REGISTERED NUMBER: 05891820 (England and Wales)

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025

FOR

THE ABBEY GROUP UK LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

7

Consolidated Income Statement

10

Consolidated Other Comprehensive Income

11

Consolidated Statement of Financial Position

12

Company Statement of Financial Position

13

Consolidated Statement of Changes in Equity

14

Company Statement of Changes in Equity

15

Consolidated Statement of Cash Flows

16

Notes to the Consolidated Statement of Cash Flows

17

Notes to the Consolidated Financial Statements

18

DIRECTORS:

Mrs J M Neal

Mrs G Green

SECRETARY:

Mrs J M Neal

REGISTERED OFFICE:

Beeley Wood Works

Beeley Wood Lane

Sheffield

South Yorkshire

S6 1ND

REGISTERED NUMBER:

05891820 (England and Wales)

AUDITORS:

SMH Group Audit

Statutory Auditors

5 Westbrook Court

Sharrow Vale Road

Sheffield

South Yorkshire

S11 8YZ

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

REVIEW OF BUSINESS

The company has seen a decrease this year in turnover of approximately 4.5%, however costs have decreased by 9.5% when compared to the prior year. This has resulted in a positive increase in profitability which has increased by 14.6% due to the controlling of costs in the year.

Last year's backdrop of events across the globe including the ongoing conflict in Ukraine resulted in heightened energy prices, in addition to the cost of living crisis in the UK, which have both continued to impact the company to date. This may impact the future profit margins of the company, however the company expects to continue to achieve future turnover growth and continue technological advancements in line with its expectations.

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

Risk is present in all business. The directors consider the major risks and uncertainties at this point in time are:

1. Product Mix

Commodity-like steel products face higher degrees of competition and are more exposed to price volatility. The main trade of the group produces higher value added products that provide above average margins, stable volumes and contribute to a reduction on relative earnings fluctuations.

2. Raw Material Position

The cost efficiency of the group's main operations is highly dependent on the cost and availability of raw materials. The group does not rely too heavily on one major supplier for raw materials which gives the group access to readily available raw materials at competitive prices.

3. Market Volatility

With the main trade of the group being in the steel industry, its earnings are exposed to cyclical changes to supply and demand resulting in price fluctuations that can lead to varied and volatile financial performance. Management have significant experience in the steel industry which allows them to take a proactive response to cyclical changes in order to reduce the risk that market volatility has on the group's financial performance.

PERFORMANCE MONITORING

The board monitors the group's performance in a number of ways including key performance indicators. The key financial performance indicators for The Abbey Group are as follows:

2025

2024

£

£

Revenue

40,310,887

42,206,979

Operating profit per employee

67,212

59,560

Turnover per employee

214,420

225,706

Return on capital employed

21.8%

21.3%

Gross profit margin

39.7%

35.6%

Operating profit margin

31.3%

26.4%

Current Ratio

5.1:1

3.7:1

The revenue indicator represents the value of goods delivered to customers in the year and measures sales reduction in value terms.

The operating profit per employee indicator represents the contribution per employee and measures the growth per employee in value terms.

The turnover per production employee indicator represents the sales output per employee and measures production efficiency in value terms.

The return on capital employed indicator represents the value of return to the shareholder in the year through the activities of the group and measures return in value terms.

The gross profit margin is calculated by dividing the gross profit by revenue and measures the total profitability of product sales factoring in direct costs only.

The current ratio indicator represents the value of the group's current assets against its current liabilities and measures the ability of the group to meet short term liabilities as they fall due.

The board also considers the following key non-financial performance indicators:

1. Customer mix against plans.

2. Sales activities measured against results.

These non-financial indicators are reviewed regularly by the board.

ON BEHALF OF THE BOARD:

Mrs J M Neal - Director

13 July 2026

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

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of manufacturers, forgers and distributors of steel products.

DIVIDENDS

The total distribution of dividends for the year ended 31 October 2025 will be £ 4,500,000 .

FUTURE DEVELOPMENTS

The group plans to continue the growth into future years and the directors are focused and confident regarding business development in the future. The directors expect their overall general investments within the group to increase the group's trade and profits in future years.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

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

Mrs J M Neal

Mrs G Green

Other changes in directors holding office are as follows:

Mr R S Neal ceased to be a director after 31 October 2025 but prior to the date of this report.

FINANCIAL INSTRUMENTS

The groups principal financial instruments comprise of bank balances, trade debtors, trade creditors and loans both to and from the companies which make up the group.

Due to the nature of the financial instruments used by the group there is no exposure to price risk. The group's approach to managing other risks applicable to the financial instruments concerned is shown below.

In respect of bank balances the liquidity risk is managed by maintaining a balance in order to ensure all due amounts can be paid within the deadlines stipulated when credit is taken. The group makes use of additional funds held in excess of that required for the day to day running of the group by investing them in high interest accounts. These do have instant access to ensure funds are available when required to meet any demands on cash flow.

Trade debtors are managed in respect of credit and cash flow risk by the regular monitoring of customer credit limits and any breaches of payment terms.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts as they fall due.

DONATIONS AND EXPENDITURE

During the year the company made charitable donations to the following charities;

Kings Trust - £14,600

Superstars Mix - £13,235

The Princes Trust Charity - £12,000

The Childrens Hospital Charity - £9,375

Outward Bound - £5,000

Charity Clay Shoot - £4,500

Chatsworth Charity - £3,510

Sole Sisters Charity - £2,995

Rainbow Trust - £2,150

Wooden Spoon Charity - £950

Various smaller donations - £3,198

DIRECTORS INDEMNITY PROVISIONS

The directors have been granted a qualifying third party indemnity provision under Section 234 of the Companies Act 2006. This indemnity does not provide cover in the event of a director being proven to have acted fraudulently or dishonestly.

EMPLOYMENT POLICIES

The group has equal opportunities policies which are applied in both the recruitment process and across the existing workforce.

Full and fair consideration is given to the employment of disabled persons and the group has made, and will continue to make, every effort to retain and assist any individuals disabled in the course of their employment and to help with their rehabilitation.

Employees are made aware of the financial and economic factors affecting the achievements of the group companies for which they work and the way in which their personal contributions are of fundamental importance to the further success of the business.

DISCLOSURE IN THE STRATEGIC REPORT

The directors have chosen to disclose in their strategic report information including a fair review of business in the period alongside comments surrounding the financial risk management objectives and policies of the entity. This is also accompanied by a detailed performance monitoring section containing KPI's the directors feel measure the entity most accurately.

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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

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

ON BEHALF OF THE BOARD:

Mrs J M Neal - Director

13 July 2026

Opinion

We have audited the financial statements of The Abbey Group Uk Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 October 2025 and of the group's profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

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

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

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on pages five and six, 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 assessment of the susceptibility to material misstatement, whether by fraud or error, is made in a risk based

approach.

In this approach, laws and regulations applicable to the entity, such as the Companies Act 2006, United Kingdom

Generally Accepted Accounting Practice including Financial Reporting Standard 102, the relevant tax compliance

regulations within the UK, employment law, and Health and Safety law is considered, and the policies and controls the entity has in place to comply with these laws are reviewed, by discussion, reviews of correspondence and registrations monitored by external bodies. The engagement team remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Policies and controls relating to the risk of material misstatement as a result of fraud, management override of controls, and revenue recognitions are also considered. These are assessed by obtaining an understanding of the company's operations and control environment. The policies and controls have been reviewed by discussion, review and sample testing of accounting entries, including journals, challenging assumptions and judgements, reviewing and evaluating related parties transactions, and wider background searches. Testing of income recognition and cut off is also completed, along with testing of consolidation adjustments.

We have ensured that the engagement team have appropriate levels of competence and experience to effectively

monitor these risks and carry out work relevant to our assessment of each risk, including consideration of the industry the company operates in and its size and complexity.

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 Salim FCCA (Senior Statutory Auditor)

for and on behalf of SMH Group Audit

Statutory Auditors

5 Westbrook Court

Sharrow Vale Road

Sheffield

South Yorkshire

S11 8YZ

13 July 2026

TURNOVER

3

40,310,887

42,206,979

Cost of sales

24,326,983

27,176,236

GROSS PROFIT

15,983,904

15,030,743

Administrative expenses

3,414,769

3,952,084

12,569,135

11,078,659

Other operating income

64,229

59,082

OPERATING PROFIT

6

12,633,364

11,137,741

Interest receivable and similar income

922,580

506,809

13,555,944

11,644,550

Interest payable and similar expenses

7

133,063

791

PROFIT BEFORE TAXATION

13,422,881

11,643,759

Tax on profit

8

3,419,012

2,912,763

PROFIT FOR THE FINANCIAL YEAR

10,003,869

8,730,996

Profit attributable to:

Owners of the parent

10,003,869

8,756,777

Non-controlling interests

-

(25,781

)

10,003,869

8,730,996

PROFIT FOR THE YEAR

10,003,869

8,730,996

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

10,003,869

8,730,996

Total comprehensive income attributable to:

Owners of the parent

10,003,869

8,756,777

Non-controlling interests

-

(25,781

)

10,003,869

8,730,996

FIXED ASSETS

Intangible assets

11

275,253

395,220

Tangible assets

12

19,958,393

19,395,769

Investments

13

68,850

68,850

Investment property

14

2,985,389

2,985,389

23,287,885

22,845,228

CURRENT ASSETS

Stocks

15

784,557

925,776

Debtors

16

17,873,327

19,387,483

Investments

17

12,707,795

4,855,514

Cash at bank and in hand

12,142,031

15,267,878

43,507,710

40,436,651

CREDITORS

Amounts falling due within one year

18

8,733,762

10,979,566

NET CURRENT ASSETS

34,773,948

29,457,085

TOTAL ASSETS LESS CURRENT LIABILITIES

58,061,833

52,302,313

PROVISIONS FOR LIABILITIES

19

366,053

110,402

NET ASSETS

57,695,780

52,191,911

CAPITAL AND RESERVES

Called up share capital

20

203

203

Retained earnings

57,371,999

51,868,130

SHAREHOLDERS' FUNDS

57,372,202

51,868,333

NON-CONTROLLING INTERESTS

21

323,578

323,578

TOTAL EQUITY

57,695,780

52,191,911

The financial statements were approved by the Board of Directors and authorised for issue on 13 July 2026 and were signed on its behalf by:

Mrs J M Neal - Director

FIXED ASSETS

Intangible assets

11

228,000

342,000

Tangible assets

12

6,472,516

6,472,516

Investments

13

68,956

68,956

Investment property

14

-

-

6,769,472

6,883,472

CURRENT ASSETS

Debtors

16

25,187,170

25,195,803

CREDITORS

Amounts falling due within one year

18

6

6

NET CURRENT ASSETS

25,187,164

25,195,797

TOTAL ASSETS LESS CURRENT LIABILITIES

31,956,636

32,079,269

CAPITAL AND RESERVES

Called up share capital

20

203

203

Retained earnings

31,956,433

32,079,066

SHAREHOLDERS' FUNDS

31,956,636

32,079,269

Company's profit for the financial year

4,377,367

10,074,960

The financial statements were approved by the Board of Directors and authorised for issue on 13 July 2026 and were signed on its behalf by:

Mrs J M Neal - Director

Called up

share

Retained

Non-controlling

Total

capital

earnings

Total

interests

equity

£

£

£

£

£

Balance at 1 November 2023

203

47,611,353

47,611,556

349,359

47,960,915

Changes in equity

Dividends

-

(4,500,000

)

(4,500,000

)

-

(4,500,000

)

Total comprehensive income

-

8,756,777

8,756,777

(25,781

)

8,730,996

Balance at 31 October 2024

203

51,868,130

51,868,333

323,578

52,191,911

Changes in equity

Dividends

-

(4,500,000

)

(4,500,000

)

-

(4,500,000

)

Total comprehensive income

-

10,003,869

10,003,869

-

10,003,869

Balance at 31 October 2025

203

57,371,999

57,372,202

323,578

57,695,780

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 November 2023

203

26,504,106

26,504,309

Changes in equity

Dividends

-

(4,500,000

)

(4,500,000

)

Total comprehensive income

-

10,074,960

10,074,960

Balance at 31 October 2024

203

32,079,066

32,079,269

Changes in equity

Dividends

-

(4,500,000

)

(4,500,000

)

Total comprehensive income

-

4,377,367

4,377,367

Balance at 31 October 2025

203

31,956,433

31,956,636

Cash flows from operating activities

Cash generated from operations

1

10,325,048

14,644,987

Interest paid

(133,063

)

(791

)

Tax paid

(1,961,453

)

(1,285,704

)

Net cash from operating activities

8,230,532

13,358,492

Cash flows from investing activities

Purchase of tangible fixed assets

(1,023,851

)

(939,897

)

Sale of tangible fixed assets

461,461

31,439

Interest received

922,580

506,809

Movement in current asset investments

(8,293,193

)

(4,855,514

)

Net cash from investing activities

(7,933,003

)

(5,257,163

)

Cash flows from financing activities

Amount introduced by directors

4,335,843

4,642,545

Amount withdrawn by directors

(3,259,219

)

(3,975,753

)

Equity dividends paid

(4,500,000

)

(4,500,000

)

Net cash from financing activities

(3,423,376

)

(3,833,208

)

(Decrease)/increase in cash and cash equivalents

(3,125,847

)

4,268,121

Cash and cash equivalents at beginning of year

2

15,267,878

10,999,757

Cash and cash equivalents at end of year

2

12,142,031

15,267,878

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

2025

2024

£

£

Profit before taxation

13,422,881

11,643,759

Depreciation charges

530,073

537,193

Profit on disposal of fixed assets

(410,340

)

(19,014

)

Finance costs

133,063

791

Finance income

(922,580

)

(506,809

)

12,753,097

11,655,920

Decrease/(increase) in stocks

141,219

(165,138

)

Decrease/(increase) in trade and other debtors

1,166,599

(1,263,614

)

(Decrease)/increase in trade and other creditors

(3,735,867

)

4,417,819

Cash generated from operations

10,325,048

14,644,987

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 October 2025

31/10/25

1/11/24

£

£

Cash and cash equivalents

12,142,031

15,267,878

Year ended 31 October 2024

31/10/24

1/11/23

£

£

Cash and cash equivalents

15,267,878

10,999,757

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1/11/24

Cash flow

At 31/10/25

£

£

£

Net cash

Cash at bank and in hand

15,267,878

(3,125,847

)

12,142,031

15,267,878

(3,125,847

)

12,142,031

Liquid resources

Current asset investments

4,855,514

7,852,281

12,707,795

4,855,514

7,852,281

12,707,795

Total

20,123,392

4,726,434

24,849,826

1.	STATUTORY INFORMATION

The Abbey Group Uk 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 as modified by the revaluation of certain assets.

Consolidation

The group accounts consolidate the accounts of The Abbey Group UK Limited and its subsidiary companies.

Turnover

Turnover is the amount derived from ordinary activities and stated after trade discounts, other sales taxes and Value Added Tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of businesses in 2007, is being amortised evenly over its estimated useful life of twenty and sixteen years respectively.

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

-

not provided

Long leasehold

-

not provided

Plant and machinery

-

25% on reducing balance, 20% on reducing balance, 10% on cost and 5% on reducing balance

Fixtures and fittings

-

25% on cost and 20% on cost

Motor vehicles

-

20% on reducing balance and 15% on reducing balance

Computer equipment

-

33% on cost

The directors consider that freehold properties are maintained in such a state of repair that their residual value is at least equal to their net book values. As a result, the corresponding depreciation would not be material and therefore is not charged to the profit and loss account.

The directors perform annual impairment reviews in accordance with the requirements of FRS102 section 17 and section 27 to ensure that the carrying value is not lower than the recoverable amount.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

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

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