REGISTERED NUMBER: 11633774 (England and Wales)

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 May 2025

for

Boulder Holdings Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

5

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:

Mrs A R Bown

C W Bown

W Bown

REGISTERED OFFICE:

Boulder Business Park

Pioneer Way

Lincoln

Lincolnshire

LN6 3DH

REGISTERED NUMBER:

11633774 (England and Wales)

AUDITORS:

Just Audit Limited

Chartered Accountants and Statutory Auditors

Strelley Hall

Main Street

Strelley

Nottingham

NG8 6PE

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

REVIEW OF BUSINESS

Boulder Holdings Limited remains committed to making high-performance multifoil insulation mainstream. Our mission - helping people live healthier, more sustainable lives - is delivered through our two primary subsidiaries, Boulder Developments Limited (UK) and Boulder Developments BV (Netherlands). By focusing on the 28 million "wonky" and ageing homes in the UK, we provide solutions where traditional materials fail, directly supporting the transition to Net Zero.

Operational Review

The 2025 financial year was defined by significant investment in the Group's long-term scalability.

People:

We invested an additional £250k in staff costs to ensure pay packages remain significantly ahead of the minimum wage. This commitment resulted in achieving Investors in People (IIP) Bronze status within one year, meeting 14 of 26 Silver markers.

Future Developments

Systems:

After the year end, the Group successfully implemented the Oracle NetSuite ERP system. This £250k investment, launched in just 6 months, provides the robust data integrity required for the next phase of growth.

Infrastructure:

We repurposed a portion of our 5-acre site into a dedicated Training Centre & Classroom. To date, we have trained approximately 400 individual installers, shifting our sales model toward a scalable "Approved Installer" program.

Key Performance Indicators

Metric

2024

2025

Change

Revenue

£11.4m

£10.5m

-8.0%

Gross Margin

42.9%

44.4%

+1.5%

Administrative Expenses

£2.88m

£3.43m

+19.2%

Operating Profit

£1,482k

£713k

-51.9%

The revenue decrease was primarily driven by two factors:

Supply Chain Timing:

Logistic disruptions in the Suez Canal led to a "stock-piling" effect for our Dutch subsidiary (Boulder Developments BV) in the prior year, reducing their requirements in 2025.

Certification:

A delay in renewing a core certification temporarily restricted access to certain grant-funded markets. This has since been resolved.

PRINCIPAL RISKS AND UNCERTAINTIES

The Group identifies the following as key risks:

Geopolitical & Supply Chain:

Ongoing conflict in the Middle East continues to put pressure on freight costs and Cost Of Goods Sold.

Policy Transition:

The gap between the end of the Energy Company Obligation (Phase 4) scheme and the full rollout of the Warm Homes Plan has created a temporary market softening.

Mitigation:

The Group is mitigating these through its Approved Installer program, diversifying away from government-dependency, and maintaining a high cash reserve.

Liquidity and Going Concern

The Group maintains a very strong financial position with net assets of £5.3m at the year end, up from £5.1m in 2024. As at the year-end, the Group held £1.3m in cash reserves and had access to £500k in unused credit facilities. The Group's primary asset - its 5-acre site - was valued at £3.5m as at the year end against a modest mortgage of £951k. Given this liquidity and the 70%+ equity in our freehold site, the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future.

ON BEHALF OF THE BOARD:

W Bown - Director

29 May 2026

The directors present their report with the financial statements of the company and the group for the year ended 31 May 2025.

DIVIDENDS

The total distribution of dividends for the year ended 31 May 2025 was £225,000 (2024: £180,000)

DIRECTORS

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

Mrs A R Bown

C W Bown

W Bown

STRATEGIC REPORT

The group has chosen, in accordance with Section 414 c(11) of the Companies Act 2006, and as noted in this Report of the Directors, to include certain matters in its Group Strategic Report that would otherwise be required to be disclosed in this Report of the Directors.

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

Just Audit Limited were appointed auditors to the company and, in accordance with Section 485 of the Companies Act 2006, a resolution proposing that they be reappointed will be put at a General Meeting.

ON BEHALF OF THE BOARD:

W Bown - Director

29 May 2026

Opinion

We have audited the financial statements of Boulder Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 May 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's affairs as at 31 May 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.

Other matter

The prior year figures were not audited.

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:

We gained an understanding of the legal and regulatory framework applicable to the parent company and the group and the industry in which it operates and considered the risk of acts by the parent company and the group that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

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.

David Fletcher BA BFP FCA (Senior Statutory Auditor)

for and on behalf of Just Audit Limited

Chartered Accountants and Statutory Auditors

Strelley Hall

Main Street

Strelley

Nottingham

NG8 6PE

29 May 2026

TURNOVER

3

10,513,819

11,439,707

Cost of sales

5,844,647

6,533,407

GROSS PROFIT

4,669,172

4,906,300

Distribution costs

614,924

638,624

Administrative expenses

3,432,399

2,879,181

4,047,323

3,517,805

621,849

1,388,495

Other operating income

91,319

93,351

OPERATING PROFIT

5

713,168

1,481,846

Interest receivable and similar income

175

177

713,343

1,482,023

Interest payable and similar expenses

6

124,667

127,055

PROFIT BEFORE TAXATION

588,676

1,354,968

Tax on profit

7

141,160

288,972

PROFIT FOR THE FINANCIAL YEAR

447,516

1,065,996

Profit attributable to:

Owners of the parent

447,516

1,065,996

PROFIT FOR THE YEAR

447,516

1,065,996

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

447,516

1,065,996

Total comprehensive income attributable to:

Owners of the parent

447,516

1,065,996

FIXED ASSETS

Intangible assets

10

8,707

17,084

Tangible assets

11

4,017,952

4,118,442

Investments

12

-

-

Investment property

13

-

-

4,026,659

4,135,526

CURRENT ASSETS

Stocks

14

1,376,747

1,480,431

Debtors

15

1,422,877

1,258,989

Cash at bank

1,306,661

945,503

4,106,285

3,684,923

CREDITORS

Amounts falling due within one year

16

1,295,588

1,128,760

NET CURRENT ASSETS

2,810,697

2,556,163

TOTAL ASSETS LESS CURRENT LIABILITIES

6,837,356

6,691,689

CREDITORS

Amounts falling due after more than one year

17

(918,538

)

(968,170

)

PROVISIONS FOR LIABILITIES

20

(613,885

)

(641,102

)

NET ASSETS

5,304,933

5,082,417

CAPITAL AND RESERVES

Called up share capital

21

500,001

500,001

Other reserves

22

1,446,661

1,446,661

Retained earnings

22

3,358,271

3,135,755

SHAREHOLDERS' FUNDS

5,304,933

5,082,417

The financial statements were approved by the Board of Directors and authorised for issue on 29 May 2026 and were signed on its behalf by:

W Bown - Director

FIXED ASSETS

Intangible assets

10

-

-

Tangible assets

11

-

-

Investments

12

500,088

500,088

Investment property

13

3,500,000

3,500,000

4,000,088

4,000,088

CURRENT ASSETS

Debtors

15

1,992,681

1,009,150

Cash at bank

15,388

11,088

2,008,069

1,020,238

CREDITORS

Amounts falling due within one year

16

296,358

340,657

NET CURRENT ASSETS

1,711,711

679,581

TOTAL ASSETS LESS CURRENT LIABILITIES

5,711,799

4,679,669

CREDITORS

Amounts falling due after more than one year

17

(918,538

)

(957,414

)

PROVISIONS FOR LIABILITIES

20

(482,220

)

(482,220

)

NET ASSETS

4,311,041

3,240,035

CAPITAL AND RESERVES

Called up share capital

21

500,001

500,001

Other reserves

22

1,446,661

1,446,661

Retained earnings

22

2,364,379

1,293,373

SHAREHOLDERS' FUNDS

4,311,041

3,240,035

Company's profit for the financial year

1,296,006

380,625

The financial statements were approved by the Board of Directors and authorised for issue on 29 May 2026 and were signed on its behalf by:

W Bown - Director

Called up

share

Retained

Other

Total

capital

earnings

reserves

equity

£

£

£

£

Balance at 1 June 2023

500,001

2,249,759

1,446,661

4,196,421

Changes in equity

Dividends

-

(180,000

)

-

(180,000

)

Total comprehensive income

-

1,065,996

-

1,065,996

Balance at 31 May 2024

500,001

3,135,755

1,446,661

5,082,417

Changes in equity

Dividends

-

(225,000

)

-

(225,000

)

Total comprehensive income

-

447,516

-

447,516

Balance at 31 May 2025

500,001

3,358,271

1,446,661

5,304,933

Called up

share

Retained

Other

Total

capital

earnings

reserves

equity

£

£

£

£

Balance at 1 June 2023

500,001

1,092,748

1,446,661

3,039,410

Changes in equity

Dividends

-

(180,000

)

-

(180,000

)

Total comprehensive income

-

380,625

-

380,625

Balance at 31 May 2024

500,001

1,293,373

1,446,661

3,240,035

Changes in equity

Dividends

-

(225,000

)

-

(225,000

)

Total comprehensive income

-

1,296,006

-

1,296,006

Balance at 31 May 2025

500,001

2,364,379

1,446,661

4,311,041

Cash flows from operating activities

Cash generated from operations

1

1,171,418

1,415,320

Interest paid

(81,194

)

(125,113

)

Tax paid

(124,547

)

(281,684

)

Net cash from operating activities

965,677

1,008,523

Cash flows from investing activities

Purchase of tangible fixed assets

(103,832

)

(530,350

)

Interest received

175

177

Net cash from investing activities

(103,657

)

(530,173

)

Cash flows from financing activities

New loans in year

-

105,665

Loan repayments in year

(164,302

)

(58,489

)

Amount withdrawn by directors

(336,560

)

(601,854

)

Net cash from financing activities

(500,862

)

(554,678

)

Increase/(decrease) in cash and cash equivalents

361,158

(76,328

)

Cash and cash equivalents at beginning of year

2

945,503

1,021,831

Cash and cash equivalents at end of year

2

1,306,661

945,503

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

2025

2024

£

£

Profit before taxation

588,676

1,354,968

Depreciation charges

212,444

161,348

Loss on disposal of fixed assets

255

-

Finance costs

124,667

127,055

Finance income

(175

)

(177

)

925,867

1,643,194

Decrease/(increase) in stocks

103,684

(132,798

)

(Increase)/decrease in trade and other debtors

(163,888

)

5,472

Increase/(decrease) in trade and other creditors

305,755

(100,548

)

Cash generated from operations

1,171,418

1,415,320

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 May 2025

31/5/25

1/6/24

£

£

Cash and cash equivalents

1,306,661

945,503

Year ended 31 May 2024

31/5/24

1/6/23

£

£

Cash and cash equivalents

945,503

1,021,831

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

At 1/6/24

Cash flow

At 31/5/25

£

£

£

Net cash

Cash at bank

945,503

361,158

1,306,661

945,503

361,158

1,306,661

Debt

Debts falling due within 1 year

(162,745

)

114,255

(48,490

)

Debts falling due after 1 year

(968,170

)

49,632

(918,538

)

(1,130,915

)

163,887

(967,028

)

Total

(185,412

)

525,045

339,633

4.	MAJOR NON-CASH TRANSACTIONS

Dividends of £225,000 (2024: £180,000) and interest payable of £45,000 (2024: £45,000) were credited to the directors' loan accounts in the year.

1.	STATUTORY INFORMATION

Boulder Holdings Limited is a private company, limited by shares, registered in England and Wales. The company's registered office address is Boulder Business Park, Pioneer Way, Lincoln, Lincolnshire, LN6 3DH.

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 fair value of certain assets.

The financial statements are prepared in Pound Sterling, which is the functional currency of the group.

Basis of consolidation

The consolidated financial statements incorporate the financial statements of the company and all group undertakings.

These are adjusted, where appropriate, to conform to group accounting policies. Profits or losses on intra-group transactions are eliminated in full. The results of companies acquired or disposed of are included in the consolidated income statement after or up to the date that control passes respectively.

On 5 April 2019 Boulder Holdings Limited purchased the shares in Boulder Developments Limited under a group reconstruction and has been accounted for using merger accounting principles. Therefore, although the group reconstruction did not become effective until 5 April 2019 the consolidated financial statements of Boulder Holdings Limited are presented as if Boulder Developments Limited and Boulder Holdings Limited had always been part of the same Group. Boulder Developments BV was acquired on incorporation on 16 April 2021 and has also been accounted for under the same merger accounting principles.

Summary of disclosure exemptions

In preparing the separate financial statements of the parent company, advantage has been taken of the following disclosure exemptions available in FRS 102.

-

Only one reconciliation of the number of shares outstanding at the beginning and the end of the year has been presented as the reconciliation of the group and the parent company would be identical;

-

The profit and loss account of the parent company is not presented, in accordance with exemptions available under section 408 of the Companies Act 2006;

-

No statement of cash flows has been presented for the company.

Significant judgements and estimates

In preparing these financial statements, the directors have made the following judgements:

- Depreciation

The write down of fixed assets is based on the directors' estimate of an asset's useful life and residual value. There is a risk that the useful life will differ to the depreciation rate provided for in the financial statements.

- Freehold property

Estimated in respect of the freehold property the cost of the land element of the properties as at the date of purchase, estimated the fair value as at the year end, the useful economic life of the buildings, and estimated the residual value of the buildings (excluding land).

Going Concern

The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the group's ability to continue as a going concern.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rental Income

Rental income from storage facilities is recognised in the period in which the services are rendered.

Intangible assets

Other intangible assets comprises software which is initially recognised at cost and subsequently amortised to the income statement over its estimated economic life of 4 years.

Tangible fixed assets

Tangible fixed assets are initially recognised at cost and subsequently measured at cost less accumulated depreciation and any accumulated impairment losses. Freehold land and buildings are initially recognised at cost and subsequently measured using fair value. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold land and buildings

Not depreciated currently based on residual value

Leasehold Improvements

Straight line over the length of the lease

Plant & Machinery

25% straight line

Motor Vehicles

25% straight line

Computer Equipment

25% straight line

Government grants

Government grants are recognised in the income statement in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.

Grants for immediate financial support or to cover costs already incurred are recognised immediately in the income statement. Grants towards general activities of the entity over a specific period are recognised in the income statement over that period.

Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the income statement over the useful life of the asset concerned.

All grants in the income statement are recognised when all conditions for receipt have been complied with.

Stocks

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

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.