equivalents at beginning of year

2

18,820,142

8,051,440

Cash and cash equivalents at end of year

2

25,447,085

18,820,142

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

2025

2024

£

£

Profit before taxation

5,704,219

6,777,122

Depreciation charges

543,364

479,994

Loss on disposal of fixed assets

-

21,250

Impairment

694,210

-

Finance costs

2,972

7,955

Finance income

(578,275

)

(130,688

)

6,366,490

7,155,633

Increase in stocks

(68,724

)

(213,862

)

Increase in trade and other debtors

(3,610,620

)

(1,619,772

)

Increase in trade and other creditors

12,453,129

11,189,190

Cash generated from operations

15,140,275

16,511,189

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 July 2025

31/7/25

1/8/24

£

£

Cash and cash equivalents

25,447,085

18,820,142

Year ended 31 July 2024

31/7/24

1/8/23

£

£

Cash and cash equivalents

18,820,142

8,051,440

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1/8/24

Cash flow

At 31/7/25

£

£

£

Net cash

Cash at bank and in hand

18,820,142

6,626,943

25,447,085

18,820,142

6,626,943

25,447,085

Debt

Finance leases

(126,816

)

72,276

(54,540

)

(126,816

)

72,276

(54,540

)

Total

18,693,326

6,699,219

25,392,545

1.	STATUTORY INFORMATION

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with 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.

The financial statements have been prepared on the going concern basis which assumes that the company will continue in operational existence for the foreseeable future, which the directors consider to be appropriate.

Basis of consolidation

The financial statements consolidate the financial statements of Wilson Group Holdings limited and its subsidiaries; UK Docks Marine Services North Limited, UK Docks Marine Services South Limited, UK Docks Marine Services Teesside Limited, Whinstone View Limited, UK Docks Royal Clarence Yard Limited, UKDocks Mashfords Limited. The financial statements are made up to 31 July 2025. UK Docks South Shields Limited, the newly incorporated subsidiary, has been consolidated from management accounts to 31 July 2025, the business incorporated on 25 June 2025. Transactions between group companies have been eliminated on consolidation. No separate profit and loss account for Wilson Group Holdings Limited is presented as permitted by Section 406 of the Companies Act 2006.

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.

Significant judgements and estimates

The following judgements and estimates have been made in the process of applying the above accounting policies that have had the most significant affect on amounts recognised in financial statements;

Deposits

Deposits are monies paid in advance for hotel events and stays and they are an area subject to significant judgement on when the monies should be recognised as income. The accounting judgement is that monies are to be held on the deposits ledger for future events and should not be recognised as income in the financial year until the services have been provided.

Amounts recoverable on contract

management review contracts and work completed to date to estimate the stage of completion of the projects. THey also use their knowledge in the area to determine if there are any losses to be recognised.

Depreciation

Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset. An estimate of the useful economic life of the asset have been detailed in the depreciation accounting policy.

Turnover

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

Income recognition

Where there are contracts which are gradually performed over time, revenue is recognised by reference to an assessment of the fair value of the services provided as a proportion of the total fair value of the contract.

When the company receives the deposit it is recognised as a liability, and once the company carries out the event the deposit is recognised in turnover.

Long-term contract income

For our long-term contracts, because of control transferring over time, revenue is recognised based on the extent of progress towards completion of the performance obligations. We use the cost-to-cost measure of progress for our contracts because it best depicts the transfer of control to the customer which occurs as we incur costs on our contracts. Under the cost-to-cost measure of progress, the extent of progress towards completion is measured on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation.

Revenues, including estimated fees or profits, are recorded proportionally as costs are incurred. Any expected losses on maintenance and repair type contracts in progress are charged to earnings, in total, in the period the losses are recognised in provision's.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2022, is being amortised evenly over its estimated useful life of five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of five years.

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.

Freehold property

-

not provided

Assets under construction

-

not provided

Long leasehold

-

Straight line over the term of the lease

Improvements to property

-

3% on cost and not provided

Plant and machinery

-

25% on reducing balance, 20% on reducing balance and 15% straight line

Fixtures and fittings

-

25% Straight line and 25% on reducing balance

Motor vehicles

-

25% Straight line and 25% on reducing balance

Computer equipment

-

33% Straight line and 25% on reducing balance

Improvements to property is depreciated at varied rates based on the useful life of the individual asset.

Leasehold property have no formal lease agreement and so additions have not been depreciated.

Land is not depreciated as it expected to appreciate over time.

Government grants

Government grants are recognised under the performance model and income is recognised when specified performance obligations are met as set out in the contract.