REGISTERED NUMBER: 07146960 (England and Wales)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 August 2025

for

OAKVILLE (SOUTH WALES) LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Consolidated Statement of Comprehensive Income

9

Consolidated Balance Sheet

10

Company Balance Sheet

11

Consolidated Statement of Changes in Equity

12

Company Statement of Changes in Equity

13

Consolidated Cash Flow Statement

14

Notes to the Consolidated Cash Flow Statement

15

Notes to the Consolidated Financial Statements

17

DIRECTORS:

Mrs R Patel

Mr A Patel

REGISTERED OFFICE:

Panteg Farm Graig Road

Lisvane

Cardiff

CF14 0UF

REGISTERED NUMBER:

07146960 (England and Wales)

AUDITORS:

Advantage Accountancy & Advisory Ltd

Chartered Certified Accountants

and Statutory Auditors

Avalon House

5-7 Cathedral Road

Cardiff

CF11 9HA

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

REVIEW OF BUSINESS

The group's results for the year show a profit before taxation of £629,240 (2024: £756,245). The shareholders funds total £8,150,686 (2024: £7,810,593). The group's performance for the financial year ended 31 August 2025 is encouraging. Turnover increased to £6,077,193 during the year compared to £5,219,553 for 2024.

The group incorporated a new wholly owned subsidiary, Oakville Resorts Ltd, on 18th February 2025. The company was incorporated to manage the group's new hotel project. The hotel was not open during this period, but the company incurred start-up and property repair costs during from incorporation to 31 August 2025. Its results are consolidated in these financial statements

BUSINESS ENVIRONMENT

The sector in which the group operates is extremely competitive and highly regulated. The group holds a licence from Care Inspectorate Wales to allow it to operate its care home. The group, along with all other care homes is subject to unannounced inspections from Care Inspectorate Wales.

STRATEGY

The management and staff at the homes try to provide their service users with a "home from home". The focus is to create a stimulating environment that offers activities, independence and choice to the residents of the home. Management is dedicated to providing the highest possible standard of care in a comfortable environment. The group is dependent upon attracting and retaining well qualified nursing and other staff. The group relies on their professionalism and efficiency in satisfying both the needs of the residents and their health and safety requirements. Training is provided to develop the staff, deliver high quality tailored care and to reduce the operational risks associated with providing care to vulnerable people. This is the strategy that the directors are following to ensure that the group has thriving, caring and profitable care homes.

KEY PERFORMANCE INDICATORS

The group has made significant progress throughout the year in relation to achieving key elements of its strategy. The directors and senior management review the financial progress of the group by comparing the average occupancy rates. During the year ended 31 August 2025, average occupancy rates increased from 80% to 87%, once again evidencing the post Covid-19 recovery. It could take a couple of years or more for occupancy rates to recover completely. Reducing care budgets and the government and local authority drive to maintain service users in their homes will continue to affect the residency rates in our care homes.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal commercial risk faced by the group is the loss of its licence to operate a care home provided by Care Inspectorate Wales. The directors operate a semi hands on approach to ensuring that the group's licence is protected. Systems and procedures have been put in place that ensure that the home is operated within the guidelines produced by Care Inspectorate Wales.

The principal financial risk to the business is in relation to the bank loan. There is a possibility that bank interest rates will increase in the future from their historically low levels. The group's bank loan is subject to various terms and conditions and the directors continue to monitor these to ensure compliance.

The group's credit risk is mainly attributable to its trade debtors. Where a resident changes from one type of funded care to another there can be delays in the home receiving payments. The directors closely monitor this and communicate with the appropriate authorities.

FUTURE DEVELOPMENTS

Results since the balance sheet date continue to remain positive, however the group has experienced increased costs as a result of service requirement, occupancy pressures and higher staff costs as a result of measures brought in during the most recent budget.

The directors remain confident about the continuing financial performance of the business and are looking to develop the business further. It will continue to invest in capital expenditure to ensure that the homes are maintained to a high standard for resident living.

Aside from the care home environment, the group continues to invest heavily in its hotel project which it looks forward to opening in the near future.

In the opinion of the directors, there are no issues with going concern.

ON BEHALF OF THE BOARD:

Mrs R Patel - Director

30 April 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 the management of residential care homes.

DIVIDENDS

The total distribution of dividends for the year ended 31 August 2025 will be £168,000 (2024: £140,000).

RESEARCH AND DEVELOPMENT

No significant research and developments activities were undertaken during the period ending 31 August 2025.

FUTURE DEVELOPMENTS

Please refer to the strategic report.

DIRECTORS

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

Mrs R Patel

Mr A Patel

FINANCIAL INSTRUMENTS

The group has a normal level of exposure to price, credit, liquidity and cash flow risks arising from trading activities. The company does not enter into any formally designated hedging arrangements.

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, Advantage Accountancy & Advisory Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mrs R Patel - Director

30 April 2026

Opinion

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

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 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 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.

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 is detailed below:

•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 obtained understanding of the legal and regulatory frameworks applicable to the company and the sector in which they operate. We determined that the following laws and regulations were most significant: The Companies Act 2006 , UK corporate taxation laws, employment legislation and health and safety legislation.

•We obtained an understanding of how the company are complying with those legal and regulatory frameworks by making inquiries to management. We corroborated our inquiries through our review of legal correspondence.

•We assessed the susceptibility of the company's financial statements to material misstatements, including how fraud might occur. Audit procedures performed by the engagement team included:

• making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

• 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;

• performing analytical procedures to identify any unusual or unexpected relationships;

• challenging assumptions and judgements made by management in its significant accounting estimates;

• identifying and testing journal entries, in particular any journal entries posted with unusual account combinations; and

• assessing the extent of compliance with relevant laws and regulations.

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.

Stephen John Bickerton (Senior Statutory Auditor)

for and on behalf of Advantage Accountancy & Advisory Ltd

Chartered Certified Accountants

and Statutory Auditors

Avalon House

5-7 Cathedral Road

Cardiff

CF11 9HA

30 April 2026

TURNOVER

3

6,077,193

5,219,553

Cost of sales

(3,765,910

)

(3,237,374

)

GROSS PROFIT

2,311,283

1,982,179

Administrative expenses

(1,643,351

)

(1,170,538

)

667,932

811,641

Other operating income

4

122,196

74,711

OPERATING PROFIT

6

790,128

886,352

Interest receivable and similar income

8

38,843

35,968

828,971

922,320

Interest payable and similar expenses

9

(199,731

)

(166,075

)

PROFIT BEFORE TAXATION

629,240

756,245

Tax on profit

10

(121,147

)

(203,977

)

PROFIT FOR THE FINANCIAL YEAR

508,093

552,268

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

508,093

552,268

Profit attributable to:

Owners of the parent

508,093

552,268

Total comprehensive income attributable to:

Owners of the parent

508,093

552,268

FIXED ASSETS

Tangible assets

13

6,350,494

3,886,774

Investments

14

350,000

350,000

Investment property

15

1,830,492

1,238,342

8,530,986

5,475,116

CURRENT ASSETS

Debtors

16

3,163,719

3,042,587

Cash at bank

1,154,203

2,101,816

4,317,922

5,144,403

CREDITORS

Amounts falling due within one year

17

3,247,955

1,065,449

NET CURRENT ASSETS

1,069,967

4,078,954

TOTAL ASSETS LESS CURRENT LIABILITIES

9,600,953

9,554,070

CREDITORS

Amounts falling due after more than one year

18

(1,313,685

)

(1,692,084

)

PROVISIONS FOR LIABILITIES

21

(136,582

)

(51,393

)

NET ASSETS

8,150,686

7,810,593

CAPITAL AND RESERVES

Called up share capital

22

2

2

Non-distributable reserve

23

142,864

-

Retained earnings

23

8,007,820

7,810,591

SHAREHOLDERS' FUNDS

8,150,686

7,810,593

The financial statements were approved by the Board of Directors and authorised for issue on 30 April 2026 and were signed on its behalf by:

Mrs R Patel - Director

FIXED ASSETS

Tangible assets

13

2,382,216

54,153

Investments

14

350,202

350,102

Investment property

15

1,830,492

1,238,342

4,562,910

1,642,597

CURRENT ASSETS

Debtors

16

2,653,332

2,417,216

Cash at bank

4,755

1,018,715

2,658,087

3,435,931

CREDITORS

Amounts falling due within one year

17

5,513,898

4,816,684

NET CURRENT LIABILITIES

(2,855,811

)

(1,380,753

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,707,099

261,844

CREDITORS

Amounts falling due after more than one year

18

(1,313,685

)

-

PROVISIONS FOR LIABILITIES

21

(78,402

)

(13,538

)

NET ASSETS

315,012

248,306

CAPITAL AND RESERVES

Called up share capital

22

2

2

Non-distributable reserve

23

142,864

-

Retained earnings

23

172,146

248,304

SHAREHOLDERS' FUNDS

315,012

248,306

Company's profit for the financial year

234,706

10,705

The financial statements were approved by the Board of Directors and authorised for issue on 30 April 2026 and were signed on its behalf by:

Mrs R Patel - Director

Called up

share

Retained

Non-distributable

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 September 2023

2

7,398,323

-

7,398,325

Changes in equity

Dividends

-

(140,000

)

-

(140,000

)

Total comprehensive income

-

552,268

-

552,268

Balance at 31 August 2024

2

7,810,591

-

7,810,593

Changes in equity

Dividends

-

(168,000

)

-

(168,000

)

Total comprehensive income

-

508,093

-

508,093

Transfer gain on investments

net of deferred tax

-

(142,864

)

142,864

-

Balance at 31 August 2025

2

8,007,820

142,864

8,150,686

Called up

share

Retained

Non-distributable

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 September 2023

2

377,599

-

377,601

Changes in equity

Dividends

-

(140,000

)

-

(140,000

)

Total comprehensive income

-

10,705

-

10,705

Balance at 31 August 2024

2

248,304

-

248,306

Changes in equity

Dividends

-

(168,000

)

-

(168,000

)

Total comprehensive income

-

234,706

-

234,706

Transfer gain on investments

net of deferred tax

-

(142,864

)

142,864

-

Balance at 31 August 2025

2

172,146

142,864

315,012

Cash flows from operating activities

Cash generated from operations

1

1,568,122

1,411,654

Interest paid

(199,731

)

(166,075

)

Tax paid

(384,592

)

113,306

Net cash from operating activities

983,799

1,358,885

Cash flows from investing activities

Purchase of tangible fixed assets

(2,616,095

)

(98,207

)

Purchase of investment property

(490,492

)

-

Sale of tangible fixed assets

-

16,250

Interest received

38,843

35,968

Net cash from investing activities

(3,067,744

)

(45,989

)

Cash flows from financing activities

New loans in year

1,500,000

-

Loan repayments in year

(262,274

)

(317,506

)

Amount introduced by directors

170,650

204,662

Amount withdrawn by directors

(206,332

)

(772,087

)

Equity dividends paid

(168,000

)

(140,000

)

Net cash from financing activities

1,034,044

(1,024,931

)

(Decrease)/increase in cash and cash equivalents

(1,049,901

)

287,965

Cash and cash equivalents at beginning of year

2

2,101,816

1,813,851

Cash and cash equivalents at end of year

2

1,051,915

2,101,816

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

2025

2024

£

£

Profit before taxation

629,240

756,245

Depreciation charges

152,373

117,595

Gain on revaluation of fixed assets

(101,658

)

-

Impairment of investments

-

105,000

Finance costs

199,731

166,075

Finance income

(38,843

)

(35,968

)

840,843

1,108,947

(Increase)/decrease in trade and other debtors

(55,136

)

97,544

Increase in trade and other creditors

782,415

205,163

Cash generated from operations

1,568,122

1,411,654

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

1,154,203

2,101,816

Bank overdrafts

(102,288

)

-

1,051,915

2,101,816

Year ended 31 August 2024

31.8.24

1.9.23

£

£

Cash and cash equivalents

2,101,816

1,813,851

3.	ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

At 1.9.24

Cash flow

At 31.8.25

£

£

£

Net cash

Cash at bank

2,101,816

(947,613

)

1,154,203

Bank overdrafts

-

(102,288

)

(102,288

)

2,101,816

(1,049,901

)

1,051,915

Debt

Debts falling due within 1 year

(227,500

)

(1,616,123

)

(1,843,623

)

Debts falling due after 1 year

(1,692,084

)

378,399

(1,313,685

)

(1,919,584

)

(1,237,724

)

(3,157,308

)

Total

182,232

(2,287,625

)

(2,105,393

)

1.	STATUTORY INFORMATION

Oakville (South Wales) 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 except that as disclosed in the accounting policies that are shown at fair value.

Financial Reporting Standard 102 - reduced disclosure exemptions

The group has taken advantage of the following disclosure exemptions 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);

•

the requirement of paragraph 33.7.

Basis of consolidation

The financial statements consolidate the financial statements of Oakville (South Wales) Limited and all of its subsidiary undertakings.

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial operating policies of an entity so as to obtain benefits from its activities. The results of subsidiary acquired or disposed of during the year are included from or to the date that control passes. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Key sources of estimation uncertainty

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There are no material balances where uncertain accounting estimates are used.

Turnover

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

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

Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.

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

-

0% - 2% straight line

Plant and machinery

-

20% Straight line and 10% Straight line

Fixtures and fittings

-

10% Straight line

The freehold land is not depreciated.

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.

Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Investments

Fixed asset investments in unlisted shares and other investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.