REGISTERED NUMBER: 06524883 (England and Wales)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 30 September 2025

for

Brill Holdings Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Consolidated Statement of Comprehensive Income

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:

M P Glover

Mrs M E Glover

SECRETARY:

Mrs M E Glover

REGISTERED OFFICE:

5 Barnfield Crescent

Exeter

Devon

EX1 1RF

REGISTERED NUMBER:

06524883 (England and Wales)

AUDITORS:

Sumer Auditco Limited

Statutory Auditor

5 Barnfield Crescent

Exeter

Devon

EX1 1QT

This report has been prepared to inform members of the company and help them assess how the directors have performed their duty to promote the success of the company during the period under review.

REVIEW OF BUSINESS

The principal activity of the Group in the period under review was that of a Building Services Company together with associated mechanical, electrical, fabrication and building services.

The group's financial performance fell back (as expected) in 2025 following the reduction of work available in the Armed Forces sector arising from the main contractors requiring less external support and government reducing the amount of financial resources available. The group combatted this by increasing the amount of work in other sectors with work in respect of data centre's becoming more prevalent.

Financial resources remained steady across the group as can be seen by the key performance indicators below. Profit was reinvested in the group providing a sound base for future development with group liquidity remaining strong.

PRINCIPAL RISKS AND UNCERTAINTIES

Business risk

The Group operates in the commercial building and construction industry and as such is subject to the economic trends within the UK. The economy remains steady and provides consistency and stability for the Group.. Continued pressure from customers to achieve the best prices means that margins remain competitive. Delays in receiving payments can in some cases lead to cashflow pressure although the Group holds material reserves to minimise such difficulties where possible.

Financial risk

The Group's major risk arises from a bad debt from one of its major customers. The directors monitor all major customers by reviewing information publicly available and assessing that information for impact on the Group's willingness to continue to work with that customer.

The Group continues to hold significant cash balances which will help it through any period of potential instability. These balances will protect the Group should any financial threats arise. The directors have no plans to distribute excess balances to the shareholders as this may impact upon the long term strength of the Group's balance sheet.

Interest Rate Risk

Interest rates have stabilised and the Group has minimal debt and therefore minimal interest rate risk.

Health and Safety risk

Claims in respect of health and safety injuries are far more prevalent than in years gone by. The Group takes this risk seriously and has strict policies in place for all employees to follow both on site and in the office. Action is taken against employees who do not adhere to the policies thus reinforcing the policies visibly to all employees. The Group has an excellent health and safety record.

KEY PERFORMANCE INDICATORS

Financial Summary

Group

Company

£'000

2025

2024

2023

2025

2024

2023

Turnover

18,982

21,892

26,026

598

681

993

Gross Profit Margin

29%

33%

24%

45%

54%

52%

Profit/(Loss) before tax

1,116

3,497

1,228

626

252

(402

)

Dividends

200

190

403

200

190

403

Bank and cash

4,882

3,474

744

1,408

506

75

Net Assets

9,427

8,751

6,316

1,783

1,393

1,393

Note that the 2023 figures in respect of Profit and Loss items relate to an 18 month period.

FUTURE DEVELOPMENTS

Following on from the merger of two subsidiaries businesses in 2024, another subsidiary's business was merged in 2025 leaving the group with its holding company, a trading subsidiary, a subsidiary where contracts were being completed with a view to ceasing trade and a non trading subsidiary. Further, in October 2025, the trading subsidiary was sold via a management buyout leaving the group in a wind down position. That wind down is expected to be completed by the winter of 2026 or early 2027.

ON BEHALF OF THE BOARD:

Mrs M E Glover - Director

22 September 2026

The directors present their report with the financial statements of the company and the group for the year ended 30 September 2025.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of a building services company and associated trades.

DIVIDENDS

An interim dividend of £200.00 per share was paid to Ordinary shareholders in September 2025.

No final dividends are expected.

EVENTS SINCE THE END OF THE YEAR

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

DIRECTORS

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

M P Glover

Mrs M E Glover

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:

Mrs M E Glover - Director

22 September 2026

Opinion

We have audited the financial statements of Brill Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2025 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 30 September 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.

Material uncertainty related 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

-

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

-

we identified the laws and regulations applicable to the Company through discussions with the directors and other management, and from our commercial knowledge and experience;

-

we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, including the Companies Act 2006, taxation legislation and food safety, employment, environmental and health and safety legislation;

-

we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, reviewing correspondence with industry regulators, and inspecting legal correspondence; and

-

identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

We assessed the susceptibility of the Company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

-

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

-

considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

-

performed analytical procedures to identify any unusual or unexpected relationships;

-

tested journal entries to identify unusual transactions;

-

assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

-

investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

-

agreeing financial statement disclosures to underlying supporting documentation;

-

reading the minutes of meetings of those charged with governance;

-

enquiring of management as to actual and potential litigation and claims; and

-

reviewing correspondence with HMRC, relevant regulators, and the Company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or 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.

Richard Baker FCA (Senior Statutory Auditor)

for and on behalf of Sumer Auditco Limited

Statutory Auditor

5 Barnfield Crescent

Exeter

Devon

EX1 1QT

22 September 2026

TURNOVER

5

18,982,072

21,892,231

Cost of sales

(13,550,903

)

(14,631,696

)

GROSS PROFIT

5,431,169

7,260,535

Administrative expenses

(4,374,080

)

(3,767,757

)

1,057,089

3,492,778

Other operating income

6

11,000

-

OPERATING PROFIT

8

1,068,089

3,492,778

Interest receivable and similar income

9

72,629

31,881

1,140,718

3,524,659

Interest payable and similar expenses

10

(24,474

)

(27,279

)

PROFIT BEFORE TAXATION

1,116,244

3,497,380

Tax on profit

11

(240,005

)

(873,099

)

PROFIT FOR THE FINANCIAL YEAR

876,239

2,624,281

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

876,239

2,624,281

Profit attributable to:

Owners of the parent

876,239

2,624,281

Total comprehensive income attributable to:

Owners of the parent

876,239

2,624,281

FIXED ASSETS

Tangible assets

14

1,309,549

1,126,785

Investments

15

-

-

1,309,549

1,126,785

CURRENT ASSETS

Stocks

16

192,428

255,193

Debtors

17

6,245,338

8,327,005

Cash at bank and in hand

4,882,609

3,473,750

11,320,375

12,055,948

CREDITORS

Amounts falling due within one year

18

2,717,879

3,980,058

NET CURRENT ASSETS

8,602,496

8,075,890

TOTAL ASSETS LESS CURRENT LIABILITIES

9,912,045

9,202,675

CREDITORS

Amounts falling due after more than one year

19

(138,801

)

(137,043

)

PROVISIONS FOR LIABILITIES

22

(346,339

)

(314,966

)

NET ASSETS

9,426,905

8,750,666

CAPITAL AND RESERVES

Called up share capital

23

1,000

1,000

Retained earnings

24

9,425,905

8,749,666

SHAREHOLDERS' FUNDS

9,426,905

8,750,666

The financial statements were approved by the Board of Directors and authorised for issue on 22 September 2026 and were signed on its behalf by:

M P Glover - Director

Mrs M E Glover - Director

FIXED ASSETS

Tangible assets

14

27,714

37,491

Investments

15

802

802

28,516

38,293

CURRENT ASSETS

Debtors

17

450,703

1,018,821

Cash at bank and in hand

1,408,776

506,548

1,859,479

1,525,369

CREDITORS

Amounts falling due within one year

18

104,734

170,510

NET CURRENT ASSETS

1,754,745

1,354,859

TOTAL ASSETS LESS CURRENT LIABILITIES

1,783,261

1,393,152

CAPITAL AND RESERVES

Called up share capital

23

1,000

1,000

Retained earnings

24

1,782,261

1,392,152

SHAREHOLDERS' FUNDS

1,783,261

1,393,152

Company's profit for the financial year

590,109

189,808

The financial statements were approved by the Board of Directors and authorised for issue on 22 September 2026 and were signed on its behalf by:

M P Glover - Director

Mrs M E Glover - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 October 2023

1,000

6,315,385

6,316,385

Changes in equity

Dividends

-

(190,000

)

(190,000

)

Total comprehensive income

-

2,624,281

2,624,281

Balance at 30 September 2024

1,000

8,749,666

8,750,666

Changes in equity

Dividends

-

(200,000

)

(200,000

)

Total comprehensive income

-

876,239

876,239

Balance at 30 September 2025

1,000

9,425,905

9,426,905

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 October 2023

1,000

1,392,344

1,393,344

Changes in equity

Dividends

-

(190,000

)

(190,000

)

Total comprehensive income

-

189,808

189,808

Balance at 30 September 2024

1,000

1,392,152

1,393,152

Changes in equity

Dividends

-

(200,000

)

(200,000

)

Total comprehensive income

-

590,109

590,109

Balance at 30 September 2025

1,000

1,782,261

1,783,261

Cash flows from operating activities

Cash generated from operations

1

2,978,892

3,621,909

Interest paid

(132

)

(4,126

)

Interest element of hire purchase payments paid

(24,342

)

(23,153

)

Tax paid

(597,850

)

(342,000

)

Net cash from operating activities

2,356,568

3,252,630

Cash flows from investing activities

Purchase of tangible fixed assets

(423,316

)

(232,620

)

Sale of tangible fixed assets

118,367

140,670

Interest received

72,629

31,881

Net cash from investing activities

(232,320

)

(60,069

)

Cash flows from financing activities

Capital repayments in year

(223,781

)

(271,147

)

Amount withdrawn by directors

(291,608

)

(2,293

)

Equity dividends paid

(200,000

)

(190,000

)

Net cash from financing activities

(715,389

)

(463,440

)

Increase in cash and cash equivalents

1,408,859

2,729,121

Cash and cash equivalents at beginning of year

2

3,473,750

744,629

Cash and cash equivalents at end of year

2

4,882,609

3,473,750

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

30.9.25

30.9.24

£

£

Profit before taxation

1,116,244

3,497,380

Depreciation charges

348,754

335,040

Profit on disposal of fixed assets

(10,320

)

(40,974

)

Increase in provisions

-

3,520

Finance costs

24,474

27,279

Finance income

(72,629

)

(31,881

)

1,406,523

3,790,364

Decrease in stocks

62,765

86,924

Decrease/(increase) in trade and other debtors

2,359,715

(530,248

)

(Decrease)/increase in trade and other creditors

(850,111

)

274,869

Cash generated from operations

2,978,892

3,621,909

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 30 September 2025

30.9.25

1.10.24

£

£

Cash and cash equivalents

4,882,609

3,473,750

Year ended 30 September 2024

30.9.24

1.10.23

£

£

Cash and cash equivalents

3,473,750

744,629

3.	ANALYSIS OF CHANGES IN NET FUNDS

Other

non-cash

At 1.10.24

Cash flow

changes

At 30.9.25

£

£

£

£

Net cash

Cash at bank

and in hand

3,473,750

1,408,859

4,882,609

3,473,750

1,408,859

4,882,609

Debt

Finance leases

(351,889

)

223,781

(216,248

)

(344,356

)

(351,889

)

223,781

(216,248

)

(344,356

)

Total

3,121,861

1,632,640

(216,248

)

4,538,253

1.	TRADING ADDRESS

The Group trading address is 11 The Green, Brill, Aylesbury, Bucks, HP18 9RU.

2.	STATUTORY INFORMATION

Brill 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 (£).

3.	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.

4.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention on a going concern basis. Since the year end (October 2025), the main subsidiary was sold leaving two subsidiary's. One of those subsidiaries had ceased trading in the year ended 30th September 2024 and the second subsidiary is reducing the amount that it is trading with a view to ceasing trading itself in the year to 30th September 2026. When that happens the group would no longer be trading and thus not considered a going concern. The group is solvent and ceasing to be a going concern would not have a material impact on the financial statements.

Basis of consolidation

The consolidated financial statements incorporate the financial statements of the Company together with all of its subsidiaries of which all are wholly owned.

Significant judgements and estimates

In the application of the Company's accounting policies, which are described in this note, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

There are two material estimates within the financial statements. The main estimate relates to the value of Work In Progress. The estimation process assumes that profit arises evenly over the life of a contract and calculates the % completion of the contract by looking at the costs incurred to date compared to the total expected costs of the contract. The % completion is then multiplied by the contract value and any recognised turnover deducted. The resultant number is recognised as an "amount recoverable under contract" or a "payment on account".

The second material estimate relates to the provision for dilapidation costs arising under property leases. Due to the nature of the business, the directors consider themselves to have sufficient expertise to reasonably estimate these costs.

Turnover

Turnover represents net invoiced sales of work completed as adjusted for work in progress where work in progress is recoverable under contract. All amounts are net of VAT.

Where it is considered that the outcome of a contract can be assessed with reasonable certainty before its conclusion, the prudently calculated attributable profit is recognised (as turnover) as the difference between reported turnover and related costs for that contract.

The amount by which recorded turnover is in excess of payments on account is classified as "amounts recoverable on contracts" and separately disclosed within debtors. Where payments are in excess of recognised turnover, the excess is included as "payments on account".

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2002, has been amortised evenly over its estimated useful life of ten years.

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 each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property

-

25% on reducing balance

Plant and machinery

-

25% on reducing balance, 20% on reducing balance and 15% on reducing balance

Fixtures and fittings

-

20% on reducing balance and 15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

An asset is recognised where relevant expenditure is incurred and that expenditure is expected to have a value beyond the Balance Sheet date.

Stocks

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

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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