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REGISTERED NUMBER: 03961853 (England and Wales)










Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 March 2024

for

Rgb Hifi & Video Ltd

Rgb Hifi & Video Ltd (Registered number: 03961853)






Contents of the Financial Statements
for the Year Ended 31 March 2024




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

Statement of Financial Position 10

Statement of Changes in Equity 11

Notes to the Financial Statements 12


Rgb Hifi & Video Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTORS: V Singh
S S Digwa
Mrs R G Singh
K Singh



REGISTERED OFFICE: 543-549 High Road
Ilford
Essex
IG1 1TZ



REGISTERED NUMBER: 03961853 (England and Wales)



AUDITORS: Alderton Accountancy Limited, Statutory Auditor
Chartered Certified Accountants
Registered Auditors
962 Eastern Avenue
Newbury Park
Ilford
Essex
IG2 7JD



BANKERS: NatWest Bank
Blackburn House
22-26 Eastern Road
Romford
Essex
RM1 3PJ

Rgb Hifi & Video Ltd (Registered number: 03961853)

Strategic Report
for the Year Ended 31 March 2024

The directors present their strategic report for the year ended 31 March 2024.

REVIEW OF BUSINESS
The company has seen growth in revenue by 27.80% in 2024. The company has built a successful customer base.

Overall the directors are pleased with company's position, profitability and believe the company is in a good position to grow in coming years. In terms of key performance indicators, the directors are pleased to report that gross profit measured as a percentage of sales was 30.80% (2023: 28.99%). The increase was due to focused business efforts on high value, profitable products and price renegotiation.

The directors are encouraged by enhanced profitability due to introduction of new products, expanding customer base and introduction of new working practices. The company anticipates building on these achievements in the forthcoming year.

BUSINESS RISKS
The principal risks facing the company is business and financial instrument risks. The company seeks to manage these risks by investing in new product ranges and customer services. The company aims to differentiate itself through excellent service in a market place driven by price competition. The company has a diversified portfolio of customer base, serviced by highly trained sales and customer service staff. They manage existing and seek new business in a professional manner.

The company's operations expose it to financial risk of customer default and price risk.

Customer default
The company operates a proactive credit control system. Delivery to retail and mail order customers is made after receipt of cleared funds from customers. Account customers are credit checked. These payment terms are strictly adhered to. By adopting these policies, the company hopes to minimise its bad debts risk.

Price risk
Due to technological changes in the products sold, the prices can be volatile. The company tries to actively manage the effects of the volatility in price.The risk is mitigated through negotiating contracts with suppliers, bulk buying and actively managing stock to ensure slow moving and obsolete goods are identified and cleared quickly and efficiently.

FUTURE DEVELOPMENTS
The Company plans to continue the growth and profitability through expansion of its product range, investing in workforce, refining its technical abilities and expanding its geographical markets.

ON BEHALF OF THE BOARD:





S S Digwa - Director


24 December 2024

Rgb Hifi & Video Ltd (Registered number: 03961853)

Report of the Directors
for the Year Ended 31 March 2024

The directors present their report with the financial statements of the company for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of distributors of electrical goods, hi-fi equipment, camcorders and related accessories and services.

DIVIDENDS
An interim dividend of £29.996 per share was paid on the voting and non-voting ordinary shares. The directors recommend that no final dividend be paid on these shares.

The total distribution of dividends for the year ended 31 March 2024 will be £1,500,000.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

V Singh
S S Digwa
Mrs R G Singh
K Singh

POLITICAL DONATIONS AND EXPENDITURE
Charitable donations during the year amounted to £25,234 (2023: £4,895).

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, 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.

Rgb Hifi & Video Ltd (Registered number: 03961853)

Report of the Directors
for the Year Ended 31 March 2024


AUDITORS
The auditors, Alderton Accountancy Limited, will not be seeking re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





S S Digwa - Director


24 December 2024

Report of the Independent Auditors to the Members of
Rgb Hifi & Video Ltd

Opinion
We have audited the financial statements of Rgb Hifi & Video Ltd (the 'company') for the year ended 31 March 2024 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and 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 31 March 2024 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.

Report of the Independent Auditors to the Members of
Rgb Hifi & Video Ltd


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:

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 misstatements 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.

Report of the Independent Auditors to the Members of
Rgb Hifi & Video Ltd


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.




Jamil Raja (Senior Statutory Auditor)
for and on behalf of Alderton Accountancy Limited, Statutory Auditor
Chartered Certified Accountants
Registered Auditors
962 Eastern Avenue
Newbury Park
Ilford
Essex
IG2 7JD

24 December 2024

Rgb Hifi & Video Ltd (Registered number: 03961853)

Income Statement
for the Year Ended 31 March 2024

2024 2023
Notes £    £    £    £   

TURNOVER 19,615,051 15,347,489

Cost of sales 14,371,652 10,898,044
GROSS PROFIT 5,243,399 4,449,445

Distribution costs 1,351,117 1,183,675
Administrative expenses 3,279,762 1,914,498
4,630,879 3,098,173
OPERATING PROFIT 4 612,520 1,351,272

Income from fixed asset investments 118,433 38,900
730,953 1,390,172

Interest payable and similar expenses 5 738 738
PROFIT BEFORE TAXATION 730,215 1,389,434

Tax on profit 6 235,228 223,241
PROFIT FOR THE FINANCIAL YEAR 494,987 1,166,193

Rgb Hifi & Video Ltd (Registered number: 03961853)

Other Comprehensive Income
for the Year Ended 31 March 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 494,987 1,166,193


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

494,987

1,166,193

Rgb Hifi & Video Ltd (Registered number: 03961853)

Statement of Financial Position
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 1,579,819 1,716,870
Investments 9 466,962 348,529
2,046,781 2,065,399

CURRENT ASSETS
Stocks 10 647,598 1,640,846
Debtors 11 2,235,637 2,315,958
Cash at bank and in hand 1,322,471 789,575
4,205,706 4,746,379
CREDITORS
Amounts falling due within one year 12 2,042,547 1,619,782
NET CURRENT ASSETS 2,163,159 3,126,597
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,209,940

5,191,996

CREDITORS
Amounts falling due after more than one
year

13

-

(6,748

)

PROVISIONS FOR LIABILITIES 17 (57,017 ) (27,312 )
NET ASSETS 4,152,923 5,157,936

CAPITAL AND RESERVES
Called up share capital 18 50,006 50,006
Retained earnings 19 4,102,917 5,107,930
SHAREHOLDERS' FUNDS 4,152,923 5,157,936

The financial statements were approved by the Board of Directors and authorised for issue on 24 December 2024 and were signed on its behalf by:





S S Digwa - Director


Rgb Hifi & Video Ltd (Registered number: 03961853)

Statement of Changes in Equity
for the Year Ended 31 March 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 April 2022 50,006 4,541,737 4,591,743

Changes in equity
Dividends - (600,000 ) (600,000 )
Total comprehensive income - 1,166,193 1,166,193
Balance at 31 March 2023 50,006 5,107,930 5,157,936

Changes in equity
Dividends - (1,500,000 ) (1,500,000 )
Total comprehensive income - 494,987 494,987
Balance at 31 March 2024 50,006 4,102,917 4,152,923

Rgb Hifi & Video Ltd (Registered number: 03961853)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Rgb Hifi & Video 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
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.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

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

Net realisable value is based on the estimated selling price less any estimated selling costs.

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 statement of financial position date.


Rgb Hifi & Video Ltd (Registered number: 03961853)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 1,031,088 851,132
Social security costs 78,254 67,402
Other pension costs 13,654 13,036
1,122,996 931,570

The average number of employees during the year was as follows:
2024 2023

Directors 4 4
Sales 14 14
Administration 6 6
Distribution 14 13
38 37

2024 2023
£    £   
Directors' remuneration 48,000 51,253
Directors' pension contributions to money purchase schemes 173 173

Rgb Hifi & Video Ltd (Registered number: 03961853)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. OPERATING PROFIT

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

2024 2023
£    £   
Hire of plant and machinery 2,700 2,725
Depreciation - owned assets 149,673 186,745
Profit on disposal of fixed assets - (848 )
Auditors' remuneration 17,000 10,500
Auditors' remuneration for non audit work 3,100 2,500

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Hire purchase 738 738

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 205,523 228,181

Deferred tax 29,705 (4,940 )
Tax on profit 235,228 223,241

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 730,215 1,389,434
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 19%)

182,554

263,992

Effects of:
Expenses not deductible for tax purposes 59,517 23,304
Income not taxable for tax purposes (29,608 ) (7,391 )
Capital allowances in excess of depreciation (6,940 ) (51,724 )
Deferred tax 29,705 (4,940 )
Total tax charge 235,228 223,241

7. DIVIDENDS

An interim dividend of £29.996 per share was paid on the voting and non-voting ordinary shares.

The total distribution of dividends for the year ended 31 March 2024 will be £1,500,000.

Rgb Hifi & Video Ltd (Registered number: 03961853)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

8. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 April 2023 1,728,638 28,558 983,608
Additions - 909 3,259
At 31 March 2024 1,728,638 29,467 986,867
DEPRECIATION
At 1 April 2023 477,221 23,636 605,995
Charge for year 31,573 1,341 94,966
At 31 March 2024 508,794 24,977 700,961
NET BOOK VALUE
At 31 March 2024 1,219,844 4,490 285,906
At 31 March 2023 1,251,417 4,922 377,613

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2023 118,464 171,751 3,031,019
Additions 1,090 7,364 12,622
At 31 March 2024 119,554 179,115 3,043,641
DEPRECIATION
At 1 April 2023 70,045 137,252 1,314,149
Charge for year 12,208 9,585 149,673
At 31 March 2024 82,253 146,837 1,463,822
NET BOOK VALUE
At 31 March 2024 37,301 32,278 1,579,819
At 31 March 2023 48,419 34,499 1,716,870

Included in cost of land and buildings is freehold land of £ 150,000 (2023 - £ 150,000 ) which is not depreciated.

Rgb Hifi & Video Ltd (Registered number: 03961853)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

9. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
COST
At 1 April 2023 348,529
Additions 118,433
At 31 March 2024 466,962
NET BOOK VALUE
At 31 March 2024 466,962
At 31 March 2023 348,529

The above represents an investment in Combined Independent (Holdings) Ltd. RGB together with other independent retailers made an investment to setup a buying group for its members. The buying group has been successfully trading since inception. CIH Ltd has advised RGB of its share of the investment as represented above.

10. STOCKS
2024 2023
£    £   
Stocks 647,598 1,640,846

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,489,098 1,163,824
Other debtors 28,646 44,509
Prepayments 24,294 97,353
C/A-Regency London Holding Ltd (306,401 ) 964,080
Redevelopment of 543-549 High - 46,192
2,235,637 2,315,958

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 14) 2,484 1,454
Hire purchase contracts (see note 15) 6,748 11,568
Trade creditors 1,354,008 1,048,340
Tax 205,568 228,181
Social security and other taxes 23,038 21,440
VAT 154,985 138,602
Other creditors 203,946 3,405
Wages and salaries control 72,270 64,947
Directors' current accounts - 86,845
Accrued expenses 19,500 15,000
2,042,547 1,619,782

Rgb Hifi & Video Ltd (Registered number: 03961853)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts (see note 15) - 6,748

14. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 2,484 1,454

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Gross obligations repayable:
Within one year 7,178 12,306
Between one and five years - 7,178
7,178 19,484

Finance charges repayable:
Within one year 430 738
Between one and five years - 430
430 1,168

Net obligations repayable:
Within one year 6,748 11,568
Between one and five years - 6,748
6,748 18,316

Non-cancellable operating leases
2024 2023
£    £   
Within one year 5,296 6,482
Between one and five years 1,350 6,646
6,646 13,128

Rgb Hifi & Video Ltd (Registered number: 03961853)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

16. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 2,484 1,454

The bank loans are secured by legal charges over the associated properties. The loans are further secured by personal guarantees of certain directors.

17. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 57,017 27,312

Deferred
tax
£   
Balance at 1 April 2023 27,312
Accelerated capital allowances 29,705
Balance at 31 March 2024 57,017

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
50,000 ordinary £1.00 50,000 50,000
6 non voting ordinary £1.00 6 6
50,006 50,006

All shares are entitled to dividend distributions and rank equally with regard to the Company's residual assets.

The holders of 'A' Ordinary shares are entitled to one vote per share at meetings of the Company. The holders of 'B' Ordinary shares do not carry any voting rights.

19. RESERVES
Retained
earnings
£   

At 1 April 2023 5,107,930
Profit for the year 494,987
Dividends (1,500,000 )
At 31 March 2024 4,102,917