REGISTERED NUMBER: 11266871 (England and Wales)

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

FOR

ARROW COMMERCIAL HOLDINGS LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditor

6

Consolidated Income Statement

10

Consolidated Other Comprehensive Income

11

Consolidated Balance Sheet

12

Company Balance Sheet

13

Consolidated Statement of Changes in Equity

14

Company Statement of Changes in Equity

15

Consolidated Cash Flow Statement

16

Notes to the Consolidated Cash Flow Statement

17

Notes to the Consolidated Financial Statements

19

DIRECTORS:

Mr R E Hill

Mr J R Hill

Mrs R E Hill-Birtles

REGISTERED OFFICE:

Grove Garage

Guy Edge

Linthwaite

Huddersfield

West Yorkshire

HD7 5TQ

REGISTERED NUMBER:

11266871 (England and Wales)

AUDITOR:

Xeinadin Audit Limited

Level 5a, Maple House

149 Tottenham Court Road

London

W1T 7NF

BANKERS:

HSBC Bank PLC

Carmel House

49-63 Fargate

Sheffield

South Yorkshire

S1 2HD

The directors present their strategic report of the company and the group for the year ended 31 March 2026.

REVIEW OF BUSINESS

The group hires out commercial vehicles and cars throughout the Yorkshire region. The group purchases new vehicles for the hire fleet, the purchasing decisions are made by looking at customer demand, vehicle price, residual value, vehicle availability, vehicle specification, vehicle quality, manufacturer warranty and manufacturer support.

As a business we look to purchase vehicles that have good manufacturer support both in terms of warranty and vehicle parts availability. This helps us give our customers the best experience while on hire. The decisions on disposal of vehicles are based on vehicle reliability, market conditions, residual value, customer demand and running costs. The disposal of vehicles from our fleet is done through trade channels using various auction houses.

The results for the year end are consistent with the expectations of the board of directors. Within the financial year the group commenced construction work on the new site purchased in 2023. The build is projected to take approximately 12 months.

VEHICLE HIRE MARKET

The vehicle hire market has remained buoyant throughout this financial year. We have seen vehicles prices increase throughout the year. We have had a slight increase in the demand for electric commercial vehicles throughout the year, this has been very much in the car derived van sector, however the slight increase in demand is nowhere near the targets set by the government.

OBJECTIVES

The group is looking to expand in a very controlled manner by dealing with local businesses who appreciate a higher level of personal service that a national company cannot offer. The group looks to deal with well established, financially strong business within our region, who appreciate the unique approach we have to looking after our customers.

STRATEGY

The group will continue to use the above model to meet its objectives.

PRINCIPAL RISKS AND UNCERTAINTIES

The group's operations expose it to a variety of financial risks including the effects of interest rate changes and credit risk. As a business we have a platform in place to ensure that all clients financial information is monitored ensuring credit limits are appropriate for the customer. Most new customers pay via direct debit which ensures prompt payment terms.

The directors take a pragmatic view with respect to risk management. The group is well managed by its board of directors and a prudent approach is adopted in all financial aspects.

KEY PERFORMANCE INDICATORS

The group uses a number of KPI's to ensure that the business is on target to meet its objectives. These KPI's include rate per day, utilisation, whole life vehicle cost and profit per unit. We continue to work to the standards of ISO 9001 2008 which ensures that we have the correct quality assurance methods in place. We are a member of the BVRLA and as part of the membership we have inspections annually.

ON BEHALF OF THE BOARD:

Mr J R Hill - Director

23 September 2026

The directors present their report with the financial statements of the company and the group for the year ended 31 March 2026.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of car and commercial vehicle hire and sales.

DIVIDENDS

The total distribution of dividends for the year ended 31 March 2026 will be £306,140 (2025: £335,140).

FUTURE DEVELOPMENTS

The group will continue to generate good profit margins and increase cash flow through the next financial year. As the business expands in the controlled manor the gearing may increase but this is also offset by our policy to keep assets on the fleet for longer. The group will continue to increase its market share through organic growth but if the correct opportunity arose it may increase by acquisition.

DIRECTORS

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

Mr R E Hill

Mr J R Hill

Mrs R E Hill-Birtles

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 auditor is 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 auditor is aware of that information.

AUDITOR

The auditor, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr J R Hill - Director

23 September 2026

Opinion

I have audited the financial statements of Arrow Commercial Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2026 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 my 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 March 2026 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

I conducted my audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. My responsibilities under those standards are further described in the Auditor responsibilities for the audit of the financial statements section of my report. I am independent of the group in accordance with the ethical requirements that are relevant to my audit of the financial statements in the UK, including the FRC's Ethical Standard, and I have fulfilled my other ethical responsibilities in accordance with these requirements. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion.

Conclusions relating to going concern

In auditing the financial statements, I 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 I have performed, I 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.

My 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 my Report of the Auditor thereon.

My opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in my report, I do not express any form of assurance conclusion thereon.

In connection with my audit of the financial statements, my responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or my knowledge obtained in the audit or otherwise appears to be materially misstated. If I identify such material inconsistencies or apparent material misstatements, I am required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work I have performed, I conclude that there is a material misstatement of this other information, I am required to report that fact. I have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In my 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 I am 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, I have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

I have nothing to report in respect of the following matters where the Companies Act 2006 requires me to report to you if, in my opinion:

-	adequate accounting records have not been kept by the parent company, or returns adequate for my audit have not been received from branches not visited by me; 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

-	I have not received all the information and explanations I require for my 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.

Auditor's responsibilities for the audit of the financial statements

My 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 Auditor that includes my 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. 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 my procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We design audit procedures to respond to the risk, recognising that 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.

We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to the Companies Act 2006. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of my 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 my Report of the Auditor.

Use of my 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. My audit work has been undertaken so that I might state to the company's members those matters I am required to state to them in a Report of the Auditor and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the company and the company's members as a body, for my audit work, for this report, or for the opinions I have formed.

Robert Watson FCA (Senior Statutory Auditor)

for and on behalf of Xeinadin Audit Limited

Level 5a, Maple House

149 Tottenham Court Road

London

W1T 7NF

23 September 2026

TURNOVER

3

14,700,397

14,159,107

Cost of sales

9,997,725

9,526,779

GROSS PROFIT

4,702,672

4,632,328

Administrative expenses

2,885,798

2,998,410

OPERATING PROFIT

5

1,816,874

1,633,918

Interest receivable and similar income

86,336

70,635

1,903,210

1,704,553

Interest payable and similar expenses

7

16,953

33,058

PROFIT BEFORE TAXATION

1,886,257

1,671,495

Tax on profit

8

519,906

525,463

PROFIT FOR THE FINANCIAL YEAR

1,366,351

1,146,032

Profit attributable to:

Owners of the parent

1,366,351

1,146,032

PROFIT FOR THE YEAR

1,366,351

1,146,032

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,366,351

1,146,032

Total comprehensive income attributable to:

Owners of the parent

1,366,351

1,146,032

FIXED ASSETS

Intangible assets

11

341,030

492,599

Tangible assets

12

19,373,138

18,777,159

Investments

13

-

-

19,714,168

19,269,758

CURRENT ASSETS

Stocks

14

56,654

67,034

Debtors

15

2,868,163

2,336,641

Cash at bank and in hand

4,808,576

4,045,506

7,733,393

6,449,181

CREDITORS

Amounts falling due within one year

16

8,315,924

8,177,659

NET CURRENT LIABILITIES

(582,531

)

(1,728,478

)

TOTAL ASSETS LESS CURRENT LIABILITIES

19,131,637

17,541,280

CREDITORS

Amounts falling due after more than one year

17

8,980,290

8,450,144

NET ASSETS

10,151,347

9,091,136

CAPITAL AND RESERVES

Called up share capital

22

10

10

Share premium

3,923,278

3,923,278

Retained earnings

6,228,059

5,167,848

SHAREHOLDERS' FUNDS

10,151,347

9,091,136

The financial statements were approved by the Board of Directors and authorised for issue on 23 September 2026 and were signed on its behalf by:

Mr J R Hill - Director

FIXED ASSETS

Intangible assets

11

-

-

Tangible assets

12

1,687,509

1,065,008

Investments

13

7,846,556

7,846,556

9,534,065

8,911,564

CURRENT ASSETS

Debtors

15

1,557,599

1,326,855

Cash at bank

1,640

1,447

1,559,239

1,328,302

CREDITORS

Amounts falling due within one year

16

114,106

120,482

NET CURRENT ASSETS

1,445,133

1,207,820

TOTAL ASSETS LESS CURRENT LIABILITIES

10,979,198

10,119,384

CREDITORS

Amounts falling due after more than one year

17

133,333

233,333

NET ASSETS

10,845,865

9,886,051

CAPITAL AND RESERVES

Called up share capital

22

10

10

Share premium

3,923,278

3,923,278

Retained earnings

6,922,577

5,962,763

SHAREHOLDERS' FUNDS

10,845,865

9,886,051

Company's profit for the financial year

1,265,954

6,297,645

The financial statements were approved by the Board of Directors and authorised for issue on 23 September 2026 and were signed on its behalf by:

Mr J R Hill - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 April 2024

10

4,356,956

3,923,278

8,280,244

Changes in equity

Dividends

-

(335,140

)

-

(335,140

)

Total comprehensive income

-

1,146,032

-

1,146,032

Balance at 31 March 2025

10

5,167,848

3,923,278

9,091,136

Changes in equity

Dividends

-

(306,140

)

-

(306,140

)

Total comprehensive income

-

1,366,351

-

1,366,351

Balance at 31 March 2026

10

6,228,059

3,923,278

10,151,347

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 April 2024

10

258

3,923,278

3,923,546

Changes in equity

Dividends

-

(335,140

)

-

(335,140

)

Total comprehensive income

-

6,297,645

-

6,297,645

Balance at 31 March 2025

10

5,962,763

3,923,278

9,886,051

Changes in equity

Dividends

-

(306,140

)

-

(306,140

)

Total comprehensive income

-

1,265,954

-

1,265,954

Balance at 31 March 2026

10

6,922,577

3,923,278

10,845,865

Cash flows from operating activities

Cash generated from operations

1

7,489,738

8,192,393

Interest paid

(16,954

)

(33,058

)

Interest element of hire purchase payments paid

(784,009

)

(907,582

)

Tax paid

(582,521

)

(626,601

)

Net cash from operating activities

6,106,254

6,625,152

Cash flows from investing activities

Purchase of tangible fixed assets

(8,683,661

)

(7,905,728

)

Sale of tangible fixed assets

2,803,924

2,972,107

Reclassified fixed asset additions

-

2,744

Interest received

86,336

70,635

Net cash from investing activities

(5,793,401

)

(4,860,242

)

Cash flows from financing activities

Net capital advances/(repayments)

717,705

(35,043

)

Amount introduced by directors

190,000

235,061

Amount withdrawn by directors

(151,348

)

(239,819

)

Equity dividends paid

(306,140

)

(335,140

)

Net cash from financing activities

450,217

(374,941

)

Increase in cash and cash equivalents

763,070

1,389,969

Cash and cash equivalents at beginning of year

2

4,045,506

2,655,537

Cash and cash equivalents at end of year

2

4,808,576

4,045,506

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

31.3.26

31.3.25

£

£

Profit before taxation

1,886,257

1,671,495

Depreciation charges

7,020,151

6,896,952

Profit on disposal of fixed assets

(1,584,824

)

(1,692,620

)

Hire purchase charges

784,009

907,582

Transfer motor vehicles to trade debtors

-

(251,667

)

Finance costs

16,953

33,058

Finance income

(86,336

)

(70,635

)

8,036,210

7,494,165

Decrease in stocks

10,380

17,812

(Increase)/decrease in trade and other debtors

(433,681

)

627,468

(Decrease)/increase in trade and other creditors

(123,171

)

52,948

Cash generated from operations

7,489,738

8,192,393

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 March 2026

31.3.26

1.4.25

£

£

Cash and cash equivalents

4,808,576

4,045,506

Year ended 31 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

4,045,506

2,655,537

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.4.25

Cash flow

At 31.3.26

£

£

£

Net cash

Cash at bank and in hand

4,045,506

763,070

4,808,576

4,045,506

763,070

4,808,576

Debt

Finance leases

(14,098,875

)

(825,315

)

(14,924,190

)

Debts falling due within 1 year

(119,473

)

7,610

(111,863

)

Debts falling due after 1 year

(233,333

)

100,000

(133,333

)

(14,451,681

)

(717,705

)

(15,169,386

)

Total

(10,406,175

)

45,365

(10,360,810

)

1.	STATUTORY INFORMATION

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

The financial statements are prepared in sterling which is the functional currency of the entity and rounded to the nearest pound.

Basis of consolidation

The consolidated financial statements comprise the results of the parent company, Arrow Commercial Holdings Limited and its subsidiary Arrow Commercial Centre (Huddersfield) Limited.

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.

Significant judgements and estimates

In the process of applying the group's accounting policies as described below, the directors have made the following judgement concerning motor vehicles for hire that has the most significant effect on the amounts recognised in the financial statements and will have an impact on the next 12 months.

Depreciation:

Vehicles for hire are depreciated on a straight line basis using depreciation rates that reflect economic lives of between four and six years.These depreciation rates have been determined by consideration of many factors including used car market conditions, anticipating holding periods, vehicle models and historical experience. Management regularly monitor depreciation charges and the need, if any to adjust the annual charge based on vehicle mileage, used condition and other industry factors.

There are no other key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of vehicles and from the rendering of services.

Sale of vehicles

Turnover from the sale of vehicles is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually at the point that the customer has signed the vehicle log book.

Rendering of services

When the outcome of a transaction can be estimated reliably, turnover from vehicle hire is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to length of the contract completed.

Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2018, is being 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

Fixed assets are all initially recorded at original cost. Depreciation is calculated so as to write off the cost of an asset over the useful economic life of that asset as follows:

Plant and equipment - 20% straight line

Motor vehicles - 16.7% to 25% straight line

Computer equipment - 33.3% straight line

Freehold property - 2% straight line

Freehold land (included within freehold property) is not depreciated.

Vehicles subject to a manufacturer or dealer buy-back commitment, that have a contractual holding period of less than 12 months, are recognised as current assets and are recognised at the contractual buy-back price, under trade debtors.

Assets in the course of construction

Fixed assets under construction are recorded at cost incurred for the construction.

Costs include all expenditure incurred for the construction project. The asset in the course of construction is transferred to land & buildings when it has reached the working condition for its intended use. No depreciation is provided for fixed assets in the course of construction.

Stocks

Stocks are stated at the lower of cost and estimated selling price. Cost includes all costs of the vehicles, and

other costs incurred in bringing stock to its present location and condition. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

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.