REGISTERED NUMBER: 02253582 (England and Wales)

Neill & Brown Global Logistics Group Ltd

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 30th April 2026

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

5

Consolidated Statement of Comprehensive Income

8

Consolidated Balance Sheet

9

Company Balance Sheet

10

Consolidated Statement of Changes in Equity

11

Company Statement of Changes in Equity

12

Consolidated Cash Flow Statement

13

Notes to the Consolidated Cash Flow Statement

14

Notes to the Consolidated Financial Statements

15

DIRECTORS:

P A Brown

J C Brown

C Andrew

S Dean

P C Allon

D C Yeardley

C Hobson

SECRETARY:

P C Allon

REGISTERED OFFICE:

Overseas House

Livingstone Road

Hessle

Hull

East Yorkshire

HU13 0EG

REGISTERED NUMBER:

02253582 (England and Wales)

AUDITORS:

Smailes Goldie

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

East Yorkshire

HU2 8BA

SOLICITORS:

Andrew Jackson

Marina Court

Castle Street

Hull

East Yorkshire

HU1 1TJ

The directors present their strategic report of the company and the group for the year ended 30th April 2026.

REVIEW OF BUSINESS

Demand for the group's services during the year has remained strong. Turnover for the year was £37,000,473 (2025 £37,063,869) and profit before taxation for the financial year was £1,429,654 (2025 £850,358).

FUTURE DEVELOPMENTS

The group continues to believe that opportunities exist to develop the Group's core activities, notwithstanding the ongoing risks and uncertainties that face the Group.

PRINCIPAL RISKS AND UNCERTAINTIES

Financial risk management

The group's operations expose it to a variety of financial risks that include the effects of changes in competition risk, currency risk and credit risk. The group has in place a risk management programme that seeks to limit the adverse effects on the financial performance.

Competition risk

The group faces competition risk from both UK and overseas haulage and freight forwarding companies. This puts pressure on the group to keep rates low which can be difficult given fluctuating shipping costs, fuel prices and currency rate movements. However, these risks are faced by all companies operating within this industry.

Currency risk

The group is exposed to movements in foreign currency exchange rates as a number of customers pay in Euro's. The risk is managed by paying suppliers in Euro's where possible and by using forward currency contracts where appropriate.

Credit risk

The group is party to a credit insurance policy which covers the majority of its credit risk.

FINANCIAL INSTRUMENTS

The group's principal financial instruments comprise bank balances, trade creditors, trade debtors, hire purchase loans and loans from the directors' pension scheme. The main purpose of these instruments is to raise funds for the group's operations and to finance working capital.

Due to the nature of the financial instruments used by the group there is little exposure to price risk other than as a result of transactions in foreign currency. This risk is reduced as the group both invoices in foreign currencies and pays certain sub-contractors in foreign currencies. The group's approach to managing other risks applicable to the financial instruments concerned is shown below.

In respect of bank balances the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of short-term deposit and investment products where surplus funds are available.

In respect of loans, these comprise hire purchase loans and loans from the directors' pension scheme. The interest rate and repayments are fixed on these loans. The group manages the liquidity risk by ensuring there are sufficient funds to meet the payments.

Trade debtors are managed in respect of credit and cash flow risk by, policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The group insures its trade debtors wherever possible.

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

FINANCIAL KEY PERFORMANCE INDICATORS

The company's key financial performance indicators during the year were as follows:

2026

2025

£

£

Turnover

37,000,473

37,063,869

Gross profit

4,960,475

5,456,576

Gross profit percentage

13.4%

14.7%

Net assets

11,437,566

13,606,845

ON BEHALF OF THE BOARD:

P A Brown - Director

1st October 2026

The directors present their report with the financial statements of the company and the group for the year ended 30th April 2026.

DIVIDENDS

A dividend of £389,283 (2025: £416,048) has been paid during the year.

DIRECTORS

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

P A Brown

J C Brown

C Andrew

S Dean

P C Allon

D C Yeardley

Other changes in directors holding office are as follows:

C Moody - resigned 30th November 2025

C Hobson - appointed 9th February 2026

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, Smailes Goldie, have indicated their willingness to continue in office, and a resolution that they will be reappointed will be proposed at the annual general meeting.

ON BEHALF OF THE BOARD:

P A Brown - Director

1st October 2026

Opinion

We have audited the financial statements of Neill & Brown Global Logistics Group Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30th April 2026 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 30th April 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

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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

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

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

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

-	the parent company financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

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

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

Auditors' responsibilities for the audit of the financial statements

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

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

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 focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the , including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation. An understanding of these laws and regulations and the extent of compliance was obtained through discussion with management and inspecting legal and regulatory correspondence.

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 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;

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

- reviewing correspondence with relevant legal advisers.

Due to 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. This 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. 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.

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 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.

William Cowell FCA (Senior Statutory Auditor)

for and on behalf of Smailes Goldie

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

East Yorkshire

HU2 8BA

1st October 2026

TURNOVER

4

37,000,473

37,063,869

Cost of sales

32,039,998

31,607,293

GROSS PROFIT

4,960,475

5,456,576

Administrative expenses

3,576,755

4,739,421

1,383,720

717,155

Other operating income

27,016

20,520

OPERATING PROFIT

6

1,410,736

737,675

Interest receivable and similar income

160,545

283,753

1,571,281

1,021,428

Interest payable and similar expenses

7

141,627

171,070

PROFIT BEFORE TAXATION

1,429,654

850,358

Tax on profit

8

373,204

245,437

PROFIT FOR THE FINANCIAL YEAR

1,056,450

604,921

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,056,450

604,921

Profit attributable to:

Owners of the parent

1,056,450

604,921

Total comprehensive income attributable to:

Owners of the parent

1,056,450

604,921

FIXED ASSETS

Tangible assets

11

6,023,318

6,104,574

Investments

12

25,000

25,000

6,048,318

6,129,574

CURRENT ASSETS

Debtors

13

7,531,210

7,206,224

Investments

14

1,416,714

1,216,100

Cash at bank

7,217,569

10,632,894

16,165,493

19,055,218

CREDITORS

Amounts falling due within one year

15

7,958,824

8,332,016

NET CURRENT ASSETS

8,206,669

10,723,202

TOTAL ASSETS LESS CURRENT LIABILITIES

14,254,987

16,852,776

CREDITORS

Amounts falling due after more than one year

16

(1,676,369

)

(2,096,277

)

PROVISIONS FOR LIABILITIES

20

(1,141,052

)

(1,149,654

)

NET ASSETS

11,437,566

13,606,845

CAPITAL AND RESERVES

Called up share capital

21

737

921

Capital redemption reserve

184

-

Other reserves

6,500

6,500

Retained earnings

11,430,145

13,599,424

11,437,566

13,606,845

The financial statements were approved by the Board of Directors and authorised for issue on 1st October 2026 and were signed on its behalf by:

P A Brown - Director

FIXED ASSETS

Tangible assets

11

193,994

227,698

Investments

12

40,594

40,594

234,588

268,292

CURRENT ASSETS

Debtors

13

3,400,067

3,835,655

Investments

14

1,416,714

1,216,100

Cash at bank

5,164,727

8,354,650

9,981,508

13,406,405

CREDITORS

Amounts falling due within one year

15

6,766,740

7,572,253

NET CURRENT ASSETS

3,214,768

5,834,152

TOTAL ASSETS LESS CURRENT LIABILITIES

3,449,356

6,102,444

PROVISIONS FOR LIABILITIES

20

67,698

46,268

NET ASSETS

3,381,658

6,056,176

CAPITAL AND RESERVES

Called up share capital

21

737

921

Capital redemption reserve

184

-

Retained earnings

3,380,737

6,055,255

3,381,658

6,056,176

Company's profit for the financial year

551,211

1,544,611

The financial statements were approved by the Board of Directors and authorised for issue on 1st October 2026 and were signed on its behalf by:

P A Brown - Director

Called up

Capital

share

Retained

redemption

Other

Total

capital

earnings

reserve

reserves

equity

£

£

£

£

£

Balance at 1st May 2024

921

13,410,551

-

6,500

13,417,972

Changes in equity

Dividends

-

(416,048

)

-

-

(416,048

)

Total comprehensive income

-

604,921

-

-

604,921

Balance at 30th April 2025

921

13,599,424

-

6,500

13,606,845

Changes in equity

Purchase of shares

(184

)

(2,836,446

)

184

-

(2,836,446

)

Dividends

-

(389,283

)

-

-

(389,283

)

Total comprehensive income

-

1,056,450

-

-

1,056,450

Balance at 30th April 2026

737

11,430,145

184

6,500

11,437,566

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1st May 2024

921

4,926,692

-

4,927,613

Changes in equity

Dividends

-

(416,048

)

-

(416,048

)

Total comprehensive income

-

1,544,611

-

1,544,611

Balance at 30th April 2025

921

6,055,255

-

6,056,176

Changes in equity

Purchase of shares

(184

)

(2,836,446

)

184

(2,836,446

)

Dividends

-

(389,283

)

-

(389,283

)

Total comprehensive income

-

551,211

-

551,211

Balance at 30th April 2026

737

3,380,737

184

3,381,658

Cash flows from operating activities

Cash generated from operations

1

1,549,793

2,608,546

Interest paid

(141,627

)

(171,070

)

Tax paid

(254,649

)

(250,000

)

Net cash from operating activities

1,153,517

2,187,476

Cash flows from investing activities

Purchase of tangible fixed assets

(1,255,566

)

(1,004,928

)

Sale of tangible fixed assets

203,455

48,679

Interest received

160,545

283,753

Net cash from investing activities

(891,566

)

(672,496

)

Cash flows from financing activities

New loans in year

400,000

725,000

Share buyback

(2,836,446

)

-

Repayment of finance leases

(851,547

)

(822,113

)

Equity dividends paid

(389,283

)

(416,048

)

Net cash from financing activities

(3,677,276

)

(513,161

)

(Decrease)/increase in cash and cash equivalents

(3,415,325

)

1,001,819

Cash and cash equivalents at beginning of year

2

10,632,894

9,631,075

Cash and cash equivalents at end of year

2

7,217,569

10,632,894

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

2026

2025

£

£

Profit before taxation

1,429,654

850,358

Depreciation charges

1,161,672

1,124,877

(Profit)/loss on disposal of fixed assets

(28,305

)

5,445

Unrealised gains

(200,614

)

26,429

Finance costs

141,627

171,070

Finance income

(160,545

)

(283,753

)

2,343,489

1,894,426

Increase in trade and other debtors

(359,973

)

(690,223

)

(Decrease)/increase in trade and other creditors

(433,723

)

1,404,343

Cash generated from operations

1,549,793

2,608,546

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 30th April 2026

30.4.26

1.5.25

£

£

Cash and cash equivalents

7,217,569

10,632,894

Year ended 30th April 2025

30.4.25

1.5.24

£

£

Cash and cash equivalents

10,632,894

9,631,075

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.5.25

Cash flow

At 30.4.26

£

£

£

Net cash

Cash at bank

10,632,894

(3,415,325

)

7,217,569

10,632,894

(3,415,325

)

7,217,569

Liquid resources

Current asset investments

1,216,100

200,614

1,416,714

1,216,100

200,614

1,416,714

Debt

Debts falling due within 1 year

(851,546

)

40,621

(810,925

)

Debts falling due after 1 year

(1,802,998

)

410,924

(1,392,074

)

(2,654,544

)

451,545

(2,202,999

)

Total

9,194,450

(2,763,166

)

6,431,284

1.	STATUTORY INFORMATION

Neill & Brown Global Logistics Group Ltd 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

General information

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 principal activity of the parent company was to provide administrative services to its subsidiaries. The principal activity of the group continued to be those of holding company, freight forwarding, road haulage, warehousing and distribution.

The company is a private company limited by shares and is incorporated in England. The address of its registered office is Overseas House, Livingstone Road, Hessle, East Yorkshire, HU13 0EG.

Statement of compliance

The Group and individual financial statements of Neill & Brown Global Logistics Group Limited have been prepared in compliance with United Kingdom Accounting Standards, including Financial Reporting Standard. 102, The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland" ("FRS 102") and the Companies Act 2006.

Summary of significant accounting policies

The principal accounting policies adopted in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. The company has adopted FRS 102 in these financial statements.

Basis of preparation

These financial statements are prepared on the going concern basis, under the historical.cost convention, except as modified by certain assets and liabilities measured at fair value through profit or loss.

The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group and Company accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in note 3.

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own statement of comprehensive income in these financial statements.

Financial Reporting Standard 102 - reduced disclosure exemptions

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

•

the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

•

the requirement of paragraph 33.7.

Basis of consolidation

The Group consolidated financial statements include the financial statements of the Company and all of its subsidiary undertakings as at 30th April 2026. A subsidiary is an entity controlled by the Group.

All intra-Group transactions, balances, income and expenses are eliminated on consolidation.

Turnover

Turnover is recognised at the point the company has completed its services to the. customer and to the 'extent that it is probable that the economic benefits will flow to the Group and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Tangible fixed assets (excluding investment properties) under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The Group adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. The estimated useful lives range as follows:

Freehold Property

2% per annum on cost

Long term leasehold properties

Over the remaining lease terms on a straight line basis

Fixtures, fittings, plant and machinery and equipment

5-25% per annum on WDV/5-25% per annum on cost

Motor vehicles (including trailers)

10-20% per annum on cost

Most vehicles which have.a guaranteed buy back arrangement in place and these vehicles are depreciated down to the buy back value on a straight line basis. The remaining vehicles are written down as above.

Assets under construction are not depreciated until completed. Once complete they are depreciated in line with the appropriate fixed asset category.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within the Statement of Comprehensive Income.

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

Cash at bank and in hand

Cash is represented by cash in hand and deposits held at call with financial institutions. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.