REGISTERED NUMBER: 10116381 (England and Wales)

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

FOR

CARTERVILLE LIMITED

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 Carter-Clout

G P Shirville

A C Higgins

REGISTERED OFFICE:

63/83 Brearley Street

Birmingham

West Midlands

B19 3NT

REGISTERED NUMBER:

10116381 (England and Wales)

AUDITORS:

Prime

Chartered Accountants

Statutory Auditor

161 Newhall Street

Birmingham

B3 1SW

The directors present their strategic report along with the financial statements of the company and the group for the year ended 30 November 2025.

The directors seek to present a balanced and comprehensive review of the development and performance of the business during the year and its position at the year-end. The report is consistent with the size and nature of the business.

ACTIVITIES AND STRATEGY

The business operates in both the UK and international construction markets, engaged in the design, production, specification and supply of architectural ironmongery, access control and door egress equipment, as well as washroom equipment.

The company aims to build long-term profitable growth, founded on the sale of beautifully designed, high-quality, and long-lasting products, backed by expert professional advice from well-trained staff.

BUSINESS PERFORMANCE

The results and financial position of the group are detailed in the financial statements.

Underlying demand in both the UK and our overseas markets remains strong. Sales order intake grew by 6% year-on-year, and strong project pipelines meant new business quotations grew by 19% in the UK and 11% internationally.

However, the year ending in November 2025 was marked by uncertainty in the UK, causing call-offs (and therefore deliveries) to drop. The new Labour government introduced major policy shifts (much higher public expenditure, funded by hikes in National Insurance and the National Living Wage), which diverted investment funds from the private into the public realm, dented business confidence, and contributed to higher-than-expected interest rates. The investment-led and labour-intensive construction industry therefore slowed markedly. Allgood's UK turnover declined by 26%, mitigated by 46% higher export sales. Overall sales fell by £1,557k or 18%. Further improvements to gross margin and overhead reductions helped to the tune of £470k, so that operating income reduced by a manageable £362k.

A growing pipeline of commercial construction in the UK, combined with strong demand from major development projects in the Middle East and Hong Kong, points to an improved picture towards the end of 2026. Order books are currently 45% higher than a year ago.

PRINCIPAL RISKS AND UNCERTAINTIES

Currency Risk

The group has exposure to foreign exchange risk as it buys and sells goods in euros and US dollars; however, the percentage is not material in the context of total sales and purchases.

Credit Risk

The group mitigates credit risk by insuring its debts up to 90% in value.

EVENTS SINCE THE END OF THE YEAR

The outbreak of war in February 2026 between the USA (alongside Israel) and Iran has disrupted some deliveries into the region, particularly those destined for the UAE, Qatar, Bahrain, and Kuwait. No orders have been cancelled, nor have new business discussions been suspended. The directors therefore expect no major impact other than the extension of some delivery schedules by a few months.

ON BEHALF OF THE BOARD:

A C Higgins - Director

31 July 2026

The directors present their report with the financial statements of the company and the group for the year ended 30 November 2025.

DIVIDENDS

Dividends paid for the year ended 30th November 2025 were £29,295 (2024: £Nil).

DIRECTORS

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

A M Carter-Clout

G P Shirville

Other changes in directors holding office are as follows:

A C Higgins was appointed as a director after 30 November 2025 but prior to the date of this report.

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 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, Prime, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

A C Higgins - Director

31 July 2026

Opinion

We have audited the financial statements of Carterville Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 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 30 November 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:

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

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

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the industry 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 company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;

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

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

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

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

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

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

- tested journal entries to identify unusual transactions;

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

- investigated the rationale behind significant or unusual transactions.

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

- agreeing financial statement disclosures to underlying supporting documentation;

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

- reviewing correspondence with HMRC and other relevant parties.

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.

Vivian Shadbolt BSc FCA (Senior Statutory Auditor)

for and on behalf of Prime

Chartered Accountants

Statutory Auditor

161 Newhall Street

Birmingham

B3 1SW

4 August 2026

TURNOVER

3

7,120,453

8,676,712

Cost of sales

3,148,890

4,015,582

GROSS PROFIT

3,971,563

4,661,130

Distribution costs

118,762

144,977

Administrative expenses

4,314,223

4,615,275

4,432,985

4,760,252

(461,422

)

(99,122

)

Other operating income

6,000

-

OPERATING LOSS

5

(455,422

)

(99,122

)

Income from interest in associated undertakings

136,903

129,499

Interest receivable and similar income

13,785

6,798

Other finance income

19

253,000

40,000

403,688

176,297

(51,734

)

77,175

Amounts written off investments

6

(9

)

3

(LOSS)/PROFIT BEFORE TAXATION

(51,725

)

77,172

Tax on (loss)/profit

7

-

-

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(51,725

)

77,172

(Loss)/profit attributable to:

Owners of the parent

(51,725

)

77,172

(LOSS)/PROFIT FOR THE YEAR

(51,725

)

77,172

OTHER COMPREHENSIVE INCOME

Actuarial gain/(loss) on pension

liability

(1,376,019

)

3,664,000

Income tax relating to other comprehensive income

302,772

(926,000

)

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

(1,073,247

)

2,738,000

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(1,124,972

)

2,815,172

Total comprehensive income attributable to:

Owners of the parent

(1,124,972

)

2,815,172

FIXED ASSETS

Intangible assets

10

121,990

225,650

Tangible assets

11

1,416,095

1,461,549

Investments

12

1,744,518

1,733,339

3,282,603

3,420,538

CURRENT ASSETS

Stocks

13

651,845

638,184

Debtors

14

1,102,112

1,465,951

Cash at bank and in hand

1,204,198

1,961,461

2,958,155

4,065,596

CREDITORS

Amounts falling due within one year

15

1,387,745

2,387,176

NET CURRENT ASSETS

1,570,410

1,678,420

TOTAL ASSETS LESS CURRENT LIABILITIES

4,853,013

5,098,958

PENSION ASSET

19

2,504,184

3,412,500

NET ASSETS

7,357,197

8,511,458

CAPITAL AND RESERVES

Called up share capital

17

7,002,801

7,002,795

Revaluation reserve

18

529,629

540,981

Retained earnings

18

(175,233

)

967,682

SHAREHOLDERS' FUNDS

7,357,197

8,511,458

The financial statements were approved by the Board of Directors and authorised for issue on 31 July 2026 and were signed on its behalf by:

A C Higgins - Director

FIXED ASSETS

Intangible assets

10

-

-

Tangible assets

11

-

-

Investments

12

8,000,000

8,000,000

8,000,000

8,000,000

CURRENT ASSETS

Cash in hand

1

3

CREDITORS

Amounts falling due within one year

15

279,287

250,000

NET CURRENT LIABILITIES

(279,286

)

(249,997

)

TOTAL ASSETS LESS CURRENT LIABILITIES

7,720,714

7,750,003

CAPITAL AND RESERVES

Called up share capital

17

7,002,801

7,002,795

Retained earnings

18

717,913

747,208

SHAREHOLDERS' FUNDS

7,720,714

7,750,003

Company's profit for the financial year

-

2,465,009

The financial statements were approved by the Board of Directors and authorised for issue on 30 July 2026 and were signed on its behalf by:

A C Higgins - Director

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 December 2023

7,002,795

(1,839,611

)

533,102

5,696,286

Total comprehensive income

-

2,807,293

7,879

2,815,172

Balance at 30 November 2024

7,002,795

967,682

540,981

8,511,458

Issue of share capital

6

-

-

6

Dividends

-

(29,295

)

-

(29,295

)

Total comprehensive income

-

(1,113,620

)

(11,352

)

(1,124,972

)

Balance at 30 November 2025

7,002,801

(175,233

)

529,629

7,357,197

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 December 2023

7,002,795

(1,717,801

)

5,284,994

Total comprehensive income

-

2,465,009

2,465,009

Balance at 30 November 2024

7,002,795

747,208

7,750,003

Issue of share capital

6

-

6

Dividends

-

(29,295

)

(29,295

)

Balance at 30 November 2025

7,002,801

717,913

7,720,714

Cash flows from operating activities

Cash generated from operations

1

(710,748

)

694,895

Net cash from operating activities

(710,748

)

694,895

Cash flows from investing activities

Purchase of intangible fixed assets

(20,596

)

-

Purchase of tangible fixed assets

(25,121

)

(21,237

)

Sale of tangible fixed assets

-

224

Interest received

13,785

6,798

Dividends received

94,706

129,499

Net cash from investing activities

62,774

115,284

Cash flows from financing activities

Amount withdrawn by directors

(80,000

)

-

Share issue

6

-

Equity dividends paid

(29,295

)

-

Net cash from financing activities

(109,289

)

-

(Decrease)/increase in cash and cash equivalents

(757,263

)

810,179

Cash and cash equivalents at beginning of year

2

1,961,461

1,151,282

Cash and cash equivalents at end of year

2

1,204,198

1,961,461

1.	RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

(Loss)/profit before taxation

(51,725

)

77,172

Depreciation charges

194,831

193,759

Pension admin expenses paid by scheme

88,069

-

Unrealised (gain)/loss on associates

31,027

98,019

Unrealised (gain)/loss on investments

(9

)

-

Finance income

(403,688

)

(176,297

)

(141,495

)

192,653

(Increase)/decrease in stocks

(13,662

)

363,519

Decrease/(increase) in trade and other debtors

363,839

(320,584

)

(Decrease)/increase in trade and other creditors

(919,430

)

459,307

Cash generated from operations

(710,748

)

694,895

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 30 November 2025

30.11.25

1.12.24

£

£

Cash and cash equivalents

1,204,198

1,961,461

Year ended 30 November 2024

30.11.24

1.12.23

£

£

Cash and cash equivalents

1,961,461

1,151,282

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.12.24

Cash flow

At 30.11.25

£

£

£

Net cash

Cash at bank and in hand

1,961,461

(757,263

)

1,204,198

1,961,461

(757,263

)

1,204,198

Debt

Debts falling due within 1 year

(250,000

)

80,000

(170,000

)

(250,000

)

80,000

(170,000

)

Total

1,711,461

(677,263

)

1,034,198

1.	STATUTORY INFORMATION

Carterville 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 as modified by the revaluation of certain assets.

Carterville Limited meets the definition of a qualifying entity under FRS 102 and has therefore taken exemption of the disclosure exemptions available to it in respect of its separate financial statements, which are presented alongside the consolidated financial statements. Exemptions have been taken in relation to financial instruments, presentation of a cashflow statement and remuneration of key personnel.

Basis of consolidation

The group financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 November each period. The results of subsidiaries acquired or sold are consolidated for the periods from or to the date on which control passed.

Business combinations are accounted for under the acquisition method. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used in line with those used by the group. All inter-group transactions, balances, income and expenses are eliminated on consolidation.

Under S408 of the Companies Act 2006 the company is exempt from the requirement to present its own profit and loss account. Its profit and loss for the period is shown on the face of the company Balance Sheet.

Going Concern

At the time of approving the financial statements, the group remains debt free, new business quotation levels remain strong, and sales order intake has improved after a subdued start to the new year. The main trading subsidiary Allgood Limited has a bank overdraft facility, and projections indicate this will provide significant headroom over requirements. In making these forecasts the directors have carefully considered the timing of deliveries for some particularly large orders and expect the company and group to have adequate resources to continue in operational existence for the foreseeable future, being a period of not less than 12 months from the approval of these financial statements. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Associates

In the group financial statements, investments in associates are accounted for using the equity method. Investments in associates are initially recognised at the transaction price (including transactions costs) and are subsequently adjusted to reflect the group's share of the profit and loss and other comprehensive income in the associate. Goodwill arising on the acquisition of associates is accounted for in accordance with the group's policy on goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

Significant judgements and estimates

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

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

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

The company reviews the carrying value of all assets for indications of impairment at each period. If indicators of impairment exist, the carrying value of the asset is subject to further testing to determine whether its carrying value exceeds its recoverable amount. This process will usually involve the estimation of future cash flows which are likely to be generated by the asset.

A provision is recognised when the company has a present legal or constructive obligation as a result of a past event for which it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. If the effect is material, provisions are determined by discounting the expected future cash flows at a rate that reflects the time value of money and the risk specific to that liability.

Whether a present obligation is probable or not requires judgement. The nature and type of risks for these provisions differ and management's judgement is applied regarding the nature and extent of obligations in deciding if an outflow of resources is probable or not.

The directors have reviewed the asset lives and associated residual values of all fixed assets classes. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issue such as future market conditions, the remaining life of the asset and projects disposal values.

In preparing these accounts the directors have made significant estimates in respect of the defined benefit pension scheme. These estimates are referred to in the specific pension accounting policy and note 21 of the accounts.

Turnover

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

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.

Goodwill and computer software are being amortised evenly over their estimated useful lives of 10 years.

Tangible fixed assets

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

Freehold property

-

2% on cost, Straight line over 15 years and Straight line over 10 years

Improvements to property

-

10% on cost

Plant and machinery

-

20% on cost and 10% on cost

Fixtures and fittings

-

33.33% on cost, 20% on cost, 10% on cost, 2 - 4 years straight line and 20% and 33.33% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

50% on cost, 33.33% on cost and 20% on cost

The directors adopt a policy of revaluation with regards to plant and machinery and freehold property upon either the initial acquisition of a subsidiary or where they consider cost values and fair values to be materially different.

For these subsidiaries, the tangible asset is carried at its revalued amount, being fair value at the date of valuation less subsequent losses arising from impairment reviews. Revaluations are performed by professional qualified valuers with sufficient regularity to ensure the carrying amount does not differ materially from those that would be determined using fair values at the end of each accounting period.

Any revaluation increase in the carrying amount of a subsidiary's revalued asset is recognised in other comprehensive income and included in a revaluation reserve in equity, except to the extent that it reverses a revaluation decrease of the same asset previously recognised in the profit and loss account, in which case the increase is credited to the profit and loss to the extent that the previous decrease is expended. Decreases that offset previous increases of the same asset are charged in other comprehensive income and debited against the revaluation reserve in equity; decreases exceeding the balance in the revaluation reserve relating to an asset are 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.

Financial instruments

(i) Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

(ii) Financial assets and liabilities

All financial assets and liabilities are recognised when the company becomes party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all its liabilities.