REGISTERED NUMBER: 07869227 (England and Wales)

LEDWOOD HOLDINGS LTD

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

6

Consolidated Income Statement

10

Consolidated Other Comprehensive Income

11

Consolidated Balance Sheet

12

Company Balance Sheet

13

Consolidated Statement of Changes in Equity

14

Company Statement of Changes in Equity

15

Consolidated Cash Flow Statement

16

Notes to the Consolidated Cash Flow Statement

17

Notes to the Consolidated Financial Statements

18

DIRECTORS:

A T Davies

C Ferguson

N D Revell

L N Revell

SECRETARY:

A Miller

REGISTERED OFFICE:

Units 9 - 11

Waterloo Industrial Estate

Pembroke Dock

Pembrokeshire

SA72 4RR

REGISTERED NUMBER:

07869227 (England and Wales)

AUDITORS:

Bevan Buckland LLP

Chartered Accountants

And Statutory Auditors

Ground Floor Cardigan House

Castle Court

Swansea Enterprise Park

Swansea

SA7 9LA

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

BUSINESS REVIEW AND FULL YEAR HIGHLIGHTS

The Ledwood Group experienced a year of strong operational activity and continued growth in 2024, supported by a robust order book, ongoing business development, and strategic investments across its subsidiaries.

Operational Performance

The Group achieved significant revenue growth across its operating companies. Ledwood Mechanical Engineering Limited (LMEL) continued to benefit from long-duration contracts, including the early phases of the £50 million Hinkley Point C project, which ramped up operations during the year. At the end of 2024, the Group maintained a strong pipeline of contracts, providing a solid platform for future works.

Ledwood Protective Coatings Limited (LPCL) also delivered substantial revenue growth, driven by both external market demand and internal group contracts linked to LMEL’s operations. While market conditions and price pressures continued to impact margins, profitability improved towards the end of the year, reflecting operational efficiency initiatives implemented during the period.

Financial Position and Outlook

The Group remains well positioned for sustained growth and long-term profitability. The strong order book, combined with ongoing investment in operational improvements, efficiency initiatives, and business development, supports a positive outlook for both revenue growth and working capital generation.

Looking ahead, the Group expects to continue capitalising on growth in energy, infrastructure, and construction sectors. Internal group demand will continue to contribute to overall performance, while operational improvements are anticipated to strengthen profitability across the subsidiaries.

PRINCIPAL ACTIVITIES

The principal activity of the Group is the provision of engineering, fabrication, construction and protective coating services to the UK and international energy and infrastructure sectors. The Group also provides project management, design, maintenance and disinvestment services. Ledwood Holdings Limited acts as the holding entity, providing strategic direction and financial support to its subsidiaries.

BUSINESS STRATEGY & OBJECTIVES

The company's strategy is to build on its market presence within the energy and construction sectors, supporting clients with engineering and infrastructure services while also investing in people, technology, and sustainable practices to drive shareholder value and long-term success.

KEY PERFORMANCE INDICATORS

The directors consider that the key financial performance indicators are those that communicate the financial performance and strength of the company as a whole, these include but are not limited to the following :

Order Book

Live Contracts (LMEL)

£95 Million

Open Contracts Value (LMEL)

£62 Million

Order Book Horizon

2027

Financials

2024

2023

2022

£'000

£'000

£'000

Revenue

57,795

32,339

19,074

Revenue Growth % YoY

79%

70%

(31%

)

Operating Profit

193

437

2,099

Profit Before Tax

134

564

2,099

Return on Capital

20%

70.2%

425%

FT Employees

242 FTE

240 FTE

169 FTE

Revenue Per Employee

168

135

113

PRINCIPAL RISKS AND UNCERTAINTIES

The main risks and uncertainties faced by the group relate to demand levels, competitive pricing, economic volatility, and inflationary pressures driving up costs.

The group seek to mitigate these risks through:

- Diversification into new markets,

- Securing longer-term contracts, and

- Improving project pricing models.

Additionally, operations are exposed to financial risks, including interest rate fluctuations and the wider impacts of global geopolitical and economic instability. A risk management programme is in place to reduce exposure.

EMPLOYMENT POLICIES AND EMPLOYEE INVOLVEMENT

The group promotes a culture of continuous improvement by investing in people at all levels. Recruitment and retention of suitably qualified staff remains a key challenge, which management addresses through long-term project planning and ongoing training and development.

The group is committed to providing equal opportunities and ensuring there is no bias or discrimination in employment practices.

ENVIRONMENT, SUSTAINABILITY, GOVERNANCE (ESG) DISCLOSURES & PRIORITIES

As an employer and responsible contractor in the construction industry, the Group recognises the importance of managing its impact on the environment and wider society.

For over 40 years, Ledwood has delivered engineering, infrastructure and construction projects with a strong focus on meeting the needs of people and communities. The Group is committed to operating sustainably and supporting local communities through education, charitable programmes and sponsorships.

The Group continues to minimise its environmental footprint by reducing energy consumption, emissions, water use and waste. In addition, it supports customers in improving the sustainability of their own operations by delivering products and services that help lower carbon emissions, reduce energy and water use, and minimise waste.

Employees remain at the heart of the business. The Group strives to provide a working environment where individuals can reach their full potential and play a meaningful role in the communities in which they live and work.

The Group remains committed to conducting its business in a way that delivers long-term positive impacts for both the environment and society.

Section 172(1) Statement

In accordance with Section 172(1) of the Companies Act 2006, the directors confirm that they have acted in a way they consider, in good faith, would be most likely to promote the success of the Group for the benefit of its members as a whole, while having regard to the following matters:

Long-term success: The directors focus on sustainable growth by maintaining a strong order book, developing long-term customer relationships, and investing in efficiency and improvement initiatives.

Employees: The Group engages with employees through regular meetings, training and development programmes, and communication channels that enable feedback to be considered in decision-making.

Business relationships: The Group values its relationships with key customers, suppliers, and partners, ensuring open communication and collaboration to support contract delivery and business development.

Community and environment: The Group is committed to minimising its environmental footprint and supporting local communities through education, charitable initiatives and sponsorship.

Standards of conduct: The Group is committed to acting responsibly, ethically and with integrity in all of its operations.

The directors believe that balancing these factors supports the long-term success of the Group, creates value for stakeholders and ensures a positive contribution to society and the environment.

FUTURE DEVELOPMENTS

Over the next five years a Ledwood is likely to see steady demand growth driven mainly by large energy & infrastructure programs such as offshore wind, hydrogen/CCS and nuclear, but growth will be uneven.

HyNet, the North West decarbonization project, is now firmly in its construction-ready phase, with financial close achieved for the backbone element of the cluster. £2bn in contracts have already been awarded with £3-4bn worth of contracts to be awarded over the next five years. Similarly the decarbonization projects in the North East are progressing albeit at a slightly slower pace. However Net Zero Teesside has reached financial close and £4bn worth of contracts have been awarded.

Sizewell C reached FID in July this year for the £38bn nuclear power plant.

Offshore wind continues to develop with some UK-based fabrication contractors now supplying secondary steelwork and platforms to offshore windfarms. In the Celtic Sea, both Equinor and Gwynt Glas were awarded leases for windfarms totaling 3GW in capacity and we await the outcome of the current AR 7 round to see if developers of the Test and Demonstration wind farms submit Contract for Difference bids. If they do, it will open up the opportunity to supply anchors and possibly secondary steelwork to these projects.

Offshore wind projects also offer the opportunity to bid for Clean Industry Bonus investments where the developer is encouraged to put significant amounts of money in to local manufacturing infrastructure.

ON BEHALF OF THE BOARD:

N D Revell - Director

16 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

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

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 T Davies

C Ferguson

N D Revell

L N Revell

POLITICAL DONATIONS AND EXPENDITURE

During the year, the company made donations totalling £12,184 to various charities.

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 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, Bevan Buckland LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

N D Revell - Director

16 September 2025

Opinion

We have audited the financial statements of Ledwood Holdings Ltd (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 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:

Extent to which the audit was considered capable of detecting irregularities, including fraud

We identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, and then, design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

We discussed our audit independence complying with the Revised Ethical Standard 2019 with the engagement team members whilst planning the audit and continually monitored our independence throughout the process.

Identifying and assessing potential risks related to irregularities.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

-

enquiring of management, including obtaining and reviewing support documentation, concerning the group's policies and procedures relating to:

-

identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance;

-

detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

-

internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations;

-

discussing among the engagement team how and where fraud might occur in the Financial Statements and any potential indicators of fraud.

-

obtaining an understanding of the legal and regulatory frameworks that the company operates in, focusing on those laws and regulations that had a direct effect on the Financial Statements or that had a fundamental effect on the operations of the company, The key laws and regulations we considered in this context included the UK Companies Act and relevant tax legislation.

Audit response to risks identified

In addition to the above, our procedures to respond to risks identified included the following:

-

reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations;

-

enquiring of management concerning actual and potential litigation and claims; performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

-

reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC;

-

in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments;

-

assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and

-

evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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.

Henry Lloyd Davies (Senior Statutory Auditor)

for and on behalf of Bevan Buckland LLP

Chartered Accountants

And Statutory Auditors

Ground Floor Cardigan House

Castle Court

Swansea Enterprise Park

Swansea

SA7 9LA

16 September 2025

TURNOVER

3

57,795,496

32,338,798

Cost of sales

(52,498,702

)

(28,660,604

)

GROSS PROFIT

5,296,794

3,678,194

Administrative expenses

(5,108,151

)

(3,245,232

)

188,643

432,962

Other operating income

4,254

4,254

OPERATING PROFIT

5

192,897

437,216

Interest receivable and similar income

96,315

168,880

289,212

606,096

Interest payable and similar expenses

6

(155,711

)

(41,930

)

PROFIT BEFORE TAXATION

133,501

564,166

Tax on profit

7

(64,805

)

(132,791

)

PROFIT FOR THE FINANCIAL YEAR

68,696

431,375

Profit attributable to:

Owners of the parent

68,450

423,890

Non-controlling interests

246

7,485

68,696

431,375

PROFIT FOR THE YEAR

68,696

431,375

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

68,696

431,375

Total comprehensive income attributable to:

Owners of the parent

68,450

423,890

Non-controlling interests

246

7,485

68,696

431,375

FIXED ASSETS

Intangible assets

9

(497,000

)

(575,000

)

Tangible assets

10

2,034,225

1,378,204

Investments

11

-

-

1,537,225

803,204

CURRENT ASSETS

Debtors

12

12,486,164

9,233,697

Cash at bank and in hand

13

5,118,334

2,938,384

17,604,498

12,172,081

CREDITORS

Amounts falling due within one year

14

8,648,690

3,716,245

NET CURRENT ASSETS

8,955,808

8,455,836

TOTAL ASSETS LESS CURRENT LIABILITIES

10,493,033

9,259,040

CREDITORS

Amounts falling due after more than one year

15

(1,063,957

)

(57,731

)

PROVISIONS FOR LIABILITIES

19

(247,302

)

(88,231

)

NET ASSETS

9,181,774

9,113,078

CAPITAL AND RESERVES

Called up share capital

20

5,145

5,145

Share premium

21

64,440

64,440

Revaluation reserve

21

(960,717

)

-

Retained earnings

21

9,915,090

8,885,923

SHAREHOLDERS' FUNDS

9,023,958

8,955,508

NON-CONTROLLING INTERESTS

22

157,816

157,570

TOTAL EQUITY

9,181,774

9,113,078

The financial statements were approved by the Board of Directors and authorised for issue on 16 September 2025 and were signed on its behalf by:

N D Revell - Director

FIXED ASSETS

Intangible assets

9

-

-

Tangible assets

10

-

-

Investments

11

327,375

327,375

327,375

327,375

CURRENT ASSETS

Debtors

12

3,547,949

2,817,949

Cash at bank

13

665,308

1,552,040

4,213,257

4,369,989

NET CURRENT ASSETS

4,213,257

4,369,989

TOTAL ASSETS LESS CURRENT LIABILITIES

4,540,632

4,697,364

CAPITAL AND RESERVES

Called up share capital

20

5,145

5,145

Share premium

21

64,440

64,440

Retained earnings

21

4,471,047

4,627,779

SHAREHOLDERS' FUNDS

4,540,632

4,697,364

Company's loss for the financial year

(156,732

)

(11,879

)

The financial statements were approved by the Board of Directors and authorised for issue on 16 September 2025 and were signed on its behalf by:

N D Revell - Director

Called up

share

Retained

Share

capital

earnings

premium

£

£

£

Balance at 1 January 2023

5,145

8,462,033

64,440

Changes in equity

Total comprehensive income

-

423,890

-

Balance at 31 December 2023

5,145

8,885,923

64,440

Changes in equity

Total comprehensive income

-

1,029,167

-

Balance at 31 December 2024

5,145

9,915,090

64,440

Revaluation

Non-controlling

Total

reserve

Total

interests

equity

£

£

£

£

Balance at 1 January 2023

-

8,531,618

150,085

8,681,703

Changes in equity

Total comprehensive income

-

423,890

7,485

431,375

Balance at 31 December 2023

-

8,955,508

157,570

9,113,078

Changes in equity

Total comprehensive income

(960,717

)

68,450

246

68,696

Balance at 31 December 2024

(960,717

)

9,023,958

157,816

9,181,774

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 January 2023

5,145

4,639,658

64,440

4,709,243

Changes in equity

Total comprehensive income

-

(11,879

)

-

(11,879

)

Balance at 31 December 2023

5,145

4,627,779

64,440

4,697,364

Changes in equity

Total comprehensive income

-

(156,732

)

-

(156,732

)

Balance at 31 December 2024

5,145

4,471,047

64,440

4,540,632

Cash flows from operating activities

Cash generated from operations

1

1,436,831

(2,952,371

)

Tax paid

(25,535

)

(481,437

)

Net cash from operating activities

1,411,296

(3,433,808

)

Cash flows from investing activities

Purchase of tangible fixed assets

(844,533

)

(386,948

)

Sale of tangible fixed assets

7,340

-

Interest received

96,315

168,880

Interest paid

(155,711

)

(41,930

)

Net cash from investing activities

(896,589

)

(259,998

)

Cash flows from financing activities

New loans in year

2,000,000

-

Loan repayments in year

(333,333

)

(1,500,000

)

Capital repayments in year

(1,424

)

-

Net cash from financing activities

1,665,243

(1,500,000

)

Increase/(decrease) in cash and cash equivalents

2,179,950

(5,193,806

)

Cash and cash equivalents at beginning of year

2

2,938,384

8,132,190

Cash and cash equivalents at end of year

2

5,118,334

2,938,384

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

2024

2023

£

£

Profit before taxation

133,501

564,166

Depreciation charges

127,561

77,357

Profit on disposal of fixed assets

(7,300

)

-

Finance costs

155,711

41,930

Finance income

(96,315

)

(168,880

)

313,158

514,573

Increase in trade and other debtors

(3,150,572

)

(4,438,610

)

Increase in trade and other creditors

4,274,245

971,666

Cash generated from operations

1,436,831

(2,952,371

)

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

5,118,334

2,938,384

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

2,938,384

8,132,190

3.	ANALYSIS OF CHANGES IN NET FUNDS

Other

non-cash

At 1.1.24

Cash flow

changes

At 31.12.24

£

£

£

£

Net cash

Cash at bank

and in hand

2,938,384

2,179,950

5,118,334

2,938,384

2,179,950

5,118,334

Debt

Finance leases

-

1,424

(17,090

)

(15,666

)

Debts falling due

within 1 year

-

(666,667

)

-

(666,667

)

Debts falling due

after 1 year

-

(1,000,000

)

-

(1,000,000

)

-

(1,665,243

)

(17,090

)

(1,682,333

)

Total

2,938,384

514,707

(17,090

)

3,436,001