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Registered number: 11429590










CARISTO DIAGNOSTICS LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE 18 MONTHS ENDED 31 DECEMBER 2022

 
CARISTO DIAGNOSTICS LIMITED
REGISTERED NUMBER: 11429590

BALANCE SHEET
AS AT 31 DECEMBER 2022

31 December
As restated
30 June
2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 4 
62,452
108,789

 
Current assets
  

Debtors: amounts falling due within one year
 5 
1,285,787
586,156

Cash at bank and in hand
 6 
2,216,527
6,545,403

  
3,502,314
7,131,559

Creditors: amounts falling due within one year
 7 
(927,524)
(647,242)

Net current assets
  
 
 
2,574,790
 
 
6,484,317

Total assets less current liabilities
  
2,637,242
6,593,106

Net assets
  
2,637,242
6,593,106


Capital and reserves
  

Called up share capital 
  
317
307

Share premium account
  
10,297,850
10,192,396

Other reserves
  
258,566
331,604

Profit and loss account
  
(7,919,491)
(3,931,201)

  
2,637,242
6,593,106


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
F J Cheng
Director

Date: 3 October 2023

The notes on pages 4 to 12 form part of these financial statements.

Page 1

 
CARISTO DIAGNOSTICS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE 18 MONTHS ENDED 31 DECEMBER 2022


Called up share capital
Share premium account
Other reserves
Profit and loss account
Total equity

£
£
£
£
£

At 1 July 2021 (as previously stated)
307
10,192,396
331,604
(3,993,893)
6,530,414

Prior year adjustment - correction of error
-
-
-
62,692
62,692

At 1 July 2021 (as restated)
307
10,192,396
331,604
(3,931,201)
6,593,106



Loss for the 18 months

-
-
-
(3,988,290)
(3,988,290)

Shares issued during the 18 months
10
105,454
-
-
105,464

Other movement type 1
-
-
(73,038)
-
(73,038)


At 31 December 2022
317
10,297,850
258,566
(7,919,491)
2,637,242


The notes on pages 4 to 12 form part of these financial statements.


STATEMENT OF CHANGES IN EQUITY
FOR THE 18 MONTHS ENDED 30 JUNE 2021


Called up share capital
Share premium account
Other reserves
Profit and loss account
Total equity

£
£
£
£
£

At 1 July 2020 (as previously stated)
307
1,992,492
20,087
(1,636,834)
376,052

Prior year adjustment - correction of error
-
-
-
124,379
124,379

At 1 July 2020 (as restated)
307
1,992,492
20,087
(1,512,455)
500,431


Comprehensive income for the year

Loss for the year

-
-
-
(2,418,746)
(2,418,746)


Other comprehensive income for the year
-
-
-
-
-


Total comprehensive income for the year
-
-
-
(2,418,746)
(2,418,746)


Contributions by and distributions to owners

Shares issued during the year
-
8,199,904
-
-
8,199,904

Other movement type 1
-
-
311,517
-
311,517


Total transactions with owners
-
8,199,904
311,517
-
8,511,421
Page 2

 
CARISTO DIAGNOSTICS LIMITED
 

STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE 18 MONTHS ENDED 30 JUNE 2021



At 30 June 2021
307
10,192,396
331,604
(3,931,201)
6,593,106


The notes on pages 4 to 12 form part of these financial statements.

Page 3

 
CARISTO DIAGNOSTICS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTHS ENDED 31 DECEMBER 2022

1.


General information

Caristo Diagnostics Limited is a private company, limited by share capital and incorporated in England and Wales. The address of its registered office is New Barclay House, Botley Road, Oxford, England, OX2 0HP.
The principal activity of the Company is that of the research and development of cardiovascular risk prediction and prevention.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The Company has extended its current accounting period in order to align future periods to end on the 31 December. The current reporting period therefore covers the 18 months ended 31 December 2022 and the prior period comparitives reflect the 12 months ended 30 June 2021. These financial statements are therefore not entirely comparable period to period.

The following principal accounting policies have been applied:

 
2.2

Going concern

These accounts are prepared on a going concern basis as the Directors believe that the financial position at the balance sheet date, in addition to the £13.0M raised in the post year-end fund raise, provide adequate resources to cover the forecast spend and cash outflows for at least the next 12 months from the date of approving these financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 4

 
CARISTO DIAGNOSTICS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTHS ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 5

 
CARISTO DIAGNOSTICS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTHS ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

 
2.10

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.11

Tangible fixed assets

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

Page 6

 
CARISTO DIAGNOSTICS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTHS ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

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

Depreciation is provided on the following basis:

Long-term leasehold property
-
20%
Office equipment
-
33%
Computer equipment
-
33%

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

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. 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.

 
2.15

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the period was 33 (2021 - 21).

Page 7

 
CARISTO DIAGNOSTICS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTHS ENDED 31 DECEMBER 2022

4.


Tangible fixed assets







Long-term leasehold property
Office equipment
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 July 2021
54,156
17,803
133,841
205,800


Additions
-
4,877
15,838
20,715



At 31 December 2022

54,156
22,680
149,679
226,515



Depreciation


At 1 July 2021
22,348
11,144
63,519
97,011


Charge for the 18 months on owned assets
16,247
8,210
42,595
67,052



At 31 December 2022

38,595
19,354
106,114
164,063



Net book value



At 31 December 2022
15,561
3,326
43,565
62,452



At 30 June 2021
31,808
6,659
70,322
108,789


5.


Debtors

31 December
As restated
30 June
2022
2021
£
£


Trade debtors
38,861
4,370

Other debtors
18,904
78,041

Prepayments and accrued income
221,661
203,369

Tax recoverable
1,006,361
300,376

1,285,787
586,156


Page 8

 
CARISTO DIAGNOSTICS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTHS ENDED 31 DECEMBER 2022

6.


Cash and cash equivalents

31 December
30 June
2022
2021
£
£

Cash at bank and in hand
2,216,527
6,545,403



7.


Creditors: Amounts falling due within one year

31 December
As restated
30 June
2022
2021
£
£

Trade creditors
256,240
41,245

Other taxation and social security
64,508
80,906

Other creditors
20,862
45,919

Accruals and deferred income
585,914
479,172

927,524
647,242



8.


Share capital

31 December
30 June
2022
2021
£
£
Allotted, called up and fully paid



307,836 (2021 - 298,720) Ordinary shares of £0.001 each
307.84
298.72
8,750 (2021 - 8,750) G Ordinary shares of £0.001 each
8.75
8.75

316.59

307.47


During the period ended 31 December 2022, 9,116 Ordinary shares were issued for consideration of £105,464.

Page 9

 
CARISTO DIAGNOSTICS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTHS ENDED 31 DECEMBER 2022

9.


Share-based payments

During the period 4,177 unapproved options were granted (2021: 2,350 unapproved options). Included within the 18 month period ended 31 December 2022 is an amount of -£73,038 (year ended 31 December 2021: £311,517) as an estimation of the share based payment charge in respect of all options still in issue.

31 December
30 June
Weighted average exercise price (pence)
2022
Number
2022
Weighted average exercise price
(pence)
2021
Number
2021

Outstanding at the beginning of the year

562.30

18,193

693.49
 
17,706
 
Granted during the year

3,078.00

4,177

0.10
 
2,350
 
Forfeited during the year

694.46

(3,561)

1,100.00
 
(93)
 
Exercised during the year

754.51

(9,121)

1,100.00
 
(1,770)
 
Outstanding at the end of the year
1,651.06

9,688

562.30
 
18,193
 

The fair value of the 4,177 options issued in the period was estimated using a pricing model which takes into account the conditions which exercise of the options would be permitted, plus the following parameters:

31 December
30 June
2022
2021

Option pricing model used


Black-scholes

Black-scholes
 
Weighted average share price (pence)


4,794

3,387
 
Exercise price (pence)


1,651

992
 
Weighted average contractual life (years)


10

10
 
Expected volatility


50%

50%
 
Risk-free interest rate


0.85%

1.79%
 


Page 10

 
CARISTO DIAGNOSTICS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTHS ENDED 31 DECEMBER 2022

10.


Prior year adjustment

During the period, management identified that some grant income was being recognised in the incorrect accounting period and various adjustments have been made accordingly. The effect of these adjustments on the year ended 30 June 2021 is to increase accrued income by £165,257, increase deferred income by £92,372, decrease grant income by £51,494 and increase retained earnings at 1 July 2020 by £124,379.
Management also identified accruals amounting to £10,193 that were omitted at 31 December 2021 and a correcting adjustment has been made accordingly. The impact of this adjustment on the year ended 30 June 2021 is to increase accruals and expenditure by £10,193.


11.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and in the 18 months ended 31 December 2022 amounted to £143,906 (year ended 30 June 2021: £53,048). At 31 December 2022, contributions totalling £14,044 (30 June 2021: £12,919) were payable to the fund and are included in creditors.


12.


Commitments under operating leases

At 31 December 2022 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

31 December
30 June
2022
2021
£
£


Not later than 1 year
67,646
56,371

Later than 1 year and not later than 5 years
26,888
107,028

94,534
163,399


13.


Related party transactions

During the period ended 31 December 2022, the Company made purchases of £83,568 (year ended 30 June 2021: £nil) from Mirror Health, Inc., a company with a common Director to Caristo Diagnostics Limited. There was no outstanding balance at either period end.
During the period ended 31 December 2022, the Company made purchases of £326,632 (year ended 30 June 2021: £168,263) from Oxford University Innovation, who also has service agreements with a company owned by a Director of Caristo Diagnostics Limited. There was an invoice raised for £4,240 in respect of this agreement which involved the company owned by a Director of Caristo Diagnostics Limited. This invoice was outstanding at the period end and is included in trade creditors.
One of the Company's major investors, Oxford Science Enterprises, seconded an employee to provide services as Chief Product Officer for a total fee of £83,289 in the period ended 31 December 2022 (year ended 30 June 2021: £nil). The full amount was included in trade creditors at the period end.

Page 11

 
CARISTO DIAGNOSTICS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTHS ENDED 31 DECEMBER 2022

14.


Post balance sheet events

In April 2023, the Company raised £13.0M, providing significant funding for the foreseeable future. The Directors consider this amount to be sufficient in making the Company a going concern.
A new CEO, Frank Cheng, was appointed by the Company in February 2023.


15.


Controlling party

The Company is controlled by the Directors.


16.


Auditors' information

The auditors' report on the financial statements for the 18 months ended 31 December 2022 was unqualified.

The audit report was signed on 4 October 2023 by Sue Staunton MA FCA CF (Senior Statutory Auditor) on behalf of James Cowper Kreston Audit.

Page 12