REGISTERED NUMBER: 02739318 (England and Wales)

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

Silkstone Finance Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

7

Consolidated Income Statement

11

Consolidated Other Comprehensive Income

12

Consolidated Balance Sheet

13

Company Balance Sheet

14

Consolidated Statement of Changes in Equity

15

Company Statement of Changes in Equity

16

Consolidated Cash Flow Statement

17

Notes to the Consolidated Cash Flow Statement

18

Notes to the Consolidated Financial Statements

19

DIRECTORS:

A W Ellis

M J W Ellis

SECRETARY:

C J Ellis

REGISTERED OFFICE:

1 Swan Street

Wilmslow

Cheshire

SK9 1HF

REGISTERED NUMBER:

02739318 (England and Wales)

AUDITORS:

Armstrong Watson Audit Limited

Chartered Accountants

Statutory Auditors

York House

Thornfield Business Park

Northallerton

North Yorkshire

DL6 2XQ

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

Silkstone Finance Limited is principally the holding company of Ultima Furniture Systems Limited, a manufacturer of kitchen furniture. Its main source of income comes from renting factory premises to its subsidiary. It is also the holding company of Spirit of 1873 Limited, which operates as Wakefield Trinity Rugby League Club.

REVIEW OF BUSINESS

Rents received in the year to the 31 December 2024 were £4,539,946 (Period ended 31 December 2023: £564,805).

Operating profits in the year were £3,150,519 (for the period ended 31 December 2023 losses were: £1,710,516).

Other than share capital and retained profits, the Company's main sources of finance came from monies from its subsidiaries.

The following is an extract from the Strategic report of the Ultima Furniture Systems Limited's accounts for the year ended 31 December 2024 (hereafter, Ultima Furniture Systems Limited is referred to as "the Company").

The principal activity of Ultima Furniture Systems Limited is the manufacturing of kitchen furniture, selling to retailers across the UK and direct to the public via the internet.

In the year to 31 December 2024, the Company had a turnover of £110,960,614 (2023: £103,666,872), generating a profit before tax of £21,101,160 (2023: £22,344,130) and a profit after tax of £17,017,592 (2023: £16,591,092).

During the year, the rent charged by Silkstone Finance Limited, the parent company, for the factory units occupied by the Company was adjusted to reflect market value. As a direct result, the Company's operating profit as a proportion of turnover has decreased to 19%, from 22% in the prior period.

At the end of the period, the Company had net assets of £47,444,096 - an increase from £47,062,919 in the period to the 31 December 2023. This Company also had cash reserves of £3,169,067 in comparison to £1,271,411 in the prior period.

The following is a summary of Spirit of 1873 Limited's financial results for the year ended 31 December 2024 (hereafter, Spirit of 1873 Limited is referred to as "the Club"). The 2023 comparative figures cover only the period from 25 October 2023 to 31 December 2023, during which the Club was under the ownership of Silkstone Finance Limited.

The principal activity of Spirit of 1873 Limited is a rugby club.

In the year to 31 December 2024, the Club had turnover of £3,455,546 (2023: £968,220), other operating income of £1,572,146 (2023: £287,336), generating a loss before tax of £1,821,112 (2023: profit £212,864) and a loss after tax of £1,821,112 (2023: profit £298,105).

At the end of the period, the Club had net assets of £1,577,638 - a decrease from £3,398,750 in the period to the 31 December 2023. The Club also had cash reserves of £100,567 in comparison to £76,623 in the prior period.

PRINCIPAL RISKS AND UNCERTAINTIES

Liquidity risk

The company manages its cash requirements in order to maximise interest income, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.

Interest rate risk

The company is not exposed to interest rate risk on borrowings held at the balance sheet date. The Company review interest risk whenever considering capital expenditure or when using borrowing to support continued business operations.

Credit risk

Cash surpluses are held with a bank with a strong credit rating.

Future developments

The directors will continue to invest in new technology to enhance efficiencies. The directors are not expecting to make any significant changes in the nature of the business in the near future.

SECTION 172(1) STATEMENT

The directors believe in building long term, strong and sustainable relationships with our suppliers. The approach has enabled us to create a reliable and robust supply chain which works well to meet business needs.

The business actively plays a part within the local community as it aims to employ local people and utilise the services of local companies where possible. The directors are committed to employees health, wellbeing and training, engaging with specialists for external training and providing in-house sessions for employees during working time.

ON BEHALF OF THE BOARD:

A W Ellis - Director

26 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

An interim dividend of £6.58 per share was paid on 31 December 2024. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 December 2024 will be £ 285,000 .

DIRECTORS

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

A W Ellis

M J W Ellis

EMPLOYMENT OF DISABLED PERSONS

The Group is committed to employment policies which follow best practice on equal opportunities for all employees, irrespective of sex, race, colour, disability or marital status. The company gives full and fair consideration to applications for employment from disabled persons, having regard to their particular aptitudes and abilities. Appropriate arrangements are made for the continued employment and training, career development and promotion of disabled persons employed by the company. If members of staff become disabled the company continues employment, either in the same or an alternative position, with appropriate retraining being given if necessary.

ENGAGEMENT WITH EMPLOYEES

Our family owned Company maintains an "open door" policy across all levels. Formal communication to employees throughout the Company takes the form of hard copy memorandums distributed as and when required with each employee’s payslip.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS

The directors believe in building long term, strong and sustainable relationships with our suppliers. The approach has enabled us to create a reliable and robust supply chain which works well to meet business needs.

STREAMLINED ENERGY AND CARBON REPORTING

2024

2023

Total energy use covering electricity

6,789,099

6,453,321

kWh

Total energy use covering gas

2,732,490

3,182,997

kWh

Total energy use covering transport

8,980,368

8,005,899

kWh

Total emissions generated through combustion of gas

499.7

582.27

tCO2e

Total emissions generated through use of purchased electricity

1,405.68

1,336.30

tCO2e

Total emissions generated through use of owned transport

2,275.68

2,032.69

tCO2e

Emissions generated through business travel in employee vehicles

6.44

4.403

tCO2e

Total gross emissions

4,187.50

3,955.66

tCO2e

Outside of scope - Bio-fuels factors

N/A

N/A

tCO2e

Intensity ratio/turnover (Total gross emissions)

0.0000377

0.0000381

tCO2e per £

Energy efficiency actions

We are committed to responsible energy management and will practice energy efficiency throughout our organisation, wherever it is cost effective. We recognise that climate change is one of the most serious environmental challenges currently threatening the global community and we understand we have a role to play in reducing greenhouse gas emissions.

We have implemented the policies below for the purpose of increasing the energy efficiency in the relevant financial year:

- Procuring electric forklifts

- Installing charging points

- Upgrading domestic hot water heaters for office/factory toilet blocks

- Using LED lighting and adding some light sensors to all sites

- Some of the staff work from home which reduces emissions from commuting

- Using local suppliers where possible

- Using dedicated software for planning and routing of deliveries

- Reduced travel by reducing the number of face-to-face meetings with clients and suppliers

- Telematic systems ('black boxes') are installed into vehicles to record data on vehicle mileage and usage, and how safe the driver uses the vehicle to help reduce the fuel consumption

- Reducing our carbon footprint by dispatching trucks that are fully loaded to reduce the number of journeys

- Extending existing sizes for production and storage to reduce the requirement for intra- site shuttles

The following energy efficiency measures are under consideration for implementation during 2025

- Continue consolidating machinery to specific sites to reduce the intra-site shuttles

- Specified solar panels on the 2 new extensions planned, a 70,000sqft extension at Sherburn and a 50,000sqft extension at Grimethorpe

Methodology used in the calculation of disclosures

We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol - Corporate Standard along with the 2022 UK Government's Conversion Factors for Company Reporting.

SECR Methodology notes

1. Intensity Ratios calculated using total turnover

- tCO2e per £ of turnover in the reporting period

2. Calculations have been approved by UK ECC Limited (Energy Consultancy)

3. Data estimation

- Assumptions made that all 3rd party business travel was made in medium size cars.

- Assumptions made that all fuel purchased were average bio fuel blends for all petrol and diesel vehicles.

- Assumptions made that all electric vehicle owned by the academy were fully charged on site

MATTERS COVERED IN THE STRATEGIC REPORT

Information is not shown in the directors' report because it is shown in the strategic report instead under S414C(11). The strategic report includes a business review, principal risks and uncertainties and financial key performance indicators.

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

AUDITORS

The auditors, Armstrong Watson Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

A W Ellis - Director

26 September 2025

Opinion

We have audited the financial statements of Silkstone Finance Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Income Statement, Consolidated Other 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.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the industry;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the Company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions; and

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation; and

- enquiring of management as to actual and potential litigation and claims.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Rohan Day (Senior Statutory Auditor)

for and on behalf of Armstrong Watson Audit Limited

Chartered Accountants

Statutory Auditors

York House

Thornfield Business Park

Northallerton

North Yorkshire

DL6 2XQ

26 September 2025

Armstrong Watson Audit Limited

TURNOVER

3

114,388,361

104,235,092

Cost of sales

(53,726,669

)

(49,608,938

)

GROSS PROFIT

60,661,692

54,626,154

Distribution costs

(17,482,153

)

(16,830,959

)

Administrative expenses

(23,901,490

)

(16,693,626

)

19,278,049

21,101,569

Other operating income

4

1,572,146

287,336

OPERATING PROFIT

6

20,850,195

21,388,905

Negative Goodwill on

acquisition

7

-

3,100,641

20,850,195

24,489,546

Interest receivable and similar income

457,472

62,173

21,307,667

24,551,719

Interest payable and similar expenses

8

(99,381

)

(31,622

)

PROFIT BEFORE TAXATION

21,208,286

24,520,097

Tax on profit

9

(5,121,852

)

(5,667,798

)

PROFIT FOR THE FINANCIAL YEAR

16,086,434

18,852,299

Profit attributable to:

Owners of the parent

16,054,268

18,821,454

Non-controlling interests

32,166

30,845

16,086,434

18,852,299

PROFIT FOR THE YEAR

16,086,434

18,852,299

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

16,086,434

18,852,299

Total comprehensive income attributable to:

Owners of the parent

16,054,268

18,821,453

Non-controlling interests

32,166

30,846

16,086,434

18,852,299

FIXED ASSETS

Intangible assets

12

305,001

270,867

Tangible assets

13

97,567,718

98,342,222

Investments

14

1,745,001

1,745,001

Investment property

15

1,766,712

185,400

101,384,432

100,543,490

CURRENT ASSETS

Stocks

16

16,072,786

13,598,936

Debtors

17

8,909,166

11,448,224

Cash at bank and in hand

18

13,560,926

1,613,777

38,542,878

26,660,937

CREDITORS

Amounts falling due within one year

19

(25,044,588

)

(19,382,402

)

NET CURRENT ASSETS

13,498,290

7,278,535

TOTAL ASSETS LESS CURRENT LIABILITIES

114,882,722

107,822,025

CREDITORS

Amounts falling due after more than one year

20

(6,656,053

)

(8,644,548

)

PROVISIONS FOR LIABILITIES

22

(9,121,333

)

(9,525,891

)

NET ASSETS

99,105,336

89,651,586

CAPITAL AND RESERVES

Called up share capital

23

50,100

50,100

Revaluation reserve

2,825,463

2,881,379

Retained earnings

96,229,673

86,720,007

SHAREHOLDERS' FUNDS

99,105,236

89,651,486

NON-CONTROLLING INTERESTS

100

100

TOTAL EQUITY

99,105,336

89,651,586

The financial statements were approved by the Board of Directors and authorised for issue on 26 September 2025 and were signed on its behalf by:

A W Ellis - Director

FIXED ASSETS

Intangible assets

12

-

-

Tangible assets

13

27,965,718

28,247,907

Investments

14

1,795,004

1,795,004

Investment property

15

1,766,712

185,400

31,527,434

30,228,311

CURRENT ASSETS

Debtors

17

12,262,806

9,907,267

Cash at bank

18

10,291,293

263,978

22,554,099

10,171,245

CREDITORS

Amounts falling due within one year

19

(2,301,427

)

(460,689

)

NET CURRENT ASSETS

20,252,672

9,710,556

TOTAL ASSETS LESS CURRENT LIABILITIES

51,780,106

39,938,867

CREDITORS

Amounts falling due after more than one year

20

(947,552

)

-

PROVISIONS FOR LIABILITIES

22

(698,944

)

(698,944

)

NET ASSETS

50,133,610

39,239,923

CAPITAL AND RESERVES

Called up share capital

23

50,100

50,100

Revaluation reserve

2,825,463

2,881,379

Retained earnings

47,258,047

36,308,444

SHAREHOLDERS' FUNDS

50,133,610

39,239,923

Company's profit for the financial year

11,178,687

8,403,990

The financial statements were approved by the Board of Directors and authorised for issue on 26 September 2025 and were signed on its behalf by:

A W Ellis - Director

Called up

share

Retained

Revaluation

capital

earnings

reserve

£

£

£

Balance at 1 January 2023

50,100

77,357,585

2,937,295

Total comprehensive income

-

18,821,454

-

Reclassification from

revaluation reserve to

profit and loss account

-

55,916

(55,916

)

Surrender of total

comprehensive income to NCI

-

(8,735,433

)

-

Dividends

-

(779,515

)

-

Balance at 31 December 2023

50,100

86,720,007

2,881,379

Total comprehensive income

-

16,054,268

-

Reclassification from

revaluation reserve to

profit and loss account

-

55,916

(55,916

)

Surrender of total

comprehensive income to NCI

-

(6,315,518

)

-

Dividends

-

(285,000

)

-

Balance at 31 December 2024

50,100

96,229,673

2,825,463

Non-controlling

Total

Total

interests

equity

£

£

£

Balance at 1 January 2023

80,344,980

100

80,345,080

Total comprehensive income

18,821,454

30,846

18,852,300

Surrender of total

comprehensive income to NCI

(8,735,433

)

8,735,433

-

Dividends

(779,515

)

(8,766,279

)

(9,545,794

)

Balance at 31 December 2023

89,651,486

100

89,651,586

Total comprehensive income

16,054,268

32,166

16,086,434

Surrender of total

comprehensive income to NCI

(6,315,518

)

6,315,518

-

Dividends

(285,000

)

(6,347,684

)

(6,632,684

)

Balance at 31 December 2024

99,105,236

100

99,105,336

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 January 2023

50,100

28,628,053

2,937,295

31,615,448

Changes in equity

Dividends

-

(779,515

)

-

(779,515

)

Total comprehensive income

-

8,403,990

-

8,403,990

Reclassification from

revaluation reserve to

profit and loss account

-

55,916

(55,916

)

-

Balance at 31 December 2023

50,100

36,308,444

2,881,379

39,239,923

Changes in equity

Dividends

-

(285,000

)

-

(285,000

)

Total comprehensive income

-

11,178,687

-

11,178,687

Reclassification from

revaluation reserve to

profit and loss account

-

55,916

(55,916

)

-

Balance at 31 December 2024

50,100

47,258,047

2,825,463

50,133,610

Cash flows from operating activities

Cash generated from operations

1

29,102,111

31,408,338

Interest paid

(99,381

)

(31,622

)

Tax paid

(4,235,168

)

(2,386,483

)

Net cash from operating activities

24,767,562

28,990,233

Cash flows from investing activities

Purchase of intangible fixed assets

(63,652

)

3,021,643

Purchase of tangible fixed assets

(6,530,739

)

(27,565,894

)

Purchase of fixed asset investments

-

(1,745,001

)

Purchase of investment property

(1,581,312

)

(185,400

)

Sale of intangible fixed assets

-

(3,100,645

)

Sale of tangible fixed assets

222,088

859,636

Cash received on acquisition of sub

-

39,061

Interest received

457,472

62,173

Net cash from investing activities

(7,496,143

)

(28,614,427

)

Cash flows from financing activities

Repayment of loan finance

(263,725

)

-

Amount introduced by directors

-

59

Amount withdrawn by directors

(7

)

-

Dividends Paid

(6,347,684

)

(8,766,279

)

Government Grants

1,572,146

287,336

Equity dividends paid

(285,000

)

(779,515

)

Net cash from financing activities

(5,324,270

)

(9,258,399

)

Increase/(decrease) in cash and cash equivalents

11,947,149

(8,882,593

)

Cash and cash equivalents at beginning of year

2

1,613,777

10,496,370

Cash and cash equivalents at end of year

2

13,560,926

1,613,777