REGISTERED NUMBER: 12122090 (England and Wales)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 30 September 2024

for

Tapa Holdings Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

8

Consolidated Income Statement

11

Consolidated Other Comprehensive Income

12

Consolidated Balance Sheet

13

Company Balance Sheet

14

Consolidated Statement of Changes in Equity

15

Company Statement of Changes in Equity

16

Consolidated Cash Flow Statement

17

Notes to the Consolidated Cash Flow Statement

18

Notes to the Consolidated Financial Statements

20

DIRECTORS:

C Coyle

Ms A Coyle

P Groves

SECRETARY:

C Coyle

REGISTERED OFFICE:

124 City Road

Old Street

London

EC1V 2NX

REGISTERED NUMBER:

12122090 (England and Wales)

AUDITORS:

Bryden Johnson Limited

Statutory Auditor

Kings Parade

Lower Coombe Street

Croydon

Surrey

CR0 1AA

The Board present the Strategic Report for the Year Ended 30 September 2024.

This strategic report has been prepared for the group as a whole and therefore gives greater emphasis to those matters which are significant to Tapa Holdings Limited and its subsidiary undertakings when viewed as a whole.

REVIEW OF BUSINESS

For the year ended 30 September 2024, the Group undertook a period of rationalisation to focus resources on its key brands. The Group's portfolio continues to provide a balance between new sectors demonstrating growth potential and more mature markets where opportunities arise on a selective basis. This diversified approach remains an important element of the Group's strategy to mitigate exposure to individual market fluctuations.

The Board closely monitored the cost base and gross margins of the underlying businesses. Gross Profit margins remained stable year-on-year at 29.5%, reflecting effective cost management and pricing discipline. During the year, the Group implemented a restructure designed to streamline operations and strengthen the focus on core brands. This resulted in the disposal of intangible assets, increasing administrative expenses in the period. Notwithstanding this impact, the underlying trading performance of the Group remains solid. The Group maintains a positive balance sheet position and the Directors consider the business well placed to continue as a going concern.

Sustainability remains a key area of focus. The Group achieved a 20% reduction in greenhouse gas emissions compared with the prior year and obtained ISO 14001 accreditation. These initiatives demonstrate the Group's commitment to environmental responsibility, efficient resource consumption and the delivery of long-term value for stakeholders.

The Board monitors the group's performance through the use of a variety of measurements, both financial and non-financial in order to maintain effective control over the business. The most important of these are known as key performance indicators (KPIs). The main financial KPIs that the company monitors are turnover, gross profit and gross margin % and these are set out below.

2024

2023

2022

Turnover

£ 44,144,397

£62,081,845

£ 60,374,557

Turnover movement

(£ 17,937,448)

£ 1,707,288

£ 15,233,367

Gross profit margin

29.53%

29.61%

30.73%

Profit before tax

-31.19%

12.66%

12.93%

The turnover of the Group decreased by 28.9% year on year, amounting to £ 44,144,397 (2023: increased by 2.83% to £62,081,845).

PRINCIPAL RISKS AND UNCERTAINTIES

The Board continues to take a prudent approach to risk management and financial stability, balancing disciplined investment with opportunities for sustainable growth.

The Group benefits from a diversified portfolio across multiple markets and brands, which provides resilience by:

- Capitalising on growth opportunities in markets and segments demonstrating strong performance.

- Mitigating exposure to downturns in specific sectors by leveraging strength in others.

-Enhancing long-term stability through a balanced operational and financial mix.

As a provider of workforce solutions, the Group is inherently sensitive to changes in government policy and broader macroeconomic factors beyond its direct control. During the year, a change in government introduced a period of transitional uncertainty in the markets in which we operate. However, the Group is well positioned to adapt to these developments. Regulatory reforms, fiscal measures, and shifts in economic conditions, while cyclical in nature, often create opportunities alongside challenges. The Group's diversified market presence ensures that we are among the first to respond to both the pressures of downturns and the early momentum of recovery. This agility, supported by a flexible cost base and the ability to adjust headcount and overheads swiftly, provides resilience and positions the Group to capture growth opportunities as new policies take effect.

Operational and Compliance Risk

The Group places significant emphasis on maintaining its strong reputation through rigorous compliance standards. Retention of a highly trained candidate pool and continuous investment in compliance training, ISO certification, and CQC regulations underpin our credibility with clients. These measures ensure that service quality, trust, and operational integrity remain at the highest levels. Continued investment in technology improvements and internal process enhancements, linked to research and development activities during the year, has contributed to greater efficiency and helped address operational risks. These targeted measures ensure that service quality and operational integrity consistently remain at the highest levels.

Financial Risk

- Credit Risk: The Group's principal financial assets are trade and intercompany debtors. Exposure is widely spread across a large number of customers, with no significant concentration risk. Weekly reporting on aged debt and ledger profiles is supported by a strong credit control function, resulting in minimal bad debts.

- Liquidity Risk: The Group secures funding continuity through invoice discounting facilities.

SECTION 172(1) STATEMENT

The Board takes its responsibilities seriously and holds regular monthly meetings to review all areas of the business. Our primary focus is on setting the strategic direction of the Group to maximise long-term returns on capital, while ensuring we continue to provide the highest quality services to our clients. We are committed to maintaining a well-rewarded and motivated workforce, with the flexibility to expand headcount as growth opportunities arise, and to supporting our local communities by hiring locally wherever possible.

We also review all support functions to ensure suppliers are paid promptly and that we achieve the best possible value for money. In every decision, the Board considers the long-term impact on all stakeholders and acts in the best interests of clients, employees, shareholders, suppliers, and the communities in which we operate. The Group actively participates in Environmental, Social, and Governance (ESG) initiatives, embedding sustainability, responsible practices, and community engagement into our operations.

GREENHOUSE EMISSIONS

In accordance with the Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018, a summary of that compliance report is set out below.

Tapa Holdings believes that it has materially complied with Companies Act during the relevant period. There have been no instances during the reporting period in which suppliers have either alleged a breach or made a reference to potential non-compliance with the Companies Act.

Below is a detailed summary of the compliance report.

Total Tapa Holdings Greenhouse Gas Emissions 2023/24

This year

Last year

2023/24

2022/23

%

('000 tonnes)

('000 tonnes)

Change

Scope 1 emissions

0

0

0%

Scope 2 emissions

10.65

11.6

-8%

Scope 3 emissions

7.81

11.4

-31%

Total location based scope 1, 2 and 3 emissions

18.46

23

-20%

ENERGY EFFICIENCY INITIATIVES IMPLEMENTED THIS YEAR

ISO 14001 certification achieved

LED lighting in all offices including automatic timers for when the lights are not in use.

Recycling facilities in all offices

Use of electric vehicles thereby reducing the fuel consumption.

Use of digital timesheets has reduced paper usage.

Behaviour change - Energy efficiency has been a focus in our communications to colleagues this year, reminding colleagues to switch off lights when not in use, limit their use of paper, and encouraging recycling.

FUTURE OUTLOOK

In the coming year, the Group will continue to monitor its cost base closely while directing resources towards key brands and markets demonstrating strong growth potential. The Group's businesses remain committed to maintaining and strengthening stakeholder relationships, underpinned by ongoing investment in its workforce to ensure the delivery of high-quality products and services.

The Group's diversified portfolio provides resilience and the flexibility to adapt to market uncertainties while positioning the Group to take advantage of opportunities as they arise.

ON BEHALF OF THE BOARD:

P Groves - Director

26 September 2025

The directors present their report with the financial statements of the company and the group for the year ended 30 September 2024.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of the provision of recruitment services.

DIVIDENDS

The directors do not recommend payment of a final dividend. Interim dividends were paid during the year as follows:

Share

Total dividend

Dividend per share

£

Ordinary

Nil

£Nil

Non - redeemable

1,026,634

£0.06p

Total

1,026,634

DIRECTORS

The directors shown below have held office during the whole of the period from 1 October 2023 to the date of this report.

C Coyle

Ms A Coyle

P Groves

FINANCIAL INSTRUMENTS

The group uses various financial instruments in the course of carrying out their business. These include bank overdrafts and invoice discounting to facilitate cash flow. Operating lease contracts are also used to ensure that equipment is well maintained and kept up to date.

ENGAGEMENT WITH EMPLOYEES

The Group recognises the significance of employee engagement in fostering a positive work environment and driving organisational success.

The Group has established systematic channels to provide employees with information on matters of concern. This includes regular team meetings, Group-wide communication via email newsletters and intranet portals, and an open-door policy allowing employees to raise any work-related matters with their supervisors or management. These communication channels ensure that employees are informed about Group policies, changes, and other matters that impact their employment.

To encourage employee involvement in the Group's performance, the Group utilises a commission-based compensation model across many employees. By providing an opportunity for employees to share in the Group's financial performance, the Group fosters a sense of ownership and motivation amongst its workforce.

The Group recognises the importance of ensuring a common awareness among all employees regarding the Group's performance. The Group distributes key performance information including economic trends with employees. These updates help employees understand the financial context in which the Group operates, fostering a sense of shared responsibility and engagement.

Throughout the year, the directors of the Group have actively engaged with employees to understand their perspectives and consider their interests. By considering employee viewpoints and concerns, the directors ensure that decisions taken align with employee interests and contribute to a positive work environment.

The Group is committed to promoting equality, diversity, and inclusion within the workplace. The Group will not discriminate against employees on the grounds of race, colour, ethnic or national origin, nationality, disability, marital or civil partnership status, sexual orientation, pregnancy or maternity, age, religion or belief, sex and gender reassignment.

Disability

The Group has implemented a comprehensive policy regarding the employment of disabled persons, which emphasises equal opportunities and non-discrimination. Furthermore, the Group is dedicated to supporting the continued employment and training of persons who become disabled during their employment.

The Group is committed to ensuring equal opportunities for the training, career development, and promotion of disabled persons employed by the Group. The Group provides accessible training programs, mentorship opportunities, and career advancement pathways to disabled employees, fostering their professional growth and advancement within the organisation.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS

The board endeavours to foster a good professional relationship with its suppliers. As part of this objective, it is company policy to agree and clearly communicate the terms of payment as part of the commercial arrangements negotiated with suppliers and then to pay them in accordance with those terms on a timely basis on receipt of an accurate invoice.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he 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, Bryden Johnson Limited, were appointed during the year and will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

P Groves - Director

26 September 2025

Opinion

We have audited the financial statements of Tapa Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 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 30 September 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 seven, 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 that the principal risks of non-compliance with laws and regulations related to UK taxation, 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 management override of controls. Audit procedures performed by the engagement team included:

- Reviewing minutes of meetings of those charged with governance;

- Enquiry of management and those charged with governance around actual and potential litigation and claims;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations, and

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness and testing accounting estimates (because of the risk of management bias).

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 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.

Jackie Wilding (Senior Statutory Auditor)

for and on behalf of Bryden Johnson Limited

Statutory Auditor

Kings Parade

Lower Coombe Street

Croydon

Surrey

CR0 1AA

29 September 2025

TURNOVER

4

44,144,397

62,081,845

Cost of sales

31,107,411

43,699,702

GROSS PROFIT

13,036,986

18,382,143

Administrative expenses

27,031,986

10,692,236

(13,995,000

)

7,689,907

Other operating income

5

290,959

206,916

OPERATING (LOSS)/PROFIT

8

(13,704,041

)

7,896,823

Income from interest in associated undertakings

-

14,053

Interest receivable and similar income

79,692

13,383

79,692

27,436

(13,624,349

)

7,924,259

Interest payable and similar expenses

10

145,881

67,707

(LOSS)/PROFIT BEFORE TAXATION

(13,770,230

)

7,856,552

Tax on (loss)/profit

11

1,221,113

1,656,894

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(14,991,343

)

6,199,658

(Loss)/profit attributable to:

Owners of the parent

(14,369,959

)

5,823,188

Non-controlling interests

(621,384

)

376,470

(14,991,343

)

6,199,658

(LOSS)/PROFIT FOR THE YEAR

(14,991,343

)

6,199,658

OTHER COMPREHENSIVE INCOME

Share buy back

-

(19

)

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

-

(19

)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(14,991,343

)

6,199,639

Total comprehensive income attributable to:

Owners of the parent

(14,369,959

)

5,823,169

Non-controlling interests

(621,384

)

376,470

(14,991,343

)

6,199,639

FIXED ASSETS

Intangible assets

14

2,589,431

21,464,076

Tangible assets

15

32,404

-

Investments

16

-

-

2,621,835

21,464,076

CURRENT ASSETS

Debtors

17

8,557,680

10,293,257

Prepayments and accrued income

321,855

441,394

Cash at bank

2,876,759

3,137,920

11,756,294

13,872,571

CREDITORS

Amounts falling due within one year

19

9,291,246

10,143,743

NET CURRENT ASSETS

2,465,048

3,728,828

TOTAL ASSETS LESS CURRENT LIABILITIES

5,086,883

25,192,904

CREDITORS

Amounts falling due after more than one year

20

-

1,692,677

NET ASSETS

5,086,883

23,500,227

CAPITAL AND RESERVES

Called up share capital

24

17,063,811

17,063,811

Retained earnings

25

(13,442,568

)

4,349,392

SHAREHOLDERS' FUNDS

29

3,621,243

21,413,203

NON-CONTROLLING INTERESTS

26

1,465,640

2,087,024

TOTAL EQUITY

5,086,883

23,500,227

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

P Groves - Director

FIXED ASSETS

Intangible assets

14

-

-

Tangible assets

15

-

-

Investments

16

6,925,633

27,256,470

6,925,633

27,256,470

CURRENT ASSETS

Debtors

17

3,280,434

3,553,578

Investments

18

86

51,060

Prepayments and accrued income

78

114,610

Cash at bank

262,583

379,626

3,543,181

4,098,874

CREDITORS

Amounts falling due within one year

19

4,821,289

5,466,802

NET CURRENT LIABILITIES

(1,278,108

)

(1,367,928

)

TOTAL ASSETS LESS CURRENT LIABILITIES

5,647,525

25,888,542

CREDITORS

Amounts falling due after more than one year

20

-

1,692,677

NET ASSETS

5,647,525

24,195,865

CAPITAL AND RESERVES

Called up share capital

24

17,063,811

17,063,811

Retained earnings

25

(11,416,286

)

7,132,054

SHAREHOLDERS' FUNDS

29

5,647,525

24,195,865

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

(17,521,706

)

3,680,104

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

P Groves - Director

Called up

share

Retained

Non-controlling

Total

capital

earnings

Total

interests

equity

£

£

£

£

£

Balance at 1 October 2022

17,063,811

3,591,880

20,655,691

1,710,554

22,366,245

Changes in equity

Dividends

-

(5,065,657

)

(5,065,657

)

-

(5,065,657

)

Total comprehensive income

-

5,823,169

5,823,169

376,470

6,199,639

Balance at 30 September 2023

17,063,811

4,349,392

21,413,203

2,087,024

23,500,227

Changes in equity

Dividends

-

(3,422,001

)

(3,422,001

)

-

(3,422,001

)

Total comprehensive income

-

(14,369,959

)

(14,369,959

)

(621,384

)

(14,991,343

)

Balance at 30 September 2024

17,063,811

(13,442,568

)

3,621,243

1,465,640

5,086,883

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 October 2022

17,063,811

6,875,779

23,939,590

Changes in equity

Dividends

-

(3,423,829

)

(3,423,829

)

Total comprehensive income

-

3,680,104

3,680,104

Balance at 30 September 2023

17,063,811

7,132,054

24,195,865

Changes in equity

Dividends

-

(1,026,634

)

(1,026,634

)

Total comprehensive income

-

(17,521,706

)

(17,521,706

)

Balance at 30 September 2024

17,063,811

(11,416,286

)

5,647,525

Cash flows from operating activities

Cash generated from operations

1

6,876,702

6,989,762

Finance costs paid

(145,881

)

(67,707

)

Tax paid

(1,872,338

)

(2,127,290

)

Net cash from operating activities

4,858,483

4,794,765

Cash flows from investing activities

Purchase of intangible fixed assets

-

66,400

Purchase of tangible fixed assets

(38,126

)

-

Sale of fixed asset investments

(46,532

)

-

Interest received

79,692

13,383

Dividends received

-

14,053

Net cash from investing activities

(4,966

)

93,836

Cash flows from financing activities

Share buyback

-

(19

)

Redemption of preference shares

(1,692,677

)

-

Equity dividends paid

(3,422,001

)

(5,065,657

)

Net cash from financing activities

(5,114,678

)

(5,065,676

)

Decrease in cash and cash equivalents

(261,161

)

(177,075

)

Cash and cash equivalents at beginning of year

2

3,137,920

3,314,995

Cash and cash equivalents at end of year

2

2,876,759

3,137,920