REGISTERED NUMBER: 12157190 (England and Wales)

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

FOR

WYLYE VALLEY HOLDINGS LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Director

3

Report of the Independent Auditors

4

Consolidated Income Statement

8

Consolidated Other Comprehensive Income

9

Consolidated Balance Sheet

10

Company Balance Sheet

11

Consolidated Statement of Changes in Equity

12

Company Statement of Changes in Equity

13

Consolidated Cash Flow Statement

14

Notes to the Consolidated Cash Flow Statement

15

Notes to the Consolidated Financial Statements

17

DIRECTOR:

C S Brammall

REGISTERED OFFICE:

Under The Care Of The Wilton Carpet

Factory

King Street, Wilton

Salisbury

SP2 0AY

REGISTERED NUMBER:

12157190 (England and Wales)

AUDITORS:

Fawcetts LLP

Chartered Accountants

and Statutory Auditors

Windover House

St. Ann Street

Salisbury

SP1 2DR

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

REVIEW OF BUSINESS

Turnover for the year ended 31 August 2025 increased by £1.4m (17%) to £9,482k. Gross margin, has decreased slightly to 35.5% (2024: 39.7%).

The group made a profit before tax on continuing operations of £126k in the year compared to a profit of £302k in the previous year. The group ended the year with net current assets totalling £1,042k (2024: £961k). Cash in hand increased to £620k (2024: £352k).

No dividends were paid by the group during the year (2024: £nil).

PRINCIPAL RISKS AND UNCERTAINTIES

Inflation & Supply Chain:

The recent world events have caused significant upward pressure on prices and damage to supply chains. The group continues to work hard with suppliers to mitigate these effects and to seek ever greater efficiency in sourcing.

Reputation: Quality of products and services; information security.

The quality of product is of paramount importance to the group. Great care is taken to work with the right suppliers to maintain and enhance standards. The group places great emphasis on security awareness, particularly at mid and high management levels.

Credit and cash flow: Any concentration of credit with individual customers and relaxation of good credit management.

The g roup ensures that appropriate due diligence is carried out on new customers and maintains a strong emphasis on the management of good credit control overall.

Interest rates: Exposure to cash flow interest rate risk.

The group has traditionally ensured that it has a very low level of borrowing relative to its assets and thus has no significant exposure to interest rate risk.

Liquidity: Exposure to inadequate cash flows.

The combined availability of bank balances and continued strong positive cash flows prevents any significant exposure to liquidity risk.

Investment & Staffing:

The resultant changes in society caused by the recent pandemic and advances in weaving technology mean that investment in the machine base to drive greater efficiency have become even more critical. Therefore the group have reviewed and implemented a revised machine investment strategy which commenced in 2021 and has already resulted in major improvements in output levels and staff retention.

ON BEHALF OF THE BOARD:

C S Brammall - Director

20 March 2026

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

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of the manufacture and wholesale of carpets.

DIVIDENDS

No dividends will be distributed for the year ended 31 August 2025.

DIRECTOR

C S Brammall held office during the whole of the period from 1 September 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, Fawcetts LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

C S Brammall - Director

20 March 2026

Opinion

We have audited the financial statements of Wylye Valley Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 August 2025 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 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 August 2025 and of the group's profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

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

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

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

Responsibilities of director

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

In preparing the financial statements, the director is responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations we consider the following:

-

the nature of the industry/sector, control environment and financial performance;

-

results of our enquiries of management about their own identification and assessment of the risk of irregularities;

-

any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to:

-

identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;

-

detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and

-

the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;.

-

the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following area: revenue and profit recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We have also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and tax legislation.

Audit response to risk identified

As a result of performing the above, we identified revenue and profit recognition and management override of controls as key matters related to the potential risk of fraud or material misstatement. Our procedures to respond to risks identified included the following:

-

reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

-

enquiring of management concerning actual and potential litigation and claims;

-

performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

-

understanding the entity's revenue recognition policies and how they are applied, including the relevant controls and processes and performing a walk-through to validate our understanding;

-

reading minutes of meetings of those charged with governance and reviewing any correspondence with HMRC; and

-

in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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.

Nicholas Jones FCCA (Senior Statutory Auditor)

for and on behalf of Fawcetts LLP

Chartered Accountants

and Statutory Auditors

Windover House

St. Ann Street

Salisbury

SP1 2DR

20 March 2026

TURNOVER

3

9,482,364

8,069,621

Cost of sales

6,115,523

4,890,354

GROSS PROFIT

3,366,841

3,179,267

Administrative expenses

3,169,802

2,799,567

OPERATING PROFIT

5

197,039

379,700

Interest payable and similar expenses

6

71,386

77,772

PROFIT BEFORE TAXATION

125,653

301,928

Tax on profit

7

14,757

136,669

PROFIT FOR THE FINANCIAL YEAR

110,896

165,259

Profit attributable to:

Owners of the parent

110,896

165,259

PROFIT FOR THE YEAR

110,896

165,259

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

110,896

165,259

Total comprehensive income attributable to:

Owners of the parent

110,896

165,259

FIXED ASSETS

Tangible assets

9

3,605,959

3,631,877

Investments

10

-

-

3,605,959

3,631,877

CURRENT ASSETS

Stocks

11

1,549,684

1,446,848

Debtors

12

875,766

1,067,666

Cash at bank and in hand

620,227

352,398

3,045,677

2,866,912

CREDITORS

Amounts falling due within one year

13

2,004,075

1,905,510

NET CURRENT ASSETS

1,041,602

961,402

TOTAL ASSETS LESS CURRENT LIABILITIES

4,647,561

4,593,279

CREDITORS

Amounts falling due after more than one year

14

(1,064,103

)

(1,153,002

)

PROVISIONS FOR LIABILITIES

18

(372,226

)

(339,941

)

NET ASSETS

3,211,232

3,100,336

CAPITAL AND RESERVES

Called up share capital

19

1,866,668

1,866,668

Capital redemption reserve

20

1,733,336

1,733,336

Merger reserve

20

(5,561,001

)

(5,561,001

)

Retained earnings

20

5,172,229

5,061,333

SHAREHOLDERS' FUNDS

3,211,232

3,100,336

The financial statements were approved by the director and authorised for issue on 20 March 2026 and were signed by:

C S Brammall - Director

FIXED ASSETS

Tangible assets

9

-

-

Investments

10

3,600,004

3,600,004

3,600,004

3,600,004

CURRENT ASSETS

Cash at bank

10,288

10,587

CREDITORS

Amounts falling due within one year

13

27,953

21,031

NET CURRENT LIABILITIES

(17,665

)

(10,444

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,582,339

3,589,560

CAPITAL AND RESERVES

Called up share capital

19

1,866,668

1,866,668

Capital redemption reserve

20

1,733,336

1,733,336

Retained earnings

20

(17,665

)

(10,444

)

SHAREHOLDERS' FUNDS

3,582,339

3,589,560

Company's loss for the financial year

(7,221

)

(8,892

)

The financial statements were approved by the director and authorised for issue on 20 March 2026 and were signed by:

C S Brammall - Director

Called up

Capital

share

Retained

redemption

Merger

Total

capital

earnings

reserve

reserve

equity

£

£

£

£

£

Balance at 1 September 2023

1,866,668

4,896,074

1,733,336

(5,561,001

)

2,935,077

Changes in equity

Total comprehensive income

-

165,259

-

-

165,259

Balance at 31 August 2024

1,866,668

5,061,333

1,733,336

(5,561,001

)

3,100,336

Changes in equity

Total comprehensive income

-

110,896

-

-

110,896

Balance at 31 August 2025

1,866,668

5,172,229

1,733,336

(5,561,001

)

3,211,232

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 September 2023

1,866,668

(1,552

)

1,733,336

3,598,452

Changes in equity

Total comprehensive income

-

(8,892

)

-

(8,892

)

Balance at 31 August 2024

1,866,668

(10,444

)

1,733,336

3,589,560

Changes in equity

Total comprehensive income

-

(7,221

)

-

(7,221

)

Balance at 31 August 2025

1,866,668

(17,665

)

1,733,336

3,582,339

Cash flows from operating activities

Cash generated from operations

1

662,010

252,902

Interest paid

(25,211

)

(26,890

)

Interest element of hire purchase payments paid

(46,175

)

(50,882

)

Tax paid

17,528

-

Net cash from operating activities

608,152

175,130

Cash flows from investing activities

Purchase of tangible fixed assets

(289,878

)

(108,990

)

Sale of tangible fixed assets

6,250

-

Net cash from investing activities

(283,628

)

(108,990

)

Cash flows from financing activities

Loan repayments in year

(101,495

)

(99,004

)

New hire purchase agreements in year

200,761

-

Capital repayments in year

(155,961

)

(148,686

)

Amount withdrawn by directors

-

(100,000

)

Net cash from financing activities

(56,695

)

(347,690

)

Increase/(decrease) in cash and cash equivalents

267,829

(281,550

)

Cash and cash equivalents at beginning of year

2

352,398

633,948

Cash and cash equivalents at end of year

2

620,227

352,398

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

2025

2024

£

£

Profit before taxation

125,653

301,928

Depreciation charges

310,998

(19,031

)

Profit on disposal of fixed assets

(1,454

)

-

Finance costs

71,386

77,772

506,583

360,669

(Increase)/decrease in stocks

(102,836

)

211,517

Decrease/(increase) in trade and other debtors

191,900

(76,581

)

Increase/(decrease) in trade and other creditors

66,363

(242,703

)

Cash generated from operations

662,010

252,902

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 August 2025

31.8.25

1.9.24

£

£

Cash and cash equivalents

620,227

352,398

Year ended 31 August 2024

31.8.24

1.9.23

£

£

Cash and cash equivalents

352,398

633,948

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.9.24

Cash flow

At 31.8.25

£

£

£

Net cash

Cash at bank and in hand

352,398

267,829

620,227

352,398

267,829

620,227

Debt

Finance leases

(796,703

)

(44,800

)

(841,503

)

Debts falling due within 1 year

(98,997

)

5,909

(93,088

)

Debts falling due after 1 year

(200,509

)

95,581

(104,928

)

(1,096,209

)

56,690

(1,039,519

)

Total

(743,811

)

324,519

(419,292

)

1.	STATUTORY INFORMATION

Wylye Valley 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 are prepared in sterling, which is the functional currency of the company.

Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. In making his assessment, the director has reviewed the balance sheet and likely future cash flows of the business. He has also considered the facilities and cash that are in place at this point in time and at least one year from the date that the financial statements will be signed. Thus the director believes it is appropriate to continue to adopt the going concern basis of accounting in preparing these financial statements.

Basis of consolidation

The consolidated financial statements incorporate those of Wylye Valley Holdings Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits).

All financial statements are made up to the same year end date. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

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

Significant judgements and estimates

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

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

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Determine whether leases entered into are operating or finance leases

These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.

Determine whether there are any indicators of impairment of assets

Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset.

Determine whether borrowings are classed as current or non-current borrowings

These decisions depend on the cash flow requirements of the company and whether the borrowings in the company can be repaid.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Tangible fixed assets

Tangible fixed assets, other than land and buildings, are depreciated over their useful lives, taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into consideration. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Land is not depreciated in accordance with FRS 102. Buildings, excluding separately identified components, are not depreciated, however are reviewed annually for impairment. It is the company's practice to maintain these assets in a continual state of sound repair and make improvements thereto from time to time. The life of the asset is considered to be so long and residual value so high that depreciation is insignificant and any permanent diminution in value would be recognised in profit or loss for the year. This is supported by periodic valuations performed by chartered surveyors not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and is based on recent market transactions on arm's length terms for similar properties.

Stock

Overheads are reviewed over a four month period and absorbed into the cost of stock based on metres woven. Stock is reviewed annually for impairment and a stock provision is provided for accordingly on a line by line basis. Condition of stock is reviewed to determine if it is no longer suitable for its intended use.

Work in progress

Determine the stage of completion of work in progress and assess the progress of each contract.

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.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

10% on cost less residual value and 10 to 33.3% on cost

Fixtures and fittings

-

at varying rates on cost

Motor vehicles

-

20% on cost

Stocks

Stocks are stated at the lower of cost and estimated selling price less cost to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of the finished goods and work in progress comprises direct materials and where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit and loss.

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.