REGISTERED NUMBER: 07405239 (England and Wales)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 December 2025

for

Leafield Environmental Holdings Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Consolidated Income Statement

9

Consolidated Other Comprehensive Income

10

Consolidated Balance Sheet

11

Company Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Company Statement of Changes in Equity

14

Consolidated Cash Flow Statement

15

Notes to the Consolidated Cash Flow Statement

16

Notes to the Consolidated Financial Statements

17

DIRECTORS:

C T Edge

Ms J L D Crawford

P M Maddox

REGISTERED OFFICE:

Leafield Way

Leafield Industrial Estate

Corsham

Wiltshire

SN13 9UD

REGISTERED NUMBER:

07405239 (England and Wales)

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

STRATEGY AND BUSINESS MODEL

The Leafield Environmental Group designs and manufactures premium plastic products. The process used is rotational moulding, a fast and efficient method that produces consistent, high-quality, hard-wearing, and stress-free products.

The strategy of the business is to:

-

increase our conduits to specified markets and maximise our share from existing conduits with our wide product range;

-

expand our export channels by adding new distributors;

-

invest in developing new products to satisfy specific customer requirements or to further expand our product range; and

-

reduce the environmental impact of our operations.

REVIEW OF BUSINESS

2025 was a year of resilient performance despite challenging market conditions. Revenue declined modestly but the Group remained profitable, strengthened its balance sheet, consolidated export activity and continued investing in sustainability and operational improvements.

Key achievement

The Group received the King's Award for Enterprise for excellence in International Trade in recognition for its export success.

Financial Performance

Turnover was £9.99m (2024: £10.62m): The stronger demand from recycling legislation that came into effect in England on 31 March 2025 partly offset the loss of larger contracts in 2024. Exports accounted for 36.5% of total sales and continue to be a valuable diversification into new markets, The Amberol subsidiary, which focuses on planters and hanging baskets, continued to perform well and provides a complementary product offering for many existing customers.

The gross profit margin for the year was robust at 40.0% (2023: 43.1%), affected by a hike in energy prices as well as the changes to employer national insurance contributions and national minimum wage increases that came into effect in April 2025.

Net assets increased by £0.66m to £5.42m (2024 £4.82m). The group continues to invest in tooling for new products to expand our product range and in gradually upgrading our manufacturing facility and equipment to improve productivity.

Investment and sustainability

A major solar installation was completed at the Corsham manufacturing site, turning some of the significant roof space into a long-term energy asset. This marks the latest significant stage in the company's broader sustainability programme, generating around 210,000 kWh of renewable solar electricity each year.

PRINCIPAL RISKS AND UNCERTAINTIES

The directors have identified the following principal risks and uncertainties affecting the Group:

Market risk

A principal risk continues to be the economic environment, although our diversification into international markets helps to mitigate this. The Group continues to monitor the ongoing geopolitical and economic events proactively, allowing for uncertainty when preparing plans and forecasts and focussing on the continuity of operations.

The Group is also exposed to the market price and accessibility of core commodities used in the production process, in particular polymer and gas. The Group mitigates this exposure by forecasting demand, building strong supplier relationships and working with specialist advisors to secure cost effective energy contracts that provide short term certainty.

Regulatory risk

Exports have grown significantly exposing the Group to overseas trade and tax regulations. Whilst the Group does not currently have any physical presence outside the UK, the directors will consider such options to mitigate trade barriers or tariffs should they arise. In the meantime, the Group uses external advisers and employees with relevant skills to manage this risk.

FUTURE OUTLOOK

Directors remain confident in the Group's prospects despite inflationary and economic pressures, supported by exports, product diversification and ongoing investment.

KEY PERFORMANCE INDICATORS

The main financial KPIs that are constantly reviewed are as follows:

2025

2024

£'000

£'000

Turnover

9,993

10,616

Gross Profit Margin

40.0%

43.1%

EBITDA Margin

20.0%

22.4%

POST BALANCE SHEET EVENTS

There have not been any post balance sheet events.

ON BEHALF OF THE BOARD:

P M Maddox - Director

11 September 2026

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

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of design and manufacture of premium, durable polyethylene products using an advanced rotational moulding method.

DIVIDENDS

Dividends of £408,000 (2024: £280,000) were paid during the year.

DIRECTORS

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

C T Edge

Ms J L D Crawford

P M Maddox

FINANCIAL INSTRUMENTS

The Group is exposed to various risks in relation to financial instruments. The most significant financial risks to which the Group is exposed are described below.

Credit risk

The Group has implemented processes that require appropriate credit checks on potential UK customers before sales are made and also on a timely on-going basis. The Group carries credit protection insurance for export debt.

Liquidity risk

The Group actively maintains short-term debt finance and cash reserves that are designed to ensure the Group has sufficient available funds for operations and planned expansions.

Foreign exchange risk

The Group trades predominantly in pounds sterling though does have a relatively low number of transactions in Euro. Both sales and purchases are made in Euro resulting in a degree of natural hedging, but here is a small exposure to foreign currency fluctuations. The Group monitors its currency exposure levels and will, if felt necessary, enter into forward contracts to protect its position.

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.

AUDITORS

The auditors, Sumer Auditco Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

P M Maddox - Director

11 September 2026

Opinion

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

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

Auditors' responsibilities for the audit of the financial statements

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

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

Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to health and safety, employment law and company legislation, and we considered the extent to which non compliance might have a material effect on the financial statements of the Company. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and taxation legislation. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce expenditure, and management bias in accounting estimates and judgemental areas of the financial statements. Audit procedures performed by the audit engagement team included:

-

Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;

-

Understanding of management's internal controls designed to prevent and detect irregularities, and fraud;

-

Reviewing the Company's legal costs to check for non-compliance with laws and regulations and fraud;

-

Review of tax compliance with the involvement of our tax specialists in the audit;

-

Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing of expenses;

-

Testing transactions entered into outside of the normal course of the Company's business; and

-

Identifying and testing journal entries, in particular any journal entries with fraud characteristics.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

David Iain Black (Senior Statutory Auditor)

for and on behalf of Sumer Auditco Limited

Statutory Auditors

Hermes House

Fire Fly Avenue

Swindon

Wiltshire

SN2 2GA

11 September 2026

TURNOVER

3

9,993,493

10,616,081

Cost of sales

5,992,984

6,039,213

GROSS PROFIT

4,000,509

4,576,868

Distribution costs

1,413,353

1,432,750

Administrative expenses

1,012,610

1,090,992

2,425,963

2,523,742

1,574,546

2,053,126

Other operating income

17,663

50,010

OPERATING PROFIT

5

1,592,209

2,103,136

Exceptional items

6

-

56,047

1,592,209

2,047,089

Interest receivable and similar income

23,670

12,980

1,615,879

2,060,069

Interest payable and similar expenses

7

79,288

115,846

PROFIT BEFORE TAXATION

1,536,591

1,944,223

Tax on profit

8

466,995

571,149

PROFIT FOR THE FINANCIAL YEAR

1,069,596

1,373,074

Profit attributable to:

Owners of the parent

1,069,596

1,373,074

PROFIT FOR THE YEAR

1,069,596

1,373,074

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,069,596

1,373,074

Total comprehensive income attributable to:

Owners of the parent

1,069,596

1,373,074

FIXED ASSETS

Intangible assets

11

1,097,157

1,265,950

Tangible assets

12

2,799,978

2,445,116

Investments

13

-

-

3,897,135

3,711,066

CURRENT ASSETS

Stocks

14

710,560

583,723

Debtors

15

1,407,878

1,746,161

Cash at bank and in hand

1,952,103

1,581,995

4,070,541

3,911,879

CREDITORS

Amounts falling due within one year

16

1,452,717

1,759,197

NET CURRENT ASSETS

2,617,824

2,152,682

TOTAL ASSETS LESS CURRENT LIABILITIES

6,514,959

5,863,748

CREDITORS

Amounts falling due after more than one year

17

(880,000

)

(953,334

)

PROVISIONS FOR LIABILITIES

22

(157,581

)

(94,632

)

NET ASSETS

5,477,378

4,815,782

CAPITAL AND RESERVES

Called up share capital

23

865,001

865,001

Capital redemption reserve

24

500,000

500,000

Retained earnings

24

4,112,377

3,450,781

SHAREHOLDERS' FUNDS

5,477,378

4,815,782

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

P M Maddox - Director

FIXED ASSETS

Intangible assets

11

-

-

Tangible assets

12

-

-

Investments

13

1,365,001

1,365,001

1,365,001

1,365,001

TOTAL ASSETS LESS CURRENT LIABILITIES

1,365,001

1,365,001

CAPITAL AND RESERVES

Called up share capital

23

865,001

865,001

Capital redemption reserve

24

500,000

500,000

SHAREHOLDERS' FUNDS

1,365,001

1,365,001

Company's profit for the financial year

408,000

780,000

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

P M Maddox - Director

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 January 2024

1,365,001

2,857,707

-

4,222,708

Changes in equity

Redemption of preference

shares

(500,000

)

(500,000

)

500,000

(500,000

)

Dividends

-

(280,000

)

-

(280,000

)

Total comprehensive income

-

1,373,074

-

1,373,074

Balance at 31 December 2024

865,001

3,450,781

500,000

4,815,782

Changes in equity

Dividends

-

(408,000

)

-

(408,000

)

Total comprehensive income

-

1,069,596

-

1,069,596

Balance at 31 December 2025

865,001

4,112,377

500,000

5,477,378

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 January 2024

1,365,001

-

-

1,365,001

Changes in equity

Redemption of preference

shares

(500,000

)

(500,000

)

500,000

(500,000

)

Dividends

-

(280,000

)

-

(280,000

)

Total comprehensive income

-

780,000

-

780,000

Balance at 31 December 2024

865,001

-

500,000

1,365,001

Changes in equity

Dividends

-

(408,000

)

-

(408,000

)

Total comprehensive income

-

408,000

-

408,000

Balance at 31 December 2025

865,001

-

500,000

1,365,001

Cash flows from operating activities

Cash generated from operations

1

2,022,479

2,323,553

Interest paid

(79,288

)

(115,846

)

Government grants

-

667

Tax paid

(544,595

)

(381,136

)

Net cash from operating activities

1,398,596

1,827,238

Cash flows from investing activities

Purchase of tangible fixed assets

(570,824

)

(251,196

)

Sale of tangible fixed assets

-

11,606

Interest received

23,670

12,980

Net cash from investing activities

(547,154

)

(226,610

)

Cash flows from financing activities

Loan repayments in year

(73,334

)

(423,333

)

Redemption of preference shares

-

(500,000

)

Equity dividends paid

(408,000

)

(280,000

)

Net cash from financing activities

(481,334

)

(1,203,333

)

Increase in cash and cash equivalents

370,108

397,295

Cash and cash equivalents at beginning of year

2

1,581,995

1,184,700

Cash and cash equivalents at end of year

2

1,952,103

1,581,995

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

2025

2024

£

£

Profit before taxation

1,536,591

1,944,223

Depreciation charges

384,755

329,008

Profit on disposal of fixed assets

-

(9,461

)

Government grants

-

(667

)

Finance costs

79,288

115,846

Finance income

(23,670

)

(12,980

)

1,976,964

2,365,969

Increase in stocks

(126,837

)

(32,817

)

Decrease/(increase) in trade and other debtors

338,283

(205,169

)

(Decrease)/increase in trade and other creditors

(165,931

)

195,570

Cash generated from operations

2,022,479

2,323,553

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

1,952,103

1,581,995

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

1,581,995

1,184,700

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.25

Cash flow

At 31.12.25

£

£

£

Net cash

Cash at bank and in hand

1,581,995

370,108

1,952,103

1,581,995

370,108

1,952,103

Debt

Debts falling due within 1 year

(73,333

)

-

(73,333

)

Debts falling due after 1 year

(953,334

)

73,334

(880,000

)

(1,026,667

)

73,334

(953,333

)

Total

555,328

443,442

998,770

1.	STATUTORY INFORMATION

Leafield Environmental 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.

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The financial statements have been prepared on the going concern basis which assumes that the Group and Company will continue in operational existence for the foreseeable future. The directors have reviewed the working capital requirements of the Group and Company for a year of at least 12 months from the anticipated date of signing the financial statements and are satisfied that the Group and Company will be able to meet its liabilities as they fall due.

Financial Reporting Standard 102 - reduced disclosure exemptions

The group has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirement of paragraph 33.7.

The Group has applied the exemption available under paragraph 33.7 a key management personnel are deemed to be the directors of the company, therefore no additional disclosure is required.

Basis of consolidation

The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity, it accounts for that entity as a subsidiary.

All intra-group transactions, balances, income and expenses are eliminated on consolidation. Adjustments are made to eliminate the profit or loss arising on transactions with associates to the extent of the group’s interest in the entity.

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 comprises revenue arising from the sale of goods.

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

-

the company has transferred the significant risks and rewards of ownership to the buyer;

-

the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

-

the amount of revenue can be measured reliably;

-

it is probable that the company will receive the consideration due under the transaction; and

-

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

Turnover earned but not billed to customers is included in accrued income and amounts billed in advance of the revenue being recognised are included in deferred income.Sales of goods are recognised on transfer of title of the goods on dispatch.

Interest income

Interest income is recognised using the effective interest rate method.

Dividend income

Dividend income is recognised when the right to receive payment is established.

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

-

5% on a straight line basis and 2% on straight line basis

Plant and machinery

-

33% on straight line basis, 25% on reducing balance, 25% on straight line basis, 20% on straight line basis, 15% on reducing balance and 12.5% on a straight line basis

Motor vehicles

-

50% on straight line basis

Computer equipment

-

Straight line over 3 years

Tangible assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs.

The assets’ residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

Depreciation is charged from when an asset is bought into use. Land is not depreciated. Repairs and maintenance costs are expensed as incurred.The assets’ residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

Subsequent additions and major components

Subsequent costs are included in the assets carrying amount or recognised as a separate asset, as appropriate, only when it is probable that economic benefits associated with the item will flow to the group and the cost can be measured reliably.

The carrying amount of any replaced component is derecognised. Major components are treated as a separate asset when they have significantly different patterns of consumption of economic benefits and are depreciated separately over its useful life.