REGISTERED NUMBER: 13398528 (England and Wales)

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 22 AUGUST 2025

FOR

HAMPTON'S PEOPLE GROUP LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

6

Consolidated Income Statement

9

Consolidated Other 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

18

DIRECTORS:

G T McPhee

S J Ray

REGISTERED OFFICE:

1 Homer Road

Solihull

West Midlands

B91 3QG

REGISTERED NUMBER:

13398528 (England and Wales)

AUDITORS:

Prime

Chartered Accountants

Statutory Auditor

Corner Oak

1 Homer Road

Solihull

B91 3QG

The directors present their strategic report of the company and the group for the year ended 22 August 2025.

Hamptons People Group Limited serves as the parent company for its two principal subsidiaries, Hamptons Resourcing Limited and Step Into Teaching Limited. The Group's primary activity is the ownership of its business interests and management of its office property, which is rented to its subsidiaries.

Principal Activities

The principal activity of Hamptons People Group Limited is the ownership and administration of the Group's property assets. The Group generates rental income by leasing office space to its subsidiaries, Hamptons Resourcing Limited and Step Into Teaching Limited.

Hamptons Resourcing Limited provides recruitment services, while Step Into Teaching Limited focuses on education-related services and training. By managing the property and offering operational support, Hamptons People Group Limited ensures that its subsidiaries can focus on their core business activities.

Hamptons People Group (HPG), which wholly own Hamptons Resourcing (HR) and Step Into Teaching (SIT) offer specialist recruitment services within the social care and a leading graduate training model within the education sector. The group is focused on both businesses developing as market leaders during the next 12 months and enhancing their reputations as ethical and trusted within their respective markets.

HR has ambitions to grow organically deeper into the markets it serves within the social care arena. This includes social care managers within the public sector and managers within the private sector for clients who serve the social care sector. We have invested heavily in management training in-house and offer our people the best software and systems available to do their jobs to the best of their abilities.

SIT has invested also in its staff and offers new managerial positions to organically grown staff who wish to enhance their careers with us even further. We have added new staff members and managed to support those currently in the business to develop new clients across the UK with our unique graduate teaching experience, which is now recognised as best in class.

Despite challenging conditions, HR has maintained its holding and top-line profits in line with expectations and SIT has maintained year-on-year revenue growth.

REVIEW OF BUSINESS AND FINANCIAL PERFORMANCE

For Hamptons Resourcing, the accounts show temporary introduction income of about £15.4m, compared with about £13.4m prior year, while total income/NFI was broadly flat at about £2.1m. Profit before tax was about £0.45m, broadly in line with prior year.

Hamptons Resourcing delivered a resilient performance in a challenging recruitment market. Revenue increased year on year, while gross profit remained broadly consistent with the previous year. The business continued to focus on specialist social care recruitment, particularly within management and senior operational roles, where the directors believe demand remains structurally supported despite wider pressure on public sector budgets.

HR traded profitably.

Revenue increased year on year.

Permanent placement income remained an important contributor.

Margins remained under pressure, so focus should stay on quality, pricing discipline and productivity.

The business should continue organic growth rather than stretch into unrelated markets.

SIT has delivered another profitable year, though below the ambitious 2025 budget. Its temporary introduction income increased year on year to about £12.1m, compared with prior year actual of about £11.6m, while total income/NFI was about £3.1m, broadly in line with the prior year. Profit before tax was about £0.8m, compared with about £1.0m in the prior year.

Step Into Teaching continued to build on its established position in the education sector. Revenue increased year on year, supported by continued demand for its graduate-led teaching support model. Profitability remained strong, although margins and conversion rates were impacted by increased employment costs, investment in headcount, marketing, systems and broader operating infrastructure.

SIT remained profitable and cash-generative.

Revenue grew year on year.

The business continued to broaden its reach across the UK.

Cost inflation and employment-related costs affected margins.

The directors remain confident in the long-term demand for the model.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks facing the Group remain market uncertainty, public sector budget constraints, candidate availability, wage inflation and the ability to maintain appropriate margins. The directors continue to monitor pricing, candidate pay rates, employment costs and working capital requirements closely. The Group remains reliant on maintaining strong relationships with schools, local authorities and other public-sector-linked customers.

Credit Risk

We are exposed to limit risk from customers who are financed by central government budgets. Whilst some councils are entering into section 141 notices, we are confident that suppliers on frameworks such as HPG will remain paid on time.

Liquidity Risk

The Group continues to manage liquidity through retained profits, close control of working capital and appropriate use of invoice finance facilities. The directors review cash flow, debtor recovery and funding requirements regularly and consider the Group to have adequate resources to continue trading.

Price risk

We regularly review our pricing model across both companies and manage our candidate pay very carefully. Increased NI and national minimum wage are relevant to SIT and we have planned ahead to take into account.

Retention of staff

The directors intend to continue developing both subsidiaries in a measured and sustainable way. Step Into Teaching will focus on deepening relationships with education providers, attracting high-quality graduate talent and improving consultant productivity. Hamptons Resourcing will continue to focus on specialist social care recruitment, with selective expansion into adjacent markets where the directors believe the Group's existing expertise can be applied without materially increasing risk.

FUTURE DEVELOPMENTS

During the year ended 22 August 2025, the Group continued to trade through its two wholly owned subsidiaries, Hamptons Resourcing Limited and Step Into Teaching Limited. Both businesses operated in challenging but active markets, with public sector budget pressure, wage inflation and candidate availability continuing to influence trading conditions.

Step Into Teaching delivered year-on-year revenue growth and remained profitable, supported by continued demand for its graduate-led education model. Profitability remained strong, although margins were affected by increased employment costs and investment in people, marketing and systems.

Hamptons Resourcing also delivered a profitable year, with revenue growth and continued demand for specialist social care recruitment services. The directors remain focused on maintaining pricing discipline, consultant productivity and high service standards across the business.

Overall, the directors consider the Group to be well positioned for the next financial year, with both subsidiaries continuing to focus on sustainable growth, staff development, operational efficiency and maintaining trusted relationships with customers and candidates.

ON BEHALF OF THE BOARD:

S J Ray - Director

19 May 2026

The directors present their report with the financial statements of the company and the group for the year ended 22 August 2025.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of a holding company.

DIVIDENDS

The total distribution of dividends for the year ended 22 August 2025 was £1,130,713 (2024: £1,771,920).

DIRECTORS

The directors shown below have held office during the whole of the period from 23 August 2024 to the date of this report.

G T McPhee

S J Ray

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 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, Prime, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

S J Ray - Director

19 May 2026

Opinion

We have audited the financial statements of Hampton's People Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 22 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 22 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 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 five, 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, and from our commercial knowledge and experience of the industry sector;

- 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;

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.

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;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC and other relevant parties.

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.

Morgan Davies FCA (Senior Statutory Auditor)

for and on behalf of Prime

Chartered Accountants

Statutory Auditor

Corner Oak

1 Homer Road

Solihull

B91 3QG

19 May 2026

TURNOVER

3

27,996,933

25,629,975

Cost of sales

22,784,264

20,334,214

GROSS PROFIT

5,212,669

5,295,761

Administrative expenses

4,014,396

3,848,803

1,198,273

1,446,958

Other operating income

206,842

1,596

OPERATING PROFIT

5

1,405,115

1,448,554

Interest receivable and similar income

5,384

829

1,410,499

1,449,383

Interest payable and similar expenses

6

119,358

102,154

PROFIT BEFORE TAXATION

1,291,141

1,347,229

Tax on profit

7

333,106

352,618

PROFIT FOR THE FINANCIAL YEAR

958,035

994,611

Profit attributable to:

Owners of the parent

958,035

994,611

PROFIT FOR THE YEAR

958,035

994,611

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

958,035

994,611

Total comprehensive income attributable to:

Owners of the parent

958,035

994,611

FIXED ASSETS

Tangible assets

10

1,178,656

1,226,645

Investments

11

-

-

1,178,656

1,226,645

CURRENT ASSETS

Debtors

12

2,890,552

2,865,800

Cash at bank and in hand

845,316

1,055,519

3,735,868

3,921,319

CREDITORS

Amounts falling due within one year

13

3,418,666

3,416,620

NET CURRENT ASSETS

317,202

504,699

TOTAL ASSETS LESS CURRENT LIABILITIES

1,495,858

1,731,344

CREDITORS

Amounts falling due after more than one year

14

(365,618

)

(422,269

)

PROVISIONS FOR LIABILITIES

18

(24,647

)

(30,804

)

NET ASSETS

1,105,593

1,278,271

CAPITAL AND RESERVES

Called up share capital

19

1,102

1,102

Merger Account

20

1,205,531

1,205,531

Retained earnings

20

(101,040

)

71,638

SHAREHOLDERS' FUNDS

1,105,593

1,278,271

The financial statements were approved by the Board of Directors and authorised for issue on 19 May 2026 and were signed on its behalf by:

S J Ray - Director

FIXED ASSETS

Tangible assets

10

1,079,451

1,102,656

Investments

11

1,100

1,100

1,080,551

1,103,756

CURRENT ASSETS

Debtors

12

28,715

528,715

Cash at bank

532,164

23,774

560,879

552,489

CREDITORS

Amounts falling due within one year

13

1,159,976

1,126,868

NET CURRENT LIABILITIES

(599,097

)

(574,379

)

TOTAL ASSETS LESS CURRENT LIABILITIES

481,454

529,377

CREDITORS

Amounts falling due after more than one year

14

365,618

422,269

NET ASSETS

115,836

107,108

CAPITAL AND RESERVES

Called up share capital

19

1,102

1,102

Retained earnings

20

114,734

106,006

SHAREHOLDERS' FUNDS

115,836

107,108

Company's profit for the financial year

1,139,441

1,392,877

The financial statements were approved by the Board of Directors and authorised for issue on 19 May 2026 and were signed on its behalf by:

S J Ray - Director

Called up

share

Retained

Merger

Total

capital

earnings

Account

equity

£

£

£

£

Balance at 23 August 2023

1,102

848,947

1,205,531

2,055,580

Changes in equity

Dividends

-

(1,771,920

)

-

(1,771,920

)

Total comprehensive income

-

994,611

-

994,611

Balance at 22 August 2024

1,102

71,638

1,205,531

1,278,271

Changes in equity

Dividends

-

(1,130,713

)

-

(1,130,713

)

Total comprehensive income

-

958,035

-

958,035

Balance at 22 August 2025

1,102

(101,040

)

1,205,531

1,105,593

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 23 August 2023

1,102

734,059

735,161

Changes in equity

Dividends

-

(2,020,930

)

(2,020,930

)

Total comprehensive income

-

1,392,877

1,392,877

Balance at 22 August 2024

1,102

106,006

107,108

Changes in equity

Dividends

-

(1,130,713

)

(1,130,713

)

Total comprehensive income

-

1,139,441

1,139,441

Balance at 22 August 2025

1,102

114,734

115,836

Cash flows from operating activities

Cash generated from operations

1

1,387,015

1,569,313

Interest paid

(119,358

)

(102,154

)

Tax paid

(316,123

)

(573,461

)

Net cash from operating activities

951,534

893,698

Cash flows from investing activities

Purchase of tangible fixed assets

(4,910

)

(28,347

)

Interest received

5,383

829

Net cash from investing activities

473

(27,518

)

Cash flows from financing activities

Loan repayments in year

(54,459

)

(55,904

)

Inflows re invoice discounting

34,184,824

30,521,719

Outflows re invoice discounting

(33,681,671

)

(30,502,247

)

Amount introduced(withdrawn)by directors

4,807

(38,706

)

Equity dividends paid

(1,615,711

)

(771,922

)

Net cash from financing activities

(1,162,210

)

(847,060

)

(Decrease)/increase in cash and cash equivalents

(210,203

)

19,120

Cash and cash equivalents at beginning of year

2

1,055,519

1,036,399

Cash and cash equivalents at end of year

2

845,316

1,055,519

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

2025

2024

£

£

Profit before taxation

1,291,141

1,347,229

Depreciation charges

52,899

54,613

Government grants

-

(1,596

)

Finance costs

119,358

102,154

Finance income

(5,384

)

(829

)

1,458,014

1,501,571

Increase in trade and other debtors

(25,149

)

(318,348

)

(Decrease)/increase in trade and other creditors

(45,850

)

386,090

Cash generated from operations

1,387,015

1,569,313

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 22 August 2025

22.8.25

23.8.24

£

£

Cash and cash equivalents

845,316

1,055,519

Year ended 22 August 2024

22.8.24

23.8.23

£

£

Cash and cash equivalents

1,055,519

1,036,399

3.	ANALYSIS OF CHANGES IN NET DEBT

Other

non-cash

At 23.8.24

Cash flow

changes

At 22.8.25

£

£

£

£

Net cash

Cash at bank

and in hand

1,055,519

(210,203

)

845,316

1,055,519

(210,203

)

845,316

Debt

Debts falling due

within 1 year

(805,955

)

(453,501

)

(56,651

)

(1,316,107

)

Debts falling due

after 1 year

(422,269

)

-

56,651

(365,618

)

(1,228,224

)

(453,501

)

-

(1,681,725

)

Total

(172,705

)

(663,704

)

-

(836,409

)

1.	STATUTORY INFORMATION

Hampton's People 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.

Going Concern

The financial statements have been prepared on a going concern basis. The directors have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, which is taken to be at least 12 months from the date of signing the financial statements.

Turnover

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

Tangible fixed assets

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

Freehold property

-

2% on reducing balance

Improvements to property

-

20% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

33.33% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.