REGISTERED NUMBER: 13277258 (England and Wales)

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

FOR

CRAIG FURSE CONSTRUCTION LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Director

3

Statement of Director's Responsibilities

5

Report of the Independent Auditors

6

Consolidated Income Statement

10

Consolidated Other Comprehensive Income

11

Consolidated Balance Sheet

12

Company Balance Sheet

13

Consolidated Statement of Changes in Equity

14

Company Statement of Changes in Equity

15

Consolidated Cash Flow Statement

16

Notes to the Consolidated Cash Flow Statement

17

Notes to the Consolidated Financial Statements

18

DIRECTOR:

C K Furse

REGISTERED OFFICE:

Worden Farm

Milton Damerel

Holsworthy

Devon

EX22 7NT

REGISTERED NUMBER:

13277258 (England and Wales)

AUDITORS:

Mitchells

Chartered Accountants and Statutory Auditors

St. John's House,

Castle Street,

Taunton

Somerset

TA1 4AY

The directors present their report and the audited consolidated financial statements for the year ended 31 August 2025.

REVIEW OF BUSINESS

The group operates in the construction sector, with its trading subsidiary, C&R Construction South West Ltd, specialising in the design, fabrication, and installation of steel-framed buildings. The 2025 financial year represented a period of stabilisation, with trading performance strengthening modestly as market conditions improved. Demand increased across the group’s core markets, supported by improving confidence and a degree of stability in input costs. The agricultural sector, in particular, showed signs of recovery, contributing to steady levels of business activity alongside continued work in other key sectors.

Looking ahead to 2026, the outlook remains cautiously positive. While current trading levels are stable and the group continues to invest in fabrication capacity, workforce development, and client relationships, there remains an element of uncertainty arising from ongoing geopolitical tensions, including conflicts in Iran, which may present potential risks to supply chains and market stability. Notwithstanding these factors, the group’s integrated approach, managing projects from conception through to completion, continues to underpin operational efficiency and the consistent delivery of high-quality results.

PRINCIPAL RISKS AND UNCERTAINTIES

The group operates in a competitive and evolving market and is subject to a number of risks and uncertainties. Market volatility continues to influence demand for new buildings and infrastructure projects, particularly within the agricultural and commercial construction sectors. While trading conditions have shown signs of stabilisation, demand remains sensitive to wider economic conditions and levels of customer confidence.

Fluctuations in material costs and ongoing supply chain pressures remain a key area of focus. Although conditions have improved, there remains potential for disruption, requiring continued careful management of supplier relationships and procurement strategies to mitigate financial exposure.

Weather-related factors continue to impact the agricultural sector, which can in turn affect the timing and level of investment in infrastructure projects. In addition, economic and regulatory changes, including government policy relating to infrastructure investment and grant funding, may influence market activity.

The group actively monitors these risks and maintains a disciplined approach to strategic planning and financial management, supporting operational stability and enabling the business to respond effectively to changing market conditions.

KEY PERFORMANCE INDICATORS

The group monitors its performance using a range of key financial and operational indicators, including turnover, profitability, project completion timelines, and client satisfaction. Performance during the year reflected a period of stabilisation, with trading conditions improving modestly as market conditions became more settled.

While results remain influenced by broader industry factors, performance has shown signs of strengthening, with early indicators suggesting a continued improvement in trading levels. The directors continue to closely monitor both financial and operational metrics to support informed decision-making, long-term strategic planning, and sustainable growth.

ON BEHALF OF THE BOARD:

C K Furse - Director

28 May 2026

The director presents his 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 remains construction, with its trading subsidiary, C&R Construction South West Ltd, specialising in the design, fabrication, and installation of steel-framed buildings. The group’s capabilities extend to groundworks, concreting, and project management, providing a comprehensive service to agricultural, commercial, and industrial clients. The parent and holding companies do not engage in significant trading activities but provide financial and strategic oversight to support the operations of the trading subsidiary.

DIVIDENDS

No interim dividend was paid during the year. The director recommends a final dividend of £85.00 per share.

The total distribution of dividends for the year ended 31 August 2025 will be £ 85,000 .

The above dividends of £85,000 were paid to the parent company’s shareholders.

Dividends of £1,256,167 were paid by subsidiary undertakings to non-controlling interests.

Dividends paid by subsidiary undertakings to the parent company are eliminated on consolidation and are therefore not presented within group distributions.

DIRECTOR

C K Furse held office during the whole of the period from 1 September 2024 to the date of this report.

GOING CONCERN

The directors have assessed the group’s financial position and confirm that it remains a going concern. Notwithstanding the challenges experienced across the wider industry, the group has maintained a stable financial position and continues to trade in line with expectations.

The directors have reviewed financial forecasts covering a period of at least 12 months from the date of approval of these financial statements and are satisfied that the group has adequate resources to continue in operational existence for the foreseeable future. This assessment is supported by a stable order book, established supplier relationships, and expectations of continued steady trading performance.

ENGAGEMENT WITH EMPLOYEES

The group recognises the importance of its workforce in delivering high-quality projects and maintaining strong client relationships. Investments have been made in staff training and professional development to ensure employees remain equipped with the latest industry knowledge and technical skills. The directors remain committed to fostering a safe, inclusive, and rewarding work environment to promote long-term employee retention and engagement.

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 company'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 company's auditors are aware of that information.

Each director has fulfilled their duties to ensure awareness of relevant audit information and confirm no undisclosed information to the auditor.

AUDITORS

The auditors, Mitchells, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

C K Furse - Director

28 May 2026

The directors acknowledge their responsibilities for preparing the Annual Report and financial statements in accordance with applicable laws and regulations.

Company law mandates the directors to prepare financial statements for each financial year, opting to align with UK adopted International Financial Reporting Standards (IFRSs). They must not approve the financial statements unless satisfied that they present a true and fair view of the group and company's state of affairs, and the profit or loss for the period. In their preparation, the directors must:

- Select suitable accounting policies and consistently apply them.

- Make reasonable and prudent judgments and accounting estimates.

- State adherence to applicable UK adopted IFRSs, with any material departures disclosed and explained.

- Prepare the financial statements on a going concern basis unless inappropriate to presume the company's continuity.

The directors are accountable for maintaining adequate accounting records, sufficiently documenting the group's and company's transactions, and ensuring accurate disclosure of their financial position at any time, complying with the Companies Act 2006. They are also responsible for safeguarding the group's and company's assets, taking reasonable measures for fraud prevention and detection.

Opinion

We have audited the financial statements of Craig Furse Construction 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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Group Strategic Report, the Report of the Director and the Statement of Director's Responsibilities, 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 Director 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 Director 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 Director.

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 director's remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page five, the director is 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 director determines 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 director is 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 director either intends to liquidate the group or the parent company or to cease operations, or has 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 and on the Financial Reporting Council's website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

· Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

· Reviewing minutes of meetings of those charged with governance;

· Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;

· Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

· Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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.

James R Biggs (Senior Statutory Auditor)

for and on behalf of Mitchells

Chartered Accountants and Statutory Auditors

St. John's House,

Castle Street,

Taunton

Somerset

TA1 4AY

28 May 2026

TURNOVER

20,120,970

15,177,246

Cost of sales

15,368,304

11,313,695

GROSS PROFIT

4,752,666

3,863,551

Administrative expenses

1,530,132

1,530,310

3,222,534

2,333,241

Other operating income

523

-

OPERATING PROFIT

4

3,223,057

2,333,241

Interest receivable and similar income

65,898

44,224

3,288,955

2,377,465

Interest payable and similar expenses

5

1,047

295

PROFIT BEFORE TAXATION

3,287,908

2,377,170

Tax on profit

6

941,238

476,682

PROFIT FOR THE FINANCIAL YEAR

2,346,670

1,900,488

Profit attributable to:

Owners of the parent

1,192,683

968,672

Non-controlling interests

1,153,987

931,816

2,346,670

1,900,488

PROFIT FOR THE YEAR

2,346,670

1,900,488

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

2,346,670

1,900,488

Total comprehensive income attributable to:

Owners of the parent

1,192,683

968,672

Non-controlling interests

1,153,987

931,816

2,346,670

1,900,488

FIXED ASSETS

Intangible assets

9

120,481

140,561

Tangible assets

10

1,792,061

1,362,827

Investments

11

Interest in associate

-

1

Other investments

100

100

1,912,642

1,503,489

CURRENT ASSETS

Stocks

12

184,778

151,455

Debtors

13

8,272,733

6,414,245

Cash at bank

1,977,882

2,482,067

10,435,393

9,047,767

CREDITORS

Amounts falling due within one year

14

2,784,943

2,054,398

NET CURRENT ASSETS

7,650,450

6,993,369

TOTAL ASSETS LESS CURRENT LIABILITIES

9,563,092

8,496,858

CREDITORS

Amounts falling due after more than one year

15

(15,200

)

(21,767

)

PROVISIONS FOR LIABILITIES

17

(408,005

)

(340,707

)

NET ASSETS

9,139,887

8,134,384

CAPITAL AND RESERVES

Called up share capital

18

1,000

1,000

Share premium

19

3,200,000

3,200,000

Retained earnings

19

4,587,660

3,586,961

SHAREHOLDERS' FUNDS

7,788,660

6,787,961

NON-CONTROLLING INTERESTS

1,351,227

1,346,423

TOTAL EQUITY

9,139,887

8,134,384

The financial statements were approved by the director and authorised for issue on 28 May 2026 and were signed by:

C K Furse - Director

FIXED ASSETS

Intangible assets

9

-

-

Tangible assets

10

160,040

-

Investments

11

2,533,533

2,700,201

2,693,573

2,700,201

CURRENT ASSETS

Debtors

13

4,423,926

2,925,571

Cash at bank

242,900

438,659

4,666,826

3,364,230

CREDITORS

Amounts falling due within one year

14

208,306

125,860

NET CURRENT ASSETS

4,458,520

3,238,370

TOTAL ASSETS LESS CURRENT LIABILITIES

7,152,093

5,938,571

CAPITAL AND RESERVES

Called up share capital

18

1,000

1,000

Share premium

19

3,200,000

3,200,000

Retained earnings

19

3,951,093

2,737,571

SHAREHOLDERS' FUNDS

7,152,093

5,938,571

Company's profit for the financial year

1,298,522

1,070,023

The financial statements were approved by the director and authorised for issue on 28 May 2026 and were signed by:

C K Furse - Director

Called up

share

Retained

Share

capital

earnings

premium

£

£

£

Balance at 1 September 2023

1,000

2,948,289

3,200,000

Changes in equity

Equity correction

-

(245,000

)

-

Dividends

-

(85,000

)

-

Total comprehensive income

-

968,672

-

Balance at 31 August 2024

1,000

3,586,961

3,200,000

Changes in equity

Equity correction

-

(106,984

)

-

Dividends

-

(85,000

)

-

Total comprehensive income

-

1,192,683

-

Balance at 31 August 2025

1,000

4,587,660

3,200,000

Non-controlling

Total

Total

interests

equity

£

£

£

Balance at 1 September 2023

6,149,289

1,149,686

7,298,975

Changes in equity

Equity correction

(245,000

)

245,000

-

Dividends

(85,000

)

(980,079

)

(1,065,079

)

Total comprehensive income

968,672

931,816

1,900,488

Balance at 31 August 2024

6,787,961

1,346,423

8,134,384

Changes in equity

Equity correction

(106,984

)

106,984

-

Dividends

(85,000

)

(1,256,167

)

(1,341,167

)

Total comprehensive income

1,192,683

1,153,987

2,346,670

Balance at 31 August 2025

7,788,660

1,351,227

9,139,887

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 September 2023

1,000

1,752,548

3,200,000

4,953,548

Changes in equity

Dividends

-

(85,000

)

-

(85,000

)

Total comprehensive income

-

1,070,023

-

1,070,023

Balance at 31 August 2024

1,000

2,737,571

3,200,000

5,938,571

Changes in equity

Dividends

-

(85,000

)

-

(85,000

)

Total comprehensive income

-

1,298,522

-

1,298,522

Balance at 31 August 2025

1,000

3,951,093

3,200,000

7,152,093

Cash flows from operating activities

Cash generated from operations

1

1,879,074

825,998

Interest element of hire purchase payments paid

(1,047

)

(295

)

Tax paid

(556,297

)

(701,419

)

Net cash from operating activities

1,321,730

124,284

Cash flows from investing activities

Purchase of tangible fixed assets

(682,078

)

(478,112

)

Purchase of fixed asset investments

-

(101

)

Sale of tangible fixed assets

12,500

107,747

Impairment of intangible fixed assets

-

23,263

Interest received

65,898

44,224

Net cash from investing activities

(603,680

)

(302,979

)

Cash flows from financing activities

Capital repayments in year

33,934

47,767

Amount introduced by directors

85,000

76,576

Amount withdrawn by directors

(2

)

(7,270

)

Dividends Paid to NCI

(1,256,167

)

(980,079

)

Equity dividends paid

(85,000

)

(85,000

)

Net cash from financing activities

(1,222,235

)

(948,006

)

Decrease in cash and cash equivalents

(504,185

)

(1,126,701

)

Cash and cash equivalents at beginning of year

2

2,482,067

3,608,768

Cash and cash equivalents at end of year

2

1,977,882

2,482,067

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

31.8.25

31.8.24

£

£

Profit before taxation

3,287,908

2,377,170

Depreciation charges

259,665

235,115

Loss on disposal of fixed assets

759

804

Finance costs

1,047

295

Finance income

(65,898

)

(44,224

)

3,483,481

2,569,160

Increase in stocks

(33,323

)

(49,521

)

Increase in trade and other debtors

(1,858,488

)

(1,235,174

)

Increase/(decrease) in trade and other creditors

287,404

(458,467

)

Cash generated from operations

1,879,074

825,998

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

1,977,882

2,482,067

Year ended 31 August 2024

31.8.24

1.9.23

£

£

Cash and cash equivalents

2,482,067

3,608,768

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.9.24

Cash flow

At 31.8.25

£

£

£

Net cash

Cash at bank

2,482,067

(504,185

)

1,977,882

2,482,067

(504,185

)

1,977,882

Debt

Finance leases

(47,767

)

(33,933

)

(81,700

)

(47,767

)

(33,933

)

(81,700

)

Total

2,434,300

(538,118

)

1,896,182

1.	STATUTORY INFORMATION

Craig Furse Construction 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.

Basis of consolidation

The group financial statements consolidate the financial statements of the company and its subsidiary undertakings for the year ended 31 August 2025. A subsidiary is an entity controlled by the parent. Control is achieved when the parent has the power to govern the financial and operating policies of an entity to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the consolidated financial statements from the effective date of acquisition or up to the effective date of disposal, as appropriate.

All intra-group transactions, balances, income, and expenses are eliminated on consolidation.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from contracts is recognised an output method, resulting in revenue being recognised on the basis of direct measurement of the value of goods or services transferred to date and to the extent that each of the vendor’s performance obligations have been satisfied.

Goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

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.

Tangible fixed assets

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

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

20% on cost

Motor vehicles

-

15% on reducing balance

The company holds a freehold property which is included at cost. The property was acquired during the year and no revaluation has been undertaken, as the directors consider the carrying value to be not materially different from its fair value at the reporting date.