REGISTERED NUMBER: 05331152 (England and Wales)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 August 2025

for

Walker Logistics (Holdings) Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

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

16

DIRECTORS:

W J R Walker

P N Walker

SECRETARY:

C R Walker

REGISTERED OFFICE:

2 Pavilion Court

600 Pavilion Drive

Northampton

NN4 7SL

REGISTERED NUMBER:

05331152 (England and Wales)

AUDITORS:

Harris & Co (Accountants) Ltd, Statutory Auditor

2 Pavilion Court

600 Pavilion Drive

Northampton

NN4 7SL

Financial key performance indicators

Sales, return on assets and EBITDA are key performance measures.

Other key performance indicators

The group proactively seek new ways to push the boundaries of operational excellence so our customers stay one step ahead of the game. A commitment to continuous improvement is at the heart of our culture, enhancing and sustaining our customers' long term competitiveness.

Our vision is conveyed by the following commitments:

- Creating and keeping up awareness about actual and foreseen needs of partners and customers using the best world class logistics, distribution, solutions, fulfilment and freight forwarding solutions.

-Realisation of service on time in a reliable, flexible and simple manner in such a way o try to exceed the customer's requirements.

-Consistent creating of organisation culture by building good employee relationships and approach related to customer satisfaction achievement

-The group are ambitious to exceed our partners' requirements offering them the highest quality solutions, including additional value by unique, innovative and complete logistics services.

The continuous improvement of our service quality, suitable storage in state of the art warehousing facilities and transportation and distribution conditions of goods are achieved by:

-Detailed analysis of our customers' needs.

-Full engagement of all employees to perform our strategy.

-Having educated and well experienced staff who continuously improve their qualifications.

-Pursuing to fulfill customer requirements at the highest level including individual expectation.

-Having modern technical equipment making possible to apply the newest logistics solutions.

-Continuous process improvement and having processes efficiency monitored.

-To gain competitive advantage for our customers by listening and working with them to bring inspired added value logistics solutions to them.

-To measure our performance to ensure we meet, and where possible, exceed our customers' expectations.

-Our management systems ensure continual improvement through periodic review of our policies.

ON BEHALF OF THE BOARD:

P N Walker - Director

6 May 2026

The directors present their 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 Parent Company and storage and distribution.

DIVIDENDS

The total distribution of dividends for the year ended 31 August 2025 will be £ 130,220 .

DIRECTORS

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

W J R Walker

P N Walker

POLITICAL DONATIONS AND EXPENDITURE

During the year the Group made charitable donations of £3,056.

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, Harris & Co (Accountants) Ltd, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

P N Walker - Director

6 May 2026

Opinion

We have audited the financial statements of Walker Logistics (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 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 three, 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:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- The company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant: The Companies Act 2015 and 2006, UK employment legislation and UK health and safety legislation. we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

- We understood how the company is complying with those legal and regulatory frameworks by making enquiries through our review of relevant documentation.

- The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognize non-compliance with laws and regulations. Audit procedures performed by the engagement team included:

- Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;

- Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; and

- Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.

- As a result of the above 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 areas:

- Posting of unusual journals out of the normal course of business;

- Incorrectly recognising revenue in the wrong period that may inflate or deflate revenue;

- Posting of non business related expenses.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. the risk is also greater for irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

Phillip J Harris BA(Hons) FCA BFP (Senior Statutory Auditor)

for and on behalf of Harris & Co (Accountants) Ltd, Statutory Auditor

2 Pavilion Court

600 Pavilion Drive

Northampton

NN4 7SL

6 May 2026

TURNOVER

3

15,143,625

10,042,666

Cost of sales

11,278,597

6,353,321

GROSS PROFIT

3,865,028

3,689,345

Administrative expenses

2,984,097

3,521,140

880,931

168,205

Other operating income

90,227

10,229

OPERATING PROFIT

5

971,158

178,434

Interest receivable and similar income

7

-

6,532

971,158

184,966

Interest payable and similar expenses

8

409,267

1,188,490

PROFIT/(LOSS) BEFORE TAXATION

561,891

(1,003,524

)

Tax on profit/(loss)

9

188,995

80,928

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

372,896

(1,084,452

)

Profit/(loss) attributable to:

Owners of the parent

372,896

(1,084,452

)

PROFIT/(LOSS) FOR THE YEAR

372,896

(1,084,452

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

372,896

(1,084,452

)

Total comprehensive income attributable to:

Owners of the parent

372,896

(1,084,452

)

FIXED ASSETS

Intangible assets

12

19,400

19,400

Tangible assets

13

38,866,388

28,495,637

Investments

14

8,511

8,511

38,894,299

28,523,548

CURRENT ASSETS

Stocks

15

2,200

2,200

Debtors

16

4,234,501

2,768,274

Cash at bank

32,796

18,465

4,269,497

2,788,939

CREDITORS

Amounts falling due within one year

17

2,935,342

2,541,162

NET CURRENT ASSETS

1,334,155

247,777

TOTAL ASSETS LESS CURRENT LIABILITIES

40,228,454

28,771,325

CREDITORS

Amounts falling due after more than one year

18

(26,341,922

)

(15,283,492

)

PROVISIONS FOR LIABILITIES

22

(2,455,415

)

(2,299,392

)

NET ASSETS

11,431,117

11,188,441

CAPITAL AND RESERVES

Called up share capital

23

7,500

7,500

Revaluation reserve

24

6,600,889

6,600,889

Retained earnings

24

4,822,728

4,580,052

SHAREHOLDERS' FUNDS

11,431,117

11,188,441

The financial statements were approved by the Board of Directors and authorised for issue on 6 May 2026 and were signed on its behalf by:

P N Walker - Director

FIXED ASSETS

Intangible assets

12

-

-

Tangible assets

13

35,638,958

25,371,383

Investments

14

50,100

50,100

35,689,058

25,421,483

CURRENT ASSETS

Debtors

16

2,743,556

3,160,341

Cash at bank

92,905

-

2,836,461

3,160,341

CREDITORS

Amounts falling due within one year

17

1,051,990

2,828,036

NET CURRENT ASSETS

1,784,471

332,305

TOTAL ASSETS LESS CURRENT LIABILITIES

37,473,529

25,753,788

CREDITORS

Amounts falling due after more than one year

18

(25,804,803

)

(14,700,670

)

PROVISIONS FOR LIABILITIES

22

(1,700,668

)

(1,537,642

)

NET ASSETS

9,968,058

9,515,476

CAPITAL AND RESERVES

Called up share capital

23

7,500

7,500

Revaluation reserve

6,600,889

6,600,889

Retained earnings

3,359,669

2,907,087

SHAREHOLDERS' FUNDS

9,968,058

9,515,476

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

582,802

(169,396

)

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 6 May 2026 and were signed on its behalf by:

P N Walker - Director

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 September 2023

7,500

5,906,322

6,600,889

12,514,711

Changes in equity

Dividends

-

(241,818

)

-

(241,818

)

Total comprehensive income

-

(1,084,452

)

-

(1,084,452

)

Balance at 31 August 2024

7,500

4,580,052

6,600,889

11,188,441

Changes in equity

Dividends

-

(130,220

)

-

(130,220

)

Total comprehensive income

-

372,896

-

372,896

Balance at 31 August 2025

7,500

4,822,728

6,600,889

11,431,117

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 September 2023

7,500

3,318,301

6,600,889

9,926,690

Changes in equity

Dividends

-

(241,818

)

-

(241,818

)

Total comprehensive income

-

(169,396

)

-

(169,396

)

Balance at 31 August 2024

7,500

2,907,087

6,600,889

9,515,476

Changes in equity

Dividends

-

(130,220

)

-

(130,220

)

Total comprehensive income

-

582,802

-

582,802

Balance at 31 August 2025

7,500

3,359,669

6,600,889

9,968,058

Cash flows from operating activities

Cash generated from operations

1

(120,569

)

874,949

Interest paid

(403,647

)

(1,184,446

)

Interest element of hire purchase payments paid

(5,620

)

(4,044

)

Tax paid

262,026

(320,471

)

Net cash from operating activities

(267,810

)

(634,012

)

Cash flows from investing activities

Purchase of intangible fixed assets

-

(2,100

)

Purchase of tangible fixed assets

(10,582,907

)

(955,078

)

Sale of tangible fixed assets

109,948

19,700

Interest received

-

6,532

Net cash from investing activities

(10,472,959

)

(930,946

)

Cash flows from financing activities

New loans in year

11,058,430

238,183

Capital repayments in year

(46,600

)

3,532

Amount introduced by directors

130,143

202,634

Amount withdrawn by directors

-

(131,565

)

Equity dividends paid

(130,220

)

(241,818

)

Net cash from financing activities

11,011,753

70,966

Increase/(decrease) in cash and cash equivalents

270,984

(1,493,992

)

Cash and cash equivalents at beginning of year

2

(562,828

)

931,164

Cash and cash equivalents at end of year

2

(291,844

)

(562,828

)

1.	RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

Profit/(loss) before taxation

561,891

(1,003,524

)

Depreciation charges

158,719

1,161,235

Profit on disposal of fixed assets

(48,000

)

(12,197

)

Related party debtors

25,041

-

Finance costs

409,267

1,188,490

Finance income

-

(6,532

)

1,106,918

1,327,472

Increase in trade and other debtors

(1,768,806

)

(317,251

)

Increase/(decrease) in trade and other creditors

541,319

(135,272

)

Cash generated from operations

(120,569

)

874,949

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

32,796

18,465

Bank overdrafts

(324,640

)

(581,293

)

(291,844

)

(562,828

)

Year ended 31 August 2024

31/8/24

1/9/23

£

£

Cash and cash equivalents

18,465

931,164

Bank overdrafts

(581,293

)

-

(562,828

)

931,164

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1/9/24

Cash flow

At 31/8/25

£

£

£

Net cash

Cash at bank

18,465

14,331

32,796

Bank overdrafts

(581,293

)

256,653

(324,640

)

(562,828

)

270,984

(291,844

)

Debt

Finance leases

(60,026

)

46,600

(13,426

)

Debts falling due within 1 year

(108,246

)

-

(108,246

)

Debts falling due after 1 year

(15,249,069

)

(11,092,853

)

(26,341,922

)

(15,417,341

)

(11,046,253

)

(26,463,594

)

Total

(15,980,169

)

(10,775,269

)

(26,755,438

)

1.	STATUTORY INFORMATION

Walker Logistics (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 as modified by the revaluation of certain assets.

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("The Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

The consolidated financial statements incorporate the result of business combinations using the purchase method. In the Statement of Financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially regognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

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.

Critical accounting judgements and key sources of estimation uncertainty

When preparing the financial statements, management is required to make estimates and assumptions which affect reported income, expenses and assets. Use of available information and application of judgements are inherent in the formation of estimates, together with past experience and expectation of future events that are believed to be reasonable under the circumstances. Actual results could differ from such estimates.

The directors consider the following to be critical judgements, estimates and assumptions used in the preparation of these financial statements:

Asset under construction

Included within fixed assets is an asset under construction, an historical vintage Douglas DC3/C47 airplane which is being restored back to working condition. As the asset is still being restored there are estimation uncertainties in relation to the future costs to complete. The directors have obtained a third party valuation to support the carrying value in the financial statements.

Valuation of freehold properties

Judgement is used in determining the fair value of the Group's freehold properties at each balance sheet date, in order to ensure the assets are valued at an amount which accurately reflects their value in use or recoverable value. The directors have obtained a third party valuation which has been used to base the properties' valuation on, adjusting for land values where no planning consent has been received. The valuation for the land with no planning consent has been based on recent land sales in the area and based upon an open market value in accordance with the guidelines of RICS valuations.

Goodwill

Management have estimated that the useful life of the goodwill acquired has a useful life of 9 years on the basis that future profits occurring as a result of this acquisition will match amortisation over that period.

Turnover

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

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of nine years.

Intangible assets

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

Development costs are being amortised evenly over their estimated useful life of three years.

Tangible fixed assets

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

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold improvements- 10-15 years straight line

Plant and machinery- 20% Straight line

Motor vehicles- 20-25% Straight line

Fixtures and fittings- 20% Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Stocks

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

Financial instruments and dividends

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

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

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.