REGISTERED NUMBER: 13565802 (England and Wales)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 August 2025

for

S and L UK Holdings Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Consolidated Statement of Comprehensive Income

9

Consolidated Balance Sheet

10

Company Balance Sheet

11

Consolidated Statement of Changes in Equity

12

Company Statement of Changes in Equity

13

Consolidated Cash Flow Statement

14

Notes to the Consolidated Cash Flow Statement

15

Notes to the Consolidated Financial Statements

16

DIRECTORS:

S Bromberg

Mrs L Bromberg

B Bromberg

REGISTERED OFFICE:

Unit 23 Millshaw Park Lane

Millshaw Park Industrial Estate

Leeds

West Yorkshire

LS11 0BL

REGISTERED NUMBER:

13565802 (England and Wales)

AUDITORS:

Malcolm Jones & Co Limited

Statutory Auditors

Accountants and Business Advisers

West Hill House

Allerton Hill

Chapel Allerton

Leeds

West Yorkshire

LS7 3QB

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

REVIEW OF BUSINESS

The parent company was originally established to consolidate and amalgamate certain former individual shareholdings under one group structure. There have been no changes over the year to any of these previous arrangements. A small new subsidiary company began to trade during the period.

This was a challenging year for Express Bi Folding Doors Limited ("Express"), the main trading subsidiary of the group, with some successes and some failures. The marketplace is very challenging currently with high interest rates affecting homeowners borrowing to fund projects. The current Government also seem to be doing their utmost to destabilise the economy and make purchasers nervous - the drawn out build up to the budget is a good example of this.

We maintained our presence at the Homebuilding, Grand Designs and IDEAL home shows which provides the opportunity to present our most popular products on a well-equipped show stand to hundreds and thousands of customers. Over the last 12 months we continued significant investment into Brand Awareness, which includes TV advertising campaigns, outdoor marketing and a large investment into digital and social media advertising.

We carried out a significant extension in our Leeds showroom to generate more footfall and orders which was successful. Our Glasgow showroom performed well throughout the year, but we decided to close our showroom in Romford, East London. Romford was challenging to staff and we didn't believe we were getting a ROI for all the efforts it was taking to promote and operate the showroom. With closing Romford, we are consolidating all our efforts into Weybridge, which since September has had a positive effect.

The two associated companies were brought into the group during the first trading period and profits shown represent the group's share of the profits, both for the current year and also in the comparative information. The presentation of the results differ significantly from those of Express due to the differences in accounting for subsidiaries and associates. Further details can be seen in the accounting policies and the notes to the financial statements. One associate is a long standing business and the other is a relatively new business. The main associate showed profits for the year and progress continues to be pleasing. The other associate had a small loss for the year which was disappointing and this situation is being continually monitored.

The other smaller subsidiary which started to trade in the year had a break-even position which was a reasonable outcome overall. Again progress is being continually monitored.

PRINCIPAL RISKS AND UNCERTAINTIES

The group is well placed to identify and manage its financial, operational and regulatory compliance risks successfully.

As the business continues to grow, we are acutely aware of the importance of brand reputation, quality of products, service levels and safety aspects in all parts of the operation. Procedures are established to monitor and manage these key strategic areas accordingly.

KEY PERFORMANCE INDICATORS

Using strong working procedures ensures the group delivers the management information required to monitor performance in key financial and non-financial areas. This enables us to make strategic decisions to maintain and improve; product quality, production efficiency, customer satisfaction, turnover levels and gross/net margins.

FUTURE DEVELOPMENTS

In March 2026, for Express, we opened a new showroom in Milton Keynes. The showroom is conveniently placed within an hour of some key postcodes for us, plus within an hour of the NEC exhibition centre, where we attend three exhibitions. We also believe that potential customers in North London and Hertfordshire are more likely to travel up to Milton Keynes than they were to travel to Romford, or to travel down to Weybridge because of traffic concerns within the M25.

We have partnered with a large furniture brand called Bo Concept who are dressing both our Leeds and Milton Keynes showroom, on a commission-based agreement, for any furniture sales that are made within the showroom. We believe this could become a reliable revenue stream.

We are streamlining our product offering by adapting our XP Glide and XP Glide R sliding doors, which will allow us to discontinue several products. This should ease both our stock holding and the cross training across our range of products. We are also looking to displace one of our core front door products, with a better product, that can be sold at a healthier margin. We launched a whole host of new products in 2025 including pivot doors, frameless sliding doors and bioclimatic pergolas and we anticipate increased sales volumes from those niche products.

Through our investment into brand awareness and as part of this policy, we have created a new showroom focused TV advert specifically for our regional showrooms. We have also appointed a new stand builder and will take a new exhibition stand across the UK so that we can showcase more products at National Exhibitions and capitalise on the central location of our new Milton Keynes. We are operating within a challenging and delicate market so have been very aggressive in the marketplace with our brand awareness investment, to continue to increase our market share and not be adversely affected by external economic factors.

Due to an impressive manufacturing and storage capacity, we are continuing and expanding the trade side of our business with an 'express selection' of products that is held in stock and ready for Express delivery.

Express is very well placed for another successful twelve months. We look forward to reaping the benefits of our new Milton Keynes showroom and expect our Leeds, Glasgow, Weybridge and Bournemouth showrooms to outperform last year.

We have a strong core product range to suit any upcoming regulation changes and believe we have a great offer that will suit the consumer trends in the marketplace.

ON BEHALF OF THE BOARD:

S Bromberg - Director

25 August 2026

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

DIVIDENDS

The total distribution of dividends for the year ended 31 August 2025 will be £ 950,000 .

FUTURE DEVELOPMENTS

Likely future developments are discussed in the strategic report.

EVENTS SINCE THE END OF THE YEAR

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

DIRECTORS

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

S Bromberg

Mrs L Bromberg

Other changes in directors holding office are as follows:

B Bromberg - appointed 25 September 2024

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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:

S Bromberg - Director

25 August 2026

Opinion

We have audited the financial statements of S and L UK Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 August 2025 which comprise the Consolidated Statement of 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 August 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 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. As part of an audit in accordance with ISAs, we exercise professional judgement and maintain professional scepticism throughout the audit.

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

We obtained an understanding of the legal and regulatory framework within which the group and company operates, focusing on those laws and regulations that directly effects how material balances are determined and also the disclosures in the financial statements. the laws and regulations considered by us in this context were the Companies Act 2006 and various taxation legislation.

We identified the greatest risks of material impact on the financial statements from irregularities, including fraud, to be revenue and cost recognition, override of controls by management and related party transactions. Our audit procedures to respond to revenue and cost recognition risks included sample testing a sample of income/costs across the year to agree to supporting documentation and reviewing income and costs either side of the year end to ensure they have been recognised correctly. Our audit procedures to respond to management override risks included enquiries of management about their own identification and an assessment of the risks of irregularities, reviewing the posting of journals and reviewing the accounting estimates for bias. Our audit procedures to respond to related party transaction risks included enquiries of management about all related parties and the transactions with them, to ensure they are all within the normal course of business.

Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations

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.

Andrew Wilkinson (Senior Statutory Auditor)

for and on behalf of Malcolm Jones & Co Limited

Statutory Auditors

Accountants and Business Advisers

West Hill House

Allerton Hill

Chapel Allerton

Leeds

West Yorkshire

LS7 3QB

25 August 2026

TURNOVER

32,469,876

31,192,893

Cost of sales

23,443,834

21,988,954

GROSS PROFIT

9,026,042

9,203,939

Administrative expenses

8,939,174

8,664,165

86,868

539,774

Other operating income

104,540

42,000

OPERATING PROFIT

4

191,408

581,774

Income from interests in

associated undertakings

net of interest and tax

751,960

793,181

Dividends from associates

-

7,558

Interest receivable and similar income

119,314

210,942

871,274

1,011,681

PROFIT BEFORE TAXATION

1,062,682

1,593,455

Tax on profit

5

125,511

69,392

PROFIT FOR THE FINANCIAL YEAR

937,171

1,524,063

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

937,171

1,524,063

Profit attributable to:

Owners of the parent

937,290

1,524,063

Non-controlling interests

(119

)

-

937,171

1,524,063

Total comprehensive income attributable to:

Owners of the parent

937,290

1,524,063

Non-controlling interests

(119

)

-

937,171

1,524,063

FIXED ASSETS

Tangible assets

8

3,530,301

1,614,453

Investments

9

Interest in associates

3,577,757

3,603,797

Investment property

10

845,142

845,142

7,953,200

6,063,392

CURRENT ASSETS

Stocks

11

4,132,790

4,151,101

Debtors

12

2,269,563

2,033,471

Cash at bank and in hand

2,055,593

5,433,686

8,457,946

11,618,258

CREDITORS

Amounts falling due within one year

13

6,768,120

8,125,778

NET CURRENT ASSETS

1,689,826

3,492,480

TOTAL ASSETS LESS CURRENT LIABILITIES

9,643,026

9,555,872

CREDITORS

Amounts falling due after more than one year

14

(250,074

)

(280,434

)

PROVISIONS FOR LIABILITIES

16

(332,740

)

(202,397

)

NET ASSETS

9,060,212

9,073,041

CAPITAL AND RESERVES

Called up share capital

17

149

149

Share premium

18

3,437,061

3,437,061

Retained earnings

18

5,623,121

5,635,831

SHAREHOLDERS' FUNDS

9,060,331

9,073,041

NON-CONTROLLING INTERESTS

19

(119

)

-

TOTAL EQUITY

9,060,212

9,073,041

The financial statements were approved by the Board of Directors and authorised for issue on 25 August 2026 and were signed on its behalf by:

S Bromberg - Director

FIXED ASSETS

Tangible assets

8

-

-

Investments

9

3,437,320

3,437,260

Investment property

10

-

-

3,437,320

3,437,260

CURRENT ASSETS

Debtors

12

1,198,319

1,029,976

Cash at bank

1,040,153

1,048,322

2,238,472

2,078,298

CREDITORS

Amounts falling due within one year

13

18,426

23,311

NET CURRENT ASSETS

2,220,046

2,054,987

TOTAL ASSETS LESS CURRENT LIABILITIES

5,657,366

5,492,247

CAPITAL AND RESERVES

Called up share capital

17

149

149

Share premium

18

3,437,061

3,437,061

Retained earnings

18

2,220,156

2,055,037

SHAREHOLDERS' FUNDS

5,657,366

5,492,247

Company's profit for the financial year

1,115,119

1,023,226

The financial statements were approved by the Board of Directors and authorised for issue on 25 August 2026 and were signed on its behalf by:

S Bromberg - Director

Called up

share

Retained

Share

capital

earnings

premium

£

£

£

Balance at 1 September 2023

149

4,818,768

3,437,061

Changes in equity

Dividends

-

(707,000

)

-

Total comprehensive income

-

1,524,063

-

Balance at 31 August 2024

149

5,635,831

3,437,061

Changes in equity

Dividends

-

(950,000

)

-

Total comprehensive income

-

937,290

-

Balance at 31 August 2025

149

5,623,121

3,437,061

Non-controlling

Total

Total

interests

equity

£

£

£

Balance at 1 September 2023

8,255,978

-

8,255,978

Changes in equity

Dividends

(707,000

)

-

(707,000

)

Total comprehensive income

1,524,063

-

1,524,063

Balance at 31 August 2024

9,073,041

-

9,073,041

Changes in equity

Dividends

(950,000

)

-

(950,000

)

Total comprehensive income

937,290

(119

)

937,171

Balance at 31 August 2025

9,060,331

(119

)

9,060,212

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 September 2023

149

1,738,811

3,437,061

5,176,021

Changes in equity

Dividends

-

(707,000

)

-

(707,000

)

Total comprehensive income

-

1,023,226

-

1,023,226

Balance at 31 August 2024

149

2,055,037

3,437,061

5,492,247

Changes in equity

Dividends

-

(950,000

)

-

(950,000

)

Total comprehensive income

-

1,115,119

-

1,115,119

Balance at 31 August 2025

149

2,220,156

3,437,061

5,657,366

Cash flows from operating activities

Cash generated from operations

1

(829,194

)

310,115

Tax paid

100,674

(196,816

)

Net cash from operating activities

(728,520

)

113,299

Cash flows from investing activities

Purchase of tangible fixed assets

(2,475,709

)

(680,121

)

Sale of tangible fixed assets

24,750

97,205

Loans repayments by associated companies

3,000

55,462

Interest received

120,386

208,803

Dividends received from associates

628,000

750,000

Net cash from investing activities

(1,699,573

)

431,349

Cash flows from financing activities

Equity dividends paid

(950,000

)

(707,000

)

Net cash from financing activities

(950,000

)

(707,000

)

Decrease in cash and cash equivalents

(3,378,093

)

(162,352

)

Cash and cash equivalents at beginning of year

2

5,433,686

5,596,038

Cash and cash equivalents at end of year

2

2,055,593

5,433,686

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

31.8.25

31.8.24

£

£

Profit before taxation

1,062,682

1,593,455

Depreciation charges

559,861

426,786

Profit on disposal of fixed assets

(24,750

)

(26,417

)

Finance income

(871,274

)

(1,011,681

)

726,519

982,143

Decrease/(increase) in stocks

18,311

(716,021

)

Increase in trade and other debtors

(217,446

)

(89,826

)

(Decrease)/increase in trade and other creditors

(1,356,578

)

133,819

Cash generated from operations

(829,194

)

310,115

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 August 2025

31.8.25

1.9.24

£

£

Cash and cash equivalents

2,055,593

5,433,686

Year ended 31 August 2024

31.8.24

1.9.23

£

£

Cash and cash equivalents

5,433,686

5,596,038

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.9.24

Cash flow

At 31.8.25

£

£

£

Net cash

Cash at bank and in hand

5,433,686

(3,378,093

)

2,055,593

5,433,686

(3,378,093

)

2,055,593

Total

5,433,686

(3,378,093

)

2,055,593

1.	STATUTORY INFORMATION

S and L UK 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.

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 incorporate those of S and L UK Holdings Limited and all of its subsidiaries (i.e. entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits).

All financial statements are made up to 31 August 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used in line with those used by other members of the group.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation.

The principal subsidiary company was acquired on 28 February 2022 via a group reconstruction which comprised a direct share for share exchange of the shares of the subsidiary for the shares of the new parent company. All of the conditions required for merger accounting were met and hence the consolidation of this subsidiary has been included on this basis since acquisition.

The other small subsidiary has been accounted for using the purchase method (acquisition accounting) taking accounting of the applicable non-controlling interest.

Associates and joint ventures

An associate is an entity over which the Group has significant influence. Significant influence is the power to participate in, but not to control or jointly control, the financial and operating policy decisions of the investee. A joint venture is an activity that is controlled jointly by the Group and one or more other investors under a contractual arrangement. The Group has two investments in associated companies.

Investments in associates and joint ventures are recognised initially in the consolidated statement of financial position at cost (including transaction costs). Cost includes nominal value plus any deemed share premium for value acquired depending on the terms of the original transactions. Subsequently, they are accounted for using the equity method.

In the separate financial statements, the Parent Company measures investments in associates and joint ventures at cost as defined above less impairment.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Turnover

Turnover represents amounts receivable for goods and services provided, net of value added tax.

Revenue from the sale of goods is normally recognised on dispatch of goods. This is the point when the significant risks and rewards of ownership are passed to the customer, the amount of revenue can be reliably measured, it is probable that economic benefits associated with the transaction will flow to the entity and that costs incurred can be measured reliably.

Revenue from contracts where there is a provision of services involved, is recognised on completion of a contract or, where a contract can be split into definable parts, when each part is fully completed.

Tangible fixed assets

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

Freehold property

-

not provided

Short leasehold

-

15% on cost

Plant and machinery

-

20% on cost

Fixtures and fittings

-

15% on cost

Motor vehicles

-

20% on cost

Computer equipment

-

20% on cost

Investments in associates

Investments in associate undertakings are recognised at cost.

Investment property

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

Stocks

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

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

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.