REGISTERED NUMBER: 11395106 (England and Wales)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 January 2026

for

Fix247 Holdings Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Consolidated Income Statement

8

Consolidated Other Comprehensive Income

9

Consolidated Balance Sheet

10

Company Balance Sheet

11

Consolidated Statement of Changes in Equity

12

Company Statement of Changes in Equity

13

Consolidated Cash Flow Statement

14

Notes to the Consolidated Cash Flow Statement

15

Notes to the Consolidated Financial Statements

16

DIRECTORS:

S F Bennetts

G Colwill

S Laird

M R Priddle

REGISTERED OFFICE:

5 Barnfield Crescent

Exeter

Devon

EX1 1QT

REGISTERED NUMBER:

11395106 (England and Wales)

AUDITORS:

Sumer Auditco Limited

5 Barnfield Crescent

Exeter

Devon

EX1 1QT

The directors present their strategic report of the company and the group for the year ended 31 January 2026.

REVIEW OF BUSINESS

Fix247 Ltd is an independent company which has been trading since August 2009 and owned by Fix247 Holdings Limited. The business distributes fixings, fastenings, sealants, adhesives, hand and power tools and a wide range of industrial consumables to the Building and Allied Trades. Our business premises are located at Harrier Court, Exeter Airport, Clyst Honiton, Exeter, EX5 2DR.

The Group profit for the financial year after taxation was £1,591,541 (2025: £1,305,031)

During the year the company's turnover increased from £11,515,028 (2025) to £12,803,773, an increase of approximately some 10%, which is in line with the original targets set at the start of the year.

We anticipate further sales growth in the coming year, with the group continuing to invest in new recruits and stock levels to support this.

Stock is held to enable the business to fulfill 98% of orders on time and in full. As turnover increases there are potential risks to stock holding, such as ongoing situations in Europe, Asia and the Far East, and the likelihood is that stock levels will increase to satisfy customer demand.

Key Performance Indicators:

The performance of the business is monitored on a daily, weekly and monthly basis, by Directors and Management, providing a very focused commercial environment. As well as monitoring the Company bank balances and debtors book, management use the following indicators to manage the business on an ongoing basis:

2026

2025

2024

Sales

£12,803,773

£11,515,028

£10,254,499

Gross Profit Percentage

35.7%

35.7%

35.9%

Net Profit

£2,174,789

£1,798,187

£2,276,072

Stock value

£1,206,561

£900,332

£851,168

PRINCIPAL RISKS AND UNCERTAINTIES

The company's financial risk is managed through the Directors and cash flow flexibility is furnished by retaining surplus revenue in accessible bank accounts.

The ongoing key risks to the business are any slowdowns in the UK economy, and therefore the construction industry, coupled with factors worldwide which can have an adverse impact on the established supply chains.

ON BEHALF OF THE BOARD:

S Laird - Director

29 June 2026

The directors present their report with the financial statements of the company and the group for the year ended 31 January 2026.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of the supply of fixings and tools to the building trade.

DIVIDENDS

The total distribution of dividends for the year ended 31 January 2026 will be £ 787,400 .

DIRECTORS

The directors shown below have held office during the whole of the period from 1 February 2025 to the date of this report.

S F Bennetts

G Colwill

S Laird

M R Priddle

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

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

ON BEHALF OF THE BOARD:

S Laird - Director

29 June 2026

Opinion

We have audited the financial statements of Fix247 Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2026 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 January 2026 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 qualified opinion

Because we were not appointed auditors to the group until after 31st January 2024, we were not able to satisfy

ourselves concerning the quantities of stock held at 31st January 2024. Since opening stocks affect the determination of the results of operations, we were unable to determine whether adjustments to the results of operations and opening retained earnings might be necessary for 2024.

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 company 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.

As described in the Basis for qualified opinion section of our report, we were unable to satisfy ourselves that the comparative opening balances were free from material misstatement. We have concluded that where the other information refers to loss or related balances for the year, it may be materially misstated for the same reason.

Opinions on other matters prescribed by the Companies Act 2006

Except for the possible effects of the matter described in the Basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit:

- the information given in the 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 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

Except for the matter described in the Basis for qualified opinion section of our report, 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.

Arising soley from the limitation on the scope of our work relating to the inventory at 31st January 2024 and earlier, referred to above:

- we have not obtained all the information and explanations that we consider necessary for the purposes of our audit and

- we were unable to determine whether any adjustment to this amount was necessary.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the Company through discussions with the directors and other management, and from our commercial knowledge and experience;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, including the Companies Act 2006, taxation legislation, employment, environmental and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, reviewing correspondence with industry regulators, and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

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 assessed the susceptibility of the Company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

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

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

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

- reviewing correspondence with HMRC, relevant regulators, and the Company's legal advisors.

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.

Adrian Hills BFP FCA (Senior Statutory Auditor)

for and on behalf of Sumer Auditco Limited

5 Barnfield Crescent

Exeter

Devon

EX1 1QT

14 July 2026

TURNOVER

4

12,803,773

11,515,028

Cost of sales

(8,224,643

)

(7,400,707

)

GROSS PROFIT

4,579,130

4,114,321

Administrative expenses

(2,404,435

)

(2,339,297

)

OPERATING PROFIT

6

2,174,695

1,775,024

Interest receivable and similar income

7

25,742

23,163

2,200,437

1,798,187

Interest payable and similar expenses

8

(25,648

)

-

PROFIT BEFORE TAXATION

2,174,789

1,798,187

Tax on profit

9

(583,248

)

(493,156

)

PROFIT FOR THE FINANCIAL YEAR

1,591,541

1,305,031

Profit attributable to:

Owners of the parent

1,591,541

1,305,031

PROFIT FOR THE YEAR

1,591,541

1,305,031

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,591,541

1,305,031

Total comprehensive income attributable to:

Owners of the parent

1,591,541

1,305,031

FIXED ASSETS

Intangible assets

12

158,213

316,427

Tangible assets

13

2,860,408

2,444,674

Investments

14

-

-

3,018,621

2,761,101

CURRENT ASSETS

Stocks

15

1,206,561

900,332

Debtors

16

2,116,246

1,958,983

Cash at bank and in hand

1,848,693

1,641,597

5,171,500

4,500,912

CREDITORS

Amounts falling due within one year

17

1,523,921

1,408,393

NET CURRENT ASSETS

3,647,579

3,092,519

TOTAL ASSETS LESS CURRENT LIABILITIES

6,666,200

5,853,620

PROVISIONS FOR LIABILITIES

18

115,354

106,915

NET ASSETS

6,550,846

5,746,705

CAPITAL AND RESERVES

Called up share capital

19

400

400

Share premium

20

1,200,000

1,200,000

Capital redemption reserve

20

100

100

Retained earnings

20

5,350,346

4,546,205

SHAREHOLDERS' FUNDS

6,550,846

5,746,705

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

S Laird - Director

FIXED ASSETS

Intangible assets

12

-

-

Tangible assets

13

-

-

Investments

14

1,606,225

1,606,225

1,606,225

1,606,225

CURRENT ASSETS

Cash in hand

500

500

CREDITORS

Amounts falling due within one year

17

406,225

406,225

NET CURRENT LIABILITIES

(405,725

)

(405,725

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,200,500

1,200,500

CAPITAL AND RESERVES

Called up share capital

19

400

400

Share premium

20

1,200,000

1,200,000

Capital redemption reserve

20

100

100

SHAREHOLDERS' FUNDS

1,200,500

1,200,500

Company's profit for the financial year

787,400

860,400

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

S Laird - Director

Called up

Capital

share

Retained

Share

redemption

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 February 2024

400

4,101,574

1,200,000

100

5,302,074

Changes in equity

Dividends

-

(860,400

)

-

-

(860,400

)

Total comprehensive income

-

1,305,031

-

-

1,305,031

Balance at 31 January 2025

400

4,546,205

1,200,000

100

5,746,705

Changes in equity

Dividends

-

(787,400

)

-

-

(787,400

)

Total comprehensive income

-

1,591,541

-

-

1,591,541

Balance at 31 January 2026

400

5,350,346

1,200,000

100

6,550,846

Called up

Capital

share

Retained

Share

redemption

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 February 2024

400

-

1,200,000

100

1,200,500

Changes in equity

Profit for the year

-

860,400

-

-

860,400

Total comprehensive income

-

860,400

-

-

860,400

Dividends

-

(860,400

)

-

-

(860,400

)

Balance at 31 January 2025

400

-

1,200,000

100

1,200,500

Changes in equity

Profit for the year

-

787,400

-

-

787,400

Total comprehensive income

-

787,400

-

-

787,400

Dividends

-

(787,400

)

-

-

(787,400

)

Balance at 31 January 2026

400

-

1,200,000

100

1,200,500

Cash flows from operating activities

Cash generated from operations

1

2,025,725

1,902,818

Interest paid

(25,648

)

-

Tax paid

(471,125

)

(545,137

)

Net cash from operating activities

1,528,952

1,357,681

Cash flows from investing activities

Purchase of tangible fixed assets

(560,198

)

(55,397

)

Interest received

25,742

23,163

Net cash from investing activities

(534,456

)

(32,234

)

Cash flows from financing activities

Equity dividends paid

(787,400

)

(860,400

)

Net cash from financing activities

(787,400

)

(860,400

)

Increase in cash and cash equivalents

207,096

465,047

Cash and cash equivalents at beginning of year

2

1,641,597

1,176,550

Cash and cash equivalents at end of year

2

1,848,693

1,641,597

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

31.1.26

31.1.25

£

£

Profit before taxation

2,174,789

1,798,187

Depreciation charges

302,678

296,822

Finance costs

25,648

-

Finance income

(25,742

)

(23,163

)

2,477,373

2,071,846

Increase in stocks

(306,229

)

(49,164

)

Increase in trade and other debtors

(157,263

)

(275,093

)

Increase in trade and other creditors

11,844

155,229

Cash generated from operations

2,025,725

1,902,818

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 January 2026

31.1.26

1.2.25

£

£

Cash and cash equivalents

1,848,693

1,641,597

Year ended 31 January 2025

31.1.25

1.2.24

£

£

Cash and cash equivalents

1,641,597

1,176,550

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.2.25

Cash flow

At 31.1.26

£

£

£

Net cash

Cash at bank and in hand

1,641,597

207,096

1,848,693

1,641,597

207,096

1,848,693

Total

1,641,597

207,096

1,848,693

1.	STATUTORY INFORMATION

The presentation currency of the financial statements is the Pound Sterling (£). Monetary amounts in these financial statements are rounded to the nearest £.

The company trades from Harrier Court, Clyst Honiton. Exeter, EX5 2DR.

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 merger of the Company's subsidiaries for the purpose of group accounts has been prepared using the

purchase method. This method recognises the fair value of the consideration paid and where this exceeds the net assets purchased, the excess is treated as goodwill on acquisition.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating

policies of an entity so as to obtain benefits from its activities.

On consolidation, all group year end balances are excluded from the financial statements unless otherwise

stated. The value of investments in the parent company are excluded together with the share capital of each

subsidiary and its pre acquisition reserves. Transactions between group members are excluded including

income, expense, dividends and profits and losses on assets where appropriate.

Turnover

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

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2018, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

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

Tangible fixed assets

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

Freehold property

-

2% on cost

Plant and machinery

-

20% on reducing balance and 2% on cost

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

An item is capitalised where it has a life of more than one year and its value exceeds £500.

Stocks

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport and handling cost in bringing stocks to their present location and condition.

Financial instruments

(i) Financial assets

Basic financial assets, including trade and other debtors are initially recognised at the transaction price and therefore stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the debtors are stated at cost less impairment losses for bad and doubtful debts.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors, bank loans and other loans are initially recognised at transaction price, unless the arrangement constitutes a financing transaction.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.