REGISTERED NUMBER: NI639214 (Northern Ireland)

CORRIEWOOD HOLDINGS LIMITED

GROUP STRATEGIC REPORT, DIRECTORS' REPORT AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025

Page

Company Information

1

Group Strategic Report

2

Directors' Report

4

Independent Auditors' Report

6

Consolidated Income Statement

10

Consolidated Statement of Financial Position

11

Company Statement of Financial Position

12

Consolidated Statement of Changes in Equity

13

Company Statement of Changes in Equity

14

Consolidated Statement of Cash Flows

15

Notes to the Consolidated Statement of Cash Flows

16

Notes to the Consolidated Financial Statements

17

DIRECTORS:

Ann Monica Byrne

Aisling Louise Byrne

Shauna Margaret Byrne

Anthony John Coulter

REGISTERED OFFICE:

1 Drumbuck Road

Castlewellan

BT31 9NG

REGISTERED NUMBER:

NI639214 (Northern Ireland)

INDEPENDENT AUDITORS:

Cooper Parry Audit (Ireland) Limited

Statutory Auditor

Unit 7 Dyehouse

Linen Green

Dungannon

Co. Tyrone

BT71 7HB

BANKERS:

Bank of Ireland

1 Donegall Square South

Belfast

BT1 5LR

SOLICITORS:

EDG

40 Linenhall Street

Belfast

BT2 8BA

PRINCIPAL ACTIVITY

The principal activity of the group is the provision of healthcare services including domiciliary care, nursing/residential homes and specialist care facilities. The principal activity of the company is that of a holding company.

REVIEW OF BUSINESS

The directors aim to present a balanced and comprehensive view of the development and performance of the group and company during the year and its position at the year end. The review is consistent with the size and nature of the group and the company and is written in the context of the risks and uncertainties faced.

Revenue during the year increased from £18,412,626 to £22,168,015, whilst gross profit increased from £5,791,702 to £8,226,792. The group continues to manage costs and generated a profit before tax of £1,106,903 (2024 £794,144).

PRINCIPAL RISKS AND UNCERTAINTIES

PARTNERSHIPS WITH HEALTH AND SOCIAL CARE TRUSTS

The Health and Social Care Trusts in Northern Ireland rely on the private sector to provide nursing, residential and specialist care. The group, in turn, relies on the Trusts to place residents into its care, however as with all other public bodies, they are under pressure to reduce their costs which could have an impact on the group.

AVAILABILITY OF QUALITY NURSING STAFF

The group relies on the provision of well trained staff being available, especially from the nursing sector. At present there is a shortage of nurses within the UK and as such nursing costs are expected to continue to rise.

COMPETITION RISK:

The group operates in a very competitive market in the Northern Ireland nursing industry. In order to manage such risk, the group aims to set high quality standards and ensure it achieves the best possible care for their residents.

ECONOMIC RISK::

Economic risk is inherent in the industry in which the group operates. The directors manage this risk by ensuring relationships with suppliers are maintained. The group has developed long standing relationships with suppliers over the previous years and will continue to develop these relationships further in the future.

HEALTH AND SAFETY

The group is committed to achieving the highest practicable standards in health and safety management and strives to make all sites and homes are safe environments for employees and customers alike.

KEY PERFORMANCE INDICATORS

The group uses the following key performance indicators to monitor the performance of the business.

2025

2024

£

£

Turnover

22,168,015

18,412,626

Operating profit

1,745,730

1,479,350

Profit before tax

1,106,903

794,144

The directors are satisfied with the results for the year and believe the group is in a strong position to continue its performance and initial results for the financial year 2026 would indicate a satisfactory performance for 2026.

FUTURE DEVELOPMENTS

The group is committed to long term creation of shareholder value by increasing the group's market share. The group aims to increase revenue and operating profits. The group will continue to meet the needs of residents and develop innovative solutions for their needs while remaining highly competitive.

ON BEHALF OF THE BOARD:

Anthony John Coulter - Director

19 August 2026

The directors present their report with the audited financial statements of the Company and the Group for the year ended 30 November 2025.

PRINCIPAL ACTIVITY

The principal activity of the group is the provision of healthcare services including domiciliary care, nursing/residential homes and specialist care facilities. The principal activity of the company is that of a holding company.

DIVIDENDS

No interim dividends were paid in the year (2024: £Nil) and the directors do not recommend the payment of a final dividend (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.

Ann Monica Byrne

Aisling Louise Byrne

Shauna Margaret Byrne

Other changes in directors holding office are as follows:

Imelda Mary McGrady - resigned 6 August 2025

Maria Therese McGrady - resigned 6 August 2025

Steven Close - resigned 8 October 2025

Anthony John Coulter - appointed 3 September 2025

POLITICAL DONATIONS AND EXPENDITURE

The company made no political donations or incurred any political expenditure during the current year (2024: £Nil)

EMPLOYMENT OF DISABLED PERSONS

The group gives full consideration to applications for employment from disabled persons where the requirements of the job can be adequately fulfilled. Where existing employees become disabled, it is the group's policy wherever practicable to provide continuing employment under normal terms and conditions and to provide training and career development and promotion to disabled employees wherever appropriate.

EMPLOYEE INVOLVEMENT

During the year, the policy of providing employees with information about the group has continued to be through internal communication methods.

EVENTS AFTER THE END OF THE REPORTING PERIOD

There are no events since the balance sheet date of note and no post balance sheet events require disclosure in the financial statements

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The group's operations expose it to a variety of financial risks that include the effects of changes in liquidity risk and interest rate risk. The group has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the group by monitoring levels of debt finance and the related finance costs.

Given the size of the group, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The policies set by the director are implemented by the group's finance department.

LIQUIDITY RISK

The group actively manages cash flows to ensure the group has sufficient available funds for operations and planned expansions.

INTEREST RATE RISK

The group has both interest bearing assets and interest bearing liabilities, which bear interest at variable rates. The directors will revisit the appropriateness of this policy should the group's operations change in size or nature.

FUTURE DEVELOPMENTS

The section on future developments, which is detailed in the strategic report, is included in this report by cross reference.

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the Group Strategic Report, the Directors' Report 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 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.

AUDITORS

The auditors, Cooper Parry Audit (Ireland) Limited, have indicated their willingness to continue in office in accordance with the provision of Section 485 of the Companies Act 2006.

ON BEHALF OF THE BOARD:

Anthony John Coulter - Director

19 August 2026

Opinion

We have audited the financial statements of Corriewood Holdings Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 30 November 2025 which comprise the Consolidated Income Statement, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 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 Directors' Report, but does not include the financial statements and our Auditors' Report 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Directors' Report 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 Directors' Report.

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 Directors' Responsibilities Statement set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report 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:

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. The objectives of our audit in respect of fraud are to assess the risk of material misstatement due to fraud, design and implement appropriate responses to those assessed risks and to respond appropriately to instances of fraud or suspected fraud identified during the course of our audit. However, the primary responsibility for the prevention and detection of fraud rests with management and those charged with governance of the company.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

-

We obtained understanding of the legal and regulatory requirements applicable to the company’s financial statements and considered the most significant are the Companies Act 2006, Financial Reporting Standards (FRS102) and UK taxation legislation;

-

We have assessed the risk of material misstatement of the financial statements, including risk of material misstatement due to fraud and how it might occur by holding discussions with management and those charged with governance;

-

We enquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations;

-

Understanding the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations; and

-

Discussions amongst the audit engagement team regarding how fraud might occur in the financial statements and any potential indicators of fraud. As part of this discussion we identified the following potential areas where fraud may occur: timing of revenue recognition and management override.

The audit response to risks identified included:

-

Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the relevant laws and regulations above;

-

Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risk of material misstatement due to fraud;

In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments, assessing whether the judgements made in making accounting estimates are reasonable and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

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 Auditors' Report.

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 an Auditors' 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 Company and the Company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Mr. Desmond Kelly (F.C.A) (Senior Statutory Auditor)

for and on behalf of Cooper Parry Audit (Ireland) Limited

Statutory Auditor

Unit 7 Dyehouse

Linen Green

Dungannon

Co. Tyrone

BT71 7HB

19 August 2026

TURNOVER

4

22,168,015

18,412,626

Cost of sales

(13,941,223

)

(12,620,924

)

GROSS PROFIT

8,226,792

5,791,702

Administrative expenses

(6,510,710

)

(4,389,753

)

1,716,082

1,401,949

Other operating income

5

29,648

77,401

OPERATING PROFIT

8

1,745,730

1,479,350

Finance costs

9

(638,827

)

(685,206

)

PROFIT BEFORE TAXATION

1,106,903

794,144

Tax on profit

10

(576,354

)

(483,854

)

PROFIT FOR THE FINANCIAL YEAR

530,549

310,290

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

530,549

310,290

Profit attributable to:

Owners of the parent

530,549

310,290

Total comprehensive income attributable to:

Owners of the parent

530,549

310,290

NON-CURRENT ASSETS

Intangible assets

12

1,152,378

2,039,998

Tangible assets

13

13,434,756

11,019,349

Investments

14

-

-

14,587,134

13,059,347

CURRENT ASSETS

Receivables: amounts falling due within one year

15

1,054,805

810,413

Cash at bank

2,706,362

776,646

3,761,167

1,587,059

PAYABLES

Amounts falling due within one year

16

(3,773,876

)

(2,769,272

)

NET CURRENT LIABILITIES

(12,709

)

(1,182,213

)

TOTAL ASSETS LESS CURRENT LIABILITIES

14,574,425

11,877,134

PAYABLES

Amounts falling due after more than one year

17

(9,983,237

)

(7,805,908

)

PROVISIONS FOR LIABILITIES

21

(134,615

)

(145,202

)

NET ASSETS

4,456,573

3,926,024

CAPITAL AND RESERVES

Called up share capital

22

4,000

4,000

Share premium

23

4,191,219

4,191,219

Retained earnings

23

261,354

(269,195

)

SHAREHOLDERS' FUNDS

4,456,573

3,926,024

The financial statements were approved by the Board of Directors and authorised for issue on 19 August 2026 and were signed on its behalf by:

Anthony John Coulter - Director

NON-CURRENT ASSETS

Intangible assets

12

-

-

Tangible assets

13

-

-

Investments

14

13,771,733

13,771,733

13,771,733

13,771,733

CURRENT ASSETS

Receivables: amounts falling due within one year

15

7,311,952

5,106,561

Cash at bank

7,453

141,808

7,319,405

5,248,369

PAYABLES

Amounts falling due within one year

16

(7,855,545

)

(5,330,951

)

NET CURRENT LIABILITIES

(536,140

)

(82,582

)

TOTAL ASSETS LESS CURRENT LIABILITIES

13,235,593

13,689,151

PAYABLES

Amounts falling due after more than one year

17

(9,983,237

)

(7,718,906

)

NET ASSETS

3,252,356

5,970,245

CAPITAL AND RESERVES

Called up share capital

22

4,000

4,000

Share premium

4,191,219

4,191,219

Retained earnings

(942,863

)

1,775,026

SHAREHOLDERS' FUNDS

3,252,356

5,970,245

Company's (loss)/profit for the financial year

(2,717,889

)

267,787

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

The financial statements were approved by the Board of Directors and authorised for issue on 19 August 2026 and were signed on its behalf by:

Anthony John Coulter - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 December 2023

4,000

(579,485

)

4,191,219

3,615,734

Changes in equity

Total comprehensive income

-

310,290

-

310,290

Balance at 30 November 2024

4,000

(269,195

)

4,191,219

3,926,024

Changes in equity

Total comprehensive income

-

530,549

-

530,549

Balance at 30 November 2025

4,000

261,354

4,191,219

4,456,573

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 December 2023

4,000

1,507,239

4,191,219

5,702,458

Changes in equity

Total comprehensive income

-

267,787

-

267,787

Balance at 30 November 2024

4,000

1,775,026

4,191,219

5,970,245

Changes in equity

Total comprehensive income

-

(2,717,889

)

-

(2,717,889

)

Balance at 30 November 2025

4,000

(942,863

)

4,191,219

3,252,356

Cash flows from operating activities

Cash generated from operations

1

3,323,943

2,674,626

Interest paid

(637,640

)

(685,206

)

Interest element of hire purchase payments paid

(1,187

)

-

Tax paid

(653,509

)

(785,540

)

Net cash from operating activities

2,031,607

1,203,880

Cash flows from investing activities

Purchase of tangible fixed assets

(2,842,055

)

(759,693

)

Sale of tangible fixed assets

570

-

Net cash from investing activities

(2,841,485

)

(759,693

)

Cash flows from financing activities

New loans in year

3,356,968

-

Loan repayments in year

(499,754

)

(286,522

)

Hire purchase repayments

(17,411

)

24,820

Amount withdrawn by directors

(100,209

)

(3,106

)

Net cash from financing activities

2,739,594

(264,808

)

Increase in cash and cash equivalents

1,929,716

179,379

Cash and cash equivalents at beginning of year

2

776,646

597,267

Cash and cash equivalents at end of year

2

2,706,362

776,646

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

2025

2024

£

£

Profit before taxation

1,106,903

794,144

Depreciation charges

426,078

392,229

Amortisation of intangible fixed assets

887,620

887,620

Finance costs

638,827

685,206

3,059,428

2,759,199

(Increase)/decrease in trade and other debtors

(236,912

)

215,817

Increase/(decrease) in trade and other creditors

501,427

(300,390

)

Cash generated from operations

3,323,943

2,674,626

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 30 November 2025

30/11/25

1/12/24

£

£

Cash and cash equivalents

2,706,362

776,646

Year ended 30 November 2024

30/11/24

1/12/23

£

£

Cash and cash equivalents

776,646

597,267

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1/12/24

Cash flow

At 30/11/25

£

£

£

Net cash

Cash at bank

776,646

1,929,716

2,706,362

776,646

1,929,716

2,706,362

Debt

Finance leases

(59,526

)

17,411

(42,115

)

Debts falling due within 1 year

(1,083,918

)

759,741

(324,177

)

Debts falling due after 1 year

(6,366,282

)

(3,616,955

)

(9,983,237

)

(7,509,726

)

(2,839,803

)

(10,349,529

)

Total

(6,733,080

)

(910,087

)

(7,643,167

)

1.	STATUTORY INFORMATION

Corriewood Holdings Limited is a private company, limited by shares, registered in Northern Ireland and incorporated within the United Kingdom. The company's registered number and registered office address can be found on the Company Information page.

The principal activity of the group is the provision of healthcare services including domiciliary care, nursing/residential homes and specialist care facilities.

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

2.	STATEMENT OF COMPLIANCE

These Group and company financial statements have been prepared in accordance with United Kingdom Accounting Standards, including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (FRS 102) and the Companies Act 2006 under the provision of the large and medium-sized companies and Groups (Accounts and Reports) Regulations 2008.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared on a going concern basis under the historical costs convention in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise Judgment in applying the company's accounting policies. No critical judgements or critical accounting estimates have been applied to these financial statements.

Group Financial Statements

The group financial statements consolidate the financial statements of its subsidiary undertakings drawn up to 30 November each year. Consistent accounting policies are applied across companies within the group. The results of subsidiary undertakings sold or acquired are included in the consolidated Income Statement up to or from the date control passes. Intra-group sales, profits and balances are eliminated fully on consolidation. No profit and loss account is presented for Corriewood Holdings Limited as permitted by section 408 of the Companies Act 2006.

The following principal accounting policies have been applied consistently unless otherwise stated:

Disclosure exemptions for qualifying entities under frs 102

FRS 102 allows a qualifying entity certain disclosure exemptions, subject to certain conditions.

The company has taken advantage of the following exemptions:

-

from presenting its own Income Statement in the financial statements as permitted under section 408 of the Companies Act 2006:

-

from preparing a Statement of cash flows on the basis that it is a qualifying entity: its cash flows is included in the cash flows in the consolidated financial statements:

-

from the financial instrument disclosures, required under FRS 102 paragraphs 11.41(b) to 11.48(c) and 12.26 to 12.29. as the information is provided in the consolidated statement disclosure; and

-

from disclosing the company's key management personnel compensation as required by FRS 102 paragraph 33.7.

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Provision of services:

Revenue from a contract to provide services is recognised in the period in which the services are provided. The following criteria must also be met before revenue is recognised:

- the amount of revenue can be measured reliably;

- it is probable that future economic benefits will flow through the Group

- the costs incurred or to be incurred in respect of the transaction can be measured reliably

Intangible assets

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business.

Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value over the useful life of that asset as follows:

Goodwill

10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes expenditure that is directly attributable to making the asset capable of operating as intended.

The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:

Freehold Property

2 - 5% Straight line

Plant and Machinery

10 - 20% Reducing balance

Fixtures, fittings and equipment

10 - 25% Reducing balance

Motor vehicles

10 - 25% Reducing balance

Equipment

10 - 33% Reducing balance

The carrying values of property, plant and equipment are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.