REGISTERED NUMBER: 14601999 (England and Wales)

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025

FOR

BRIGHT FUTURES NOTTS LTD

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Consolidated Income Statement

9

Consolidated Other Comprehensive Income

10

Consolidated Balance Sheet

11

Company Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Company Statement of Changes in Equity

14

Consolidated Cash Flow Statement

15

Notes to the Consolidated Cash Flow Statement

16

Notes to the Consolidated Financial Statements

17

DIRECTORS:

A M Francis

C Thompson

S G Bower

REGISTERED OFFICE:

42-44 Nottingham Road

Mansfield

Nottinghamshire

NG18 1BL

REGISTERED NUMBER:

14601999 (England and Wales)

AUDITORS:

Beeley Hawley & Co. Ltd

Chartered Accountants

Statutory Auditors

42-44 Nottingham Road

Mansfield

Nottinghamshire

NG18 1BL

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

The group is principally engaged in the manufacture, sale and distribution of windows, and standard, French, patio, bi-fold, composite and FD30S fire doors.

REVIEW OF BUSINESS

The results for the year and financial position of the group are shown in the annexed financial statements.

The underlying business acquired by the company on 31 October 2023 continued profitability in the year to 31 October 2025. Revenue reported for the year to 31 October 2025 of £19.8m increased in comparison to 2024 (£17.3m) due to a strategic decision to consolidate its product lines and replace with newer lines towards the end of the year and continuing into the future. Pre-tax profits of the underlying business for the year are £289,661 (2024: £74,243 after an exceptional impairment of old stock acquired on purchase of the company of £404,391). Gross margin has remained stable at 24.6%.

The company acquired Future Products Limited on 31 October 2023 through the purchase of its holding company, Castlegate 263 Ltd by way of management buyout for £10m plus costs..

Amortisation of the goodwill acquired on consolidation leads to a recorded a post tax loss on consolidation for the group of £176,041 and net liabilities of £828,815.

The underlying business continues to trade successfully and increase turnover both through its position in the market and through developing existing and new product in the current year and maintains a strong balance sheet.

PRINCIPAL RISKS AND UNCERTAINTIES

The directors consider the principal risks and uncertainties faced by the group to be as follows:

ECONOMIC RISK

The group continues to seek out new and improved product to ensure the volume of trade is enhanced, and continues to employ high standard staff to continue to supply high quality products to give customer satisfaction, itself protecting the group against economic risk as far as it is able to do.

COMPETITION AND SUPPLY RISK

The group has faced reduced competition in their market which has added to turnover and profitability, with fewer operating in our sector. The risk of price competition has been greatly ameliorated, and there is a continuing trend towards increased profitability. The group considers that there is no significant risk to supply chains in this sector because of global changes.

FINANCIAL RISK

The group has budgetary and financial reporting procedures, supported by appropriate key performance indicators to manage credit, liquidity and other financial risk.

The group uses various financial instruments, which include sales invoice financing, hire purchase contracts, and cash to finance its activities. The main purpose of these financial instruments is to raise finance for the group's operations. No transactions of a speculative nature are undertaken. The main risks arising from the group's financial instruments are credit risk and liquidity risk. The directors review and agree policies for managing each of these risks and they are summarised below.

LIQUIDITY RISK

The group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably.

CREDIT RISK

The group's principal financial assets are cash and trade debtors. The credit risk associated with the cash is limited as the counterparties have high credit ratings assigned by international credit-rating agencies. The principal credit risk arises therefore from trade debtors. In order to manage credit risk the directors set limits for customers based on a combination of payment history and third party credit references. Credit limits are reviewed by the commercial manager, credit controller and the directors on a regular basis in conjunction with debt ageing and collection.

The group monitors its performance by reviewing profit before taxation.

ON BEHALF OF THE BOARD:

A M Francis - Director

27 July 2026

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

DIVIDENDS

Dividends of £201,032 (2024:£109,990) were paid in the year.

DIRECTORS

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

A M Francis

C Thompson

S G Bower

Other changes in directors holding office are as follows:

M C Lindsey - resigned 31 December 2024

FINANCIAL INSTRUMENTS

The group has a normal level of exposure to price, credit, liquidity and cash flow risks arising from trading activities which are only conducted in sterling. The group does not enter into any hedging transactions.

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, Beeley Hawley & Co. Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

A M Francis - Director

27 July 2026

Opinion

We have audited the financial statements of Bright Futures Notts Ltd (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 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 October 2025 and of the group's loss 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 page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditors' responsibilities for the audit of the financial statements

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

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

We focused on those areas that could give rise to a material misstatement in the company financial statements. Our procedures included, but were not limited to:

- Enquiry of management and those charged with governance around actual and potential litigation and claims, including non-compliance with laws and regulations and fraud;

- Reviewing minutes of meetings of those charged with governance where available;

- Reviewing legal expenditure in the year to identify instances of non-compliance with laws and regulations and fraud;

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

- Performing audit work over the risk of management override of controls, including where appropriate testing of journal entries, reviewing individual account balances over the year and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing

accounting estimates for bias.

It is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulations.This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we are less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

Mr G M Beeley (Senior Statutory Auditor)

for and on behalf of Beeley Hawley & Co. Ltd

Chartered Accountants

Statutory Auditors

42-44 Nottingham Road

Mansfield

Nottinghamshire

NG18 1BL

27 July 2026

TURNOVER

3

19,826,381

17,275,048

Cost of sales

14,950,069

13,026,403

GROSS PROFIT

4,876,312

4,248,645

Distribution costs

1,452,048

1,225,675

Administrative expenses

3,514,882

3,330,753

4,966,930

4,556,428

OPERATING LOSS

5

(90,618

)

(307,783

)

Interest payable and similar expenses

6

14,014

12,269

LOSS BEFORE TAXATION

(104,632

)

(320,052

)

Tax on loss

7

71,409

21,820

LOSS FOR THE FINANCIAL YEAR

(176,041

)

(341,872

)

Loss attributable to:

Owners of the parent

(176,041

)

(341,872

)

LOSS FOR THE YEAR

(176,041

)

(341,872

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(176,041

)

(341,872

)

Total comprehensive income attributable to:

Owners of the parent

(176,041

)

(341,872

)

FIXED ASSETS

Intangible assets

11

7,097,277

7,491,570

Tangible assets

12

815,672

534,674

Investments

13

-

-

7,912,949

8,026,244

CURRENT ASSETS

Stocks

14

1,386,939

1,346,861

Debtors

15

1,510,898

1,332,672

Cash at bank and in hand

152,373

1,019,406

3,050,210

3,698,939

CREDITORS

Amounts falling due within one year

16

4,571,636

4,457,487

NET CURRENT LIABILITIES

(1,521,426

)

(758,548

)

TOTAL ASSETS LESS CURRENT LIABILITIES

6,391,523

7,267,696

CREDITORS

Amounts falling due after more than one year

17

(7,016,609

)

(7,586,403

)

PROVISIONS FOR LIABILITIES

21

(203,729

)

(133,055

)

NET LIABILITIES

(828,815

)

(451,762

)

CAPITAL AND RESERVES

Called up share capital

22

120

100

Retained earnings

23

(828,935

)

(451,862

)

SHAREHOLDERS' FUNDS

(828,815

)

(451,762

)

The financial statements were approved by the Board of Directors and authorised for issue on 27 July 2026 and were signed on its behalf by:

A M Francis - Director

FIXED ASSETS

Intangible assets

11

-

-

Tangible assets

12

-

-

Investments

13

10,064,502

10,064,502

10,064,502

10,064,502

CURRENT ASSETS

Cash in hand

120

100

CREDITORS

Amounts falling due within one year

16

3,414,502

2,564,502

NET CURRENT LIABILITIES

(3,414,382

)

(2,564,402

)

TOTAL ASSETS LESS CURRENT LIABILITIES

6,650,120

7,500,100

CREDITORS

Amounts falling due after more than one year

17

6,650,000

7,500,000

NET ASSETS

120

100

CAPITAL AND RESERVES

Called up share capital

22

120

100

SHAREHOLDERS' FUNDS

120

100

Company's profit for the financial year

201,032

109,990

The financial statements were approved by the Board of Directors and authorised for issue on 27 July 2026 and were signed on its behalf by:

A M Francis - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 31 October 2023

100

-

100

Changes in equity

Dividends

-

(109,990

)

(109,990

)

Total comprehensive income

-

(341,872

)

(341,872

)

Balance at 31 October 2024

100

(451,862

)

(451,762

)

Changes in equity

Issue of share capital

20

-

20

Dividends

-

(201,032

)

(201,032

)

Total comprehensive income

-

(176,041

)

(176,041

)

Balance at 31 October 2025

120

(828,935

)

(828,815

)

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 31 October 2023

100

-

100

Changes in equity

Dividends

-

(109,990

)

(109,990

)

Total comprehensive income

-

109,990

109,990

Balance at 31 October 2024

100

-

100

Changes in equity

Issue of share capital

20

-

20

Dividends

-

(201,032

)

(201,032

)

Total comprehensive income

-

201,032

201,032

Balance at 31 October 2025

120

-

120

Cash flows from operating activities

Cash generated from operations

1

375,036

1,509,389

Interest element of hire purchase payments paid

(14,014

)

(12,269

)

Tax paid

(20,884

)

(70,821

)

Net cash from operating activities

340,138

1,426,299

Cash flows from investing activities

Purchase of intangible fixed assets

-

(64,502

)

Purchase of tangible fixed assets

(496,899

)

(225,702

)

Sale of tangible fixed assets

7,792

23,200

Introduced through business combination

-

1,539,761

Net cash from investing activities

(489,107

)

1,272,757

Cash flows from financing activities

Loan repayments in year

(850,000

)

(1,650,000

)

New hire purchase in year

386,700

134,164

Capital repayments in year

(53,752

)

(53,924

)

Share issue

20

-

Equity dividends paid

(201,032

)

(109,990

)

Net cash from financing activities

(718,064

)

(1,679,750

)

(Decrease)/increase in cash and cash equivalents

(867,033

)

1,019,306

Cash and cash equivalents at beginning of year

2

1,019,406

100

Cash and cash equivalents at end of year

2

152,373

1,019,406

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

Period

31.10.23

Year Ended

to

31.10.25

31.10.24

£

£

Loss before taxation

(104,632

)

(320,052

)

Depreciation charges

610,194

634,555

Profit on disposal of fixed assets

(7,792

)

(23,200

)

Finance costs

14,014

12,269

511,784

303,572

(Increase)/decrease in stocks

(40,078

)

172,889

(Increase)/decrease in trade and other debtors

(178,225

)

19,931

Increase in trade and other creditors

81,555

1,012,997

Cash generated from operations

375,036

1,509,389

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 October 2025

31.10.25

1.11.24

£

£

Cash and cash equivalents

152,373

1,019,406

Period ended 31 October 2024

31.10.24

31.10.23

£

£

Cash and cash equivalents

1,019,406

100

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.11.24

Cash flow

At 31.10.25

£

£

£

Net cash

Cash at bank and in hand

1,019,406

(867,033

)

152,373

1,019,406

(867,033

)

152,373

Debt

Finance leases

(135,124

)

(332,949

)

(468,073

)

Debts falling due within 1 year

(850,000

)

-

(850,000

)

Debts falling due after 1 year

(7,500,000

)

850,000

(6,650,000

)

(8,485,124

)

517,051

(7,968,073

)

Total

(7,465,718

)

(349,982

)

(7,815,700

)

1.	STATUTORY INFORMATION

Bright Futures Notts Ltd 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.

The financial statements are prepared in Sterling which is the functional currency of the company.

Basis of consolidation

The financial statements consolidate the accounts of Bright Futures Notts Limited and its subsidiary undertakings ('subsidiaries').

The consolidated financial statements incorporate the results of business combinations using the purchase method. In the balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated profit and loss account from the date on which control is obtained. They are deconsolidated from the date control ceases.

Significant judgements and estimates

The group makes estimates and assumptions concerning the future. The directors are also required to exercise judgement in the process of applying the group's accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The estimates and assumptions that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

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

Impairment of non-current assets

The group assesses the impairment of leasehold alterations, plant and machinery, motor vehicles and fixtures and fittings, subject to depreciation whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Factors considered important that could trigger an impairment review include the following:

• significant underperformance relative to historical or projected future operating results;

• significant changes in the manner of the use of the acquired assets or the strategy for the overall business;

and

• significant negative industry or economic trends.

Carrying value of stocks

The directors review the market value of and demand for the group's stocks on a periodic basis to ensure stock is recorded in the financial statements at the lower of cost and net realisable value. Any provision for impairment is recorded against the carrying value of stocks. The directors use their knowledge of market conditions, historical experiences and estimates of future events to assess future demand for the group's products and achievable selling prices.

Recoverability of trade debtors

Trade debtors are recognised to the extent that they are judged recoverable. The directors' reviews are performed to estimate the level of reserves required for irrecoverable debt. Provisions are made specifically against invoices where recoverability is uncertain.

The directors make allowances for doubtful debts based on an assessment of recoverability of debtors. Allowances are applied to debtors where events or changes in circumstances indicate that the carrying amounts may not be recoverable. The directors specifically analyse historical bad debts, customer creditworthiness, current economic trends and changes in customer payment terms when making a judgement to evaluate the adequacy of the provision for doubtful debts. Where the expectation is different from the original estimate, such difference will impact the carrying value of debtors and the charge in the profit and loss account.

Turnover

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

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the group and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, Value Added Tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:

• The group has transferred the significant risks and rewards of ownership to the buyer;

• The group retains neither continuing managerial involvement to the degree usually associated with

ownership nor effective control over the goods sold;

• The amount of turnover can be measured reliably;

• It is probable that the group will receive the consideration due under the transaction; and

• The costs incurred or to be incurred in respect of the transaction can be measured reliably.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2023, is being amortised evenly over its estimated useful life of twenty 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

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary to for it to be capable of operating in the manner intended by the directors.

Repairs and maintenance are charged to the profit and loss account during the period in which they are incurred.

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

life or, if held under a finance lease, over the lease term, whichever is the shorter.

Depreciation is provided on the following basis:

Improvements to property

-

10%

Straight line

Plant and machinery

-

20%

Straight line

Fixtures and fittings

-

20%

Straight line

Computer hardware and software

-

33%

Straight line

Motor vehicles

-

25%

Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the profit and loss account.

At each balance sheet date, the directors review the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the directors estimate the recoverable amount of the cash-generating unit to which the asset belongs.

If the recoverable amount of an asset is estimated to be less than the carrying amount,the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately in the profit and loss account.

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.

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on an average cost basis.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the profit and loss account.