Duglas Alliance Ltd. - Limited company accounts 20.1

REGISTERED NUMBER: 06810409 (England and Wales)

DUGLAS ALLIANCE LTD.

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2021

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Statement of Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Cash Flow Statement

11

Notes to the Cash Flow Statement

12

Notes to the Financial Statements

15

DIRECTORS:

Mr Y Potiyko

Mr R S Silver

REGISTERED OFFICE:

Sterling House

Fulbourne Road

London

E17 4EE

REGISTERED NUMBER:

06810409 (England and Wales)

SENIOR STATUTORY AUDITOR:

Mr C A Joannou BSc, MSc, FCCA

AUDITORS:

Christiansons Ltd

Chartered Certified Accountants

& Statutory Auditors

Sterling House

Fulbourne Road

Walthamstow

London

E17 4EE

The directors present their strategic report for the year ended 28 February 2021.

REVIEW OF BUSINESS

Duglas Alliance Limited is engaged in the construction of hydro power plant in the Republic of Equatorial Guinea. During the year the construction work has halted due to the ongoing pandemic. However efforts are being made to restart the work as soon as possible.

PRINCIPAL RISKS AND UNCERTAINTIES

Competition Risk

The Company provides a variety of quality and compliant solutions to its customers and whilst there is competitive risk from other companies and gross margin remains under pressure the directors believe that its solution and the quality of its compliant service counter act this risk.

Uncertainties in Relation to Suppliers and Availability of Materials

The Company, being a developer performing building project, is exposed to a risk of lack of materials for project execution due to suppliers' insecurity and disarrangement of trading relations with suppliers of materials of strategic importance. In order to mitigate that risk, the Company has concluded trading contracts with different companies, which are reputable suppliers of building materials in order to diversify its possible channels of supplies.

Foreign Exchange Risk

The Company settles its accounts with suppliers in Euro and US dollars. As the Company receives advance prepayments from its major customer in Euro, it is exposed to a risk of unfavourable exchange rate at the date of settlements in other currencies. The Company constantly maintains Euro and US dollars balance for the purpose of future settlements.

Reduction in Business Activity

The Company, like any other business, is exposed to a risk of downturn in its particular sectors. The directors proactively monitor performance on an ongoing basis and implement alternative strategies if necessary. The directors consider their involvement in running the business mitigates this exposure.

Trading levels are still, however, dependant upon the state of the general economy.

Lack of Experienced Staff

The Company may face the problem of hiring experienced professionals due to competition on labour market. An active personnel hiring campaign was conducted in the reporting period in order to attract experienced staff for current project and create personnel reserve for future projects.

FINANCIAL KEY PERFORMANCE INDICATORS

Average number of employees decreased in the current period due to the stoppage of construction and installation works under the project. Additional work has been carried out for which costs incurred are shown as work-in-progress while the recoverablility of costs are being negotiated as additional revenue which will be recognised as income once the outcome can be ascertained after the year end.

THE POSITION OF THE COMPANY AT THE YEAR END

The balance sheet shows that the company's financial position at the year-end. The company is in a strong position to continue to invest and expand in the forthcoming financial year.

The water power plant is being built by the company in the Republic of Equatorial Guinea.

ON BEHALF OF THE BOARD:

Director

29 November 2021

The directors present their report with the financial statements of the company for the year ended 28 February 2021.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of building and construction.

DIVIDENDS

No dividends will be distributed for the year ended 28 February 2021.

DIRECTORS

The directors shown below have held office during the whole of the period from 29 February 2020 to the date of this report.

Mr Y Potiyko

Mr R S Silver

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;

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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

AUDITORS

The auditors, Christiansons Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr Y Potiyko - Director

29 November 2021

Opinion

We have audited the financial statements of Duglas Alliance Ltd. (the 'company') for the year ended 28 February 2021 which comprise the Statement of 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 28 February 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 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 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.

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 measurements in respect of irregularities, including fraud.

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.

Mr C A Joannou BSc, MSc, FCCA (Senior Statutory Auditor)

for and on behalf of Christiansons Ltd

Chartered Certified Accountants

& Statutory Auditors

Sterling House

Fulbourne Road

Walthamstow

London

E17 4EE

29 November 2021

TURNOVER

3

48,368,274

38,775,110

Cost of sales

43,848,177

31,886,469

GROSS PROFIT

4,520,097

6,888,641

Administrative expenses

1,396,672

2,018,274

3,123,425

4,870,367

Other operating income

56,521

58,185

OPERATING PROFIT

5

3,179,946

4,928,552

Interest receivable and similar income

281,808

188,261

3,461,754

5,116,813

Gain/loss on revaluation of investments

6,050

105,713

3,467,804

5,222,526

Interest payable and similar expenses

7

1,184,980

1,194,592

PROFIT BEFORE TAXATION

2,282,824

4,027,934

Tax on profit

8

396,353

770,039

PROFIT FOR THE FINANCIAL YEAR

1,886,471

3,257,895

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,886,471

3,257,895

FIXED ASSETS

Tangible assets

9

1,324,684

1,609,752

Investment property

10

2,033,965

2,033,965

3,358,649

3,643,717

CURRENT ASSETS

Stocks

11

97,715,832

70,695,469

Debtors

12

60,870,628

62,278,005

Investments

13

6,683,825

4,153,788

Cash at bank and in hand

46,285,451

45,051,985

211,555,736

182,179,247

CREDITORS

Amounts falling due within one year

14

173,080,513

180,982,637

NET CURRENT ASSETS

38,475,223

1,196,610

TOTAL ASSETS LESS CURRENT LIABILITIES

41,833,872

4,840,327

CREDITORS

Amounts falling due after more than one year

15

(4,148,036

)

(1,942,560

)

PROVISIONS FOR LIABILITIES

17

(32,901,598

)

-

NET ASSETS

4,784,238

2,897,767

CAPITAL AND RESERVES

Called up share capital

18

1,369,200

1,369,200

Share premium

19

479,220

479,220

Retained earnings

19

2,935,818

1,049,347

SHAREHOLDERS' FUNDS

4,784,238

2,897,767

The financial statements were approved by the Board of Directors and authorised for issue on 29 November 2021 and were signed on its behalf by:

Mr Y Potiyko - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

€

€

€

€

Balance at 1 March 2019

-

(2,208,548

)

479,220

(1,729,328

)

Changes in equity

Issue of share capital

1,369,200

-

-

1,369,200

Total comprehensive income

-

3,257,895

-

3,257,895

Balance at 28 February 2020

1,369,200

1,049,347

479,220

2,897,767

Changes in equity

Total comprehensive income

-

1,886,471

-

1,886,471

Balance at 28 February 2021

1,369,200

2,935,818

479,220

4,784,238

Cash flows from operating activities

Cash generated from operations

1

7,286,898

41,830,462

Interest paid

(1,184,980

)

(1,194,592

)

Tax paid

(618,846

)

7,735

Net cash from operating activities

5,483,072

40,643,605

Cash flows from investing activities

Purchase of tangible fixed assets

(58,817

)

(547,675

)

Purchase of investment property

-

(633,965

)

Purchase of Investments

(2,530,037

)

-

Interest received

281,808

188,261

Net cash from investing activities

(2,307,046

)

(993,379

)

Cash flows from financing activities

Share issue

-

1,369,200

Due to related party

(1,942,560

)

3,569,900

Net cash from financing activities

(1,942,560

)

4,939,100

Increase in cash and cash equivalents

1,233,466

44,589,326

Cash and cash equivalents at beginning of year

2

45,051,985

-

Cash and cash equivalents at end of year

2

46,285,451

45,051,985

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

28.2.21

28.2.20

€

€

Profit before taxation

2,282,824

4,027,934

Depreciation charges

343,885

455,670

Gain on revaluation of fixed assets

(6,050

)

(105,713

)

Provision

32,901,598

-

Finance costs

1,184,980

1,194,592

Finance income

(281,808

)

(188,261

)

36,425,429

5,384,222

Increase in stocks

(27,020,363

)

(70,695,469

)

Decrease/(increase) in trade and other debtors

1,407,377

(62,278,005

)

(Decrease)/increase in trade and other creditors

(3,525,545

)

169,419,714

Cash generated from operations

7,286,898

41,830,462

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 28 February 2021

28.2.21

29.2.20

€

€

Cash and cash equivalents

46,285,451

45,051,985

Year ended 28 February 2020

28.2.20

1.3.19

€

€

Cash and cash equivalents

45,051,985

-

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 29.2.20

Cash flow

At 28.2.21

€

€

€

Net cash

Cash at bank and in hand

45,051,985

1,233,466

46,285,451

45,051,985

1,233,466

46,285,451

Liquid resources

Current asset investments

4,153,788

2,530,037

6,683,825

4,153,788

2,530,037

6,683,825

Debt

Debts falling due within 1 year

(13,321,187

)

(393,993

)

(13,715,180

)

(13,321,187

)

(393,993

)

(13,715,180

)

Total

35,884,586

3,369,510

39,254,096

**	LAST YEAR - MOVEMENT IN CASH AND CASH EQUIVALENTS

AS CALCULATED IN CASH FLOW STATEMENT

DOES NOT AGREE TO MOVEMENT PER BALANCE SHEET

COMPARE MOVEMENT ON CASH FLOW STATEMENT

=

44,589,326

TO

MOVEMENT PER BALANCE SHEET

CASH AND CASH EQUIVALENTS

=

45,051,985

1.	STATUTORY INFORMATION

Duglas Alliance 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 Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standards 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in Euro being the most relevant currency for the company.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Significant judgements and estimates

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

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 discussed below:

Recognition of attributable profits and provision for losses on long term contracts

Significant judgement is required in the Company recognising attributable profits on long term contracts by making an assessment of the outcome for each long term contract not completed as at the year end. The assessment is made to consider whether there is evidence of reasonable certainty of recoverability in relation to each contract. Such evidence includes the cost to date in relation to expected costs as budgeted, revenues received and receivable on the contract and evidence obtained in relation to stage of completion from certification obtained from 3rd party surveyor.

If indications of irreconcilability of costs incurred to date and future costs exist, the irrecoverable amounts and any losses anticipated are estimated and a respective provision for losses on long term contracts are made. The amount of the provision is charged through profit or loss. The review of provision for losses on long term risk is continuous and the methodology and assumptions used for estimating the provision are reviewed regularly and adjusted accordingly at each year end relating to uncompleted long term contracts.

Provision for bad and doubtful debts

The Company reviews its trade and other receivables for evidence of their recoverability. Such evidence includes the customer's payment record and the customer's overall financial position. If indications of irreconcilability exist, the recoverable amount is estimated and a respective provision for bad and doubtful debts is made. The amount of the provision is charged through profit or loss. The review of credit risk is continuous and the methodology and assumptions used for estimating the provision are reviewed regularly and adjusted accordingly.

Corporation tax

Significant judgement is required in determining the provision for corporation taxes. There are transactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business. The Company recognises liabilities for anticipated tax issues based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the corporation tax and deferred tax provisions in the period in which such determination is made.

Turnover

Turnover represents net amounts receivable for goods and services net of VAT and trade discounts, The company recognises revenue when the company has a contracted right to an amount received or receivable in exchange for its performance.

Turnover is measured at the fair value of the consideration received or receivable excluding value added tax and net of discounts. The policies adopted for the recognition of turnover are as follows:

Rendering of services

Turnover represents net fees receivable for services provided which are recognised when the company obtains the right to consideration under individual contracts.

Where a contract has only been partially completed at the balance sheet date, turnover represents the value of services provided to date based on a portion of the total contract value. Fees earned but not invoiced by the balance sheet date are treated as accrued income and amounts receivable on long term contracts, are stated at the net sales value of the work done after provisions for contingencies and anticipated future losses on contracts, less amounts received as progress payment on account and included as part of debtors due within one year. Excess progress payments are included in creditors as payments on account.

Long term contracts

When the outcome of a long term construction contract can be estimated reliably, contract costs and turnover including attributable profit on long term contracts are recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to completion certificate from 3rd party surveyors.

Where the outcome cannot be measured reliably, contract costs are recognised as an expense in the period in which they are incurred and contract turnover is recognised to the extent of costs incurred that it is probable will be recoverable.

When it is probable that contract costs will exceed the total contract turnover, the expected loss is recognised as an expense immediately, with a corresponding provision.

Interest receivable

Interest income is recognised using the effective interest method.

Tangible fixed assets

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

Plant and machinery

-

20% on cost

Fixtures and fittings

-

25% on cost

Computer equipment

-

33% on cost

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

Investment property

Investment property is shown at fair value. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Investments

Investments comprise investments in quoted bank bonds and similar securities which are measured at fair value. Changes in fair value are recognised in profit or loss. Where fair value cannot be measured reliably, then the investment is carried at cost less impairment.

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.

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

Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate, or an average rate where this rate approximates the actual rate, between the functional currency and the foreign currency at the date of the transaction.

Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are retranslated using the closing rate prevailing at that date. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.

Exchange differences are recognised in profit or loss in the period in which they arise.

Financial instruments

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

Debtors receivable within one year

Debtors with no stated interest rate and receivable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Amounts recoverable on long term contracts, are included in debtors and stated at the net sales value of the work done after provisions for contingencies and anticipated future losses on contracts, less amounts received as progress payment on account.

Creditors payable within one year

Creditors with no stated interest rate and payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs and are measured subsequently at amortised cost using the effective interest method.

Excess progress payments on long term contracts are included in creditors as payments on account.

Employee Benefits

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

3.

TURNOVER

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

An analysis of turnover by class of business is given below:

28.2.21

28.2.20

€

€

Rest of the world (excl. UK)

48,368,274

38,775,110

48,368,274

38,775,110

4.	EMPLOYEES AND DIRECTORS

28.2.21

28.2.20

€

€

Wages and salaries

634,709

583,487

Social security costs

50,267

34,788

684,976

618,275

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

28.2.21

28.2.20

Administration

15

17

Project maintenance and support

16

20

31

37

28.2.21

28.2.20

€

€

Directors' remuneration

333,385

366,653

Information regarding the highest paid director is as follows:

28.2.21

28.2.20

€

€

Emoluments etc

333,385

363,163

5.	OPERATING PROFIT

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

28.2.21

28.2.20

€

€

Depreciation - owned assets

343,885

455,670

Auditors' remuneration

34,272

29,740

Foreign exchange differences

(56,521

)

-

6.	EXCEPTIONAL ITEMS

28.2.21

28.2.20

€

€

Foreign exchange loss

-

(749,911

)

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

28.2.21

28.2.20

€

€

Other loan interest

1,180,907

1,185,637

Interest paid corporation tax

4,073

8,955

1,184,980

1,194,592