Indus Foods Limited - Limited company accounts 20.1

REGISTERED NUMBER: 02430421 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2021

FOR

INDUS FOODS LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Income Statement

8

Other Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

15

DIRECTORS:

T I Areehy

Ms N K Areehy

Z A Chaudhary

REGISTERED OFFICE:

75 Sampson Road North

Sparkbrook

Birmingham

B11 1BH

REGISTERED NUMBER:

02430421 (England and Wales)

AUDITORS:

Harrison Beale & Owen Limited

Chartered Accountants and Statutory Auditors

Seven Stars House

1 Wheler Road

Coventry

CV3 4LB

BANKERS:

Natwest Bank plc

Bolton Corporate Service Centre

Parklands, De Havilland Way

Horwich

Bolton

BL6 4YU

The directors present their strategic report for the year ended 30 June 2021.

REVIEW OF BUSINESS

The company has broadly maintained its market share this year with turnover of £13,953,316 (2020: £13,562,326). Gross profit margin has also been maintained during this period.

Management have continued to expand operations in the medium term through improvements to the site facilities, following a new warehouse development being completed and in use during the year.

Overall, management are satisfied with this level of performance in the current trading environment.

PRINCIPAL RISKS AND UNCERTAINTIES

The company's principal exposure to risks are through pricing volatility, both as a result of changes in prices of products and through exchange rate fluctuations, as management are in part reliant on suppliers based overseas.

Management are mindful of these key risks to the business and have adopted strategies, which include: continued scrutiny of pricing and rates of exchange; sourcing of product from various suppliers; and management of its purchase cycle.

Management also acknowledge exposure to interest rate and credit risks and these are also assessed continuously in order to minimise their impact.

Impact of Brexit

Management continue to be mindful of the impact of the UK's exit from the European Union and these associated risks have been embedded into management's risk assessments and inform the strategies to mitigate against those risks. Though the company is reliant on importing some goods from the European Union and further afield, management are of the opinion that the company has enough flexibility in its management of working capital and through its maintenance of strong supplier relationships, in order to reduce the impact of adverse changes that Brexit may bring, at least in the short term.

FUTURE DEVELOPMENTS

In the wake of the impact of the Covid-19 pandemic the company initially saw a slight dip in activity but otherwise remained fairly resilient through the year. Management's focus has continued to be on purchasing strategy and this has been assisted with the new warehouse development that became operational during the year.

Trading has been buoyant in the new financial year and the company appears well placed to trade through the continuing uncertainty that Covid-19 continues to bring.

Nonetheless, management took advantage of a Coronavirus Business Interruption Loan (CBILS) facility of £250,000 in the later part of last financial year, in addition to government grants of £41,967 during this financial year. With an otherwise solid balance sheet and other credit facilities in place, management believe the company will be able to continue to invest in its working capital needs and pay its debts as they fall due for the foreseeable future.

The company's strategy for 2021-22 and beyond remains one of growth, although management are mindful that the next 12 months may be challenging. Nevertheless, the directors believe the company to be a going concern and have adopted this assumption in preparing the financial statements.

ON BEHALF OF THE BOARD:

T I Areehy - Director

15 December 2021

The directors present their report with the financial statements of the company for the year ended 30 June 2021.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of wholesale grocery and packaging.

DIVIDENDS

The total distribution of ordinary dividends for the year ended 30 June 2021 will be £100,000 (2020: £100,000).

DIRECTORS

The directors shown below have held office during the whole of the period from 1 July 2020 to the date of this report.

T I Areehy

Ms N K Areehy

Z A Chaudhary

CHARITABLE DONATIONS AND EXPENDITURE

During the year the company made charitable donations of £12,000 (2020: £15,000).

DISCLOSURE IN THE STRATEGIC REPORT

The company's review of business, principal risks and uncertainties and future developments are disclosed within the strategic report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the 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 of the profit or loss of the company 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 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.

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 company'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 company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

T I Areehy - Director

15 December 2021

Opinion

We have audited the financial statements of Indus Foods Limited (the 'company') for the year ended 30 June 2021 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 30 June 2021 and of its 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 company 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 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 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 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 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or

-	the 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 three, 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 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 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:

The audit process includes an assessment of the entity's risk environment, through enquiry of and discussion with management, including an assessment of any key laws and regulations with which the company must comply in the ordinary course of its business.

Additionally, the overall risks of irregular transactions occurring are assessed following our observations and confirmation of the design and implementation of management's controls. Whilst we are mindful of these risks, our audit focus is geared towards the risk of material misstatement in the financial statements as a whole.

As such, our procedures cannot guarantee that all transactions have been fully compliant with all relevant laws and regulations, including those regulations relating to fraud, as our procedures are not designed to detect all instances of non-compliance. By definition, the risk of our detection of non-compliance is greater where compliance with a law or regulation is removed from the events and transactions reflected in the financial statements. The risk is also greater regarding irregularities 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.

Wayne Gutteridge ACA (Senior Statutory Auditor)

for and on behalf of Harrison Beale & Owen Limited

Chartered Accountants and Statutory Auditors

Seven Stars House

1 Wheler Road

Coventry

CV3 4LB

15 December 2021

TURNOVER

3

13,953,316

13,562,326

Cost of sales

11,575,339

11,315,980

GROSS PROFIT

2,377,977

2,246,346

Administrative expenses

2,017,525

1,820,371

360,452

425,975

Other operating income

49,585

7,618

OPERATING PROFIT

5

410,037

433,593

Interest payable and similar expenses

6

113,514

42,291

PROFIT BEFORE TAXATION

296,523

391,302

Tax on profit

7

25,430

76,478

PROFIT FOR THE FINANCIAL YEAR

271,093

314,824

PROFIT FOR THE YEAR

271,093

314,824

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

271,093

314,824

FIXED ASSETS

Tangible assets

9

2,572,849

1,420,676

Investments

10

15,000

15,000

2,587,849

1,435,676

CURRENT ASSETS

Stocks

11

3,392,347

2,252,053

Debtors

12

3,397,794

3,327,105

Investments

13

30

30

Cash at bank and in hand

324,342

1,039,225

7,114,513

6,618,413

CREDITORS

Amounts falling due within one year

14

3,940,450

3,170,376

NET CURRENT ASSETS

3,174,063

3,448,037

TOTAL ASSETS LESS CURRENT LIABILITIES

5,761,912

4,883,713

CREDITORS

Amounts falling due after more than one year

15

(2,330,977

)

(1,648,173

)

PROVISIONS FOR LIABILITIES

19

(93,928

)

(69,626

)

NET ASSETS

3,337,007

3,165,914

CAPITAL AND RESERVES

Called up share capital

20

50,000

50,000

Capital redemption reserve

21

635,000

635,000

Retained earnings

21

2,652,007

2,480,914

SHAREHOLDERS' FUNDS

3,337,007

3,165,914

The financial statements were approved by the Board of Directors and authorised for issue on 15 December 2021 and were signed on its behalf by:

T I Areehy - Director

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 July 2019

50,000

2,266,090

635,000

2,951,090

Changes in equity

Dividends

-

(100,000

)

-

(100,000

)

Total comprehensive income

-

314,824

-

314,824

Balance at 30 June 2020

50,000

2,480,914

635,000

3,165,914

Changes in equity

Dividends

-

(100,000

)

-

(100,000

)

Total comprehensive income

-

271,093

-

271,093

Balance at 30 June 2021

50,000

2,652,007

635,000

3,337,007

Cash flows from operating activities

Cash generated from operations

1

(972,641

)

1,670,477

Interest paid

(113,007

)

(41,784

)

Interest element of hire purchase payments paid

(507

)

(507

)

Tax paid

(97,606

)

(27,629

)

Net cash from operating activities

(1,183,761

)

1,600,557

Cash flows from investing activities

Purchase of tangible fixed assets

(1,050,673

)

(1,262,152

)

Sale of tangible fixed assets

2,500

-

Net cash from investing activities

(1,048,173

)

(1,262,152

)

Cash flows from financing activities

Loan repayments in year

(74,900

)

(132,313

)

Loan advances in year

1,140,000

661,011

Capital repayments in year

(45,632

)

(5,884

)

Amount withdrawn by directors

(109,564

)

(88,168

)

Equity dividends paid

(50,000

)

(50,000

)

Net cash from financing activities

859,904

384,646

(Decrease)/increase in cash and cash equivalents

(1,372,030

)

723,051

Cash and cash equivalents at beginning of year

2

1,039,225

316,174

Cash and cash equivalents at end of year

2

(332,805

)

1,039,225

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

2021

2020

£

£

Profit before taxation

296,523

391,302

Depreciation charges

108,078

50,853

Loss on disposal of fixed assets

700

-

Finance costs

113,514

42,291

518,815

484,446

(Increase)/decrease in stocks

(1,140,294

)

748,223

Increase in trade and other debtors

(70,689

)

(244,050

)

(Decrease)/increase in trade and other creditors

(280,473

)

681,858

Cash generated from operations

(972,641

)

1,670,477

2.	CASH AND CASH EQUIVALENTS

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

Year ended 30 June 2021

30.6.21

1.7.20

£

£

Cash and cash equivalents

324,342

1,039,225

Bank overdrafts

(657,147

)

-

(332,805

)

1,039,225

Year ended 30 June 2020

30.6.20

1.7.19

£

£

Cash and cash equivalents

1,039,225

549,596

Bank overdrafts

-

(233,422

)

1,039,225

316,174

3.	ANALYSIS OF CHANGES IN NET DEBT

Other

non-cash

At 1.7.20

Cash flow

changes

At 30.6.21

£

£

£

£

Net cash

Cash at bank

and in hand

1,039,225

(714,883

)

324,342

Bank overdrafts

-

(657,147

)

(657,147

)

1,039,225

(1,372,030

)

(332,805

)

Liquid resources

Current asset

investments

30

-

-

30

30

-

-

30

Debt

Finance leases

(10,216

)

45,632

(212,778

)

(177,362

)

Debts falling due

within 1 year

(878,079

)

(320,435

)

-

(1,198,514

)

Debts falling due

after 1 year

(1,354,370

)

(635,100

)

-

(1,989,470

)

(2,242,665

)

(909,903

)

(212,778

)

(3,365,346

)

Total

(1,203,410

)

(2,281,933

)

(212,778

)

(3,698,121

)

1.	STATUTORY INFORMATION

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

The principal accounting policies adopted in the preparation of the financial statements are set out below and have been consistently applied from the previous year.

Significant judgements and estimates

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

Accounting estimates:

i) Inventory provisioning

The company holds significant levels of inventory - generally one quarter's trade - at any point. The inventory held is monitored by management to ensure appropriate provisions are made in respect of items of stock which are out of date or which are selling slowly. See note 11 to the financial statements for further disclosure.

ii) Impairment of debtors

The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See note 12 to the financial statements for further disclosure.

Accounting judgements:

iii) Operating leases

The company utilises assets which it does not own and pays for on an ongoing basis. In making the judgement as to whether such arrangements constitute finance leases or operating leases, management have assessed where the substantial risk and rewards of the ownership of the assets fall, and assessed that the counter-party, rather than the company, bears substantially all of the risks and rewards of ownership of the assets.

Turnover

Sale of goods

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

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

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

Long leasehold - 2% on cost

Plant & machinery - 10% on cost

Motor vehicles - 25% on cost

Government grants

Other operating income includes government grants arising from the impact of Coronavirus (COVID-19) with the purpose of compensating the company for incremental expenditure incurred or income lost, and are recognised in the period in which they become receivable.

Grants towards capital expenditure are treated as deferred income and released to the profit and loss account over the estimated useful economic life of the related assets.

Stocks

Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase and other costs incurred in bringing stock to its present location and condition, including any import costs, duties and carriage.

Financial instruments

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the Income Statement.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

The company has in place an employer financed retirement benefit scheme for the benefits of its officers, employees and their wider families. The scheme is known as The Indus Foods Limited 2011 Employer Finances Retirement Benefit Scheme ("The scheme").

The company does not include the assets and liabilities of the scheme on its balance sheet to the extent that it considers that it will not retain any economic benefit from the assets of the scheme and will not have control of the rights or other access to those present economic benefits.

Share capital

Share capital is treated as an equity instrument where there is evidence of a residual interest in the assets of an entity after deducting all its liabilities. Accordingly, a financial instrument is treated as equity if:

- there is no contractual obligation to deliver cash or other financial assets or to exchange financial assets or liabilities on terms that may be unfavourable; and

- the instrument is a non-derivative that contains no contractual obligations to deliver a variable number of shares or is a derivative that will be settled only by the company exchanging a fixed amount of cash or other assets for a fixed number of the company's own equity instruments.

Where shares are issued for a value in excess of their nominal value, the resultant premium is included in a share premium account.

Preference shares, which result in fixed returns to the holder or are mandatorily redeemable on a specific date, are classified as liabilities. The dividends on these shares are recognised in the income statement as interest expense.

Dividends

Dividends and other distributions to the company's shareholders are recognised as a liability in the financial statements in the period in which the dividends and other distributions are approved by shareholders. These amounts are recognised in the statement of changes in equity.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2021

2020

£

£

United Kingdom

12,578,460

12,109,535

Europe

1,374,856

1,452,791

13,953,316

13,562,326

All turnover in the current and prior year was derived from the sale of goods.

4.	EMPLOYEES AND DIRECTORS

2021

2020

£

£

Wages and salaries

604,033

531,060

Social security costs

41,963

31,776

Other pension costs

9,021

8,067

655,017

570,903

The average number of employees during the year was as follows:

2021

2020

Administration and support

25

29

2021

2020

£

£

Directors' remuneration

48,758

43,488

During the year, the company incurred additional warehouse agency fees of £618,666 (2020: £326,498).

5.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2021

2020

£

£

Depreciation - owned assets

77,703

48,854

Depreciation - assets on hire purchase contracts

30,375

1,999

Loss on disposal of fixed assets

700

-

Auditors' remuneration

9,250

8,500

Foreign exchange differences

(155,098

)

(23,346

)

Operating leases - land and buildings

66,600

196,600

Deferred capital grant

(7,618

)

(7,618

)

Government grants - revenue grants

(41,967

)

-