REGISTERED NUMBER: 06960312 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 December 2024

for

Catherine Turner Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Income Statement

9

Other Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Cash Flow Statement

13

Notes to the Cash Flow Statement

14

Notes to the Financial Statements

15

DIRECTORS:

Mrs C Turner

M S Tarchetti

REGISTERED OFFICE:

2 Willowcroft

464 Ringwood Road

Ferndown

Dorset

BH22 9AY

REGISTERED NUMBER:

06960312 (England and Wales)

AUDITORS:

Bennewith 2018 Limited (Statutory Auditors)

Upper Ground Floor

18 Farnham Road

Guildford

Surrey

GU1 4XA

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

REVIEW OF BUSINESS

The company is a fast growing, multi-award winning agency operating globally across all aspects of internal and external communications with a particular focus on healthcare. The company develops strategic communications campaigns, brought to life with creative execution across all touchpoints. A new expansion strategy was designed in late 2021 which led to significant reorganization, hiring and implementation of new systems and processes to reflect the scale and high growth potential of the agency. The company delivers several hundred jobs each year with high levels of repeat business and an expanding client base. The company continues to invest in its growth plan and is maintaining high levels of team retention and engagement.

PRINCIPAL RISKS AND UNCERTAINTIES

The company has matured to be a large agency with an established business platform. The principal risks are judged to be:

Talent attraction and retention: sustaining the quality and service on which we have built our reputation and brand is essential. The company has built relationships with multiple recruiters and invested heavily in compensation, bonus and benefits to create an employee proposition ahead of market. Turnover is low relative to industry norms and this creates a continuous improvement in tenure of the team which yields efficiencies and improved productivity.

Loss of contracts: the company at any time is pitching competitively on individual projects, some of which can be significant. Many projects are up for bid each year. The growth track record of the business demonstrates high levels of retention and conversion of new business. The business is very well capitalized and carries limited fixed costs such that any business losses would not create any uncertainty on the company's viability. At the same time the company's business is spread across a large number of client groups and several hundred projects diversifying risk.

Economic slowdown and volatility: client budgets continue to evolve in uncertain economic conditions and with the pressures of low growth and sustained inflation. The UK, where most of the company's headcount is based, has seen rising tax rates and continued strong wage inflation. These dynamics create headwinds for business development. The agency offers a broad range of services across in-person, hybrid and virtual media and continuously adapts to client needs. The long term focus of the agency allows us to see beyond near term pressure and focus on long-term market share opportunity.

ANALYSIS OF THE COMPANY'S PERFORMANCE

2024 was a year of continued momentum from the team and platform the agency has built in the last 5 years. Headcount overall was stable with high levels of retention and investment in key hires to drive the company's growth strategy. The business continued to grow healthily with sales up 7%. Several investments were made in one-time costs and systems and processes for the new scale of operations. We also continue to expand pay, bonus and benefits for the team ahead of the market, building a superior career and reward value proposition. Expenses grew 11% reflecting these investments. The company is operated for the long-term potential with all investments funded organically and without any debt. The company continues to win repeat business and develop new client relationships. We continue to develop our industry reputation. The company is supported by Alchemy-Rx, a leading business strategy consultancy in developing and executing the growth plan. We continue to invest in team development with new training programs and career paths and structured progression to allow all to benefit from the growth of the agency.

KEY PERFORMANCE INDICATORS

2024 was a record year for sales and gross margin. Sales grew 7% and total overheads grew 11% reflecting investment in the team and operations to support the new growth strategy. We expanded our client base and increased investment in new business development, PR and pitch work. The business expects to continue to grow given several avenues of untapped opportunity and the new scale of the organization. Average headcount for the year was 83, flat on the prior year.

ON BEHALF OF THE BOARD:

Mrs C Turner - Director

28 August 2025

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the provision of corporate events, campaigns and other services to healthcare, pharmaceutical and consumer goods industries.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2024.

DIRECTOR

Mrs C Turner held office during the whole of the period from 1 January 2024 to the date of this report.

Other changes in directors holding office are as follows:

M S Tarchetti was appointed as a director after 31 December 2024 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the 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 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.

AUDITORS

The auditors, Bennewith 2018 Limited (Statutory Auditors), will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mrs C Turner - Director

28 August 2025

Opinion

We have audited the financial statements of Catherine Turner Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 31 December 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.

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 four, 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:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined the most significant are those that relate to FRS 102, Companies Act 2006 and tax regulations.

We assessed the risks of material misstatement in respect of fraud as follows:

* Enquiries made of management and those charged with governance

* Analytical procedures used to identify if there were any unusual or unexpected relationships

* Discussions with management to identify any fraud risk factors of related party relationships and transactions.

Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above.

Enquiries were made of management and those charged with governance. We corroborated our enquiries through the review of documents and explanations provided. There was no contradictory evidence.

We considered the risk of fraud through management override and, in response, we incorporated testing of manual journal entries into our audit approach. We tested year end journals as well as journal entries throughout the year. There were no transactions identified outside the normal course of business.

Based on the results of our risk assessment we designed our audit procedures to identify and to address material misstatements in relation to fraud. We incorporated an element of unpredictability in the selection of the nature, timing, and extent of audit procedures.

Where transaction meeting risk criteria were identified, we carried out further work such as additional testing to source information.

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.

A J Bennewith FCA, FCPA, FFA, FIPA, DChA, FRSA (Senior Statutory Auditor)

for and on behalf of Bennewith 2018 Limited (Statutory Auditors)

Upper Ground Floor

18 Farnham Road

Guildford

Surrey

GU1 4XA

1 September 2025

TURNOVER

3

13,792,123

12,917,319

Cost of sales

2,077,783

2,597,972

GROSS PROFIT

11,714,340

10,319,347

Administrative expenses

7,346,691

6,633,416

OPERATING PROFIT

5

4,367,649

3,685,931

Interest receivable and similar income

5,280

3,565

4,372,929

3,689,496

Interest payable and similar expenses

6

884

857

PROFIT BEFORE TAXATION

4,372,045

3,688,639

Tax on profit

7

1,097,978

879,117

PROFIT FOR THE FINANCIAL YEAR

3,274,067

2,809,522

PROFIT FOR THE YEAR

3,274,067

2,809,522

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

3,274,067

2,809,522

FIXED ASSETS

Intangible assets

8

-

-

Tangible assets

9

87,961

147,993

87,961

147,993

CURRENT ASSETS

Debtors

10

3,099,479

3,299,134

Cash at bank

6,564,311

2,980,194

9,663,790

6,279,328

CREDITORS

Amounts falling due within one year

11

1,838,506

1,773,201

NET CURRENT ASSETS

7,825,284

4,506,127

TOTAL ASSETS LESS CURRENT LIABILITIES

7,913,245

4,654,120

PROVISIONS FOR LIABILITIES

12

21,690

36,632

NET ASSETS

7,891,555

4,617,488

CAPITAL AND RESERVES

Called up share capital

13

1

1

Retained earnings

14

7,891,554

4,617,487

SHAREHOLDERS' FUNDS

7,891,555

4,617,488

The financial statements were approved by the Board of Directors and authorised for issue on 28 August 2025 and were signed on its behalf by:

Mrs C Turner - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

1

1,807,965

1,807,966

Changes in equity

Total comprehensive income

-

2,809,522

2,809,522

Balance at 31 December 2023

1

4,617,487

4,617,488

Changes in equity

Total comprehensive income

-

3,274,067

3,274,067

Balance at 31 December 2024

1

7,891,554

7,891,555

Cash flows from operating activities

Cash generated from operations

1

5,057,160

2,948,156

Interest paid

(884

)

-

Finance costs paid

-

(857

)

Tax paid

(1,453,165

)

(747,895

)

Net cash from operating activities

3,603,111

2,199,404

Cash flows from investing activities

Purchase of tangible fixed assets

(24,274

)

(61,183

)

Interest received

5,280

3,565

Net cash from investing activities

(18,994

)

(57,618

)

Cash flows from financing activities

Amount withdrawn by directors

-

(925,000

)

Net cash from financing activities

-

(925,000

)

Increase in cash and cash equivalents

3,584,117

1,216,786

Cash and cash equivalents at beginning of year

2

2,980,194

1,763,408

Cash and cash equivalents at end of year

2

6,564,311

2,980,194

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.12.24

31.12.23

£

£

Profit before taxation

4,372,045

3,688,639

Depreciation charges

84,306

90,970

Loss on disposal of fixed assets

-

77

Finance costs

884

857

Finance income

(5,280

)

(3,565

)

4,451,955

3,776,978

Decrease/(increase) in trade and other debtors

248,177

(1,329,993

)

Increase in trade and other creditors

357,028

501,171

Cash generated from operations

5,057,160

2,948,156

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

6,564,311

2,980,194

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

2,980,194

1,763,408

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank

2,980,194

3,584,117

6,564,311

2,980,194

3,584,117

6,564,311

Total

2,980,194

3,584,117

6,564,311

1.	STATUTORY INFORMATION

Catherine Turner Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Critical accounting judgements and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

In the application of the company's accounting policies, management is required to make judgment estimates and assumptions about carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects the period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key sources of estimation uncertainty that have significant effect on the amounts recognised in the financial statements are described below:

a) Impairment of intangible assets and goodwill

The company considers whether goodwill is impaired. Where an indication of impairment is identified the estimation of recoverable value requires estimation of the recoverable value of the asset. This requires estimation of the future cash flows from the associated asset and also selection of appropriate discount rates in order to calculate the net present value of those cash flows.

b) Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates and physical condition of the assets.

c) Impairment of trade receivables and contract assets

The company makes an estimate of the recoverable value of trade receivables and contract assets. When assessing impairment of trade receivables and contract assets, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

Turnover

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

The Company's revenues are primarily derived from the provision of communications and event management services in the United Kingdom and predominantly across the Rest of the World, often including passthrough costs associated with a project. The Company works with many global entities and may enter into client agreements at a global, regional and local level. The Company's business is mainly project based and as such there are fluctuations in quarterly performance and year to year. Revenue for our services is recognized when all of the following criteria are satisfied: (i) persuasive evidence of a commercial arrangement exists (ii) the price is fixed or determinable (iii) collectability is reasonably assured (iv) services have been performed. Depending on the terms of the client contract, fees for services performed can be recognized in three principal ways (i) proportional performance (either input or output basis) (ii) straight-line or monthly basis (iii) on full completion. Revenues that are recognized ahead of billings are shown as accrued income.

Goodwill

Acquired goodwill is written off over in equal annual instalments over its estimated useful economic life of 5 years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Fixtures and fittings - 25% on the reducing balance

Computer equipment - 30% on a straight line basis

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Foreign exchange

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Going concern

The business is well capitalized and continues to see organic growth and is pursuing a number of new business opportunities. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements.

Software development costs

Software development costs are charged to profit or loss in the period in which they are incurred.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

31.12.24

31.12.23

£

£

Europe, Middle East & Africa

11,832,433

10,680,158

North America

1,755,655

2,141,781

Rest of World

204,035

95,380

13,792,123

12,917,319

4.	EMPLOYEES AND DIRECTORS

31.12.24

31.12.23

£

£

Wages and salaries

4,516,805

4,374,390

Social security costs

518,356

497,808

Other pension costs

83,065

72,219

5,118,226

4,944,417

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

31.12.24

31.12.23

Central staff

5

3

Studio staff

41

42

Producers

37

38

83

83

During the year, the director received benefits of £1,838 (2023: £4,343) but no other form of remuneration.

5.	OPERATING PROFIT

The operating profit is stated after charging:

31.12.24

31.12.23

£

£

Depreciation - owned assets

84,306

90,971

Loss on disposal of fixed assets

-

77

Auditors' remuneration- audit services

14,000

14,000

Other non- audit services

6,000

6,000

Foreign exchange differences

56,838

58,304

Defined contribution plan pension costs

83,065

72,219

Software development costs

267,749

-

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.12.24

31.12.23

£

£

Other interest payable

884

-

Corporation tax interest

-

857

884

857

7.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

31.12.24

31.12.23

£

£

Current tax:

UK corporation tax

1,112,920

877,202

Deferred tax

(14,942

)

1,915

Tax on profit

1,097,978

879,117

8.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2024

and 31 December 2024

1,621,195

AMORTISATION

At 1 January 2024

and 31 December 2024

1,621,195

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

-

9.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2024

2,429

326,737

329,166

Additions

-

24,274

24,274

Disposals

-

(15,469

)

(15,469

)

At 31 December 2024

2,429

335,542

337,971

DEPRECIATION

At 1 January 2024

937

180,236

181,173

Charge for year

373

83,933

84,306

Eliminated on disposal

-

(15,469

)

(15,469

)

At 31 December 2024

1,310

248,700

250,010

NET BOOK VALUE

At 31 December 2024

1,119

86,842

87,961

At 31 December 2023

1,492

146,501

147,993

10.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

2,744,045

2,806,631

Corporation tax overpaid

48,522

-

VAT

-

63,292

Prepayments and accrued income

306,912

429,211

3,099,479

3,299,134