REGISTERED NUMBER: 08780150 (England and Wales)

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

FOR

HBS ELECTRONICS (HOLDINGS) LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

7

Consolidated Income Statement

11

Consolidated Other Comprehensive Income

12

Consolidated Balance Sheet

13

Company Balance Sheet

14

Consolidated Statement of Changes in Equity

15

Company Statement of Changes in Equity

16

Consolidated Cash Flow Statement

17

Notes to the Consolidated Cash Flow Statement

18

Notes to the Consolidated Financial Statements

20

DIRECTORS:

Mr G W Harvey

Mr G Watson

REGISTERED OFFICE:

Laurence Walter House

Addison Road

Chilton Industrial Estate

Sudbury

Suffolk

CO10 2YW

REGISTERED NUMBER:

08780150 (England and Wales)

SENIOR STATUTORY AUDITOR:

Mr Adam Moody FCCA

AUDITORS:

Xeinadin Audit Limited

Statutory Auditor

Maple House, Level 5A

149 Tottenham Court Road

London

W1T 7NF

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

REVIEW OF BUSINESS

The group had a successful year. Group turnover at £21.0m (2024: £21.2m) with gross margin at 56% (2024: 44%). Group operating profit (before exceptional items) was £5.7m (2024: £3.6m).

In May 2023, the owners sold 80% of the business to an Employee Ownership Trust. A contribution of £3.02m (2024: £1.5m) was made to the Trust during the year.

The state of affairs at the balance sheet date is considered to be satisfactory with group net assets of £12.7m (2024: £11.6m).

A review of the group's activities is given below:-

The group's main activities centre around aviation, defence and ancillary services and include headset design and manufacture; plastic moulding and all forms of precision engineering.

Members of the group include

- HBS Electronics Limited, an earpiece design business based in Sudbury, Suffolk.

- Linton Plastic Moulders Limited, a plastic moulding business based in Sudbury, Suffolk.

- Clement Clarke Communications, a communications product business based in Sudbury, Suffolk.

- Flycom Avionics Limited, an avionics equipment provider based in Sudbury, Suffolk.

- Oldbury Engineering Limited, a precision engineering business based in Sudbury, Suffolk.

- Redmayne Engineering Limited, a precision engineering business based in Brockenhurst, Hampshire.

- E.D.S Engineering Limited, a precision machining and tooling business based in Chelmsford.

- Sensorcom Limited, a communications and product services business based in Sudbury, Suffolk.

The group continues to expand its service offering to its major customers which includes many blue chip companies in the aviation support services industry as well as governments.

Trading across the group has been satisfactory during the period under review.

The key financial performance indicators for the group are as follows:-

KPI

2025

2024

Measure

Gross Profit Margin

56%

44%

Gross Profit/Turnover

Debtors days

86 days

81 days

Trade Debtors/Turnover

Creditors days

62 days

69 days

Trade Creditors/Cost of Sales

PRINCIPAL RISKS AND UNCERTAINTIES

The group faces the usual business risks of competition within its sector and pressure on prices. These risks are mitigated by the directors continuously driving the business forward into new product areas and niche markets where prices can be maintained at profitable levels. The issue of increased manufacturing costs in the UK has been addressed by making use of a factory facility which the group has access to in Serbia.

The principal risks and uncertainties affecting the group include:

- Retention of customers - the group maintains strong relationships with each of its key customers and has established procedures for monitoring performance and service levels

- Competitive risk - the group's expertise and efficiency in its marketplace and its diversity of operations helps to mitigate the possible effect of action by any one single competitor.

- Manufacturing labour costs - the group has access to manufacturing capabilities in a factory facility in Serbia. This has allowed it to maintain tight control over its manufacturing cost base whilst still maintaining excellent quality in its products.

- Quality control risks - the group maintains strict quality control over its products. It holds appropriate approvals with the Civil Aviation Authority (CAA) and the Federal Aviation Authority (FAA) along with other organisations to enable it to carry on its activities in various jurisdictions around the world.

The directors believe that the group has adequate resources in place to meet its forecast trading requirements and all risks and uncertainties are managed appropriately.

FUTURE DEVELOPMENTS

The group continues to develop and expand its product range both within its own research and development capabilities and by the acquisition of other businesses as and when appropriate opportunities arise both in the UK and worldwide. As the group expands, further market opportunities develop and the directors are confident of sustainable future growth in their precision engineering sector.

EMPLOYEES

The group operates an equal opportunities policy. The aim of this policy is to ensure that there should be equal opportunity for all and this applies to external recruitment, internal appointments, terms of employment, conditions of service and opportunity for training and promotion regardless of gender, ethnic origin or disability.

Disabled persons are given full and fair consideration for all types of vacancy in as much as the opportunities available are constrained by the practical limitations of the disability. Should, for whatever reason, an employee of the group becomes disabled whilst in the employment, every step, where appropriate will be taken to assist with rehabilitation and suitable re-training.

The group maintains its own health, safety and environmental policies covering all aspect of its operations. Regular meetings and inspections take place to ensure all legal requirements are adhered to and that the group is responsive to the needs of the employees and the environment.

FINANCIAL INSTRUMENTS

The group has no external finance for its day to day trading activities and has significant cash reserves of its own.

The group has not entered into any hedging arrangements as the directors perceive the exchange rate risk to the business to be low.

ON BEHALF OF THE BOARD:

Mr G W Harvey - Director

23 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 precision engineering mainly in the aviation, defence and ancillary sectors.

DIVIDENDS

No dividends will be distributed for the year ended 31 October 2025.

A distribution to the Employee Ownership Trust of £3.02m (2024: £1.5m) was made during 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.

Mr G W Harvey

Mr G Watson

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.

ON BEHALF OF THE BOARD:

Mr G W Harvey - Director

23 July 2026

Opinion

We have audited the financial statements of HBS Electronics (Holdings) 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 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 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 page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditors' responsibilities for the audit of the financial statements

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

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

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

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

- we identified the laws and regulations applicable to the group through discussions with directors and other management, and from our commercial knowledge and experience of the group's sector;

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

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence where necessary.

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

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

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

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

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

- agreed income to underlying contracts;

- tested the appropriateness of journal entries;

- investigated the rationale behind significant or unusual transactions.

To address the risk that revenue could be misstated due to fraud, we:

- obtained an understanding of the company's revenue recognition policies and compared these to the accounting standard;

- performed a walkthrough to confirm our understanding of the processes and controls through which the business initiates, records, processes and reports revenue transactions;

- tested a sample of revenue transactions to supporting evidence; and

- tested, on a sample basis, revenue related balances in the balance sheet.

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

- agreeing financial statement disclosures to underlying supporting documentation;

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

- reviewing legal expenses for any potential issues.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Mr Adam Moody FCCA (Senior Statutory Auditor)

for and on behalf of Xeinadin Audit Limited

Statutory Auditor

Maple House, Level 5A

149 Tottenham Court Road

London

W1T 7NF

23 July 2026

TURNOVER

4

20,966,824

21,170,455

Cost of sales

(9,251,746

)

(11,926,076

)

GROSS PROFIT

11,715,078

9,244,379

Administrative expenses

(6,075,924

)

(5,675,829

)

OPERATING PROFIT

6

5,639,154

3,568,550

Exceptional items

7

(63,504

)

(460,000

)

Impairment of subsidiary

investment on cessation

7

-

(184,275

)

5,575,650

2,924,275

Interest receivable and similar income

16,747

6,029

5,592,397

2,930,304

Interest payable and similar expenses

8

(48,928

)

(43,102

)

PROFIT BEFORE TAXATION

5,543,469

2,887,202

Tax on profit

9

(1,476,531

)

(773,756

)

PROFIT FOR THE FINANCIAL YEAR

4,066,938

2,113,446

Profit attributable to:

Owners of the parent

4,066,938

2,113,446

PROFIT FOR THE YEAR

4,066,938

2,113,446

OTHER COMPREHENSIVE INCOME

Employee ownership trust contribution

(3,020,000

)

(1,500,000

)

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

(3,020,000

)

(1,500,000

)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,046,938

613,446

Total comprehensive income attributable to:

Owners of the parent

1,046,938

613,446

FIXED ASSETS

Intangible assets

11

1,224,847

1,337,945

Tangible assets

12

2,110,331

1,341,784

Investments

13

-

-

3,335,178

2,679,729

CURRENT ASSETS

Stocks

14

7,905,504

7,038,886

Debtors

15

6,469,898

6,911,084

Cash at bank and in hand

4,246,985

5,047,604

18,622,387

18,997,574

CREDITORS

Amounts falling due within one year

16

7,903,506

9,443,877

NET CURRENT ASSETS

10,718,881

9,553,697

TOTAL ASSETS LESS CURRENT LIABILITIES

14,054,059

12,233,426

CREDITORS

Amounts falling due after more than one year

17

(737,934

)

(182,416

)

PROVISIONS FOR LIABILITIES

21

(626,735

)

(408,558

)

NET ASSETS

12,689,390

11,642,452

CAPITAL AND RESERVES

Called up share capital

22

200

200

Retained earnings

23

12,689,190

11,642,252

SHAREHOLDERS' FUNDS

12,689,390

11,642,452

The financial statements were approved by the Board of Directors and authorised for issue on 23 July 2026 and were signed on its behalf by:

Mr G W Harvey - Director

FIXED ASSETS

Intangible assets

11

-

-

Tangible assets

12

-

-

Investments

13

9,174,474

9,174,474

9,174,474

9,174,474

CURRENT ASSETS

Debtors

15

519,644

1,190,602

Cash at bank

296,675

1,059,081

816,319

2,249,683

CREDITORS

Amounts falling due within one year

16

5,887,021

5,173,222

NET CURRENT LIABILITIES

(5,070,702

)

(2,923,539

)

TOTAL ASSETS LESS CURRENT LIABILITIES

4,103,772

6,250,935

CAPITAL AND RESERVES

Called up share capital

22

100

100

Retained earnings

4,103,672

6,250,835

SHAREHOLDERS' FUNDS

4,103,772

6,250,935

Company's profit for the financial year

872,837

665,587

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 23 July 2026 and were signed on its behalf by:

Mr G W Harvey - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 November 2023

200

11,028,806

11,029,006

Changes in equity

Total comprehensive income

-

613,446

613,446

Balance at 31 October 2024

200

11,642,252

11,642,452

Changes in equity

Total comprehensive income

-

1,046,938

1,046,938

Balance at 31 October 2025

200

12,689,190

12,689,390

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 November 2023

100

7,085,248

7,085,348

Changes in equity

Profit for the year

-

665,587

665,587

Capital contribution to EOT

-

(1,500,000

)

(1,500,000

)

Total comprehensive income

-

(834,413

)

(834,413

)

Balance at 31 October 2024

100

6,250,835

6,250,935

Changes in equity

Profit for the year

-

872,837

872,837

Other comprehensive income

-

(3,020,000

)

(3,020,000

)

Total comprehensive income

-

(2,147,163

)

(2,147,163

)

Balance at 31 October 2025

100

4,103,672

4,103,772

Cash flows from operating activities

Cash generated from operations

1

3,342,635

4,842,014

Interest element of hire purchase payments paid

(48,928

)

(43,102

)

Tax paid

(786,812

)

(318,095

)

Net cash from operating activities

2,506,895

4,480,817

Cash flows from investing activities

Purchase of intangible fixed assets

(156,971

)

(198,803

)

Purchase of tangible fixed assets

(1,059,646

)

(305,979

)

Sale of intangible fixed assets

-

37,854

Sale of tangible fixed assets

13,500

-

Interest received

16,747

6,029

Net cash from investing activities

(1,186,370

)

(460,899

)

Cash flows from financing activities

New loans in year

226,824

-

Capital repayments in year

672,032

(118,572

)

Contribution to Employee Ownership Trust

(3,020,000

)

(1,500,000

)

Net cash from financing activities

(2,121,144

)

(1,618,572

)

(Decrease)/increase in cash and cash equivalents

(800,619

)

2,401,346

Cash and cash equivalents at beginning of year

2

5,047,604

2,646,258

Cash and cash equivalents at end of year

2

4,246,985

5,047,604

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

2025

2024

£

£

Profit before taxation

5,543,469

2,887,202

Depreciation charges

561,168

787,530

Profit on disposal of fixed assets

(13,500

)

-

(Profit) / loss on sale of subsidiary

-

146,420

Finance costs

48,928

43,102

Finance income

(16,747

)

(6,029

)

6,123,318

3,858,225

(Increase)/decrease in stocks

(866,618

)

630,094

Increase in trade and other debtors

(865,859

)

(767,017

)

(Decrease)/increase in trade and other creditors

(1,048,206

)

1,120,712

Cash generated from operations

3,342,635

4,842,014

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

4,246,985

5,047,604

Year ended 31 October 2024

31.10.24

1.11.23

£

£

Cash and cash equivalents

5,047,604

2,646,258

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

5,047,604

(800,619

)

4,246,985

5,047,604

(800,619

)

4,246,985

Debt

Finance leases

(355,965

)

(672,032

)

(1,027,997

)

Debts falling due within 1 year

-

(226,824

)

(226,824

)

(355,965

)

(898,856

)

(1,254,821

)

Total

4,691,639

(1,699,475

)

2,992,164

1.	STATUTORY INFORMATION

HBS Electronics (Holdings) 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation

The consolidated financial statements include the financial statements of the company and its subsidiary undertakings made up to 31 October 2025. A subsidiary is an entity that is controlled by the parent. The results of subsidiary undertakings are included in the consolidated profit and loss account from the date that control commences until the date that control ceases. Control is established when the company has the power to govern the operating and financial policies of an entity so as to obtain benefits from its activities. In assessing control, the group takes into consideration potential voting rights that are currently exercisable.

In the parent financial statements, investments in subsidiaries are carried at cost less impairment.

Turnover

Turnover represents the invoiced value of goods and services supplied to external customers, excluding value added tax. Turnover is recognised and a debtor recorded as accrued income once all obligations under the sales order have been performed.

Goodwill

Purchased goodwill is the excess of the fair value of the purchase consideration over the fair value of the net assets acquired on acquisition of subsidiary undertakings and is capitalised and amortised over its useful economic life, subject to a maximum period of 10 years. Where impairment of an investment occurs, the amount is written off in the year concerned.

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.

Patents and licences are being amortised evenly over their estimated useful life of seven years.

Tangible fixed assets

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.

Short leasehold

-

over the period of the leases

Plant and machinery

-

25% on cost, 25% on reducing balance and Straight line over 5 years

Fixtures and fittings

-

20% on cost and 20% on reducing balance

Motor vehicles

-

20% on cost and 20% on reducing balance

Computer equipment

-

25% on reducing balance

Depreciation methods, useful lives and residual values are reviewed if there is an indication of a significant change since last annual reporting date in the pattern by which the group expects to consume an asset's future economic benefits.