REGISTERED NUMBER: 02399435 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

FOR

CAVENDISH CLOSE LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

5

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:

M V Santhiapillai

Ms K Wordley

SECRETARY:

Ms P I C Perera

REGISTERED OFFICE:

Third Floor

17 London Road

Bromley

BR1 1DE

REGISTERED NUMBER:

02399435 (England and Wales)

AUDITORS:

Edwards Chartered Accountants

Statutory Auditor

409-411 Croydon Road

Beckenham

Kent

BR3 3PP

The directors present their strategic report for the year ended 31 March 2025.

REVIEW OF BUSINESS

In 2024/25, the UK care sector experienced significant challenges due to a turbulent economic environment. Rising inflation, increased operational costs, and workforce shortages presented substantial difficulties for care providers. The cost-of-living crisis, higher wages, and recruitment difficulties made it increasingly hard to attract and retain skilled workers. These challenges were compounded by new regulatory demands and growing expectations for more personalized, high-quality care to meet the needs of an aging population.

Despite these pressures, the company demonstrated resilience, navigating these challenges while remaining committed to exceptional patient care. By investing in innovative care models and technology, we improved operational efficiency and enhanced access to care. The year marked a pivotal period of transformation and growth for the company, as we expanded services, deepened our commitment to patient-centricity, and focused on operational excellence and sustainability.

Cavendish Close Limited continue to provide residential care, focusing on both general and specialized care services. The company is dedicated to delivering personalized, high-quality care, with a strategic focus on expanding our private pay market share.

PRINCIPAL RISKS AND UNCERTAINTIES

The Board closely monitors strategic risks and evaluates performance through Key Performance Indicators (KPIs) to ensure alignment with the Group's long-term objectives.

SECTION 172(1) STATEMENT

In 2024-25, we prioritised workforce development by launching initiatives to support employee well-being, professional development, and retention. Recognizing the competitive healthcare labour market, we focused on attracting diverse talent and fostering a strong culture of professional growth. These efforts have significantly reduced turnover rates and improved staff morale.

KPIs used:

Staff turnover rates,

Training participation,

Number of hours for staffing (employed and agency).

Health & Safety

Providing a safe environment for residents and staff remains a priority. In 2024/25, we strengthened our health and safety policies and improved training programs to ensure full compliance with regulatory safety standards.

KPIs used:

Accident statistics,

Notifiable accident frequency.

Cost Base Inflation

Inflationary pressures, especially in staffing, energy, and food, posed challenges in 2024-25. However, our cost control measures, including centralized procurement and operational efficiency programs, helped mitigate these risks.

KPIs used:

EBITDA and EBITDAR per bed, Costs per resident per day.

CORE STRATEGIES

Sustained Growth: Growth was driven through new care facilities, acquisitions, and service enhancements.

Technology Integration: We focused on digital transformation to streamline operations, enhancing service quality and patient outcomes.

OPERATIONAL PERFORMANCE

In 2024-25, company successfully executed several key initiatives aimed at improving operational efficiency and service quality. By embracing digital transformation, we streamlined administrative processes, reduced inefficiencies, and enhanced real-time data management. These improvements directly impacted service user satisfaction, contributing to a notable increase in satisfaction rates and a measurable improvement in clinical outcomes.

REGULATORY AND QUALITY STANDARDS

Our strong relationship with regulatory bodies, particularly the Care Quality Commission (CQC), was critical in maintaining high standards of care. In 2024-25, Company enhanced its internal compliance frameworks, ensuring staff were well-trained and services met evolving regulatory requirements. Our commitment to compliance and excellence resulted in improved quality ratings across several facilities.

FINANCIAL PERFORMANCE

Cavendish Close Limited delivered a robust financial performance in 2024-25, despite the pressures of inflation and workforce shortages. Revenue grew to £9M from £7.9M and achieved profitability of £4.3M underpinned by prudent fiscal management and cost-control measures.

Key Financial Indicators:

Revenue growth: 13 %

EBITDA: £1.23M

Care home Occupancy rate: 92%.

Private occupancy rate: 35%

Strategic Risks and Key Performance Indicators:

The Board closely monitors strategic risks and evaluates performance through Key Performance Indicators (KPIs) to ensure alignment with the Group's long-term objectives.

CLINICAL QUALITY AND PATIENT SAFETY

Ensuring high-quality care is central to our operations. We have made significant investments in clinical governance, care delivery frameworks, and staff training. Our specialist teams and advanced monitoring systems ensure we deliver consistent, high-standard care.

KPIs used:

Regulatory compliance (CQC ratings),

Clinical well-being indicators,

Patient satisfaction scores.

ON BEHALF OF THE BOARD:

M V Santhiapillai - Director

18 September 2025

The directors present their report with the financial statements of the company for the year ended 31 March 2025.

DIVIDENDS

During the year, the company voted dividends of £780,000 - being £780 per share.

DIRECTORS

The directors who have held office during the period from 1 April 2024 to the date of this report are as follows:

M V Santhiapillai - appointed 7 March 2025

Ms K Wordley - appointed 7 March 2025

V D J Dhrona - resigned 12 August 2024

S G Dhrona - resigned 7 March 2025

G D Dhrona - resigned 7 March 2025

CHARITABLE DONATIONS AND EXPENDITURE

During the year, the company made charitable donations of £10,037.

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, Edwards Chartered Accountants, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

M V Santhiapillai - Director

18 September 2025

Opinion

We have audited the financial statements of Cavendish Close Limited (the 'company') for the year ended 31 March 2025 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 March 2025 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:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures can detect irregularities, including fraud is detailed below:

Our approach was as follows:

a) We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined that the most significant are those that relate to include the Companies Act 2006, and relevant tax legislation. In addition, we have considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty.

b) We communicated 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.

c) We examined the company's regulatory and legal correspondence and discussed with management any known or suspected instances of fraud or non-compliance with laws and regulations.

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

i) We considered the use of remuneration incentive schemes and performance targets for management and did not identify any additional fraud risks

ii) The audit team discussed whether there were any areas that were susceptible to misstatement as part of their fraud discussion.

iii) In addressing the risk of management override of controls, we tested the appropriateness of journal entries. We also challenged assumptions and judgements made by management in their significant accounting estimates and judgements.

iv) We incorporated an element of unpredictability in the selection of the nature, timing and extent of our audit procedures.

Based on the results of our risk assessment we designed our audit procedures to identify and to address material misstatements in relation to fraud, including:

Designing audit procedures to address, for example:

a) The possibility of fraudulent or corrupt payments made through third parties.

b) The risk of bribery and corruption.

c) The opportunity to segregate duties within the entity.

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

Using our general commercial and sector experience and through discussions with management, we identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements as well as those arising from management's own assessment of the risks that irregularities may occur either because of fraud or error.

The engagement partner considers the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations.

Under ISA 240 (UK) there is a presumed risk that revenue may be misstated due to the improper recognition of revenue. To address this risk, we obtained an understanding of the company's revenue recognition policies and compared these to the accounting standard, performed a walkthrough to confirm our understanding of the processes and controls through which the business initiates, records, processes and reports revenue transactions.

We tested a sample of revenue transactions to supporting evidence and tested, on a sample basis, revenue related balances in the balance sheet.

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

John Duggan (Senior Statutory Auditor)

for and on behalf of Edwards Chartered Accountants

Statutory Auditor

409-411 Croydon Road

Beckenham

Kent

BR3 3PP

18 September 2025

TURNOVER

9,037,951

7,928,391

Cost of sales

5,665,185

5,346,405

GROSS PROFIT

3,372,766

2,581,986

Administrative expenses

(829,279

)

1,833,378

4,202,045

748,608

Other operating income

82,679

-

OPERATING PROFIT

4

4,284,724

748,608

Interest receivable and similar income

36,904

58,542

4,321,628

807,150

Interest payable and similar expenses

5

220

-

PROFIT BEFORE TAXATION

4,321,408

807,150

Tax on profit

6

(917,935

)

258,620

PROFIT FOR THE FINANCIAL YEAR

5,239,343

548,530

PROFIT FOR THE YEAR

5,239,343

548,530

OTHER COMPREHENSIVE INCOME

Deferred tax on revaluation

-

(559

)

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

-

(559

)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

5,239,343

547,971

FIXED ASSETS

Tangible assets

8

15,335,493

15,589,862

CURRENT ASSETS

Stocks

9

7,850

7,850

Debtors

10

320,639

337,868

Cash at bank and in hand

300,415

482,179

628,904

827,897

CREDITORS

Amounts falling due within one year

11

1,127,239

4,809,559

NET CURRENT LIABILITIES

(498,335

)

(3,981,662

)

TOTAL ASSETS LESS CURRENT LIABILITIES

14,837,158

11,608,200

PROVISIONS FOR LIABILITIES

12

142,646

1,373,031

NET ASSETS

14,694,512

10,235,169

CAPITAL AND RESERVES

Called up share capital

13

1,000

1,000

Revaluation reserve

14

8,169,931

8,169,931

Retained earnings

14

6,523,581

2,064,238

SHAREHOLDERS' FUNDS

14,694,512

10,235,169

The financial statements were approved by the Board of Directors and authorised for issue on 18 September 2025 and were signed on its behalf by:

M V Santhiapillai - Director

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 April 2023

1,000

1,473,272

8,212,926

9,687,198

Changes in equity

Total comprehensive income

-

548,530

(559

)

547,971

Transfer between reserves

-

42,436

(42,436

)

-

Balance at 31 March 2024

1,000

2,064,238

8,169,931

10,235,169

Changes in equity

Dividends

-

(780,000

)

-

(780,000

)

Total comprehensive income

-

5,239,343

-

5,239,343

Balance at 31 March 2025

1,000

6,523,581

8,169,931

14,694,512

Cash flows from operating activities

Cash generated from operations

1

866,505

(499,463

)

Interest paid

(220

)

-

Tax paid

(292,001

)

(37,228

)

Net cash from operating activities

574,284

(536,691

)

Cash flows from investing activities

Purchase of tangible fixed assets

(12,952

)

(21,641

)

Interest received

36,904

58,542

Net cash from investing activities

23,952

36,901

Cash flows from financing activities

Equity dividends paid

(780,000

)

-

Net cash from financing activities

(780,000

)

-

Decrease in cash and cash equivalents

(181,764

)

(499,790

)

Cash and cash equivalents at beginning of year

2

482,179

981,969

Cash and cash equivalents at end of year

2

300,415

482,179

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

2025

2024

£

£

Profit before taxation

4,321,408

807,150

Depreciation charges

267,321

231,372

Change in inter-company balances

(3,555,695

)

(1,683,599

)

Finance costs

220

-

Finance income

(36,904

)

(58,542

)

996,350

(703,619

)

Increase in stocks

-

(630

)

Decrease in trade and other debtors

17,229

96,206

(Decrease)/increase in trade and other creditors

(147,074

)

108,580

Cash generated from operations

866,505

(499,463

)

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 March 2025

31/3/25

1/4/24

£

£

Cash and cash equivalents

300,415

482,179

Year ended 31 March 2024

31/3/24

1/4/23

£

£

Cash and cash equivalents

482,179

981,969

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1/4/24

Cash flow

At 31/3/25

£

£

£

Net cash

Cash at bank and in hand

482,179

(181,764

)

300,415

482,179

(181,764

)

300,415

Total

482,179

(181,764

)

300,415

1.	STATUTORY INFORMATION

Cavendish Close 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 as modified by the revaluation of certain assets.

Turnover

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

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

in accordance with the property

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

5,335,636

4,836,791

Social security costs

385,801

318,543

Other pension costs

67,782

56,033

5,789,219

5,211,367

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

2025

2024

Direct and administrative

109

101

2025

2024

£

£

Directors' remuneration

307,994

250,000

Information regarding the highest paid director is as follows:

2025

2024

£

£

Emoluments etc

190,078

121,050

4.	OPERATING PROFIT

The operating profit is stated after charging:

2025

2024

£

£

Hire of plant and machinery

9,993

12,696

Equipment hire

130,581

33,972

Depreciation - owned assets

267,321

231,372

Auditor's remuneration

8,704

8,250

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Other interest

220

-

6.

TAXATION

Analysis of the tax (credit)/charge

The tax (credit)/charge on the profit for the year was as follows:

2025

2024

£

£

Current tax:

UK corporation tax

312,450

272,856

Deferred tax

(1,230,385

)

(14,236

)

Tax on profit

(917,935

)

258,620

Tax effects relating to effects of other comprehensive income

There were no tax effects for the year ended 31 March 2025.

2024

Gross

Tax

Net

£

£

£

Deferred tax on revaluation

(559

)

-

(559

)

7.

DIVIDENDS

2025

2024

£

£

Ordinary A shares of £1 each

Final

780,000

-

8.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

Totals

£

£

£

£

COST OR VALUATION

At 1 April 2024

16,827,898

1,405,560

2,763,158

20,996,616

Additions

-

11,412

1,540

12,952

At 31 March 2025

16,827,898

1,416,972

2,764,698

21,009,568

DEPRECIATION

At 1 April 2024

1,894,712

1,175,684

2,336,358

5,406,754

Charge for year

168,278

34,850

64,193

267,321

At 31 March 2025

2,062,990

1,210,534

2,400,551

5,674,075

NET BOOK VALUE

At 31 March 2025

14,764,908

206,438

364,147

15,335,493

At 31 March 2024

14,933,186

229,876

426,800

15,589,862

Cost or valuation at 31 March 2025 is represented by:

Fixtures

Freehold

Plant and

and

property

machinery

fittings

Totals

£

£

£

£

Valuation in 2023

8,169,931

-

-

8,169,931

Cost

8,657,967

1,416,972

2,764,698

12,839,637

16,827,898

1,416,972

2,764,698

21,009,568