REGISTERED NUMBER: 07853609 (England and Wales)

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

AUDITED

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

HOLMPATRICK LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

7

Consolidated Statement of Comprehensive Income

9

Consolidated Balance Sheet

10

Company Balance Sheet

11

Consolidated Statement of Changes in Equity

12

Company Statement of Changes in Equity

13

Consolidated Cash Flow Statement

14

Notes to the Consolidated Cash Flow Statement

15

Notes to the Consolidated Financial Statements

16

DIRECTORS:

Mr M Benyon

Mrs J A Ball

Mr R J J Fox

Mrs C J Hanwright

Mr I R Benyon

REGISTERED OFFICE:

Holmpatrick

Lancots Lane

St Helens

Merseyside

WA9 3EX

REGISTERED NUMBER:

07853609 (England and Wales)

AUDITORS:

Livesey Spottiswood Ltd

Chartered Accountants and

Statutory Auditors

17 George Street

St Helens

Merseyside

WA10 1DB

BANKERS:

Lloyds TSB Plc

23A Hardshaw Street

St Helens

Merseyside

WA10 1RT

The directors present their strategic report of the company and the group for the year ended 31 December 2024.

Holmpatrick Ltd is a UK Holding company with 15 subsidiaries the majority of which are wholly owned. It owns several properties which are rented to group and non-group companies and holds many trade marks and the associated intellectual property.

In the healthcare sector, companies are Aidapt Bathrooms Ltd, Chiltern Invadex (UK) Ltd and W.Munro (Rehab) Ltd who are 100% owned and Aidapt BV and Aidapt SAS which are 75% owned.

In household products distribution are Electrovision Ltd which is 100% owned and Best For Buying Ltd and Premiair Appliances Ltd which are 75% owned.

In building contracting is Holmpatrick Developments Ltd which is 85% owned.

Property holding companies are NJD Ltd and G Pennington Estates Ltd, both wholly owned.

The other subsidiaries are 100% owned but non trading.

REVIEW OF BUSINESS

The results for the year and the financial position of the group are included in the annexed financial statements.

The Directors consider both turnover and profit margins to be key indicators of the company's performance.

The consolidated results for the group saw an increase in turnover from £43,538,194 to £46,006,212 an increase of almost 6%. Profit before tax for the year has reduced from £6,606,252 to £6,023,071 but the 2023 results included the profit on the sale of part of our site in Lancots Lane, St Helens which amounted to £1,236,204. As such the Directors consider these to be excellent results.

All properties within the group were fully rented, mainly on FRI Leases.

The main capital expenditure in the year was the purchase of a site in Houghtons Lane, St Helens with planning permission for 6 houses at £855,006.

Information regarding subsidiaries is as follows:

Aidapt Bathrooms Ltd supplies aids to daily living in the UK, Europe, Australia, New Zealand and RSA. These goods are sourced mainly from the UK and China or are manufactured in our group owned factory in Wales. Our customers are Health Authorities, Hospitals, Community Equipment Stores and Mobility shops both on line and from traditional premises. The company operates from 3 large distribution centres in St Helens, Cardiff and Rochester. Deliveries are via our large fleet of vehicles as well as via third party carriers.

Sales in the year declined to £16,397,968 which is a 6.5% reduction from the previous year. Gross profit however increased by £80,395 with gross margin improving from 29% in the previous year to 31%. The reduction in turnover was due to increased competition in the market but gross profit increased due to a reduction in shipping costs. Overheads for the year increased by £237,565 due mainly to an increase in employment and energy costs.

Profit before tax in the year decreased from £2,593,185 to £2,436,015 and is 15% of turnover for both years. These results are considered excellent by the Directors.

Aidapt SAS is based in France and distributes aids to daily living and household goods throughout France. It made a loss before tax of 6,500 Euros in 2024 but is expected to make a small profit in 2025 and this progress is considered acceptable by the Directors.

Aidapt BV is based in Holland and distributes aids to daily living and other household goods in Holland and to a lesser extent in Germany. The company made a profit before tax of 58,573 Euros in 2024 and this is considered acceptable by the Directors.

Chiltern Invadex (UK) Ltd manufactures and distributes medical equipment and daily living aids in the UK and overseas. It operates from a group owned factory in Banbury. Sales declined by £225,454 in the year and gross profit reduced from 34% to just over 29% which resulted in a loss for the year of £77,301. The turnaround from a profit of £97,826 in 2023 to a loss in 2024 was due to challenging market conditions and delays in introducing our new hoisting system to the range.

W Munro (Rehab) Ltd distributes medical equipment and aids to daily living in Scotland. It operates from a group owned warehouse in Clydebank, Glasgow and saw sales decrease by 5% to £4,237,030 from £4,442,888 in 2023. Profit before tax also decreased from £392,677 in 2023 to £174,680 in 2024. Despite this reduction the result was considered acceptable by the Directors.

Altai Europe Ltd is a non trading company and owns a property in France.

Electrovision Ltd distributes a range of household goods in the UK and operates from a group owned warehouse in St Helens. Turnover in the year decreased by 2% from £8,186,542 to £8,008,971. Margins remained at 32% and this with a small increase in overheads meant profit before tax decreased from £393,350 to £305,891. This result was considered acceptable by the Directors.

Premiair Appliances Ltd distributes heating and cooling products in the UK and operates from a group owned warehouse in St Helens. Turnover in the year fell from £2,833,995 to £1,371,728 which is a significant reduction leading to profit before tax also declining from £204,171 to £40,569 in 2024. The company encountered very difficult market conditions but expects a small profit in 2025.

Best for Buying Ltd sells aids to daily living and household goods via the internet. Turnover has increased from £161,419 in 2023 to £596,141 in 2024. The company made a loss in 2023 of £10,752 and a profit of £17,297 in 2024. This result is considered acceptable by the Directors but the company is operating in a very competitive environment.

G Pennington Estates Ltd is non trading.

NJD Ltd owns the Fishwicks Industrial Estate in St Helens which is fully rented on long term FRI leases as well as on short term licences. Rental income in the year was £327,192 slightly up on 2023 at £322,001. Profit before tax for the year is £282,961 and this is considered an excellent result by the Directors.

Holmpatrick Developments Ltd is a building contractor based in St Helens and builds low cost housing mainly in the north west of England. Turnover in the year increased from £10,392,445 in 2023 to £14,885,088 in 2024. Profit before tax increased from £121,732 in 2023 to £2,160,563 in 2024. This large increase in profits was due to the completion of some not so profitable contracts and the stabilisation of building costs along with the increase in turnover.

PRINCIPAL RISKS AND UNCERTAINTIES

As a large proportion of the goods sold by the group are manufactured in the far east, the lead times associated with these products can be a number of months. In order to mitigate this risk, the group hold sufficient stocks of these items to ensure that there is no delay in the supply to customers.

Other risks are foreign exchange movements, container freight rates which can be volatile and increasing building costs.

Minor risks include the current dominant market position of certain companies within the online marketplace, government red tape and delays by statutory authorities in areas such as planning. The directors do not believe anything can be economically done to mitigate these risks at present.

SECTION 172(1) STATEMENT

The directors have met their responsibilities under Section 172 of The Companies Act 2006 and are satisfied they have acted to promote the well-being of the group for its members and wider stakeholders.

Employees

Directors and senior managers are responsible for the interests of employees and have maintained standards through training, diversity, inclusion and following good health and safety practices.

Shareholders

Directors are committed to maximising returns in the long term for the shareholders whilst following ethical policies which do not detract from other stakeholders.

Suppliers

Directors are in regular contact with suppliers and look to agree the best supply contracts whilst maintaining good relations and the long term viability of suppliers. Payments to suppliers are timely and as per agreements.

Customers

We must offer value for money to our customers and treat them in an ethical manner so we can enhance the long-term reputation of the group.

Environment

We look to reduce our impact on the environment by reducing our carbon footprint and waste. We do this by being energy efficient in our operations and that our logistics are efficient. We recycle and produce very little waste. We contribute to the local economy by proper payment of rates and taxes and look to employ locally.

ON BEHALF OF THE BOARD:

Mr M Benyon - Director

23 September 2025

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

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2024 will be £1,700,000 (2023 - £1,620,000).

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

Mr M Benyon

Mrs J A Ball

Mr R J J Fox

Mrs C J Hanwright

Mr I R Benyon

QUALIFYING THIRD PARTY INDEMNITY PROVISIONS

A qualifying third party indemnity provision as defined in section 234 of the Companies Act 2006, applicable to all of the company's directors was in place during the financial year and continues to be in force as at the date these financial statements were approved.

OVERSEAS BRANCHES

The group operates a number of branches outside the UK but within the European Economic Area through it's subsidiaries Aidapt BV and Aidapt SAS.

STREAMLINED ENERGY AND CARBON REPORTING

The table below represents Holmpatrick Group's energy use and associated greenhouse gas (GHG) emissions from electricity and fuel in the UK for the year ended 31 December 2024. The data covers all sites in the UK.

2024

2023

Energy Consumption (KWh)

KWh

KWh

Electricity

598,794

553,700

Gas

803,936

812,561

Transport

2,741,726

2,968,833

4,144,456

4,335,094

Emission type (tCO2e)

Tonnes CO2

Tonnes CO2

Combustion of gas (Scope 1)

151

153

Combustion of fuel for transport (Scope 1)

734

795

Purchase of electricity (Scope 2)

98

133

983

1,081

Intensity ratio (tCO2 per £1,000 of turnover)

0.0214

0.0248

Holmpatrick Ltd SECR statement for the UK has been prepared within the requirements of the Streamlined Energy and Carbon Reporting regulations. The company has followed the 2019 Government Environmental Reporting Guidelines and the relevant areas of the Greenhouse Gas (GHG) Protocol. The methodology is a mixture of the Location and Market Based methods.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information.

ON BEHALF OF THE BOARD:

Mr M Benyon - Director

23 September 2025

Opinion

We have audited the financial statements of Holmpatrick Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 31 December 2024 and of the group's 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 group 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 group's and the parent 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 Group 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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company 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 six, 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 group's and the parent 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 group or the parent 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 misstatements in respect of irregularities, including fraud. The extent to which our procedures are planned and performed to detect irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

Our approach was as follows:

- Discussions with management and those involved in the financial reporting process including consideration of known or suspected instances of non-compliance with laws and regulations central to the company's ability to operate, and fraud;

- Evaluation and testing of the operating effectiveness of management's controls designed to prevent and detect irregularities;

- Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations or of significant monetary amount; and

-Review of the rationale for the calculation of key accounting estimates in the financial statements and testing of the accuracy of these calculations.

There are inherent limitations in the audit procedures described above. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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 shareholders, 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 shareholders 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 shareholders as a body, for our audit work, for this report, or for the opinions we have formed.

Mr Andrew McMinnis FCA FCCA (Senior Statutory Auditor)

for and on behalf of Livesey Spottiswood Ltd

Chartered Accountants and

Statutory Auditors

17 George Street

St Helens

Merseyside

WA10 1DB

24 September 2025

TURNOVER

3

46,006,212

43,538,194

Cost of sales

(32,053,096

)

(31,160,768

)

GROSS PROFIT

13,953,116

12,377,426

Administrative expenses

(8,751,687

)

(7,106,719

)

5,201,429

5,270,707

Other operating income

571,674

1,310,439

GROUP OPERATING PROFIT

5

5,773,103

6,581,146

Share of operating profit in

Associates

12,179

12,175

Interest receivable and similar income

286,012

45,414

6,071,294

6,638,735

Interest payable and similar expenses

6

(48,223

)

(32,483

)

PROFIT BEFORE TAXATION

6,023,071

6,606,252

Tax on profit

7

(1,547,294

)

(1,583,938

)

PROFIT FOR THE FINANCIAL YEAR

4,475,777

5,022,314

FIXED ASSETS

Intangible assets

10

-

-

Tangible assets

11

8,496,159

8,467,011

Investments

12

Interest in associate

95,981

86,117

Other investments

29,999

35,499

Investment property

13

3,215,901

2,342,801

11,838,040

10,931,428

CURRENT ASSETS

Stocks

14

18,117,549

16,987,461

Debtors

15

9,013,687

9,733,404

Cash at bank and in hand

7,934,698

6,139,579

35,065,934

32,860,444

CREDITORS

Amounts falling due within one year

16

(4,962,079

)

(4,597,315

)

NET CURRENT ASSETS

30,103,855

28,263,129

TOTAL ASSETS LESS CURRENT LIABILITIES

41,941,895

39,194,557

CREDITORS

Amounts falling due after more than one year

17

(17,849

)

(18,699

)

PROVISIONS FOR LIABILITIES

18

(355,709

)

(323,323

)

NET ASSETS

41,568,337

38,852,535

CAPITAL AND RESERVES

Called up share capital

19

1,000

1,000

Revaluation reserve

20

480,052

480,052

Merger reserve

20

17,867,592

17,867,592

Retained earnings

20

22,378,029

19,856,634

SHAREHOLDERS' FUNDS

40,726,673

38,205,278

NON-CONTROLLING INTERESTS

21

841,664

647,257

TOTAL EQUITY

41,568,337

38,852,535

The financial statements were approved by the Board of Directors and authorised for issue on 23 September 2025 and were signed on its behalf by:

Mr M Benyon - Director

Mr R J J Fox - Director

FIXED ASSETS

Intangible assets

10

-

-

Tangible assets

11

7,291,150

7,354,918

Investments

12

10,786,687

10,792,113

Investment property

13

1,041,748

184,000

19,119,585

18,331,031

CURRENT ASSETS

Debtors

15

14,233,327

14,975,757

Cash at bank

5,891,981

4,908,908

20,125,308

19,884,665

CREDITORS

Amounts falling due within one year

16

(1,074,664

)

(1,171,716

)

NET CURRENT ASSETS

19,050,644

18,712,949

TOTAL ASSETS LESS CURRENT LIABILITIES

38,170,229

37,043,980

PROVISIONS FOR LIABILITIES

18

(42,809

)

(43,236

)

NET ASSETS

38,127,420

37,000,744

CAPITAL AND RESERVES

Called up share capital

19

1,000

1,000

Revaluation reserve

20

23,250

23,250

Merger reserve

20

4,292,775

4,292,775

Retained earnings

20

33,810,395

32,683,719

SHAREHOLDERS' FUNDS

38,127,420

37,000,744

Company's profit for the financial year

2,826,676

4,132,995

The financial statements were approved by the Board of Directors and authorised for issue on 23 September 2025 and were signed on its behalf by:

Mr M Benyon - Director

Mr R J J Fox - Director

Called up

share

Retained

Revaluation

capital

earnings

reserve

£

£

£

Balance at 1 January 2023

1,000

17,003,498

-

Changes in equity

Dividends

-

(1,620,000

)

-

Total comprehensive income

-

4,473,136

480,052

Balance at 31 December 2023

1,000

19,856,634

480,052

Changes in equity

Dividends

-

(1,700,000

)

-

Total comprehensive income

-

4,221,395

-

Balance at 31 December 2024

1,000

22,378,029

480,052

Merger

Non-controlling

Total

reserve

Total

interests

equity

£

£

£

£

Balance at 1 January 2023

17,867,592

34,872,090

644,881

35,516,971

Changes in equity

Dividends

-

(1,620,000

)

(66,750

)

(1,686,750

)

Total comprehensive income

-

4,953,188

69,126

5,022,314

Balance at 31 December 2023

17,867,592

38,205,278

647,257

38,852,535

Changes in equity

Dividends

-

(1,700,000

)

(60,000

)

(1,760,000

)

Total comprehensive income

-

4,221,395

254,407

4,475,802

Balance at 31 December 2024

17,867,592

40,726,673

841,664

41,568,337

Called up

share

Retained

Revaluation

Merger

Total

capital

earnings

reserve

reserve

equity

£

£

£

£

£

Balance at 1 January 2023

1,000

30,193,974

-

4,292,775

34,487,749

Changes in equity

Dividends

-

(1,620,000

)

-

-

(1,620,000

)

Total comprehensive income

-

4,109,745

23,250

-

4,132,995

Balance at 31 December 2023

1,000

32,683,719

23,250

4,292,775

37,000,744

Changes in equity

Dividends

-

(1,700,000

)

-

-

(1,700,000

)

Total comprehensive income

-

2,826,676

-

-

2,826,676

Balance at 31 December 2024

1,000

33,810,395

23,250

4,292,775

38,127,420

Cash flows from operating activities

Cash generated from operations

1

6,204,352

5,645,112

Interest paid

(48,223

)

(32,483

)

Tax paid

(1,407,471

)

(1,479,105

)

Net cash from operating activities

4,748,658

4,133,524

Cash flows from investing activities

Purchase of tangible fixed assets

(541,206

)

(368,533

)

Purchase of investment property

(873,100

)

(8,110

)

Sale of tangible fixed assets

56,043

2,191,708

Sale of investment property

-

1,087,315

Loan repayment by associate

5,500

7,000

Interest received

286,012

45,414

Net cash from investing activities

(1,066,751

)

2,954,794

Cash flows from financing activities

Amount introduced by directors

1,707,094

1,662,006

Amount withdrawn by directors

(1,803,280

)

(1,433,139

)

Equity dividends paid

(1,700,000

)

(1,620,000

)

Dividends paid to minority interests

(60,000

)

(66,750

)

Net cash from financing activities

(1,856,186

)

(1,457,883

)

Increase in cash and cash equivalents

1,825,721

5,630,435

Cash and cash equivalents at beginning of year

2

6,139,579

475,408

Effect of foreign exchange rate changes

(30,602

)

33,736

Cash and cash equivalents at end of year

2

7,934,698

6,139,579