REGISTERED NUMBER: 08664941 (England and Wales)

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

AUDITED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

MEDINA HOUSE LTD

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

7

Consolidated Statement of Comprehensive Income

10

Consolidated Statement of Financial Position

11

Company Statement of Financial Position

12

Consolidated Statement of Changes in Equity

13

Company Statement of Changes in Equity

14

Consolidated Statement of Cash Flows

15

Notes to the Consolidated Statement of Cash Flows

16

Notes to the Consolidated Financial Statements

17

DIRECTORS:

T M P O'Farrell

S P Salvin

D P Sproson

G E Baker

J A Kirkham

L Hewett

SECRETARY:

L K S Salvin

REGISTERED OFFICE:

100 Avebury Boulevard

Milton Keynes

Buckinghamshire

MK9 1FH

REGISTERED NUMBER:

08664941 (England and Wales)

AUDITORS:

Magma Audit LLP

16 Davy Court

Castle Mound Way

Rugby, CV23 0UZ

Magma Audit LLP is part

Of the Dains Group

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

REVIEW OF BUSINESS

The principal activity of the Company continued to be the holding of investment in Aiimi Limited. The principal activity of the Group continued to be the provision of expert consulting services (Aiimi Services) specialising in digital, data and AI transformation, alongside the development and delivery of our Workplace AI platform (Aiimi Software), which enables our customers to operationalise AI and address complex data governance challenges

Financial Performance

In 2024, the Group delivered total revenue of £16.92m (2023: £19.16m), reflecting an 11.7% year-on-year decline. This was primarily driven by sector-specific challenges in the UK water and government markets. Revenue from Aiimi Services was £14.98m (2023: £17.42m), representing a 14% decline, while Aiimi Software achieved growth of 12%, reaching £1.95m (2023: £1.74m), underlining increasing demand for our AI-powered platform.

The Group reported a loss before tax of £2.85m (2023: profit before tax of £51.6k). Despite this, the Group remains in a strong financial position with Net Assets and Shareholders' Funds of £4.14m (2023: £5.38m) and a healthy cash balance of £2.90m (2023: £5.48m), reflecting continued investment in future growth.

Market Challenges and Sector Opportunities

UK Water Sector

The Group has an established presence in the UK water industry, delivering high-value digital and data solutions. In 2024, water utilities entered the transitional phase between AMP7 (2020-2025) and AMP8 (2025-2030), a period marked by regulatory uncertainty and financial constraints. With several utilities appealing their AMP8 settlements to the Competition and Markets Authority (CMA), investment decisions were delayed or deferred, directly impacting customer spending on transformation initiatives.

Despite this, the Group remains bullish about the future. All major water companies are planning substantial increases in capital investment during AMP8, with an emphasis on data, digital, and AI capabilities. Confident in the sector's rebound, we made the strategic decision to maintain a higher-than-usual bench in the second half of 2024, positioning the Group to capitalise on renewed demand in 2025 and beyond.

UK Government

In 2024, the Group expanded its sales and marketing efforts to grow our footprint in the UK public sector. However, this ambition was hindered by a range of external factors:

-

The snap general election in July 2024 and the resulting purdah period paused decision-making across departments.

-

Continued fiscal tightening caused delays and cancellations in several large-scale programmes.

-

Ongoing procurement reform added complexity to bidding processes and increased the time to contract.

Despite these challenges, we see long-term opportunity. Government policy has placed increasing emphasis on the role of data and AI in driving national productivity and public sector efficiency - a direction that aligns perfectly with Group's capabilities. We are already seeing momentum building into 2025 and have invested to ensure we are well-positioned to support this transformation.

Growth and Strategic Progress

Customer Growth

Despite tough trading conditions, the Group secured a record number of net new customers in 2024 - 14 new services clients and 10 new software clients. This growth highlights sustained demand for our unique combination of cutting-edge technology, expert consulting, and proven domain knowledge. As AI adoption accelerates across industries, the Group's offering remains highly relevant and differentiated.

Strategic Investments

To position the business for long-term success, the Group made targeted investments across people, technology, and go-to-market capabilities. Key initiatives in 2024 included:

-

Hiring two new senior salespeople to drive commercial growth.

-

Launching a new pre-sales function to improve success on UK government frameworks.

-

Increasing investment in SEO, PR, digital campaigns, events, and strategic partnerships to expand our pipeline.

-

Expanding our software engineering and QA teams to accelerate product innovation.

-

Delivering a company-wide leadership training programme.

-

Advancing our internal transformation initiative - "Drinking Our Own Champagne" - to operationalise AI across our business via a world-class internal data platform.

-

Restructuring Aiimi Services into expert practices supported by people operations managers, to drive operational excellence.

-

Entering new international markets via partners, with projects delivered in the Middle East, South Africa, and North America.

Recognition and Responsibility

We are proud to have recertified to ISO27001 and Cyber Essentials Plus, reaffirming our commitment to security and compliance. We also continue to pursue best practices in environmental responsibility, maintaining our Carbon Neutral status and progressing adoption of ISO14064, ISO14068, and IWA42 with BSI.

Our commitment to diversity, equity, inclusion, and social impact remains central to our business. In 2024 we continued to support Harry's Rainbow, YMCA MK, and Transition Town MK, and launched a grant scheme with England Squash to promote access to sport in memory of a much-loved colleague. We also achieved Silver status under the Armed Forces Covenant, with ambitions to progress to Gold.

Outlook

The Directors are pleased with Group's resilience and strategic progress in what has been a tough year for the industry. We enter 2025 with optimism, underpinned by a strong pipeline, a highly capable team, and increasing market demand for AI and data-driven transformation.

Our core belief - that AI, when responsibly deployed, has the power to solve complex challenges and unlock new value - continues to guide our strategy. With the foundations laid in 2024, we are confident the Group is well-positioned for a return to growth and long-term success.

PRINCIPAL RISKS AND UNCERTAINTIES

The board of directors and the wider management team continually monitor the key risks facing the Group, and assess the appropriate controls to manage those risks. Effective risk-management is fundamental to delivering the Group's strategic objectives. These are the principal risks and uncertainties facing the Group:

1.

Recruitment and employee retention:

Our people remain crucial to our success and the continued high demand for talent means it is essential t

2.

Market growth and competition:

The Insight Engines Market is projected to reach to USD 9.1 billion by 2030, at a compound growth rate (

Research suggests that two thirds of organisations expect to increase their AI investment over the next thr

3.

Cybersecurity:

According to 2024 research by the Department for Science, Innovation and Technology, half of business

4.

Business Interruption:

With the continued war in Ukraine, and new governments in the UK and US, combined with uncertainty in

KEY PERFORMANCE INDICATORS

The board of directors and wider management team regularly review key performance indicators for the Group. This enables the Group to track performance and make necessary changes when needed to ensure we achieve our strategic objectives. Here are our key performance indicators to manage performance:

Main

1.

Gross Margin:

Gross margin for 2024 was 48.45%, equating to a decline of 3.37% on prior year (2023: 51.82%).

2.

EBITDA (Earnings before Interest, taxes, depreciation and amortization):

Whilst we aim to increase EBITDA year on year, the impact of a challenging economic environment, coupled with a shift in the political landscape resulted in EBITDA of -£2,499k, representing a 780.54% decline against prior year (2023: £367.2k).

3.

PBIT (Profit before interest and tax):

Profitability is held as a key metric within the business. In line with a declined EBITDA, we posted a loss for 2024 of £2,794k (2023: PBIT of £111k).

4.

Cash at Bank:

A strong cash balance continues to be a key part of our strategy. Despite posting a loss, our cash reserves remain strong, and we closed 2024 with £2.90m of cash in the bank (2023: £5.48m).

5.

Working Capital:

We aim to maintain a high working capital ratio, as a good indicator of overall financial health. This has been achieved with a ratio of 1.89, a decrease on the prior year (2023: 2.45).

6.

Debtors Days:

Debtor days have remained consistent at 42.1 days (2023: 40.9 days) reflecting our diligence in our cash collection - we endeavour to ensure our cash is collected within our customer terms, and continue to be extra vigilant particularly with new customers on board.

Other

7.

Consulting revenue by customer

8.

Software recurring subscription revenue

9.

Average charge rate for consulting services

10.

Consulting resource utilisation

11.

Employee engagement

12.

Customer satisfaction

13.

Carbon footprint

14.

Gender and ethnic pay gap

ON BEHALF OF THE BOARD:

S P Salvin - Director

10 July 2025

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

PRINCIPAL ACTIVITIES

The principal activities of the group in the year under review were those of the provision of Business and IT Consulting services.

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2024 was £nil (2023: £200,000).

RESEARCH AND DEVELOPMENT

The Group continues to fund development of existing processes to enhance customer service.

FUTURE DEVELOPMENTS

Information relating to future developments is given in the Group Strategic Report.

DIRECTORS

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

T M P O'Farrell

S P Salvin

D P Sproson

G E Baker

J A Kirkham

L Hewett

FINANCIAL INSTRUMENTS

The principal financial instruments of the group comprise bank balances and borrowings, trade creditors and trade debtors. The main purpose of these instruments is to raise funds for the group's operations and to finance its continuing operations. Liquidity risk is managed by the use of bank balances along with efficient monitoring and forecasting of cash flow to ensure there are sufficient funds to meet liabilities. Trade debtors are managed in respect of credit and cash flow risk by policies monitoring the credit offered to customers and regular monitoring of amounts outstanding for both time and credit limits.

CHARITABLE DONATIONS

During the year the group made £37,624 of charitable donations (2023: £29,383).

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;

-	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.

AUDITORS

The auditors, Magma Audit LLP, has expressed its willingness to remain in office as auditors.

ON BEHALF OF THE BOARD:

S P Salvin - Director

10 July 2025

Opinion

We have audited the financial statements of Medina House Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 loss 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 five, 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the group and industry, we identified the principal risks of non-compliance with laws and regulations, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries and management bias in accounting estimates. Audit procedures performed included:

-

discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;

-

challenging assumptions made by management in their significant accounting estimates, in particular in relation to accrued and deferred income, the dilapidation provision, the useful economic lives of tangible fixed assets and the valuation of share options; and

-

identifying and testing journal entries, in particular any journal entries posted with unusual account combinations, journal entries crediting cash and journal entries with specific defined descriptions.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. 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 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.

Ryan Parkin (Senior Statutory Auditor)

for and on behalf of Magma Audit LLP

16 Davy Court

Castle Mound Way

Rugby, CV23 0UZ

Magma Audit LLP is part

Of the Dains Group

10 July 2025

TURNOVER

4

16,924,848

19,158,138

Cost of sales

(8,724,095

)

(9,230,815

)

GROSS PROFIT

8,200,753

9,927,323

Administrative expenses

(11,066,361

)

(9,794,138

)

(2,865,608

)

133,185

Other operating income

5

47,137

47,937

OPERATING (LOSS)/PROFIT

7

(2,818,471

)

181,122

Interest receivable and similar income

22,424

-

(2,796,047

)

181,122

Interest payable and similar expenses

9

(49,004

)

(129,493

)

(LOSS)/PROFIT BEFORE TAXATION

(2,845,051

)

51,629

Tax on (loss)/profit

10

1,462,651

1,043,363

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(1,382,400

)

1,094,992

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE (LOSS)/INCOME FOR THE YEAR

(1,382,400

)

1,094,992

(Loss)/profit attributable to:

Owners of the parent

(1,382,400

)

1,094,992

Total comprehensive (loss)/income attributable to:

Owners of the parent

(1,382,400

)

1,094,992

FIXED ASSETS

Intangible assets

13

27,090

14,817

Tangible assets

14

730,904

796,340

Investments

15

-

-

757,994

811,157

CURRENT ASSETS

Debtors

16

5,173,219

4,058,640

Cash at bank

2,897,667

5,483,510

8,070,886

9,542,150

CREDITORS

Amounts falling due within one year

17

(4,272,357

)

(3,898,673

)

NET CURRENT ASSETS

3,798,529

5,643,477

TOTAL ASSETS LESS CURRENT LIABILITIES

4,556,523

6,454,634

CREDITORS

Amounts falling due after more than one year

18

(218,094

)

(900,807

)

PROVISIONS FOR LIABILITIES

21

(200,000

)

(175,000

)

NET ASSETS

4,138,429

5,378,827

CAPITAL AND RESERVES

Called up share capital

22

1,246

1,168

Share premium

23

1,551,088

1,407,393

Capital redemption reserve

23

14

2

Share option reserve

23

321,273

323,044

Retained earnings

23

2,264,808

3,647,220

SHAREHOLDERS' FUNDS

4,138,429

5,378,827

The financial statements were approved by the Board of Directors and authorised for issue on 10 July 2025 and were signed on its behalf by:

S P Salvin - Director

FIXED ASSETS

Intangible assets

13

-

-

Tangible assets

14

-

-

Investments

15

1,037,231

1,039,002

1,037,231

1,039,002

CURRENT ASSETS

Debtors

16

810,366

674,835

Cash at bank

34,530

34,708

844,896

709,543

CREDITORS

Amounts falling due within one year

17

(3,021

)

(3,008

)

NET CURRENT ASSETS

841,875

706,535

TOTAL ASSETS LESS CURRENT LIABILITIES

1,879,106

1,745,537

CAPITAL AND RESERVES

Called up share capital

22

1,246

1,168

Share premium

23

1,551,088

1,407,393

Capital redemption reserve

23

14

2

Share option reserve

23

321,273

323,044

Retained earnings

23

5,485

13,930

SHAREHOLDERS' FUNDS

1,879,106

1,745,537

Company's (loss)/profit for the financial year

(8,433

)

223,540

The financial statements were approved by the Board of Directors and authorised for issue on 10 July 2025 and were signed on its behalf by:

S P Salvin - Director

Called up

share

Retained

Share

capital

earnings

premium

£

£

£

Balance at 1 January 2023

1,165

2,752,230

1,401,566

Changes in equity

Purchase of own shares

-

(2

)

-

Issue of share capital

3

-

5,827

Dividends

-

(200,000

)

-

Total comprehensive income

-

1,094,992

-

Balance at 31 December 2023

1,168

3,647,220

1,407,393

Changes in equity

Purchase of own shares

(12

)

(12

)

-

Issue of share capital

90

-

143,695

Total comprehensive loss

-

(1,382,400

)

-

Balance at 31 December 2024

1,246

2,264,808

1,551,088

Capital

Share

redemption

option

Total

reserve

reserve

equity

£

£

£

Balance at 1 January 2023

2

253,140

4,408,103

Changes in equity

Purchase of own shares

-

-

(2

)

Issue of share capital

-

-

5,830

Fair value of share options

-

69,904

69,904

Dividends

-

-

(200,000

)

Total comprehensive income

-

-

1,094,992

Balance at 31 December 2023

2

323,044

5,378,827

Changes in equity

Purchase of own shares

12

-

(12

)

Issue of share capital

-

-

143,785

Fair value of share options

-

(1,771

)

(1,771

)

Total comprehensive loss

-

-

(1,382,400

)

Balance at 31 December 2024

14

321,273

4,138,429

Called up

share

Retained

Share

capital

earnings

premium

£

£

£

Balance at 1 January 2023

1,165

(9,608

)

1,401,566

Changes in equity

Purchase of own shares

-

(2

)

-

Issue of share capital

3

-

5,827

Dividends

-

(200,000

)

-

Total comprehensive income

-

223,540

-

Balance at 31 December 2023

1,168

13,930

1,407,393

Changes in equity

Purchase of own shares

(12

)

(12

)

-

Issue of share capital

90

-

143,695

Total comprehensive loss

-

(8,433

)

-

Balance at 31 December 2024

1,246

5,485

1,551,088

Capital

Share

redemption

option

Total

reserve

reserve

equity

£

£

£

Balance at 1 January 2023

2

253,140

1,646,265

Changes in equity

Purchase of own shares

-

-

(2

)

Issue of share capital

-

-

5,830

Fair value of share options

-

69,904

69,904

Dividends

-

-

(200,000

)

Total comprehensive income

-

-

223,540

Balance at 31 December 2023

2

323,044

1,745,537

Changes in equity

Purchase of own shares

12

-

(12

)

Issue of share capital

-

-

143,785

Fair value of share options

-

(1,771

)

(1,771

)

Total comprehensive loss

-

-

(8,433

)

Balance at 31 December 2024

14

321,273

1,879,106

Cash flows from operating activities

Cash generated from operations

1

(2,357,166

)

(62,292

)

Interest paid

(50,775

)

(59,588

)

Taxation refund

-

1,184,867

Net cash from operating activities

(2,407,941

)

1,062,987

Cash flows from investing activities

Purchase of intangible fixed assets

(23,915

)

(5,200

)

Purchase of tangible fixed assets

(157,401

)

(265,565

)

Sale of tangible fixed assets

444

-

Interest received

22,424

-

Net cash from investing activities

(158,448

)

(270,765

)

Cash flows from financing activities

Loan repayments in year

(163,239

)

(151,159

)

Proceeds from share issue

143,785

5,830

Share buyback

-

(2

)

Equity dividends paid

-

(200,000

)

Net cash from financing activities

(19,454

)

(345,331

)

(Decrease)/increase in cash and cash equivalents

(2,585,843

)

446,891

Cash and cash equivalents at beginning of year

2

5,483,510

5,036,619

Cash and cash equivalents at end of year

2

2,897,667

5,483,510