REGISTERED NUMBER: 06228103 (England and Wales)

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 December 2025

for

Dalion Engineering Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

5

Consolidated Income Statement

8

Consolidated Other 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:

D J Booton

Mrs L J Barrows

SECRETARY:

Mrs L J Barrows

REGISTERED OFFICE:

Unit 20 Barnfield Road

Tipton

Dudley

West Midlands

DY4 9DF

REGISTERED NUMBER:

06228103 (England and Wales)

SENIOR STATUTORY AUDITOR:

Susanna D Ault FCA FCCA

AUDITORS:

Tomkinson Teal (Lichfield) LLP

Hanover Court

5 Queen Street

Lichfield

Staffordshire

WS13 6QD

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

REVIEW OF BUSINESS

The principal activity of the group is that of the manufacture of technical and precision engineering products, electrical machines and providing innovative solutions for a wide range of customers including the Medical, Autosport, Defence and Aerospace sectors.

We aim to present a balanced and comprehensive review of the development and performance of the business during the period and its position at the end of the year. Our review is appropriate and consistent with the size and nature of our business and is written in the context of the risks we face.

The profit and loss account shows a profit for the year before taxation of £518,682 (2024 - £420,515) and turnover of £7,221,428 (2024 - £6,642,970). Overhead costs have remained under close control. Operating profit has continued in a stable position even with the turmoil from unstable governmental directions and ongoing conflicts across the world.

Keeping pace with market trends is key to our business model and we are proud of our ability to adapt to changes in the market and make quick business decisions. Emerging technologies are heavily influenced by customer purchasing behaviour, so Dalion Engineering Ltd plays a pivotal role with its customers assisting in prototype development and help bring their ideas and innovations to reality and provide solutions. Dalion Engineering Ltd prides itself on innovation and providing novel solutions to customers' demands to stand out from the crowd. There has been a noticeable shift in electrical machine business mix towards defence sectors in both land, sea and air. Keeping ahead of industry regulations is critical to defence and aerospace business, e.g. AS9100 Quality Accreditation and Cyber Security Accreditation. Working closely with our customers we are constantly developing our working practices to meet their demands.

We will continue to develop and respond to market conditions and opportunities as they arise having due regard to key business risks faced by the business.

PRINCIPAL RISKS AND UNCERTAINTIES

The business' activities of the group expose it primarily to interest rate risk and the risk of economic effects on payment terms caused by the lack of direction of both at home and global governments. Tariffs on both raw materials and exports must be monitored and addressed.

FINANCIAL RISK MANAGEMENT OBJECTIVES

The business' principal financial instruments comprise bank balances, bank overdrafts, confidential invoice discounting, trade debtors and trade creditors. The main purpose of these instruments is to finance the business' operations.

In respect of bank balances, the liquidity risk is managed by maintaining a suitable level of funding advances to support working capital requirements. All the business' bank balances are held in such a way that achieves a competitive rate of interest.

Working closely with customers with regard to the pressure that tariffs on raw materials can impose on profits and sharing this as the soonest opportunity.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. Trade debtors are used to secure additional cash flow using confidential invoice discounting funding. Dalion Engineering Ltd also have a credit insurance policy to protect itself from failing Trade debtors and lines of approved credit are monitored regularly. The amounts presented in the balance sheet are net of allowances for doubtful debtors.

Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

SECTION 172(1) STATEMENT

The Board of Directors confirm it has performed its duties in respect of section 172 of the Companies act 2006.

Specifically, the Board has considered long term factors that affect the Group's strategic directions.

The Board has engaged with its stakeholders, which assist the board in its decision-making process and in fulfilling its duty to promote the success of the Group as set out in Section 172

The Board has fulfilled their duties as follows:

On an ongoing basis, the board assess the major risks affecting the Group and develop appropriate responses to address those risks in an efficient and affective manner. This is taken into consideration when setting goals, budgets and forecasting financial performance. This ensures that the Group understands the financial impact of these risks and can respond to them on a timely basis.

Employees are a key to Dalion Engineering's success. The group engages with employees on a regular basis. Supervisor, Manager and Director meetings are held to cover a range of topics such as Health & Safety, financial performance, training and compliance. The group monitors staff turnover and performance to understand staff progression within the business.

The Group invests in the future of the business and has a successful mentoring plan to encourage young people into the Group.

Dalion Engineering aims to exceed its customers' expectations. We do this through communication and building strong business relationships with our clients. We further promote Dalion Engineering closely with our suppliers and our local communities. We understand our responsibility with our community and work hard to show how important that relationship is to the Group.

ON BEHALF OF THE BOARD:

D J Booton - Director

11 August 2026

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

DIVIDENDS

Interim dividends per share were paid during the year as follows:

Ordinary A £1

-

£3748.75

Ordinary B £1

-

£3741

The total distribution of dividends for the year ended 31 December 2025 will be £ 337,310 .

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

D J Booton

Mrs L J Barrows

DIRECTORS' RESPONSIBILITIES STATEMENT

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.

AUDITORS

The auditors, Tomkinson Teal (Lichfield) LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mrs L J Barrows - Director

11 August 2026

Opinion

We have audited the financial statements of Dalion Engineering Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 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 Directors' Responsibilities Statement set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditors' responsibilities for the audit of the financial statements

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

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design audit procedures in line with our responsibilities to detect material misstatements arising from irregularities, including fraud.

The risk of not detecting a material misstatement due to fraud is higher than for one arising from error, as fraud may involve deliberate concealment, including collusion or misrepresentation. There are inherent limitations in an audit, and the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely it is that it will be detected.

As part of our audit, we obtained an understanding of the legal and regulatory framework applicable to the company and considered the risks of material misstatement arising from non-compliance. We discussed these risks within the engagement team and designed audit procedures accordingly.

Our procedures included enquiries of management and those charged with governance, review of relevant documentation, and testing of transactions where appropriate. We also addressed the risk of management override of controls by reviewing journal entries and accounting estimates for indicators of bias.

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.

Susanna D Ault FCA FCCA (Senior Statutory Auditor)

for and on behalf of Tomkinson Teal (Lichfield) LLP

Hanover Court

5 Queen Street

Lichfield

Staffordshire

WS13 6QD

11 August 2026

REVENUE

4

7,221,428

6,642,970

Cost of sales

(5,256,657

)

(4,989,461

)

GROSS PROFIT

1,964,771

1,653,509

Distribution costs

(157,549

)

(147,279

)

Administrative expenses

(1,122,850

)

(1,014,471

)

684,372

491,759

Other operating income

21,390

105,753

OPERATING PROFIT

6

705,762

597,512

Interest receivable and similar income

2

6

705,764

597,518

Interest payable and similar expenses

8

(187,082

)

(177,003

)

PROFIT BEFORE TAXATION

518,682

420,515

Tax on profit

9

(131,332

)

(99,689

)

PROFIT FOR THE FINANCIAL YEAR

387,350

320,826

Profit attributable to:

Owners of the parent

387,350

320,826

PROFIT FOR THE YEAR

387,350

320,826

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

387,350

320,826

Total comprehensive income attributable to:

Owners of the parent

387,350

320,826

FIXED ASSETS

Intangible assets

12

-

-

Property, plant and equipment

13

2,361,903

2,337,184

Investments

14

-

-

2,361,903

2,337,184

CURRENT ASSETS

Inventories

15

1,446,761

1,302,085

Debtors

16

1,744,692

1,569,776

Cash at bank and in hand

105,388

115,004

3,296,841

2,986,865

CREDITORS

Amounts falling due within one year

17

(3,057,594

)

(2,648,999

)

NET CURRENT ASSETS

239,247

337,866

TOTAL ASSETS LESS CURRENT LIABILITIES

2,601,150

2,675,050

CREDITORS

Amounts falling due after more than one year

18

(706,073

)

(846,550

)

PROVISIONS FOR LIABILITIES

22

(152,360

)

(135,823

)

NET ASSETS

1,742,717

1,692,677

CAPITAL AND RESERVES

Called up share capital

23

90

90

Capital redemption reserve

24

10

10

Retained earnings

24

1,742,617

1,692,577

SHAREHOLDERS' FUNDS

1,742,717

1,692,677

The financial statements were approved by the Board of Directors and authorised for issue on 11 August 2026 and were signed on its behalf by:

D J Booton - Director

FIXED ASSETS

Intangible assets

12

-

-

Property, plant and equipment

13

1,864,164

1,899,900

Investments

14

628,930

628,930

2,493,094

2,528,830

CURRENT ASSETS

Cash at bank

12,016

15,760

CREDITORS

Amounts falling due within one year

17

(1,891,947

)

(1,894,985

)

NET CURRENT LIABILITIES

(1,879,931

)

(1,879,225

)

TOTAL ASSETS LESS CURRENT LIABILITIES

613,163

649,605

CREDITORS

Amounts falling due after more than one year

18

(543,056

)

(575,822

)

PROVISIONS FOR LIABILITIES

22

(42,331

)

(40,626

)

NET ASSETS

27,776

33,157

CAPITAL AND RESERVES

Called up share capital

23

90

90

Capital redemption reserve

10

10

Retained earnings

27,676

33,057

SHAREHOLDERS' FUNDS

27,776

33,157

Company's profit for the financial year

331,929

222,883

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 11 August 2026 and were signed on its behalf by:

D J Booton - Director

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 January 2024

90

1,585,606

10

1,585,706

Changes in equity

Dividends

-

(213,855

)

-

(213,855

)

Total comprehensive income

-

320,826

-

320,826

Balance at 31 December 2024

90

1,692,577

10

1,692,677

Changes in equity

Dividends

-

(337,310

)

-

(337,310

)

Total comprehensive income

-

387,350

-

387,350

Balance at 31 December 2025

90

1,742,617

10

1,742,717

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 January 2024

90

24,029

10

24,129

Changes in equity

Dividends

-

(213,855

)

-

(213,855

)

Total comprehensive income

-

222,883

-

222,883

Balance at 31 December 2024

90

33,057

10

33,157

Changes in equity

Dividends

-

(337,310

)

-

(337,310

)

Total comprehensive income

-

331,929

-

331,929

Balance at 31 December 2025

90

27,676

10

27,776

Cash flows from operating activities

Cash generated from operations

1

572,751

537,765

Interest paid

(187,082

)

(171,406

)

Interest element of hire purchase or finance lease rental payments paid

-

(5,597

)

Tax paid

(110,054

)

(41,429

)

Net cash from operating activities

275,615

319,333

Cash flows from investing activities

Purchase of tangible fixed assets

(144,444

)

(11,599

)

Sale of tangible fixed assets

-

88,241

Interest received

2

6

Net cash from investing activities

(144,442

)

76,648

Cash flows from financing activities

New loans in year

-

250,000

Loan repayments in year

(139,193

)

(93,007

)

Bank borrowing movement

246,695

(179,951

)

Capital repayments in year

-

(98,233

)

Amount introduced by directors

337,310

43,314

Amount withdrawn by directors

(248,291

)

-

Equity dividends paid

(337,310

)

(213,855

)

Net cash from financing activities

(140,789

)

(291,732

)

(Decrease)/increase in cash and cash equivalents

(9,616

)

104,249

Cash and cash equivalents at beginning of year

2

115,004

10,755

Cash and cash equivalents at end of year

2

105,388

115,004

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

2025

2024

£

£

Profit before taxation

518,682

420,515

Depreciation charges

119,725

102,274

Loss on disposal of fixed assets

-

18,289

Finance costs

187,082

177,003

Finance income

(2

)

(6

)

825,487

718,075

(Increase)/decrease in inventories

(144,676

)

188,682

(Increase)/decrease in trade and other debtors

(174,916

)

205,254

Increase/(decrease) in trade and other creditors

66,856

(574,246

)

Cash generated from operations

572,751

537,765

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 December 2025

31/12/25

1/1/25

£

£

Cash and cash equivalents

105,388

115,004

Year ended 31 December 2024

31/12/24

1/1/24

£

£

Cash and cash equivalents

115,004

10,755

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1/1/25

Cash flow

At 31/12/25

£

£

£

Net cash

Cash at bank and in hand

115,004

(9,616

)

105,388

115,004

(9,616

)

105,388

Debt

Debts falling due within 1 year

(134,094

)

(1,284

)

(135,378

)

Debts falling due after 1 year

(846,550

)

140,477

(706,073

)

(980,644

)

139,193

(841,451

)

Total

(865,640

)

129,577

(736,063

)

1.	STATUTORY INFORMATION

Dalion Engineering Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

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

2.	STATEMENT OF COMPLIANCE

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.

3.	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.

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 £.

Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Dalion Engineering Limited together with all entities controlled by the parent company (its subsidiaries) and the group's share of its interests in joint ventures and associates.

All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into 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. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Turnover

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

Goodwill

Goodwill, being the amount paid in connection with the acquisition of Midland Tool and Design Limited in 2007, is being amortised evenly over its estimated useful life of 10 years.

Negative goodwill will be amortised in full in the year of consolidation.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Freehold property

-

50 years straight line

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

33% on reducing balance

Stocks

Inventories 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 inventories to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Going concern

The Directors have considered going concern in preparing these financial statements through review of the Company's financial position. It has been considered that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the going concern basis of accounting has been adopted and no material uncertainties have been identified.