REGISTERED NUMBER: 07416305 (England and Wales)

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH NOVEMBER 2025

FOR

CLWYDIAN GROUP LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

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:

J G Haywood

S A Haywood

I G Haywood

SECRETARY:

S A Haywood

REGISTERED OFFICE:

1 Elm Point

Abbey Road North

Wrexham Industrial Estate

Wrexham

LL13 9UE

REGISTERED NUMBER:

07416305 (England and Wales)

AUDITORS:

M. D. Coxey and Co. Limited

Chartered Accountants

and Statutory Auditors

25 Grosvenor Road

Wrexham

LL11 1BT

BANKERS:

HSBC Bank plc.

17-19 Regent Street

Wrexham

LL11 1RY

BANKERS:

Lloyds TSB Bank plc

28, Regent Street

Wrexham

LL11 1SE

The directors present their strategic report of the company and the group for the year ended 30th November 2025.

REVIEW OF BUSINESS

Significant impacts of REACH compliance, discontinuation of supply of specialist ingredients, and supply chain consolidation continue to be ever-present forces. However, through extensive improvements in our supply chain and further investment in our Technologist team, our ability to source and reformulate with alternative ingredients has allowed us to maintain excellent service and availability levels for our customers.

Our work in stabilising our Fluorinated elastomer supply made excellent progress in 2025, and our programme of transitioning to Reach Compliant materials is nearing completion. This significant investment in product development will not only protect our current market position but will create market opportunities for expansion.

Progress continued at a pace during 2025 migrating our three ISO Standards 9001:2015, 14001:2015 & 45001:2018 to an integrated management system which will streamline our systems and provide significant efficiency gains in our administration.

Further investments in Laboratory Testing capabilities and software systems such as Customer Relationship Management have been made to strengthen our position with existing customers and allow us to attract new customers both on the domestic and international markets.

Whilst the general marketplace for elastomer compounds remained challenging in 2025, and our sales have continued to grow modestly. This has allowed us to continue investments in production facilities, and improvements in shop floor data capture systems to enhance the levels of product finish and technical data available to our customers.

Our people have been central to the continued success of Clwyd Compounders, and further investment in cultural growth, people development and leadership skills made during 2025, will continue creating a strong, well trained highly motivated team allowing the business to expand its customer and market base.

PRINCIPAL RISKS AND UNCERTAINTIES

The directors will continue to identify, monitor, and manage potential risks and uncertainties to the group, at present the principal risks are the following: -

- Market conditions remain volatile and hard to predict, with supplier consolidation, high levels of raw materials disruption in response to regulatory changes. Shifting demand patterns in many market sectors whilst challenging, these changes also bring opportunities.

- Geopolitical instability, and international trade disputes have been continued to bring complications to our export trade.

- Compliance and regulatory costs and increased administration burden in a constantly evolving landscape are an ever-growing burden.

- Consolidation of material supplies with a concentration on volume production may put further pressure on supplies of higher specification grades.

- Exchange rate volatility risk.

- Development of new international customers in the energies and defence market sectors, will continue to be challenging in nature but when successful bring many long terms growth benefits.

ON BEHALF OF THE BOARD:

S A Haywood - Secretary

16th March 2026

The directors present their report with the financial statements of the company and the group for the year ended 30th November 2025.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of manufacture of rubber compounds.

DIVIDENDS

Dividends paid on Bb and Bc shares amounted to £280,000 (2024: £280,000).

FUTURE DEVELOPMENTS

The group is in a strong position to develop it's operations.

DIRECTORS

The directors set out in the table below have held office during the whole of the period from 1st December 2024 to the date of this report.

The beneficial interests of the directors holding office at 30th November 2025 in the shares of the company, according to the register of directors' interests, were as follows:

30.11.25

1.12.24

Ordinary shares of £1 each

J G Haywood

15,000

15,000

S A Haywood

15,000

15,000

I G Haywood

12,500

12,500

Ba Ordinary shares of £1 each

J G Haywood

35

35

S A Haywood

35

35

I G Haywood

-

-

G Ordinary shares of £1 each

J G Haywood

-

-

S A Haywood

-

-

I G Haywood

80

80

These directors did not hold any beneficial interests in the following:

Bb Ordinary shares of £1 each

Bc ordinary shares of £1 each

These directors did not hold any non-beneficial interests in any of the shares of the company.

FINANCIAL INSTRUMENTS

The group's operations expose it to a variety of financial risks including price risk, credit risk, liquidity risk and cash flow risk.

The group's principal financial instruments comprise sterling, euro and dollar cash and bank deposit, together with trade debtors and trade creditors that arise directly from operations.

Credit risk

The group's credit risk is primarily attributable to its trade debtors. Credit risk is mitigated by monitoring and management of the credit limits given to its customers.

Price risk

The group is exposed to currency fluctuations as many raw materials need to be purchased in euros. Group policy is to internally hedge as much as possible, and to purchase the balance of euros required 3 months in advance. Formal hedging instruments are not used due to the difficulty in forecasting demand accurately.

Liquidity risk/ cash flow risk

The group continues to experience fluctuating sales levels from month to month; as short lead time suppliers we are quickly affected by "market shocks" such as the war in Ukraine and oil price fluctuations. There is also a need for increased stockholding to cope with ongoing difficulties in the raw materials supply chain. The directors consider that the group has the financial strength to cover the impact of such events.

POST BALANCE SHEET EVENTS

There have been no events since the year end which would materially affect the financial statements.

FINANCIAL RISK MANAGEMENT

To mitigate the effects of such risks the Directors have established procedures and methods which are reviewed on a regular basis, both on a monitoring basis and as a mechanism to identify new risks and uncertainties and to plan accordingly.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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;

-	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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, M. D. Coxey and Co. Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

S A Haywood - Secretary

16th March 2026

Opinion

We have audited the financial statements of Clwydian Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30th November 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 30th November 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 Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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 company through discussions with directors and other

management;

- 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 accounting estimates were indicative of

potential bias; and

- investigated the rationale behind significant or unusual transactions;

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.

Joanne Evans (Senior Statutory Auditor)

for and on behalf of M. D. Coxey and Co. Limited

Chartered Accountants

and Statutory Auditors

25 Grosvenor Road

Wrexham

LL11 1BT

16th March 2026

TURNOVER

3

18,931,281

18,763,116

Cost of sales

10,071,651

10,464,868

GROSS PROFIT

8,859,630

8,298,248

Distribution costs

117,528

113,025

Administrative expenses

6,369,488

5,663,539

6,487,016

5,776,564

OPERATING PROFIT

2,372,614

2,521,684

Interest receivable and similar income

6

293,794

262,550

2,666,408

2,784,234

Interest payable and similar expenses

7

-

94

PROFIT BEFORE TAXATION

8

2,666,408

2,784,140

Tax on profit

9

681,377

707,574

PROFIT FOR THE FINANCIAL YEAR

1,985,031

2,076,566

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,985,031

2,076,566

Profit attributable to:

Owners of the parent

1,985,031

2,076,566

Total comprehensive income attributable to:

Owners of the parent

1,985,031

2,076,566

FIXED ASSETS

Tangible assets

12

7,710,633

7,834,325

Investments

13

-

-

7,710,633

7,834,325

CURRENT ASSETS

Stocks

14

1,990,372

2,738,427

Debtors

15

4,453,865

3,603,083

Cash at bank and in hand

9,928,292

7,871,869

16,372,529

14,213,379

CREDITORS

Amounts falling due within one year

16

2,849,107

2,551,370

NET CURRENT ASSETS

13,523,422

11,662,009

TOTAL ASSETS LESS CURRENT LIABILITIES

21,234,055

19,496,334

CREDITORS

Amounts falling due after more than one year

17

(19,792

)

(19,792

)

PROVISIONS FOR LIABILITIES

18

(621,573

)

(588,883

)

NET ASSETS

20,592,690

18,887,659

CAPITAL AND RESERVES

Called up share capital

19

50,200

50,200

Capital redemption reserve

20

1,000

1,000

Retained earnings

20

20,541,490

18,836,459

SHAREHOLDERS' FUNDS

20,592,690

18,887,659

The financial statements were approved by the Board of Directors and authorised for issue on 16th March 2026 and were signed on its behalf by:

J G Haywood - Director

S A Haywood - Director

FIXED ASSETS

Tangible assets

12

5,131,290

5,239,033

Investments

13

49,000

49,000

5,180,290

5,288,033

CURRENT ASSETS

Debtors

15

2,043,750

2,934,531

Cash at bank and in hand

4,598,383

1,713,284

6,642,133

4,647,815

CREDITORS

Amounts falling due within one year

16

183,774

269,491

NET CURRENT ASSETS

6,458,359

4,378,324

TOTAL ASSETS LESS CURRENT LIABILITIES

11,638,649

9,666,357

PROVISIONS FOR LIABILITIES

18

207,758

208,258

NET ASSETS

11,430,891

9,458,099

CAPITAL AND RESERVES

Called up share capital

19

50,200

50,200

Retained earnings

11,380,691

9,407,899

SHAREHOLDERS' FUNDS

11,430,891

9,458,099

Company's profit for the financial year

2,252,792

2,932,278

The financial statements were approved by the Board of Directors and authorised for issue on 16th March 2026 and were signed on its behalf by:

S A Haywood - Director

J G Haywood - Director

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1st December 2023

50,200

17,039,893

1,000

17,091,093

Changes in equity

Dividends

-

(280,000

)

-

(280,000

)

Total comprehensive income

-

2,076,566

-

2,076,566

Balance at 30th November 2024

50,200

18,836,459

1,000

18,887,659

Changes in equity

Dividends

-

(280,000

)

-

(280,000

)

Total comprehensive income

-

1,985,031

-

1,985,031

Balance at 30th November 2025

50,200

20,541,490

1,000

20,592,690

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1st December 2023

50,200

6,755,621

6,805,821

Changes in equity

Dividends

-

(280,000

)

(280,000

)

Total comprehensive income

-

2,932,278

2,932,278

Balance at 30th November 2024

50,200

9,407,899

9,458,099

Changes in equity

Dividends

-

(280,000

)

(280,000

)

Total comprehensive income

-

2,252,792

2,252,792

Balance at 30th November 2025

50,200

11,380,691

11,430,891

Cash flows from operating activities

Cash generated from operations

1

3,310,763

4,015,769

Interest paid

-

(94

)

Tax paid

(720,651

)

(703,756

)

Net cash from operating activities

2,590,112

3,311,919

Cash flows from investing activities

Purchase of tangible fixed assets

(563,483

)

(466,056

)

Sale of tangible fixed assets

16,000

9,642

Interest received

293,794

262,550

Net cash from investing activities

(253,689

)

(193,864

)

Cash flows from financing activities

Amount introduced by directors

-

765

Amount withdrawn by directors

-

(788

)

Equity dividends paid

(280,000

)

(280,000

)

Net cash from financing activities

(280,000

)

(280,023

)

Increase in cash and cash equivalents

2,056,423

2,838,032

Cash and cash equivalents at beginning of year

2

7,871,869

5,033,837

Cash and cash equivalents at end of year

2

9,928,292

7,871,869

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

30.11.25

30.11.24

£

£

Profit before taxation

2,666,408

2,784,140

Depreciation charges

687,175

621,095

Profit on disposal of fixed assets

(16,000

)

(9,642

)

Finance costs

-

94

Finance income

(293,794

)

(262,550

)

3,043,789

3,133,137

Decrease in stocks

748,055

145,642

(Increase)/decrease in trade and other debtors

(850,782

)

888,109

Increase/(decrease) in trade and other creditors

369,701

(151,119

)

Cash generated from operations

3,310,763

4,015,769

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 30th November 2025

30.11.25

1.12.24

£

£

Cash and cash equivalents

9,928,292

7,871,869

Year ended 30th November 2024

30.11.24

1.12.23

£

£

Cash and cash equivalents

7,871,869

5,033,837

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.12.24

Cash flow

At 30.11.25

£

£

£

Net cash

Cash at bank and in hand

7,871,869

2,056,423

9,928,292

7,871,869

2,056,423

9,928,292

Total

7,871,869

2,056,423

9,928,292

1.	STATUTORY INFORMATION

Clwydian Group 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Status and principal activities

Clwydian Group Limited is a company limited by shares, incorporated in England and Wales. Its Registered Office is 1 Elm Point, Abbey Road North, Wrexham Industrial Estate, Wrexham, LL13 9UE.

The principal activity of the group is the manufacture of rubber compounds.

Financial Reporting Standard 102 - reduced disclosure exemptions

The group has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirement of paragraph 3.17(d).

As such, a statement of cash flows has not been prepared for the parent company.

Basis of consolidation

The group financial statements consolidate the financial statements of Clwydian Group Limited and its subsidiary undertaking. The results of subsidiary undertaking acquired are consolidated from the date of acquisition using the acquisition method of accounting. Uniform accounting policies are applied across the group. Intra-group transactions have been eliminated.

Related party exemption

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

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

Significant judgements and estimates

In the application of the Group’s accounting policies, management are required to make judgements, estimates and assumptions about carrying values of assets and liabilities that are not readily available from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The key judgements and sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:

- Estimated useful lives and residual values of fixed assets:

The carrying value of fixed assets are reviewed each year end for indicators of impairment triggers. If such triggers exist, management would be required to carry out a formal impairment review using a discounted cash flow model to determine their value in use on a cash-generating unit basis. The value in use calculation requires management to estimate the future cash flows expected to arise from the cash-generating unit and a sustainable discount rate in order to calculate the present value.

- Estimated write down of stock to net realisable value:

Stock valuation has been based on net realisable value deemed appropriate by the directors. The estimated write down of stock to net realisable value is reviewed annually and revised as appropriate by the directors.

Turnover

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

Sales of goods

The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity and when the risks and rewards of ownership have passed to the customer. This typically happens when goods are delivered and legal title has passed.

Tangible fixed assets

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

Land & buildings

-

2% on cost

Short leasehold

-

The length of the lease

Plant and machinery

-

10% on cost

Fixtures, fittings & equipment

-

10% - 20% on cost

Motor vehicles

-

20% on cost

Computer equipment

-

10% - 20% on cost

Land is not depreciated.

Stocks

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

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