Jackson's Art Supplies Ltd - Limited company accounts 23.2

REGISTERED NUMBER: 03913002 (England and Wales)

JACKSON'S ART SUPPLIES LTD

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Consolidated Income Statement

9

Consolidated Other Comprehensive Income

10

Consolidated Balance Sheet

11

Company Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Company Statement of Changes in Equity

14

Consolidated Cash Flow Statement

15

Notes to the Consolidated Cash Flow Statement

16

Notes to the Consolidated Financial Statements

17

DIRECTORS:

M K C Venus

G L Thompson

P M Thompson

A Venus

S Small

SECRETARY:

M K C Venus

REGISTERED OFFICE:

1 Farleigh Place

Farleigh Road

London

N16 7SX

REGISTERED NUMBER:

03913002 (England and Wales)

AUDITORS:

Keelings Limited

Statutory Auditors, Chartered Tax Advisers

and Chartered Certified Accountants

Broad House

1 The Broadway

Old Hatfield

Hertfordshire

AL9 5BG

The directors present their strategic report of the company and the group for the year ended 31 December 2022.

REVIEW OF BUSINESS

The year to December 2022 has been a good year in achieving an increase in revenue while also keeping control over the costs of sales and admin expenses.

Revenue for the twelve months was £22,657,304 a fall from £22,746,251 for the previous year. Cost of sales have fallen inline with revenue from £14,590,702 in 2021 to £14,195,918 this year..

The gross profit margin had increase slightly this year from 35.85% last year to 37.35% this year, this is due to good management over costs during the year.

Administrative costs have increased this year under review by £328,903 from £5,335,004 to £5,663,907. At the operating level, we reported a profit of £2,881,567 compared to a profit of £2,865,890 for 2021.

Overall the net profit after tax for the financial year amounted to £2,250,573 compared to £2,328,757 for the previous year, the increase is marginal.

During the year Jackson's Art Supplies Ltd set up an operation in Australia controlled by a holding company, which has a 90% shareholding in the trading company. This expansion into the Australian market allows the Company to sell fine art supplies directly to the Australian market and mitigate some supply chain and exchange rate issues. The Directors are confident that continued global expansion for the Company will meet its strategic objectives.

PRINCIPAL RISKS AND UNCERTAINTIES

Risk management is built into the company's business systems and procedures.

Income and expenditure is constantly reviewed and monitored.

Longer term plans are reviewed continually to ensure that the underlying strategy is maintained to achieve the planned results. This includes development of staff by way of internal and external training and regular monitoring of their skills.

Jackson's operates a strict GDPR policy to ensure the security of customer data. The policy can be viewed on www.jacksonsart.com.

SUPPLY CHAIN RISK MANAGEMENT

There are still supply chain issues caused by Brexit. To meet this demand and the impact of Brexit on supply, Jackson's maintained strong relationships with suppliers and invested in materials to ensure delivery to customers was not affected

FINANCIAL RISK MANAGEMENT

As a result of transactions in a number of different countries and a global customer presence, Jackson's is exposed to movement in foreign exchange rates. It limits these exposures through sound business practices and ensuring a high level of working capital within the business.

The UK left the European Union on 31 January 2020 and entered a period of transition until 1 January 2021. The impact of this on Jackson's is in the import of materials and the export of goods to customers. the supply chain team at Jackson's have studied new laws and regulations and have worked hard to ensure minimal disruption to operations.

EXCHANGE RISK MANAGEMENT

The company is exposed for exchange rate movements which has recently become unpredictable. The company is aware of large any exchange rate movements and will keep reasonable holdings are foreign currencies to offset the risk.

CREDIT RISK

The company has no credit risk as the nature of the business results in a large customer base and minimum credit sales.

LIQUIDITY RISK

The company seeks to manage liquidity risk by reviewing cash balances on a daily basis and forecasting its cashflow requirements.

GOING CONCERN

The company continues to assess the going concern basis and maintains a healthy financial position and performance, even in light of a global volatile economic climate.

KEY PERFORMANCE INDICATORS

The Directors consider total sales, gross profit margin and overall net profit to be the key performance indicators of the company.

ON BEHALF OF THE BOARD:

M K C Venus - Director

23 November 2023

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2022.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of the sale, by mail-order, of artists' materials.

DIVIDENDS

Interim dividends of £100,000 (2021: nil) were paid during the year; no final dividend is recommended.

FUTURE DEVELOPMENTS

The directors will continue to grow the business by identifying new products and new markets where possible.

There are no plans to move away from the core business of supplying Fine Art materials to those markets.

In 2023, the USA operations were expanded by investing into a warehouse for storage.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2022 to the date of this report.

M K C Venus

G L Thompson

P M Thompson

A Venus

S Small

EMPLOYEES

Applications for employment by disabled persons are always fully and fairly considered, bearing in mind the aptitudes of the applicant concerned. In the event of team members becoming disabled every effort is made to ensure that their employment with the company continues and that appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible be identical with that of their employees.

EMPLOYEE ENGAGEMENT

We consider that out employees act with the utmost integrity and professional expertise in providing out customers with premium products.

In doing so, the Directors consider that employees are both rewarded fairly and incentivised to deliver the Company's strategy. The Director is kept informed on employee related matters from the Company's Human Resources personnel.

Consultation with employees happens when their views need to be considered in decisions the Company needs to make that will likely affect their interests. All employees are kept abreast of Company news in regular updates. There is also ongoing communication through the Company's notices boards and team briefings.

DIRECTORS' RESPONSIBILITIES STATEMENT

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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors Keelings Limited, Statutory Auditor, were appointed this year to carry out a statutory audit on Jackson's Art Supplies Ltd.

ON BEHALF OF THE BOARD:

M K C Venus - Director

23 November 2023

Opinion

We have audited the financial statements of Jackson's Art Supplies Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2022 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2022 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 Directors' Responsibilities Statement 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:

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud and the detection of fraud.

However, it is the primary responsibility of management with the oversight of those charged with governance to ensure that the entity operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection fraud.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the group audit engagement team;

- obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the entity operates in and how the entity is complying with the legal and regulatory framework;

- inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;

- discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.

As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are UK Generally Accepted Accounting Principles, the Companies Act 2006, tax compliance and employment regulations.

In addition, we considered provision of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the entity's ability to operate or to avoid a material penalty. The key laws and regulations we considered in this context included Health and Safety Act.

We identified potential for fraud in the following areas:

- management override of controls

- improper revenue recognition

Our procedures to respond to risk identified included the following:

- reviewing financial statement disclosures.

- enquiring of management, the directors and external legal advisors concerning actual and potential litigation and claims.

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate material misstatement due to fraud.

- testing the appropriateness of journal entries and assessing the assumption reflected in accounting estimates for indication of potential bias.

- addressing the risk of fraud in revenue recognition by performing substantive testing between on the revenue.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, 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 the fraud may involve deliberate concealment. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

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.

John Carroll FCCA CTA (Senior Statutory Auditor)

for and on behalf of Keelings Limited

Statutory Auditors, Chartered Tax Advisers

and Chartered Certified Accountants

Broad House

1 The Broadway

Old Hatfield

Hertfordshire

AL9 5BG

23 November 2023

TURNOVER

3

22,657,304

22,746,251

Cost of sales

14,195,918

14,590,702

GROSS PROFIT

8,461,386

8,155,549

Administrative expenses

5,663,907

5,335,004

2,797,479

2,820,545

Other operating income

4

40,000

45,240

OPERATING PROFIT

6

2,837,479

2,865,785

Loan release

7

40,957

-

2,878,436

2,865,785

Interest receivable and similar income

3,191

112

2,881,627

2,865,897

Interest payable and similar expenses

8

60

7

PROFIT BEFORE TAXATION

2,881,567

2,865,890

Tax on profit

9

630,994

537,133

PROFIT FOR THE FINANCIAL YEAR

2,250,573

2,328,757

Profit attributable to:

Owners of the parent

2,288,715

2,339,477

Non-controlling interests

(38,142

)

(10,720

)

2,250,573

2,328,757

PROFIT FOR THE YEAR

2,250,573

2,328,757

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

2,250,573

2,328,757

Total comprehensive income attributable to:

Owners of the parent

2,288,715

2,339,477

Non-controlling interests

(38,142

)

(10,720

)

2,250,573

2,328,757

FIXED ASSETS

Intangible assets

12

400,805

388,269

Tangible assets

13

1,714,577

1,099,175

Investments

14

209,267

209,267

2,324,649

1,696,711

CURRENT ASSETS

Stocks

15

5,395,723

3,539,585

Debtors

16

2,717,426

1,187,134

Cash at bank

5,220,423

5,113,308

13,333,572

9,840,027

CREDITORS

Amounts falling due within one year

17

5,218,203

3,268,350

NET CURRENT ASSETS

8,115,369

6,571,677

TOTAL ASSETS LESS CURRENT LIABILITIES

10,440,018

8,268,388

PROVISIONS FOR LIABILITIES

19

115,401

94,344

NET ASSETS

10,324,617

8,174,044

CAPITAL AND RESERVES

Called up share capital

20

120

120

Retained earnings

21

10,373,359

8,184,644

SHAREHOLDERS' FUNDS

10,373,479

8,184,764

NON-CONTROLLING INTERESTS

(48,862

)

(10,720

)

TOTAL EQUITY

10,324,617

8,174,044

The financial statements were approved by the Board of Directors and authorised for issue on 23 November 2023 and were signed on its behalf by:

M K C Venus - Director

FIXED ASSETS

Intangible assets

12

197,388

206,556

Tangible assets

13

1,618,631

1,078,357

Investments

14

209,695

209,638

2,025,714

1,494,551

CURRENT ASSETS

Stocks

15

4,643,878

3,430,388

Debtors

16

3,810,297

1,525,828

Cash at bank

5,178,513

5,082,190

13,632,688

10,038,406

CREDITORS

Amounts falling due within one year

17

5,001,877

3,228,836

NET CURRENT ASSETS

8,630,811

6,809,570

TOTAL ASSETS LESS CURRENT LIABILITIES

10,656,525

8,304,121

PROVISIONS FOR LIABILITIES

19

115,401

94,344

NET ASSETS

10,541,124

8,209,777

CAPITAL AND RESERVES

Called up share capital

20

120

120

Retained earnings

21

10,541,004

8,209,657

SHAREHOLDERS' FUNDS

10,541,124

8,209,777

Company's profit for the financial year

2,431,347

2,364,490

The financial statements were approved by the Board of Directors and authorised for issue on 23 November 2023 and were signed on its behalf by:

M K C Venus - Director

Called up

share

Retained

Non-controlling

Total

capital

earnings

Total

interests

equity

£

£

£

£

£

Balance at 1 January 2021

120

5,845,167

5,845,287

-

5,845,287

Changes in equity

Total comprehensive income

-

2,339,477

2,339,477

(10,720

)

2,328,757

Balance at 31 December 2021

120

8,184,644

8,184,764

(10,720

)

8,174,044

Changes in equity

Dividends

-

(100,000

)

(100,000

)

-

(100,000

)

Total comprehensive income

-

2,288,715

2,288,715

(38,142

)

2,250,573

Balance at 31 December 2022

120

10,373,359

10,373,479

(48,862

)

10,324,617

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2021

120

5,845,167

5,845,287

Changes in equity

Total comprehensive income

-

2,364,490

2,364,490

Balance at 31 December 2021

120

8,209,657

8,209,777

Changes in equity

Dividends

-

(100,000

)

(100,000

)

Total comprehensive income

-

2,431,347

2,431,347

Balance at 31 December 2022

120

10,541,004

10,541,124

Cash flows from operating activities

Cash generated from operations

1

1,067,344

2,109,450

Interest paid

(60

)

(7

)

Tax paid

(466,395

)

(869,525

)

Taxation refund

56,584

-

Other items

67

(677

)

Net cash from operating activities

657,540

1,239,241

Cash flows from investing activities

Purchase of intangible fixed assets

(16,274

)

(197,720

)

Purchase of tangible fixed assets

(760,492

)

(196,039

)

Purchase of fixed asset investments

(57

)

(209,341

)

Interest received

3,191

112

Net cash from investing activities

(773,632

)

(602,988

)

Cash flows from financing activities

Amount withdrawn by directors

323,207

-

Equity dividends paid

(100,000

)

-

Net cash from financing activities

223,207

-

Increase in cash and cash equivalents

107,115

636,253

Cash and cash equivalents at beginning of year

2

5,113,308

4,477,055

Cash and cash equivalents at end of year

2

5,220,423

5,113,308

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

2022

2021

£

£

Profit before taxation

2,881,567

2,865,890

Depreciation charges

170,533

152,053

Exchange movement in Goodwill

(21,705

)

-

Finance costs

60

7

Finance income

(3,191

)

(112

)

3,027,264

3,017,838

Increase in stocks

(1,856,138

)

(799,398

)

(Increase)/decrease in trade and other debtors

(2,348,827

)

876,696

Increase/(decrease) in trade and other creditors

2,245,045

(985,686

)

Cash generated from operations

1,067,344

2,109,450

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2022

31.12.22

1.1.22

£

£

Cash and cash equivalents

5,220,423

5,113,308

Year ended 31 December 2021

31.12.21

1.1.21

£

£

Cash and cash equivalents

5,113,308

4,477,055

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.22

Cash flow

At 31.12.22

£

£

£

Net cash

Cash at bank

5,113,308

107,115

5,220,423

5,113,308

107,115

5,220,423

Total

5,113,308

107,115

5,220,423

1.	STATUTORY INFORMATION

Jackson's Art Supplies 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

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.

Basis of consolidation

The Group consolidated financial statements include the financial statements of the Company and its subsidiary undertakings.

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

Where a subsidiary has different accounting policies to the Group, adjustments are made to those subsidiary financial statements to apply the Group's accounting policies when preparing the consolidated financial statements.

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

Related party exemption

For the purpose of these financial statements, a related party is considered to be a related party to the Company as defined by FRS 102.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion, there are no significant judgements or key sources of estimation uncertainty.

Turnover

Turnover is measured at fair value of the consideration received or receivable from sale of goods, excluding discounts, rebates, value added tax and other sales taxes.

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

- the Company has transferred to the buyer the significant risks and rewards of ownership of the goods;

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

- the amount of revenue can be measured reliably;

- it is probable that the 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. Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.

Goodwill

The Goodwill was achieved from the acquisition of a business last year, it will be amortised over its useful life.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on cost

Improvements to property

-

25% on cost

Fixtures and fittings

-

25% on cost

Computer equipment

-

25% on cost