Hostombe Group Limited Group accounts (Group and Company)

Remeasurement of the net defined benefit plan

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Total comprehensive income for the year

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COMPANY REGISTRATION NUMBER: 00348068

HOSTOMBE GROUP LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 March 2026

HOSTOMBE GROUP LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2026

Contents	Page

Officers and professional advisers	1

Strategic report	2

Directors' report	3

Independent auditor's report to the members	5

Consolidated statement of comprehensive income	9

Consolidated statement of financial position	10

Company statement of financial position	12

Consolidated statement of changes in equity	13

Company statement of changes in equity	14

Consolidated statement of cash flows	15

Notes to the financial statements	17

HOSTOMBE GROUP LIMITED

OFFICERS AND PROFESSIONAL ADVISERS

The board of directors	R E Hostombe
	Mrs S M Hostombe

Registered office	Fullwood Hall
	Harrison Lane
	Sheffield
	South Yorkshire
	S10 4PA

Auditor	Streets Audit LLP
	Chartered accountants & statutory auditor
	Windsor House
	A1 Business Park at
	Long Bennington
	Notts
	NG23 5JR

HOSTOMBE GROUP LIMITED

STRATEGIC REPORT

YEAR ENDED 31 MARCH 2026

The directors present the strategic report for the year ended 31 March 2026. Review of the business The aim is to present a balanced and comprehensive review of the development and performance of the business during the year and its position at the year end. The review is consistent with the size and non-complex nature of the business and is written in the context of the risks and uncertainties faced. It is considered that the key financial performance indicators are those that communicate the financial performance and strength of the group as a whole, these being turnover, gross margin and net operating profit, together with cash balances. Turnover across the group has remained fairly static at £9.7M though the gross profit as increased by £0.3M. The group reported operating profits of £0.3M which is an improvement on the previous year's loss of £0.1M though included in the Group's results for the current year were losses on the revaluation of investment properties of £0.3M (2025 - £0.5M). The group’s balance sheet has increased from £4.7M in 2025 to £4.8M in 2026. The group has reported a pre tax loss on its defined benefit pension scheme of £63k in 2026, but remains in surplus, and the overall impact on comprehensive income is £nil. In accordance with accounting standards the group has not recognised the pension scheme surplus of £5k. The group disposed of an overseas property during the year and now only has interests in UK based commercial properties. Principal risks and uncertainties The principal risk facing the group is competition for customers for its main trading subsidiary, Cathodic Protection Co. Ltd. The company combines consultancy, design and manufacture of bespoke materials and systems, with an after-sales service which is second to none. This enables it to deliver both cost savings and added value to its customers.

This report was approved by the board of directors on 8 October 2026 and signed on behalf of the board by:

R E Hostombe

Director

Registered office:

Fullwood Hall

Harrison Lane

Sheffield

South Yorkshire

S10 4PA

HOSTOMBE GROUP LIMITED

DIRECTORS' REPORT

YEAR ENDED 31 MARCH 2026

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

Directors

The directors who served the company during the year were as follows:

R E Hostombe
Mrs S M Hostombe	(Appointed 16 January 2026)

Dividends

The directors do not recommend the payment of a dividend.

Directors' responsibilities statement

The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 group and the company and 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 judgments 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.

This report was approved by the board of directors on 8 October 2026 and signed on behalf of the board by:

R E Hostombe

Director

Registered office:

Fullwood Hall

Harrison Lane

Sheffield

South Yorkshire

S10 4PA

HOSTOMBE GROUP LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HOSTOMBE GROUP LIMITED

YEAR ENDED 31 MARCH 2026

Opinion

We have audited the financial statements of Hostombe Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2026 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated statement of cash flows and the related notes, 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 FRS 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's 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; - 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 auditor's 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 or 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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 is 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

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 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: 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 that we identified the material laws and regulations applicable to the group through discussions with management, and from our commercial knowledge and experience of the group and various sectors in which it operates. We then assessed the extent of compliance with these laws and regulations through making enquiries of of management. We assessed the susceptibility of the group'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 tested journal entries to identify unusual transactions, we assessed whether judgements and assumptions made in determining the accounting estimates set out in Note 3 were indicative of potential bias; and we 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 and reviewing correspondence with relevant regulators. 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 auditor’s report. Use of our report

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

Mark Bradshaw

(Senior Statutory Auditor)

For and on behalf of

Streets Audit LLP

Chartered accountants & statutory auditor

Windsor House

A1 Business Park at

Long Bennington

Notts

NG23 5JR

8 October 2026

HOSTOMBE GROUP LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

YEAR ENDED 31 MARCH 2026

		2026			2025
		Continuing operations	Discont'd operations	Total	Continuing operations	Discont'd operations	Total
					(restated)	(restated)	(restated)
Note		£	£	£	£	£	£
Turnover	4	9,659,544	47,853	9,707,397	9,543,958	145,741	9,689,699

Cost of sales	( 6,102,434)	–	( 6,102,434)	( 6,363,204)	–	( 6,363,204)
	-------------	---------	-------------	-------------	----------	-------------
Gross profit	3,557,110	47,853	3,604,963	3,180,754	145,741	3,326,495

Administrative expenses		( 3,186,294)	( 104,801)	( 3,291,095)	( 3,210,166)	( 195,753)	( 3,405,919)
Other operating income	5	27,295	–	27,295	–	–	–
		-------------	----------	-------------	-------------	----------	-------------
Operating profit/(loss)	6	398,111	( 56,948)	341,163	( 29,412)	( 50,012)	( 79,424)

Other interest receivable and similar income	10	35,147	–	35,147	58,828	–	58,828
Interest payable and similar expenses	11	( 6,773)	–	( 6,773)	( 16,773)	–	( 16,773)
		-------------	----------	-------------	-------------	----------	-------------
Profit/(loss) before taxation		426,485	( 56,948)	369,537	12,643	( 50,012)	( 37,369)

Tax on profit/(loss)	12	( 112,625)	–	( 112,625)	52,879	–	52,879
		----------	---------	----------	---------	---------	---------
Profit for the financial year		313,860	( 56,948)	256,912	65,522	( 50,012)	15,510
		----------	---------	----------	---------	---------	---------

HOSTOMBE GROUP LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

31 March 2026

	2026	2025
		(restated)
Note	£	£

Fixed assets

Tangible assets	13	841,462	688,456
Investments	14	400,000	1,522,135
		-------------	-------------
		1,241,462	2,210,591

Current assets

Stocks	15	1,719,207	1,292,753
Debtors	16	2,921,965	3,629,227
Cash at bank and in hand		2,736,006	1,084,023
		-------------	-------------
		7,377,178	6,006,003

Creditors: amounts falling due within one year	17	( 3,707,638)	( 3,511,529)
		-------------	-------------
Net current assets		3,669,540	2,494,474
		-------------	-------------
Total assets less current liabilities		4,911,002	4,705,065

Creditors: amounts falling due after more than one year	18	( 36,233)	( 97,290)

Provisions	20	( 73,082)	–
		-------------	-------------
Net assets excluding defined benefit pension plan liability		4,801,687	4,607,775

Defined benefit pension plan liability	22	(7,890,000)	(8,170,000)
Defined benefit pension plan asset	22	7,890,000	8,170,000
		-------------	-------------
Net assets		4,801,687	4,607,775
		-------------	-------------

Capital and reserves

Called up share capital	25	26,252	26,252
Capital redemption reserve	26	23,748	23,748
Profit and loss account	26	4,751,687	4,557,775
		-------------	-------------
Shareholders funds		4,801,687	4,607,775
		-------------	-------------

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

HOSTOMBE GROUP LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (continued)

31 March 2026

These financial statements were approved by the board of directors and authorised for issue on 8 October 2026 , and are signed on behalf of the board by:

R E Hostombe

Director

Company registration number: 00348068

HOSTOMBE GROUP LIMITED

COMPANY STATEMENT OF FINANCIAL POSITION

31 March 2026

	2026	2025
Note	£	£

Fixed assets

Tangible assets	13	7,302	4,286
Investments	14	215,767	215,767
		----------	----------
		223,069	220,053

Current assets

Debtors	16	2,951,569	3,040,415
Cash at bank and in hand		169,810	162,734
		-------------	-------------
		3,121,379	3,203,149

Creditors: amounts falling due within one year	17	( 104,763)	( 122,907)
		-------------	-------------
Net current assets		3,016,616	3,080,242
		-------------	-------------
Total assets less current liabilities		3,239,685	3,300,295
		-------------	-------------
Net assets excluding defined benefit pension plan liability		3,239,685	3,300,295

Defined benefit pension plan liability	22	(7,890,000)	(8,170,000)
Defined benefit pension plan asset	22	7,890,000	8,170,000
		-------------	-------------
Net assets including defined benefit pension plan liability		3,239,685	3,300,295
		-------------	-------------

Capital and reserves

Called up share capital	25	26,252	26,252
Capital redemption reserve	26	23,748	23,748
Profit and loss account	26	3,189,685	3,250,295
		-------------	-------------
Shareholders funds		3,239,685	3,300,295
		-------------	-------------

The profit for the financial year of the parent company was £ 2,390 (2025: £ 26,643 ).

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

These financial statements were approved by the board of directors and authorised for issue on 8 October 2026 , and are signed on behalf of the board by:

R E Hostombe

Director

Company registration number: 00348068

HOSTOMBE GROUP LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

YEAR ENDED 31 MARCH 2026

			Called up share capital	Capital redemption reserve	Profit and loss account	Total
			£	£	£	£
At 1 April 2024			26,252	23,748	4,602,265	4,652,265

Profit for the year					15,510	15,510
Other comprehensive income for the year:
	Remeasurement of the net defined benefit plan	22	–	–	( 60,000)	( 60,000)
			---------	---------	-------------	-------------
Total comprehensive income for the year			–	–	( 44,490)	( 44,490)

At 31 March 2025			26,252	23,748	4,557,775	4,607,775

Profit for the year					256,912	256,912
Other comprehensive income for the year:
	Remeasurement of the net defined benefit plan	22	–	–	( 63,000)	( 63,000)
			---------	---------	-------------	-------------
Total comprehensive income for the year			–	–	193,912	193,912

			---------	---------	-------------	-------------
At 31 March 2026			26,252	23,748	4,751,687	4,801,687
			---------	---------	-------------	-------------

HOSTOMBE GROUP LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

YEAR ENDED 31 MARCH 2026

			Called up share capital	Capital redemption reserve	Profit and loss account	Total
			£	£	£	£
At 1 April 2024			26,252	23,748	3,283,652	3,333,652

Profit for the year					26,643	26,643
Other comprehensive income for the year:
	Remeasurement of the net defined benefit plan	22	–	–	( 60,000)	( 60,000)
			---------	---------	-------------	-------------
Total comprehensive income for the year			–	–	( 33,357)	( 33,357)

At 31 March 2025			26,252	23,748	3,250,295	3,300,295

Profit for the year					2,390	2,390
Other comprehensive income for the year:
	Remeasurement of the net defined benefit plan	22	–	–	( 63,000)	( 63,000)
			---------	---------	-------------	-------------
Total comprehensive income for the year			–	–	( 60,610)	( 60,610)

			---------	---------	-------------	-------------
At 31 March 2026			26,252	23,748	3,189,685	3,239,685
			---------	---------	-------------	-------------

HOSTOMBE GROUP LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

YEAR ENDED 31 MARCH 2026

	2026	2025
		(restated)
	£	£

Cash flows from operating activities

Profit for the financial year	256,912	15,510

Adjustments for:
Depreciation of tangible assets	110,652	106,411
Fair value adjustment of investment property	30,000	544,678
Government grant income	(27,295)	–
Other interest receivable and similar income	( 35,147)	( 58,828)
Interest payable and similar expenses	6,773	16,773
Loss on disposal of tangible assets	26,381	2,970
Loss on disposal of investment property	11,679	–
Defined benefit pension plan employer contributions	( 39,000)	( 42,000)
Tax on profit	112,625	( 52,879)
Accrued expenses	122,914	284,393

Changes in:
Stocks	( 426,454)	669,207
Trade and other debtors	661,226	( 672,110)
Trade and other creditors	( 50,905)	487,190
	----------	-------------
Cash generated from operations	760,361	1,301,315

Interest paid	( 30,773)	( 34,773)
Interest received	–	6,665
Tax paid	( 205,093)	( 141,130)
	----------	-------------
Net cash from operating activities	524,495	1,132,077
	----------	-------------

Cash flows from investing activities

Purchase of tangible assets	( 248,208)	( 37,089)
Proceeds from sale of tangible assets	( 1)	–
Proceeds from sale of other investments	1,092,135	–
Interest received	35,147	52,163
	-------------	-------------
Net cash from investing activities	879,073	15,074
	-------------	-------------

Cash flows from financing activities

Movement on borrowings	274,080	( 298,606)
Government grant income	27,295	–
Payments of finance lease liabilities	( 52,960)	( 40,420)
	-------------	-------------
Net cash from/(used in) financing activities	248,415	( 339,026)
	-------------	-------------

HOSTOMBE GROUP LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS (continued)

YEAR ENDED 31 MARCH 2026

	2026	2025
		(restated)
Note	£	£
Net increase in cash and cash equivalents	1,651,983	808,125
Cash and cash equivalents at beginning of year	1,084,023	275,898
	-------------	-------------
Cash and cash equivalents at end of year	2,736,006	1,084,023
	-------------	-------------

HOSTOMBE GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2026

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Fullwood Hall, Harrison Lane, Sheffield, South Yorkshire, S10 4PA.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.

Disclosure exemptions

No disclosure exemptions have been taken by the entity .

Consolidation

The financial statements consolidate the financial statements of Hostombe Group Limited and all of its subsidiary undertakings.

The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.

The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The actual outcome may diverge from these estimates if other assumptions are made, or other conditions arise. - Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: (i) Property valuation In the opinion of the Director, the key estimate is the valuation of investment properties which are stated at their fair value. The valuations were performed by the director. (ii) Defined benefit pension scheme There is an obligation to pay benefits to certain employees. The cost of these benefits and the present value of the obligation depend on a number of factors including; life expectancy, salary increases, asset valuations and the discount rate on bonds. The assumptions reflect historical experience and current trends. The scheme was is surplus position at the year end so no liability was recognised in relation to this obligation.

Revenue recognition

Turnover comprises the value of sales of goods and services in the normal course of business after deducting trade discounts, value added tax and other taxes based on turnover. Turnover is inclusive of accrued income. Services provided during the year, which at the balance sheet date have not been billed to clients, have been recognised as turnover in accordance with FRS 102 long term contracts and is included in the balance sheet as accrued income. Turnover recognised in this manner is based upon an assessment of the fair value of the services provided at the balance sheet date as a proportion of the total value of the engagement. Rental income represents amounts receivable from tenants for the period, excluding value added tax.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Land and buildings	-	2% straight line
Plant and machinery	-	15%/20% reducing balance
Fixtures and fittings	-	15% reducing balance & 20%/33% straight line
Motor vehicles	-	25% reducing balance

Investments

Investments in subsidiaries are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial assets, including trade and other receivables, cash and bank balances, loans to fellow group companies and investments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Such assets are subsequently carried at amortised cost, using the effective interest method. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost, using the effective interest method. Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Defined benefit plans

The company recognises a defined net benefit pension asset or liability in the statement of financial position as the net total of the present value of its obligations and the fair value of plan assets out of which the obligations are to be settled. The defined benefit liability is measured on a discounted present value basis using a rate determined by reference to market yields at the reporting date on high quality corporate bonds. Defined benefit obligations and the related expenses are measured using the projected unit credit method. Plan surpluses are recognised as a defined benefit asset only to the extent that the surplus is recoverable either through reduced contributions in the future or through refunds from the plan. Changes in the net defined benefit asset or liability arising from employee service are recognised in profit or loss as a current service cost where it relates to services in the current period and as a past service cost where it relates to services in prior periods. Costs relating to plan introductions, benefit changes, curtailments and settlements are recognised in profit or loss in the period in which they occur. Net interest is determined by multiplying the net defined benefit liability by the discount rate, both as determined at the start of the reporting period, taking account of any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. Net interest is recognised in profit or loss.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Turnover

Turnover arises from:

	2026	2025
		(restated)
	£	£
Cathodic protection and corrosion prevention systems	9,582,794	9,468,958
Rental income	124,603	220,741
	-------------	-------------
	9,707,397	9,689,699
	-------------	-------------

The turnover is attributable to the one principal activity of the group. An analysis of turnover by the geographical markets that substantially differ from each other is given below:

	2026	2025
		(restated)
	£	£
United Kingdom	2,853,264	3,062,026
Overseas	6,854,133	6,627,673
	-------------	-------------
	9,707,397	9,689,699
	-------------	-------------

5. Other operating income

	2026	2025
		(restated)
	£	£
Government grant income	27,295	–
	---------	----

6. Operating loss

Operating profit or loss is stated after charging/crediting:

	2026	2025
		(restated)
	£	£
Depreciation of tangible assets	110,652	106,411
Loss on disposal of tangible assets	26,381	2,970
Loss on disposal of investment property	11,679	–
Fair value adjustments to investment property	30,000	544,678
Impairment of trade debtors	54,816	(3,934)
Research and development expenditure written off	36,862	12,592
Foreign exchange differences	( 4,010)	( 1,862)
	----------	----------

7. Auditor's remuneration

	2026	2025
		(restated)
	£	£
Fees payable for the audit of the financial statements	28,000	30,000
	---------	---------

8. Staff costs

The average number of persons employed by the group during the year, including the directors, amounted to:

	2026	2025
	No.	No.
Production staff	38	38
Administrative staff	18	17
Management staff	5	5
	----	----
	61	60
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2026	2025
		(restated)
	£	£
Wages and salaries	2,513,294	2,231,072
Social security costs	297,489	210,112
Other pension costs	179,691	174,683
	-------------	-------------
	2,990,474	2,615,867
	-------------	-------------

9. Directors' remuneration

The directors' aggregate remuneration in respect of qualifying services was:

	2026	2025
		(restated)
	£	£
Remuneration	94,080	92,585
	---------	---------

10. Other interest receivable and similar income

	2026	2025
		(restated)
	£	£
Interest on cash and cash equivalents	35,147	58,828
	---------	---------

11. Interest payable and similar expenses

	2026	2025
		(restated)
	£	£
Interest on banks loans and overdrafts	15	1,974
Interest on obligations under finance leases and hire purchase contracts	7,891	7,358
Net finance costs in respect of defined benefit pension plans	( 24,000)	( 18,000)
Other interest payable and similar charges	22,867	25,441
	---------	---------
	6,773	16,773
	---------	---------

12. Tax on profit

Major components of tax expense/(income)

	2026	2025
		(restated)
	£	£

Current tax:

UK current tax income	5,186	–
Adjustments in respect of prior periods	–	( 18,522)
	-------	---------
Total current tax	5,186	( 18,522)
	-------	---------

Deferred tax:

Origination and reversal of timing differences	107,439	( 34,357)
	----------	---------
Tax on profit	112,625	( 52,879)
	----------	---------

Reconciliation of tax expense/(income)

The tax assessed on the profit/(loss) on ordinary activities for the year is higher than (2025: lower than) the standard rate of corporation tax in the UK of 25 % (2025: 25 %).

	2026	2025
		(restated)
	£	£
Profit/(loss) on ordinary activities before taxation	369,537	( 37,369)
	----------	---------
Profit/(loss) on ordinary activities by rate of tax	92,384	108,159
Adjustment to tax charge in respect of prior periods	–	( 18,522)
Effect of expenses not deductible for tax purposes	885	367
Effect of capital allowances and depreciation	7,984	3,285
Effect of revenue exempt from tax	( 15,750)	( 15,000)
Movement in deferred tax not recognised	8,371	(131,168)
Other permanent differences	18,751	–
	----------	----------
Tax on profit	112,625	( 52,879)
	----------	----------

13. Tangible assets

Group	Land and buildings	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£	£
Cost
At 1 April 2025 (as restated)	698,428	163,603	261,239	267,319	1,390,589
Additions	94,389	69,619	84,200	41,830	290,038
Disposals	–	( 5,200)	( 100,784)	–	( 105,984)
	----------	----------	----------	----------	-------------
At 31 March 2026	792,817	228,022	244,655	309,149	1,574,643
	----------	----------	----------	----------	-------------
Depreciation
At 1 April 2025	236,780	130,411	202,427	132,515	702,133
Charge for the year	26,968	9,958	29,768	43,958	110,652
Disposals	–	( 5,200)	( 74,404)	–	( 79,604)
	----------	----------	----------	----------	-------------
At 31 March 2026	263,748	135,169	157,791	176,473	733,181
	----------	----------	----------	----------	-------------
Carrying amount
At 31 March 2026	529,069	92,853	86,864	132,676	841,462
	----------	----------	----------	----------	-------------
At 31 March 2025	461,648	33,192	58,812	134,804	688,456
	----------	----------	----------	----------	-------------

Company	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£
Cost
At 1 April 2025	4,130	33,923	64,999	103,052
Additions	–	3,900	–	3,900
	-------	---------	---------	----------
At 31 March 2026	4,130	37,823	64,999	106,952
	-------	---------	---------	----------
Depreciation
At 1 April 2025	–	33,798	64,968	98,766
Charge for the year	–	876	8	884
	-------	---------	---------	----------
At 31 March 2026	–	34,674	64,976	99,650
	-------	---------	---------	----------
Carrying amount
At 31 March 2026	4,130	3,149	23	7,302
	-------	---------	---------	----------
At 31 March 2025	4,130	125	31	4,286
	-------	---------	---------	----------

Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses .

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

Group	Motor vehicles
	£
At 31 March 2026	132,654
	----------
At 31 March 2025	134,773
	----------

The company has no tangible assets held under finance lease or hire purchase agreements.

14. Investments

Group	Investment property
	£
Cost
At 1 April 2025 as restated	1,522,135
Disposals	( 1,092,135)
Revaluations	( 30,000)
	-------------
At 31 March 2026	400,000
	-------------
Impairment
At 1 April 2025 as restated and 31 March 2026	–
	-------------

Carrying amount
At 31 March 2026	400,000
	-------------
At 31 March 2025	1,522,135
	-------------

Company	Shares in group undertakings
	£
Cost
At 1 April 2025 as restated and 31 March 2026	215,767
	----------
Impairment
At 1 April 2025 as restated and 31 March 2026	–
	----------

Carrying amount
At 1 April 2025 and 31 March 2026	215,767
	----------
At 31 March 2025	215,767
	----------

Investments in subsidiaries are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. Hostombe Properties (BVI) Limited was disposed of during the year.

Investment properties are initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is stated at fair value as determined by the directors at each reporting date and any changes in fair value are recognised in profit or loss.

The UK investment property comprises Kayedee Premises, Stamford Street, Newhall Road Trading Estate, Sheffield S9 2TX. The historic cost of the property is £759,920.

As explained in the accounting policies the overseas property has been treated as being owned by the company rather than a loan. It was revalued in the prior year to fair value which is the amount received by the company on the sale of the property in July 2025. The original loan was for £949,404.

Subsidiaries, associates and other investments

Details of the investments in which the group and the parent company have an interest of 20% or more are as follows:

	Class of share	Percentage of shares held
Subsidiary undertakings
Cath-Tech International Limited (Dormant)	Ordinary	100
Cathodic Protection Co Limited	Ordinary	100
	Deferred	100
Hostombe Properties (BVI) Limited	Ordinary	100
Hostombe Properties Limited	Ordinary	100
	Preference	100
R Hostombe Limited (Dormant)	Ordinary	100

15. Stocks

	Group		Company
	2026	2025	2026	2025
		(restated)	(restated)
	£	£	£	£
Raw materials and consumables	1,283,224	993,398	–	–
Work in progress	435,983	299,355	–	–
	-------------	-------------	----	----
	1,719,207	1,292,753	–	–
	-------------	-------------	----	----

16. Debtors

	Group		Company
	2026	2025	2026	2025
		(restated)	(restated)
	£	£	£	£
Trade debtors	2,413,708	3,088,603	1,320	–
Amounts owed by group undertakings	–	–	2,940,813	2,854,637
Deferred tax asset	–	34,357	–	–
Prepayments and accrued income	441,327	297,443	9,436	19,111
Corporation tax repayable	22,109	–	–	–
Other debtors	44,821	208,824	–	166,667
	-------------	-------------	-------------	-------------
	2,921,965	3,629,227	2,951,569	3,040,415
	-------------	-------------	-------------	-------------

The debtors above include the following amounts falling due after more than one year:

	Group		Company
	2026	2025	2026	2025
		(restated)	(restated)
	£	£	£	£
Trade debtors	6,826	439,581	–	–
	-------	----------	----	----

17. Creditors: amounts falling due within one year

	Group		Company
	2026	2025	2026	2025
		(restated)	(restated)
	£	£	£	£
Bank loans and overdrafts	439,246	165,166	–	–
Trade creditors	1,225,944	856,684	15,728	14,353
Amounts owed to group undertakings	–	–	60,748	60,748
Accruals and deferred income	1,769,670	1,968,269	19,750	34,900
Corporation tax	–	159,763	–	–
Social security and other taxes	52,807	35,617	8,537	12,906
Obligations under finance leases and hire purchase contracts	50,203	40,420	–	–
Other creditors	169,768	285,610	–	–
	-------------	-------------	----------	----------
	3,707,638	3,511,529	104,763	122,907
	-------------	-------------	----------	----------

The amounts owed under hire purchase agreements are secured on the assets to which they relate .

18. Creditors: amounts falling due after more than one year

	Group		Company
	2026	2025	2026	2025
		(restated)	(restated)
	£	£	£	£
Corporation tax	–	40,144	–	–
Obligations under finance leases and hire purchase contracts	36,233	57,146	–	–
	---------	---------	----	----
	36,233	97,290	–	–
	---------	---------	----	----

The corporation tax due over one year was part of a settlement agreement with HM Revenue & Customs on film scheme partnerships. The amounts owed under hire purchase agreements are secured on the assets to which they relate.

19. Finance leases and hire purchase contracts

The total future minimum lease payments under finance leases and hire purchase contracts are as follows:

	Group		Company
	2026	2025	2026	2025
		(restated)	(restated)
	£	£	£	£
Not later than 1 year	50,203	40,420	–	–
Later than 1 year and not later than 5 years	36,233	57,146	–	–
	---------	---------	----	----
	86,436	97,566	–	–
	---------	---------	----	----

20. Provisions

Group	Deferred tax (note 21)
	£
At 1 April 2025 (as restated)	–
Additions	73,082
	---------
At 31 March 2026	73,082
	---------

The company does not have any provisions.

21. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	Group		Company
	2026	2025	2026	2025
		(restated)	(restated)
	£	£	£	£
Included in debtors (note 16)	–	34,357	–	–
Included in provisions (note 20)	( 73,082)	–	–	–
	---------	---------	----	----
	( 73,082)	34,357	–	–
	---------	---------	----	----

The deferred tax account consists of the tax effect of timing differences in respect of:

	Group		Company
	2026	2025	2026	2025
		(restated)	(restated)
	£	£	£	£
Accelerated capital allowances	76,409	52,302	–	–
Unused tax losses	( 839)	( 84,409)	–	–
Pension plan obligations	( 2,488)	( 2,250)	–	–
	---------	---------	----	----
	73,082	(34,357)	–	–
	---------	---------	----	----

22. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 116,191 (2025: £ 102,683 ).

Defined benefit plans

The company operates a defined benefit scheme for qualifying employees. Under the scheme the employees are entitled to retirement benefits based on length of service and final pensionable salary on attainment of a retirement age of 65. Certain pensioners are payable from age 60. A triennial valuation of the scheme, with an effective date of 5 April 2023, was concluded in October 2023 by J Saunders, Fellow of the Institute and Faculty of Actuaries. The present value of the defined benefit obligation, the retained current service cost and past service cost were measured using the Attained Age method.

The amounts recognised in the statement of financial position are as follows:

	2026	2025
		(restated)
	£	£
Defined benefit pension plan asset	7,890,000	8,170,000
Defined benefit pension plan liability	(7,890,000)	(8,170,000)
	-------------	-------------
Net defined benefit liability	–	–
	-------------	-------------

The statement of financial position net defined benefit liability is determined as follows:

	2026	2025
	£	£
Present value of defined benefit obligations	( 7,890,000)	( 8,170,000)
Fair value of plan assets	7,895,000	8,585,000
	-------------	-------------
	5,000	415,000
Irrecoverable surplus	( 5,000)	( 415,000)
	-------	----------
	–	–
	-------	----------

Changes in the present value of the defined benefit obligations are as follows:

		2026
		£
At 1 April 2025 as restated		8,170,000
Past service cost		26,000
Interest expense		438,000
Benefits paid		(564,000)
Remeasurements:
	Actuarial gains and losses	( 180,000)
		-------------
At 31 March 2026		7,890,000
		-------------

Changes in the fair value of plan assets are as follows:

		2026
		£
At 1 April 2025 as restated		8,585,000
Interest income		462,000
Benefits paid		( 564,000)
Contributions by employer		39,000
Remeasurements:
	Actuarial gains and losses	( 627,000)
		-------------
At 31 March 2026		7,895,000
		-------------

The total costs for the year in relation to defined benefit plans are as follows:

	2026	2025
	£	£

Recognised in profit or loss:

Net interest expense	24,000	18,000
	---------	---------

The fair value of the major categories of plan assets are as follows:

	2026	2025
	£	£
Equity instruments	–	551,000
Cash and cash equivalents	–	32,000
Debt instruments	–	1,831,000
Annuity Policies	7,890,000	6,171,000
	-------------	-------------
	7,890,000	8,585,000
	-------------	-------------

The net pension surplus of £5,000 (2025 - £415,000) for Hostombe Group Limited at 31 March 2026 assessed in accordance with FRS 102 is not recognised on the balance sheet as the company is unable to recover the surplus from the pension scheme.

The return on plan assets are as follows:

	2026	2025
	£	£
Return on assets of benefit plan	( 165,000)	( 17,000)
	----------	---------

The principal actuarial assumptions as at the statement of financial position date were:

	2026	2025
	%	%
Discount rate	6.05	5.55
Expected rate of increase in pensions	4.00	4.00
Inflation assumption	3.60	3.35

Mortality rates:

Current pensioners at 65 - male	22.60	22.00
Current pensioners at 65 - female	24.80	24.50
Future pensioners at 65 - male	23.80	23.30
Future pensioners at 65 - female	26.20	25.90
	-------	-------

23. Government grants

The amounts recognised in the financial statements for government grants are as follows:

Group		Company
2026	2025	2026	2025
	(restated)	(restated)
£	£	£	£

Recognised in other operating income:

Government grants recognised directly in income	27,295	–	–	–
	---------	----	----	----

24. Prior period errors

During the year the directors identified that the fair value of an investment property included within the financial statements of a subsidiary company for the year ended 31 March 2025 had been overstated. The valuation adopted at that date was £900,000; however, subsequent review established that the valuation had been based on incorrect information available at the time. The directors have concluded that the correct fair value of the property at 31 March 2025 was £430,000. In accordance with FRS 102, the prior year comparative information has been restated to correct this error. The effect of the correction has been to reduce the carrying value of investment properties and retained earnings as at 31 March 2025 by £470,000. There is no tax effect.

25. Called up share capital

Issued, called up and fully paid

	2026		2025
			(restated)
	No.	£	No.	£
Ordinary shares of £ 1 each	26,252	26,252	26,252	26,252
	---------	---------	---------	---------

26. Reserves

Capital redemption reserve - This reserve records the nominal value of shares repurchased by the company. Profit and loss account - This reserve records retained earnings and accumulated losses.

27. Analysis of changes in net debt

	At 1 Apr 2025	Cash flows	Other changes	At 31 Mar 2026
	£	£	£	£
Cash at bank and in hand	1,084,023	1,651,983	–	2,736,006
Debt due within one year	(205,586)	(262,950)	(20,913)	(489,449)
Debt due after one year	(57,146)	–	20,913	(36,233)
	-------------	-------------	---------	-------------
	821,291	1,389,033	–	2,210,324
	-------------	-------------	---------	-------------

28. Capital commitments

Capital expenditure contracted for but not provided for in the financial statements is as follows:

	Group		Company
	2026	2025	2026	2025
	£	£	£	£
Tangible assets	–	12,788	–	–
	----	---------	----	----

HOSTOMBE GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 MARCH 2026

29. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	Group		Company
	2026	2025	2026	2025
		(restated)	(restated)
	£	£	£	£
Not later than 1 year	189,490	165,323	–	–
Later than 1 year and not later than 5 years	321,182	468,446	–	–
Later than 5 years	525,000	600,000	–	–
	-------------	-------------	----	----
	1,035,672	1,233,769	–	–
	-------------	-------------	----	----

30. Other financial commitments

The Group has placed bonds with customers which guarantee tender prices for contracts or performance to specification of finished products. The total outstanding and potentially claimable on the guarantees at 31 March 2026 was £1,204,832 (2025: £1,634,082).

31. Related party transactions

Group

During the year, family members of R E Hostombe were paid interest charged at 4% (2025: 4%) on amounts loaned to the group. Total interest paid in the year was £4,000 (2025: £4,000). At the year end the balance outstanding was £100,000 (2025: £100,000) and is included within other creditors. The company paid rent of £12,000 (2025: £12,000) to S Hostombe, the wife of R E Hostombe , for the use of offices. The company has taken advantage of the exemption in FRS 102 para 33.1A not to disclose transactions with fellow group members which are wholly-owned. In accordance with Section 33.7A of FRS 102, the entity has elected not to disclose key management personnel compensation separately, as the director is the same as the key management personnel. The compensation paid to the director is disclosed in accordance with company law requirements.