REGISTERED NUMBER: 02958861 (England and Wales)

Strategic Report, Directors' Report and

Financial Statements for the Year Ended 31 March 2025

for

Courier Logistics Limited

Page

Company Information

1

Strategic Report

2

Directors' Report

4

Report of the Independent Auditors

6

Income Statement

9

Other Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Notes to the Financial Statements

13

DIRECTORS:

Mr Ian Crossley

Mr Daniel Stephen Franey

Ms Nicola Jayne Robinson

SECRETARY:

Ms Nicola Jayne Robinson

REGISTERED OFFICE:

Unit 22-27 Kingfisher Way

Dinnington

Sheffield

South Yorkshire

S25 3AF

REGISTERED NUMBER:

02958861 (England and Wales)

INDEPENDENT AUDITORS:

Landin Wilcock & Co

Statutory Auditor

68 Queen Street

Sheffield

South Yorkshire

S1 1WR

BANKERS:

HSBC

22 The Moor

Sheffield

South Yorkshire

S1 4PA

SOLICITORS:

BRM

Gray Court

99 Saltergate

Chesterfield

South Yorkshire

S40 1LD

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

REVIEW OF BUSINESS

Overview

The 2025 financial year presented considerable challenges, as persistent macroeconomic pressures continued to affect the logistics industry. Key issues included rising inflation, ongoing supply chain disruption and fluctuating fuel prices, all of which placed a strain on operational margins.

One of the most significant cost drivers during the year was the increase in labour costs, particularly due to changes to the National Minimum Wage (NMW). At the same time, certain revenue streams underperformed against expectations. These factors prompted a comprehensive internal review of our operations and cost base.

As a result of this review, we have implemented a series of strategic and operational changes aimed at improving efficiency, reducing overall costs and positioning the company for sustainable growth. These measures are now beginning to deliver positive outcomes.

Performance Outlook

Despite the difficulties experienced during FY2025, early signs from the first 2 quarters of FY2026 are encouraging. Key highlights include:

- Revenue Growth: After a period of decline, revenue is now showing improvement, supported by increased consignment volumes across several areas of the business.

- Opportunities for Margin Improvement: We are trialling new, higher-margin services with selected customers. These offerings are expected to be extended to our wider customer base over the coming months, with minimal additional cost, and are anticipated to enhance overall profitability.

Future Outlook

The operational changes and cost efficiencies implemented as part of the business review, combined with recent volume growth, are beginning to translate into improved financial performance. Although the past year has been extremely challenging, the Directors are confident that the company is now operating from a more stable and efficient foundation.

Looking forward, we remain optimistic about the future and are committed to building on this progress to deliver long-term growth and value for all stakeholders.

PRINCIPAL RISKS AND UNCERTAINTIES

The main factor outside our control includes the actions of our competitors and government policy. Our senior management regularly review the competitive threats we face in order to identify the appropriate actions to be taken.

The main factor within our control is how we are organised internally, and the recruitment, retention and training of staff with the appropriate skills.

KEY PERFORMANCE INDICATORS

We rely on the below indicators, together with other financial and non-financial key performance indicators to monitor the performance of the business. All indicators are reported and analysed regularly through the provision of management information and business reviews with senior personnel.

unit

2025

2024

Turnover

£

20,938,911

21,121,958

Turnover growth

%

(0.87)

(4.39)

Gross profit margin

%

19.14

20.95

Operating profit/(loss)

£

(99,692)

382,891

Profit/(loss) before tax

£

311,314

497,027

ON BEHALF OF THE BOARD:

Mr Daniel Stephen Franey - Director

15 December 2025

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

PRINCIPAL ACTIVITIES

The principal activities of the company in the year under review were those of providing courier services.

DIVIDENDS

Interim dividends of £300,000 on the Ordinary £0.50 shares were paid during the year.

The directors recommend that no final dividend be paid on these shares.

DIRECTORS

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

Mr Ian Crossley

Mr Daniel Stephen Franey

Ms Nicola Jayne Robinson

FINANCIAL INSTRUMENTS

Objectives and policies

During the year ended 31 March 2025 we continue to further establish and retain a strong financial position. This has arisen due to the successful application of stringent financial policies.

Price risk, credit risk and cash flow risk

The business' principal financial instruments comprise bank balances, loans, trade debtors and trade creditors. The main purpose of these instruments is to finance the business' operations.

In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest.

Loans comprise loans from financial institutions. The interest rates are variable and monthly repayments are fixed. The business manages the liquidity risk by ensuring that there are sufficient funds to meet the payments.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts represented in the balance sheet are net of allowances for doubtful debts.

Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

ENVIRONMENTAL MATTERS

The directors recognise environmental protection as one of our guiding principles and a key component for sound business performance. We are committed to providing a quality service in a manner that ensures a safe and healthy workplace for our employees and minimises our potential impact on the environment. We will operate in compliance with all environmental legislation and will strive to use pollution prevention and environmental best practices in all areas of the business. We will maintain an environmental management system at all sites which will be reviewed on an annual basis to ensure continual improvement.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Directors' Report 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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, Landin Wilcock & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr Daniel Stephen Franey - Director

15 December 2025

Opinion

We have audited the financial statements of Courier Logistics 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 and 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 Directors' Report, 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Directors' Report 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 Directors' Report.

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 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 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:

- minimal reliance was placed upon the operating effectiveness of internal controls in the design and performance of our substantive procedures;

- discussions were held with management considering known or suspected non-compliance with laws, regulations and fraud;

- journal entries were reviewed for any entries made outside the ordinary reporting process with particular emphasis on those with unusual account combinations, entries crediting revenue and those without specific descriptions;

- management assumptions in their significant accounting estimates were challenged and scrutinised.

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 resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Robert Hampstead (Senior Statutory Auditor)

for and on behalf of Landin Wilcock & Co

Statutory Auditor

68 Queen Street

Sheffield

South Yorkshire

S1 1WR

16 December 2025

TURNOVER

3

20,938,911

21,121,958

Cost of sales

(16,930,364

)

(16,696,077

)

GROSS PROFIT

4,008,547

4,425,881

Administrative expenses

(4,161,162

)

(4,081,341

)

(152,615

)

344,540

Other operating income

52,923

38,351

OPERATING (LOSS)/PROFIT

5

(99,692

)

382,891

Income from fixed asset investments

5,134

10,510

Interest receivable and similar income

1,295

52,883

(93,263

)

446,284

Gain/loss on revaluation of investments

457,000

61,818

363,737

508,102

Interest payable and similar expenses

6

(52,423

)

(11,075

)

PROFIT BEFORE TAXATION

311,314

497,027

Tax on profit

7

(81,573

)

(137,685

)

PROFIT FOR THE FINANCIAL YEAR

229,741

359,342

PROFIT FOR THE YEAR

229,741

359,342

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

229,741

359,342

**	PLEASE COMPLETE CLIENT SCREEN - OTHER COMPREHENSIVE INCOME. THERE HAS BEEN REVALUATION IN CURRENT YEAR FOR FIXED ASSET INVESTMENTS WHICH SHOULD BE REPORTED ON THIS SCREEN

**	PLEASE COMPLETE CLIENT SCREEN - OTHER COMPREHENSIVE INCOME. THERE HAS BEEN REVALUATION IN LAST YEAR FOR FIXED ASSET INVESTMENTS WHICH SHOULD BE REPORTED ON THIS SCREEN

FIXED ASSETS

Intangible assets

9

4,860

26,126

Tangible assets

10

365,000

537,243

Investments

11

558,002

101,002

927,862

664,371

CURRENT ASSETS

Stocks

12

25,211

30,818

Debtors

13

4,600,244

4,070,755

Cash at bank and in hand

18,181

181,515

4,643,636

4,283,088

CREDITORS

Amounts falling due within one year

14

(3,525,973

)

(2,895,419

)

NET CURRENT ASSETS

1,117,663

1,387,669

TOTAL ASSETS LESS CURRENT LIABILITIES

2,045,525

2,052,040

CREDITORS

Amounts falling due after more than one year

15

(12,054

)

(22,172

)

PROVISIONS FOR LIABILITIES

19

(194,172

)

(120,310

)

NET ASSETS

1,839,299

1,909,558

CAPITAL AND RESERVES

Called up share capital

20

74

74

Capital redemption reserve

21

32

32

Retained earnings

21

1,839,193

1,909,452

SHAREHOLDERS' FUNDS

1,839,299

1,909,558

The financial statements were approved by the Board of Directors and authorised for issue on 15 December 2025 and were signed on its behalf by:

Mr Daniel Stephen Franey - Director

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 April 2023

79

2,068,855

27

2,068,961

Changes in equity

Shares redeemed

(5

)

-

5

-

Dividends

-

(518,745

)

-

(518,745

)

Total comprehensive income

-

359,342

-

359,342

Balance at 31 March 2024

74

1,909,452

32

1,909,558

Changes in equity

Dividends

-

(300,000

)

-

(300,000

)

Total comprehensive income

-

229,741

-

229,741

Balance at 31 March 2025

74

1,839,193

32

1,839,299

1.	STATUTORY INFORMATION

Courier Logistics 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.

Going concern

The directors have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows.

Preparation of consolidated financial statements

The financial statements contain information about Courier Logistics Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and evaluated and are based upon historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting judgements and key sources of estimation uncertainty

The company regularly reviews and assesses the carrying value of its investments, intangible assets and debtors by monitoring profitability, cash flows and transactional activities in the relevant sectors. If there were any indication that the recoverability of such items had been materially impacted the company would recognise any such changes in the financial statements as necessary.

New unlisted investments are initially valued at cost. Historic unlisted investments are valued and discounted on a minority shareholding basis. All unlisted investments are carried at fair value and assessed annually by the directors.

Turnover

Turnover represents amounts chargeable, net of valued added tax, in respect of the sale of courier services and storage rent to customers. Revenue is recognised when services are rendered, goods are delivered or work is complete.

Revenue from services is recognised when:

- the company has transferred to a buyer the significant risks and rewards of ownership of the goods and services;

- the company retains neither continuing management involvement to a degree usually associated with ownership nor effective control of the goods and services sold;

- the amount of revenue can be measured reliably;

- it is probable that the economic benefits associated with the transaction will flow to the company;

- the costs to be incurred in respect of the transaction can be measured reliably; and

- the stage of completion of the transaction at the balance sheet date can be measured reliably

Amounts received in advance are recorded as accrued liabilities until services are rendered to customers or goods are delivered.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2018, is being amortised evenly over its estimated useful life of seven 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.

Patents and licences are being amortised evenly over their estimated useful life of three years.

Tangible fixed assets

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

Leasehold improvements

-

straight line over period of lease

Fixtures and fittings

-

25% on cost and 15% on reducing balance

Motor vehicles

-

25% on cost and 20% on cost

Computer equipment

-

25% on cost

Tangible fixed assets are initially measured at cost. Subsequently, they are measured at cost less accumulated depreciation and impairment losses.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

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

Financial instruments

Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument.

Financial assets

Trade and other debtors

Trade and other debtors are initially measured at the transaction price. Trade and other debtors are subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses.

A provision for impairment of trade debtors is established when there is objective evidence that the amounts due will not be collected according to the original terms of the contract. Impairment losses are recognised in profit and loss for the excess of the carrying value of the trade debtors over the future cash flows discounted using the original effective interest rate.Subsequent reversals of an impairment loss that objectively relate to an event occurring after the impairment loss was recognised, are recognised immediately in profit and loss.

Investments

Investments in non-convertible and non-puttable preference shares, or non-puttable ordinary shares, are measured at fair value through profit and loss.

Financial liability and equity

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the asset of the company after deducting all of its liabilities.

Equity instruments

Financial instruments classified as equity instruments are recognised at the fair value of the cash or other resources received or receivable, net of direct costs of issuing the equity instruments.

Trade and other creditors

Trade and other creditors are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled.

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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

TURNOVER

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

An analysis of turnover by class of business is given below:

2025

2024

£

£

Courier services

20,438,958

20,406,878

Storage

499,953

715,080

20,938,911

21,121,958

4.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

4,416,483

4,035,674

Social security costs

386,737

352,756

Other pension costs

195,843

304,436

4,999,063

4,692,866

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

2025

2024

Administration and support

55

56

Sales, marketing and distribution

94

94

149

150

2025

2024

£

£

Directors' remuneration

53,695

28,154

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

3

3

5.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2025

2024

£

£

Other operating leases

1,764,188

1,599,503

Depreciation - owned assets

207,304

198,990

Depreciation - assets on hire purchase contracts

11,999

12,000

Loss/(profit) on disposal of fixed assets

11,715

(337

)

Goodwill amortisation

9,599

11,517

Patents and licences amortisation

11,667

11,667

Auditors' remuneration

20,000

16,000

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Bank loan interest

15,702

1,881

Factoring interest

35,104

6,974

Hire purchase

1,617

2,220

52,423

11,075