The directors present the strategic report for the year ended 31 December 2025.

The company continues to be the United Kingdom's leading manufacturer and supplier of electronic temperature measuring instruments. Founded in 1983, Electronic Temperature Instruments Ltd. (ETI) was established to meet growing market demand for digital thermometers and temperature probes that help businesses comply with Food Safety and HACCP regulations within the hospitality and food processing sectors.

Over recent years, ETI has expanded its product range and customer base, supplying a wide variety of industrial sectors with temperature measurement and testing equipment. In particular, the company supports businesses in complying with HVAC and building services regulations through the provision of reliable, high-quality temperature measurement solutions. ETI's continued focus on innovation, quality, and regulatory compliance has enabled it to maintain its position as the UK's market leader in its field.

The Company uses two key performance indicators (KPIs) to assess its financial performance: gross profit and gross profit margin. Gross profit increased to £9,110,657 (2024: £8,819,467), reflecting continued growth in the business Turnover also increased by 3.9% compared with the previous year. Gross profit margin remained resilient at 36.5% (2024: 36.7%), with the slight reduction reflecting normal trading movements. Overall, margins have been broadly maintained following the stabilisation of component costs after a period of significant supply chain disruption and price volatility.

The Company continues to invest in product development, bringing a range of new and improved products to market during the year. Further product launches are planned for 2026, supporting the Company's commitment to innovation and future growth.

Community Engagement

ETI remains committed to supporting local charities and community initiatives. The Directors select charities that they believe will have the greatest positive impact within the local community and for families who work at, or are associated with, ETI.

During 2025, ETI supported the following charities:

• St Barnabas Hospices

• Comic Relief

• Guild Care (supporting children and adults with learning disabilities)

• Care for Veterans

• Sight Support Worthing

• My University Hospitals Sussex (formerly Love Your Hospital)

• Chestnut Tree House

• Macmillan Cancer Support

The Company values the opportunity to contribute to these organisations and remains committed to supporting the communities in which it operates.

Continued investment in research and development remains fundamental to ETI's long-term success and growth. The company's focus is on developing innovative temperature measurement solutions that improve efficiency, reduce operational costs, and save valuable time for end users across the hospitality and food processing industries.

A key driver of future development is the increasing demand from customers for digital data capture and automated record-keeping. As businesses continue to replace traditional paper-based temperature logbooks with computerised and handheld systems, ETI is investing in technologies that enable seamless integration with these platforms. The development of Wi-Fi and Bluetooth-enabled thermometers, combined with secure cloud-based data storage, provides significant benefits through improved traceability, enhanced compliance with food safety regulations, and more efficient management of temperature records. Projects involving wireless communication technologies have been instrumental to the company's success. However, the rapid pace of advancement in Wi-Fi, Bluetooth, and Internet technologies requires ongoing research, redevelopment, and engineering to ensure compatibility with the latest smart devices, operating systems, and cloud platforms. Maintaining interoperability while delivering reliable and secure performance remains a continual technical challenge.

In addition to developing new technologies, ETI is committed to the continuous improvement of its existing product range. This includes redesigning products to simplify manufacturing and assembly processes, reducing production time and costs, while maintaining product quality and reliability. Customer feedback also plays a central role in future development programmes, enabling the company to re-engineer products to better meet evolving user requirements, improve usability, and enhance overall performance. Through sustained investment in innovation and engineering, ETI aims to strengthen its competitive position, deliver greater value to customers, and respond effectively to the rapidly changing technological landscape.

The Board of Directors has identified and assessed the principal risks and uncertainties facing the company as part of its business review. The most significant ongoing risk is the potential devaluation of sterling against the US dollar, which would increase the cost of imported components. To mitigate this risk, the company aims to increase export sales, source components from local suppliers where commercially viable, and undertake annual reviews of selling prices and discounts offered to resellers and distributors.

The company also faces the risk of product obsolescence resulting from rapid technological developments. To address this, it continues to invest significantly in research and development, enabling the introduction of innovative products and the enhancement of existing product lines. During 2025, the company successfully launched several new Bluetooth-enabled thermometers and upgraded its ThermaData Loggers with improved durability and increased data storage capacity.

Maintaining strong demand for the company's products represents another key risk. The company seeks to mitigate this through continued investment in global marketing activities and ongoing brand development to strengthen its market position and support future sales growth.

In addition, the company remains exposed to customer concentration risk due to its reliance on one particularly significant US customer. While a strong commercial relationship exists, management continues to try to reduce this exposure by expanding and diversifying its customer base.

The Board also monitors external factors beyond the company's control, including local and global economic conditions and the impact of US-driven tariffs on international trade. Based on its assessment, the Board believes that all material foreseeable risks and uncertainties have been appropriately identified and addressed at the date of signing the financial statements.

On behalf of the board

The directors present their annual report and financial statements for the year ended 31 December 2025.

The principal activity of the company continued to be that of production and sales of electronic temperature equipment.

The results for the year are set out on the Income Statement.

Particulars of recommended dividends are detailed in note 11 to the financial statements.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

The company continues to invest in research and development to ensure that it can continue to fulfil its objective of remaining a leading supplier and manufacturer both in the United Kingdom and the United States of America of electronic temperature measuring instruments.

The directors believe that the diverse range of products and the continued investment in the development of new products will enable the company to maintain its position as the number one supplier and manufacturer of electronic temperature measuring and recording instruments in the UK.

In accordance with the company's articles, a resolution proposing that Martlet Audit Limited be reappointed as auditor of the company will be put at a Board Meeting.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

The directors are responsible for preparing the annual report 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 of the profit or loss of the company 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; and

• 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

We have audited the financial statements of Electronic Temperature Instruments Limited (the 'company') for the year ended 31 December 2025 which comprise the statement of income and retained earnings, the statement of financial position, the statement of cash flows and notes to the financial statements, including 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 company's affairs as at 31 December 2025 and of its 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 Auditor's 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 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

• the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

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

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

• the 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.

As explained more fully in the directors' responsibilities statement, 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 is 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 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 company or to cease operations, or have no realistic alternative but to do so.

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 an auditor's report 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.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

• We enquired of management, which included obtaining and reviewing supporting documentation, concerning the company's policies and procedures relating to:

• Identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance;

• Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud;

• We reviewed the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.

• We inspected the minutes of meetings of those charged with governance.

• We obtained an understanding of the legal and regulatory framework that the company operates in, focusing on those laws and regulations that had a material effect on the financial statements or that had a fundamental effect on the operations of the company from our professional and sector experience.

• We communicated applicable laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit.

• We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations.

• We performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.

• In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business.

Based on our risk assessment, we considered the areas most susceptible to fraud to be management override of controls and valuation of stock.

Our procedures in respect of the above included:

• Testing a sample of journal entries throughout the year by agreeing to supporting documentation;

• Assessing significant estimates made by management for bias;

• Selecting a sample of year end stock items and agreeing to supporting documentation.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members who were all deemed to have the appropriate competence and capabilities and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

A further description of our responsibilities is available on the Financial Reporting Council's website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 an auditor's report 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.

The income statement has been prepared on the basis that all operations are continuing operations.

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Riverside House, Easting Close, Worthing, West Sussex, BN14 8HQ. The principal activity of the company during the year was that of the manufacture, sale and calibration of electronic temperature measuring instruments and recording instruments and associated probes.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

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.

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.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Determine whether there are indicators of impairment of the company's tangible assets. Factors taken into consideration in taking such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash generating unit, the viability and expected future financial performance of that unit.

Inventories are valued at the lower cost and net realisable value. Net realisable value includes, where necessary, provisions for slow moving and obsolete stocks. Calculation of these provisions requires judgements to be made, which include forecast consumer demand, the promotional, competitive and economic environment and inventory loss trends.

The company recognises a provision in respect of expected warranty claims arising on products sold. The provision is estimated using historical claims experience, current product return trends and management's assessment of known quality issues affecting products in the field. The estimation of the provision involves judgement regarding the level of future warranty claims and the extent to which current quality issues may result in future obligations. Actual claims experience may differ from the estimates used and the provision is reviewed at each reporting date and updated as necessary.

The average monthly number of persons (including directors) employed by the company during the year was:

Their aggregate remuneration comprised:

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 5 (2024 - 5).

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

There were no final dividends.

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Any net reversal of the deferred tax liability is not expected to be significant in the current year.

It cannot be predicted with any accuracy as to when the timing differences existing at the year-end will expire, except that it will be in the foreseeable future. The prediction is that new timing differences will arise in the foreseeable future, due to continuing investment in plant and equipment, replacing the reversing timing differences, thereby leading to a relatively constant overall deferred tax balance.

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

Amounts contracted for but not provided in the financial statements:

The capital commitment relates to the acquisition of an industrial unit, in addition to the freehold additions included in the accounts.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

At the balance sheet date, the company owed one director £2,450 (2024 - £2,450). The loan was provided with no formal repayments terms, on an interest-free basis and therefore repayable on demand.

On 1 August 2024 CLJ Holdings Limited (reg no: 15266260) acquired the share capital of the company in a share for share exchange.

Dividends totalling £1,200,000 (2024 - £500,000) were paid in the year in respect of shares held by CLJ Holdings Limited.

Dividends totalling £700,000 were paid in 2024 in respect of shares held by the company's directors, up to the date of the share for share exchange.

The ultimate controlling parties are P J Webb, MBE, and M H Webb who own the issued share capital in CLJ Holdings Limited, the company's immediate and ultimate parent company.

During the year, it was identified that certain notice bank accounts were incorrectly classified as cash at bank and in hand in the comparative financial statements. As the accounts are not readily convertible to known amounts of cash within a short period, and therefore do not meet the definition of a cash equivalent under FRS 102, the comparative figures have been restated to reclassify this balance from cash at bank and in hand to short-term investments. The amount of the restatement was £431,740.

The restatement relates solely to the presentation of assets within the balance sheet and has no impact on net assets, shareholders' funds, or profit or loss for either the current or prior year.