The directors present the strategic report for the year ended 31 January 2026 in respect of the group, comprising Constant Air Systems Limited (CAS), Emtec Products Limited and Casaire Limited.
The directors are satisfied with the overall trading performance of the group, reporting a decrease in group turnover of 11% to £15,247,090. Gross margins of 38% (2025: 34%) are within the expected range and consistent with a five year average. Group overheads have remained under close control resulting in an operating profit of £488,126 (2025: £797,347). Pre-tax profit for the year is reported at £591,841 (2025: £902,226).
Carried forward orders for the Group are in excess of £9.7M and we are on target to increase our turnover and maintain margins. Current order intake of £8.7M in secured orders provides us with re-assurance for the next 12 months and the budgeted sales of £19M is looking very achievable.
CAS enters the second quarter of 2026 with unprecedented momentum. Our ability to simultaneously manage the Airline Cargo cooling upgrades, multiple Elite Motorsport site contracts, and large-scale healthcare / education infrastructure projects—such as the pioneering double-stacked builds at Secure Confinement London location—demonstrates our industry-leading versatility.
Soon to transition into the Aerospace project, our focus remains fixed on operational excellence and the expansion of our decarbonisation partnerships with Tier 1 main contractors.
Performance & Key Project Wins
1. Healthcare & Pharmaceutical (The 2026 Backbone)
Healthcare remains our strongest sector, underpinned by strategic partnerships with Tier 1 contractors:
Delivering multiple plantrooms for various London Hospitals.
Manufacturing seven specialist plantrooms for Pharmaceutical Labs in Weybridge.
2. Innovation & High-Security Infrastructure
Secure Confinement London location: Engineering our first double-stacked plantroom solution. This project showcases our ability to innovate within high-security environments and constrained footprints.
3. Long-Term Pipeline
High End London Offices: Secured contract for delivery in May 2027, providing critical long-term revenue visibility.
Site Contracting & Specialist Sectors
Our site-based division has seen a significant resurgence, driven by high-prestige clients and consistent demand:
Aviation: Currently executing cooling system upgrades at the Airline at Cargo building in Heathrow.
Elite Motor Sport: CAS remains the partner of choice for elite motorsport, maintaining a continuous presence at 3 top flight racing teams.
Pharma & Healthcare: Ongoing minor works at Sustainable technologies Company and Healthcare Hospitals provide steady, reliable service revenue.
Strategic Outlook: "The Aerospace Milestone" Looking toward Summer 2026, CAS is poised for its most significant milestone to date: the expected order for a Aerospace client.
This project represents the largest single plantroom build in the history of CAS. Successfully delivering this will move the company into a "different league," requiring a scaling of our internal processes, logistics, and assembly capabilities. This is more than a build; it is a proof-of-concept for CAS as a top-tier package plantroom manufacturer.
Emtec have now moved into their new self-contained, modern factory and offices at Unit 8 Merlin Centre and have invested in a new multi-directional forklift and high – bay racking to improve factory logistics. Emtec are using their new product brochures and data sheets along with the delivery of CPD sessions for architects and specifiers, to enhance the company's branding and elevate their position in the marketplace. Sales continue to be strong with a current order book in excess of £6M. Some excellent longer term projects have been secured, with work programmed in for 2027-28. In terms of fire safety, they are continuing to work with industry leaders to stay abreast of the latest product testing and accreditations from their supply chain partners. Also they continue to successfully maintain their third-party accreditations from FIRAS via site and office audits to safeguard their reputation as a reliable and experienced sub-contractor in this field.
The principal risks and uncertainties that arise in the conduct of the group's business are kept under regular review by the directors. The main risks and uncertainties are considered to be the retention of certain key customers and skilled employees, also recruitment and environmental improvements to our products and services. Due to the active day to day involvement of the major shareholders in the management of the company, the directors consider that key performance indicators of turnover and gross margin are currently adequate to understand the development and performance of the group.
Financial Risk Management Objectives and Policies
The group is exposed to various financial risks that arise as a normal part of its trading activities. The main such risks are considered to be cash flow, credit, price risk and foreign currency exposure.
The group's major financial assets are its trade debtors and cash at bank. The efficiency of collection of the trade debtors and the extension of credit to those customers are carefully controlled in order to minimise cash flow and credit risks. Cash balances are only placed with major prime rated banks where the credit risk is negligible.
There is a potential price risk if oil or steel prices increase rapidly, but it is not considered to be cost effective to operate any commodity price financial instrument.
This report was approved by the board of directors on 15 July 2026 and signed on behalf of the board by:
The directors present their annual report and financial statements for the year ended 31 January 2026.
The results for the year are set out on page 8.
Ordinary dividends were paid amounting to £100,000 (2025: £200,000). The directors do not recommend payment of a final dividend.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
In accordance with the company’s articles, a resolution proposing that BK Plus Audit Limited be reappointed as auditor of the company will be put at a General Meeting.
United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company 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 group and parent company, 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;
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and parent company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent company, and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
We have audited the financial statements of Constant Air Systems Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2026 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
Basis for opinion
Conclusions relating to going concern
Other information
Opinions on other matters prescribed by the Companies Act 2006
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the 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 parent company or to cease operations, or have no realistic alternative but to do so.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
From the preliminary stage of the audit, we ensure our understanding of the entity is up to date. This includes, but is not limited to, current knowledge of their activities, the business and control environments, and their compliance with the applicable legal and regulatory frameworks. This information supports our risk identification and the subsequent design of audit procedures to mitigate those risks; ensuring that the audit evidence obtained is sufficient and appropriate to support our opinion.
In response to the risks identified, specific to this entity, we designed procedures which included, but were not limited to:
Enquiry of management and those charged with governance around actual and potential litigation and claims;
Reviewing minutes of meetings of those charged with governance, if available;
Reviewing financial statements disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale for significant transactions outside the normal course of business.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusions. There is always the unavoidable risks that material misstatements in the financial statements may not be detected despite the audit being properly performed in accordance with UK Auditing standards.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the parent 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 parent company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
As permitted by section 408 of the Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £333,806 (2025 - £742,411 profit).
Constant Air Systems Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Unit 4, Crest Distribution Park, Crest Road, High Wycombe, Buckinghamshire, HP11 1WT.
The group consists of Constant Air Systems Limited and all of its subsidiaries.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The consolidated group financial statements consist of the financial statements of the parent company, Constant Air Systems Limited, and all of its subsidiaries.
All financial statements are made up to 31 January 2026.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
The financial statements have been prepared on a going concern basis. The directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the 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 an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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 group after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities are initially measured at fair value, net of transaction costs. They are subsequently measured at amortised cost using the effective interest method, with interest expense recognised on an effective yield basis.
The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability to the net carrying amount on initial recognition.
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial advice.
The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as an expense in measuring profit or loss in the period in which they arise.
The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial advice.
The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as an expense in measuring profit or loss in the period in which they arise.
The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in profit or loss as other finance revenue or cost.
Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other comprehensive income in the period in which they occur and are not reclassified to profit and loss in subsequent periods.
The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Revenue and margin recognition
In accordance with FRS 102, management is required to estimate both the total expected costs of a contract and the stage of completion to determine the appropriate recognition of revenue and profit. The group and company has implemented formal control and review mechanisms to systematically monitor and assess the reliability and appropriateness of these estimates. This process includes regular independently certified valuations of work completed, progress tracking against contractual timelines, and comparison of actual costs incurred with budgeted figures.
Depreciation
Tangible fixed assets are depreciated over their estimated useful economic lives, taking into account estimated residual values. These estimates are based on management’s experience with similar assets, consideration of anticipated technological changes, expected usage, and other relevant factors.
Bad debt provisions
The group and company establishes provisions for receivables that are considered unlikely to be collected. These provisions are based on management’s assessment of the probability of recovery, considering factors such as the customer’s financial position, past payment history, current economic conditions, and specific knowledge of individual debtors.
Stock provisions
The group and company makes provisions to reduce the carrying amount of stock to net realisable value where items are obsolete, slow-moving or damaged. These provisions are based on management’s assessment of forecast demand, current market conditions, historical usage, and the physical condition of stock.
The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
The number of directors for whom retirement benefits are accruing under defined benefit schemes amounted to 2 (2025 - 3).
The current tax credit arises primarily from the utilisation of available tax reliefs and capital allowances during the year. The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:
Details of the company's subsidiaries at 31 January 2026 are as follows:
The company owns the issued ordinary share capital of Casaire Ltd and Emtec Products Ltd and the minority of the share capital of Lindsay Court Management (High Wycombe) Ltd. All subsidiaries are UK registered. Both Casaire Ltd and Emtec Products Ltd trade successfully within the heating, ventilation and acoustics industries. Lindsay Court Management (High Wycombe) Ltd is a small, non-trading, flat management company, whose minority interest is immaterial.
Included within finished goods and goods for resale is a small portfolio of developed residential flats held for sale. The development was undertaken by the company in 2010 with 23 one and two bedroom flats being built. The company has now sold 17 flats with the development cost of the remaining 6 flats held within stock at lower of cost and realisable value. The unsold flats are all let, on short term tenancy agreements, at open market rents. The primary objective is to dispose of the remaining flats and every effort is made by the directors to market the flats for sale when tenancy agreements expire.
Deferred tax assets and liabilities are offset where the group and company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
The most recent actuarial valuations of plan assets and the present value of the defined benefit obligation were carried out at 31 January 2026 by professionally qualified actuary, Fellow of the Institute of Actuaries. The present value of the defined benefit obligation, the related current service cost and past service cost were measured using the projected unit credit method.
The company expects to contribute approximately £165,000 to the scheme during the year ending 31 January 2027.
Assumed life expectations on retirement at age 65:
The amounts included in the balance sheet arising from the company's obligations in respect of defined benefit plans are as follows:
Amounts recognised in the profit and loss account
Amounts taken to other comprehensive income
Movements in the present value of defined benefit obligations
Movements in the fair value of plan assets
The actual return on plan assets was £349,000 (2025 - £328,000).
Fair value of plan assets at the reporting period end
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
The Company has provided a guarantee in respect of the lease commitments of its subsidiary undertaking, Emtec Products Limited. Under the terms of the agreement, the company may be required to meet the subsidiary's obligations should the subsidiary fail to do so. The directors consider the likelihood of any payment arising under the guarantee to be remote and therefore no provision has been recognized.
The group's key management personnel are considered to be the directors.
In accordance with FRS102 the company has taken advantage of the exemption available to the parent of wholly owned subsidiaries not to disclose transactions within the group.