Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.true2022-04-01falseRetail sale of electrical household appliances in specialised stores99trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 00777114 2022-04-01 2023-03-31 00777114 2021-04-01 2022-03-31 00777114 2023-03-31 00777114 2022-03-31 00777114 c:Director1 2022-04-01 2023-03-31 00777114 c:Director2 2022-04-01 2023-03-31 00777114 c:RegisteredOffice 2022-04-01 2023-03-31 00777114 d:Buildings 2022-04-01 2023-03-31 00777114 d:Buildings 2023-03-31 00777114 d:Buildings 2022-03-31 00777114 d:Buildings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 00777114 d:Buildings d:LeasedAssetsHeldAsLessee 2022-04-01 2023-03-31 00777114 d:MotorVehicles 2022-04-01 2023-03-31 00777114 d:MotorVehicles 2023-03-31 00777114 d:MotorVehicles 2022-03-31 00777114 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 00777114 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-04-01 2023-03-31 00777114 d:FurnitureFittings 2022-04-01 2023-03-31 00777114 d:FurnitureFittings 2023-03-31 00777114 d:FurnitureFittings 2022-03-31 00777114 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 00777114 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2022-04-01 2023-03-31 00777114 d:OfficeEquipment 2022-04-01 2023-03-31 00777114 d:ComputerEquipment 2022-04-01 2023-03-31 00777114 d:ComputerEquipment 2023-03-31 00777114 d:ComputerEquipment 2022-03-31 00777114 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 00777114 d:ComputerEquipment d:LeasedAssetsHeldAsLessee 2022-04-01 2023-03-31 00777114 d:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 00777114 d:OtherPropertyPlantEquipment 2023-03-31 00777114 d:OtherPropertyPlantEquipment 2022-03-31 00777114 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 00777114 d:OtherPropertyPlantEquipment d:LeasedAssetsHeldAsLessee 2022-04-01 2023-03-31 00777114 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 00777114 d:LeasedAssetsHeldAsLessee 2022-04-01 2023-03-31 00777114 d:FreeholdInvestmentProperty 2023-03-31 00777114 d:FreeholdInvestmentProperty 2022-03-31 00777114 d:FreeholdInvestmentProperty 2 2022-04-01 2023-03-31 00777114 d:CurrentFinancialInstruments 2023-03-31 00777114 d:CurrentFinancialInstruments 2022-03-31 00777114 d:Non-currentFinancialInstruments 2023-03-31 00777114 d:Non-currentFinancialInstruments 2022-03-31 00777114 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 00777114 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 00777114 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 00777114 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 00777114 d:ShareCapital 2023-03-31 00777114 d:ShareCapital 2022-03-31 00777114 d:RevaluationReserve 2022-04-01 2023-03-31 00777114 d:RevaluationReserve 2023-03-31 00777114 d:RevaluationReserve 2022-03-31 00777114 d:OtherMiscellaneousReserve 2022-04-01 2023-03-31 00777114 d:OtherMiscellaneousReserve 2023-03-31 00777114 d:OtherMiscellaneousReserve 2022-03-31 00777114 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 00777114 d:RetainedEarningsAccumulatedLosses 2023-03-31 00777114 d:RetainedEarningsAccumulatedLosses 2022-03-31 00777114 c:OrdinaryShareClass1 2022-04-01 2023-03-31 00777114 c:OrdinaryShareClass1 2023-03-31 00777114 c:FRS102 2022-04-01 2023-03-31 00777114 c:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 00777114 c:FullAccounts 2022-04-01 2023-03-31 00777114 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 00777114 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-04-01 2023-03-31 00777114 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-03-31 00777114 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-03-31 00777114 2 2022-04-01 2023-03-31 00777114 5 2022-04-01 2023-03-31 00777114 6 2022-04-01 2023-03-31 00777114 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 00777114 d:AcceleratedTaxDepreciationDeferredTax 2022-03-31 00777114 d:OtherDeferredTax 2023-03-31 00777114 d:OtherDeferredTax 2022-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 00777114










ADCOCK & SONS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

 
ADCOCK & SONS LIMITED
 
 
COMPANY INFORMATION


Directors
P R Adcock 
C J Adcock 




Registered number
00777114



Registered office
32 High Street
Watton

Thetford

Norfolk

IP25 6AE




Accountants
MA Partners LLP
Chartered Accountants

7 The Close

Norwich

Norfolk

NR1 4DJ





 
ADCOCK & SONS LIMITED
 

CONTENTS



Page
Accountants' report
 
 
1
Balance sheet
 
 
2 - 3
Notes to the financial statements
 
 
4 - 13


 
ADCOCK & SONS LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ADCOCK & SONS LIMITED
FOR THE YEAR ENDED 31 MARCH 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Adcock & Sons Limited for the year ended 31 March 2023 which comprise  the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of Adcock & Sons Limited, as a body, in accordance with the terms of our engagement letter dated 13 September 2021Our work has been undertaken solely to prepare for your approval the financial statements of Adcock & Sons Limited  and state those matters that we have agreed to state to the Board of directors of Adcock & Sons Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Adcock & Sons Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Adcock & Sons Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Adcock & Sons Limited. You consider that Adcock & Sons Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Adcock & Sons Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



MA Partners LLP
 
Chartered Accountants
  
7 The Close
Norwich
Norfolk
NR1 4DJ
 
12 October 2023
Page 1

 
ADCOCK & SONS LIMITED
REGISTERED NUMBER: 00777114

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2023
2022
2022
Note
£
£
£
£

Fixed assets
  

Tangible assets
 8 
417,408
408,540

Investments
 9 
33,899
31,824

Investment property
 7 
1,230,200
1,243,205

  
1,681,507
1,683,569

Current assets
  

Stocks
  
85,870
104,089

Debtors: amounts falling due within one year
 10 
23,259
25,431

Cash at bank and in hand
  
356
3,760

  
109,485
133,280

Creditors: amounts falling due within one year
 11 
(224,296)
(229,334)

Net current liabilities
  
 
 
(114,811)
 
 
(96,054)

Total assets less current liabilities
  
1,566,696
1,587,515

Creditors: amounts falling due after more than one year
 12 
(420,601)
(463,337)

Provisions for liabilities
  

Deferred tax
 6 
(74,058)
(74,525)

Net assets
  
1,072,037
1,049,653


Capital and reserves
  

Share capital
 5 
10,000
10,000

Revaluation reserve
 4 
73,523
73,523

Other reserves
 4 
624,024
634,558

Profit and loss account
 4 
364,490
331,572

  
1,072,037
1,049,653


Page 2

 
ADCOCK & SONS LIMITED
REGISTERED NUMBER: 00777114
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 profit and loss account 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 on 11 October 2023.




P R Adcock
Director

The notes on pages 4 to 13 form part of these financial statements.

Page 3

 
ADCOCK & SONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Adcock & Sons Limited is a private company, limited by shares, incorporated and domiciled in England and Wales.  The registered office and principal place of business is 32 High Street, Watton, Norfolk, IP25 6AE.
The Company's principal activity is that of the sale of electrical equipment and appliances.

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 following principal accounting policies have been applied:

 
2.2

Turnover recognition

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, Value Added Tax and other sales taxes.

Turnover from the sale of goods is recognised at the point of sale and when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually
associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 4

 
ADCOCK & SONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.3
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on both a reducing balance and straight line basis..

Depreciation is provided on the following basis:

Motor vehicles
-
25% reducing balance
Fixtures, fitttings and equipment
-
25% reducing balance
Rental equipment
-
straight line over 3 years
Computer equipment
-
straight line over 4 and 10 years

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.

 
2.4

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.5

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.6

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Profit and loss account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Page 5

 
ADCOCK & SONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.8

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.

 
2.9

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.

 
2.10

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 and loans to related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

 
2.11

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.

 
2.12

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 Profit and loss account in the same period as the related expenditure.

Page 6

 
ADCOCK & SONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.13

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.15

Operating leases

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.16

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.

 
2.17

Interest income

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

 
2.18

Borrowing costs

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

Page 7

 
ADCOCK & SONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.19

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.
 
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
 
Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 9 (2022 - 9).


4.


Reserves

Revaluation reserve

The revaluation reserve represents the cumulative value of revaluations of the Company's freehold property to fair value.

Other reserves

The fair value reserve represents the cumulative value of revaluations of the Company's investment properties to fair value, net of deferred tax.  The amounts debited or credited to this reserve are transfers from the profit and loss account.  Deferred tax is provided for on these fair value adjustments at the standard rate of corporation tax applicable in the UK.

Profit & loss account

The profit and loss account includes all current and prior period retained profits and losses.


5.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



10,000 Ordinary shares of £1.00 each
10,000
10,000


Page 8

 
ADCOCK & SONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


Deferred taxation




2023


£






At beginning of year
74,525


Charged to profit or loss
(467)



At end of year
74,058

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
3,296
1,291

Revaluation of investment properties
70,762
73,234

74,058
74,525


7.


Investment property


Freehold investment property

£



Valuation


At 1 April 2022
1,243,205


Surplus on revaluation
(13,005)



At 31 March 2023
1,230,200

The 2023 valuations were made by the directors, on an open market value for existing use basis.




Page 9

 
ADCOCK & SONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

8.


Tangible fixed assets





Freehold property
Motor  vehicles
Fixtures, fittings and equipment
Computer equipment
Rental equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 April 2022
400,000
24,919
144,894
15,249
8,365
593,427


Additions
-
14,500
-
869
492
15,861


Disposals
-
(6,995)
-
-
-
(6,995)



At 31 March 2023

400,000
32,424
144,894
16,118
8,857
602,293



Depreciation


At 1 April 2022
-
21,507
141,919
13,657
7,804
184,887


Charge for the year on owned assets
-
798
744
1,009
595
3,146


Charge for the year on financed assets
-
3,625
-
-
-
3,625


Disposals
-
(6,773)
-
-
-
(6,773)



At 31 March 2023

-
19,157
142,663
14,666
8,399
184,885



Net book value



At 31 March 2023
400,000
13,267
2,231
1,452
458
417,408



At 31 March 2022
400,000
3,412
2,975
1,592
561
408,540

Cost or valuation at 31 March 2023 is as follows:

Freehold property
£


At cost
-
At valuation:

By the directors
400,000



400,000

Page 10

 
ADCOCK & SONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

           8.Tangible fixed assets (continued)

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2023
2022
£
£



Cost
326,479
326,479

Accumulated depreciation
(152,867)
(146,672)

Net book value
173,612
179,807


9.


Fixed asset investments





Unlisted investments

£



Cost


At 1 April 2022
31,824


Additions
2,075



At 31 March 2023
33,899





10.


Debtors

2023
2022
£
£


Trade debtors
9,804
17,859

Other debtors
11,839
5,848

Prepayments and accrued income
1,616
1,724

23,259
25,431


Page 11

 
ADCOCK & SONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

11.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loan and mortgage
51,676
64,784

Other loan
16,975
16,975

Payments received on account
4,149
4,195

Trade creditors
58,528
57,900

Corporation tax
10,314
19,044

Other taxation and social security
18,681
21,231

Obligations under finance lease and hire purchase contracts
4,642
-

Other creditors
47,616
34,755

Accruals and deferred income
11,715
10,450

224,296
229,334


Secured creditors included within the above total £46,318 (2022 - £54,784).


12.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loan and mortgage
414,733
463,337

Net obligations under finance leases and hire purchase contracts
5,868
-

420,601
463,337


Secured creditors included within the above total £398,933 (2022 - £431,670).

The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

2023
2022
£
£


Repayable by instalments
190,638
255,163

190,638
255,163



Page 12

 
ADCOCK & SONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

13.


Pension commitments

Contributions totalling £636 (2022 - £628) were payable to the fund at the balance sheet date and are included in creditors.


14.Other financial commitments

The Company had total financial commitments which are not included in the balance sheet amounting to £3,476 (2022 - £4,403).


15.Directors' personal guarantees

One of the directors has provided a personal guarantee limited to £75,000 in support of the Company's mortgage.


16.


Related party transactions

At the year end the Company was owed £6,148 (2022 - (£347) by the directors.  These balances are repayable on demand and are included within debtors in note 10 to the financial statements.

 
Page 13