Registered number: 00687172
For the year ended 31 March 2025
F Donald Forbes & Co Limited
Company Information
F Donald Forbes & Co Limited
Contents
F Donald Forbes & Co Limited
Group strategic report
For the year ended 31 March 2025
The directors have to report that Malcolm Forbes who has been chairman of the group for many years died in May of this year. His is sadly missed by all staff in the group and by his many friends in the industry.
The directors are pleased to present their strategic report for the year ended 31 March 2025. The directors aim to present a balanced and comprehensive review of the development and performance of the group’s business during the year and its position at the year end. The review is consistent with the size and nature of the business and is written in the context of the risks and uncertainties that the group faces.
The directors are pleased to present their strategic report for the year ended 31 March 2025. The directors aim to present a balanced and comprehensive review of the development and performance of the group’s business during the year and its position at the year end. The review is consistent with the size and nature of the business and is written in the context of the risks and uncertainties that the group faces.
The turnover of the business increased by 4.39% in the year following an increase of 3.98% in the previous year.
Despite inflationary pressures on supplier prices and general expenses, and on payroll costs the directors were able to achieve an increase in pre-tax profits from £142,310 to £358,495.
The principal activity of equipment rental continued to perform in line with expectations.
Within the financial year the group continued to successfully manage the reduced demand for domestic TV rental whilst the demand for domestic appliances remained stable. The commercial laundry business continues to expand positively with both rental and retail. In the year the group increased its spend on tangible fixed assets to £3,370,233 from £2,765,694 an increase of 17.54% over the previous year with most of this supporting our growth in the commercial laundry sector.
To also support the groups growth in the commercial laundry sector, we continue to train and develop our people and have been able to cross and up skill our engineers with Gas Safe and commercial laundry machine training.
Over the period the group have continued with their strategic objective of maximising the revenues and earnings generated from equipment rental through the provision of high quality service and competitive pricing.
Provision of adequate funding
The group has no net debt and is projected to continue to generate positive cash flows going forward. The group has also negotiated with its bankers’ funding arrangements that allow for strategic acquisitions should opportunities arise.
Despite inflationary pressures on supplier prices and general expenses, and on payroll costs the directors were able to achieve an increase in pre-tax profits from £142,310 to £358,495.
The principal activity of equipment rental continued to perform in line with expectations.
Within the financial year the group continued to successfully manage the reduced demand for domestic TV rental whilst the demand for domestic appliances remained stable. The commercial laundry business continues to expand positively with both rental and retail. In the year the group increased its spend on tangible fixed assets to £3,370,233 from £2,765,694 an increase of 17.54% over the previous year with most of this supporting our growth in the commercial laundry sector.
To also support the groups growth in the commercial laundry sector, we continue to train and develop our people and have been able to cross and up skill our engineers with Gas Safe and commercial laundry machine training.
Over the period the group have continued with their strategic objective of maximising the revenues and earnings generated from equipment rental through the provision of high quality service and competitive pricing.
Provision of adequate funding
The group has no net debt and is projected to continue to generate positive cash flows going forward. The group has also negotiated with its bankers’ funding arrangements that allow for strategic acquisitions should opportunities arise.
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F Donald Forbes & Co Limited
Group strategic report (continued)
For the year ended 31 March 2025
The directors recognise that risk is inherent in any business and seek to manage risk in a controlled manor. The key business risks are set out as follows:
Economic
The group is subject to many of the same general economic risks faced by other businesses. The group’s strong financial position has helped it to manage the impact of price and expense increases being introduced by a number of its suppliers and the inflationary impact on staff salaries.
Commercial
The group operates in a competitive market place and faces competition from a number of other businesses. The group seeks to mitigate the risk by continually developing its product range and offering an extensive and diverse range of equipment always focussing on its excellent service reputation in these market areas.
Financial
The group has a specific exposure to credit risk, liquidity risk, and interest rate fluctuations. The group has established a number of policies to mitigate the risks presented, and is projected to continue to be cash flow positive for the future, but also has in place funding arrangements for potential strategic acquisitions that may arise.
Economic
The group is subject to many of the same general economic risks faced by other businesses. The group’s strong financial position has helped it to manage the impact of price and expense increases being introduced by a number of its suppliers and the inflationary impact on staff salaries.
Commercial
The group operates in a competitive market place and faces competition from a number of other businesses. The group seeks to mitigate the risk by continually developing its product range and offering an extensive and diverse range of equipment always focussing on its excellent service reputation in these market areas.
Financial
The group has a specific exposure to credit risk, liquidity risk, and interest rate fluctuations. The group has established a number of policies to mitigate the risks presented, and is projected to continue to be cash flow positive for the future, but also has in place funding arrangements for potential strategic acquisitions that may arise.
Important to our success is our service reputation and in the year this has been recognised in the industry where we have won the following awards:
−IER AWARD for best Independent Customer Service and we were Highly Commended for Best Independent Retailer Marketing & Advertising Campaigns, and we are finalists for;
−ERT and their Sales excellent award and ERT and their Best Independent Electrical Retailer Website award and ERT and their Best Sustainable Electrical Retailer award.
This report was approved by the board and signed on its behalf.
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F Donald Forbes & Co Limited
Directors' report
For the year ended 31 March 2025
The directors present their report and the financial statements for the year ended 31 March 2025.
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements 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 Group 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 the Group and to 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.
The profit for the year, after taxation, amounted to £214,359 (2024 - £68,621).
The directors recommended and paid a dividend of £76,020 (2024: £76,020)
The directors who served during the year were:
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F Donald Forbes & Co Limited
Directors' report (continued)
For the year ended 31 March 2025
The group's principal financial instruments are comprised of bank balances, trade creditors, trade debtors and loans to and from the group. The main purpose of these instruments is to raise funds to finance the group's operations. The main risks arising from the financial instruments are credit risk, liquidity risk, and interest rate risk.
Due to the nature of the financial instruments used by the group, there is no exposure to price risk. The group's approach to managing other risks applicable to the financial instruments concerned is set out below.
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 the company's bank balances.
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.
Trade creditors' liquidity risk is managed by ensuring that sufficient funds are available to meet amounts due.
Due to the nature of the financial instruments used by the group, there is no exposure to price risk. The group's approach to managing other risks applicable to the financial instruments concerned is set out below.
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 the company's bank balances.
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.
Trade creditors' liquidity risk is managed by ensuring that sufficient funds are available to meet amounts due.
The audit registration of Kreston Reeves LLP was transferred to Kreston Reeves Audit LLP on 06 October 2025. Kreston Reeves Audit LLP were formally appointed as auditor to the company on 06 October 2025.
The auditor, Kreston Reeves Audit LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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F Donald Forbes & Co Limited
Independent auditor's report to the members of F Donald Forbes & Co Limited
We have audited the financial statements of F Donald Forbes & Co Limited (the 'parent company') and its subsidiaries (the 'Group') for the year ended 31 March 2025, which comprise the Consolidated statement of comprehensive income, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, 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).
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 Auditor's 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 United Kingdom, including the Financial Reporting Council'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.
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 or 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.
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F Donald Forbes & Co Limited
Independent auditor's report to the members of F Donald Forbes & Co Limited (continued)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group 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 Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
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 Directors' report.
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F Donald Forbes & Co Limited
Independent auditor's report to the members of F Donald Forbes & Co Limited (continued)
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 an Auditor's report 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 Group financial statements.
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 are capable of detecting irregularities, including fraud is detailed below:
Capability of the audit in detecting irregularities, including fraud:
Based on our understanding of the group and industry, and through discussion with the directors and other management (as required by auditing standards), we identified that the principal risks of non-compliance with laws and regulations related to health and safety, and employment law. 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 preparation of the financial statements such as the Companies Act 2006, taxation and pension legislation. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. 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 posting inappropriate journal entries to increase revenue or reduce expenditure. Audit procedures performed by the engagement team included:
∙Discussions with management and assessment of known or suspected instances of non-compliance with laws and regulations (including health and safety) and fraud, and review of the reports made by management; and
∙Assessment of identified fraud risk factors; and
∙Challenging assumptions and judgements made by management in its significant accounting estimates; and
∙Performing analytical procedures with automated data analytics tools to identify any unusual or unexpected relationships, including related party transactions, that may indicate risks of material misstatement due to fraud; and
∙Confirmation of related parties with management, and review of transactions throughout the period to identify any previously undisclosed transactions with related parties outside the normal course of business; and
∙Reading minutes of meetings of those charged with governance and reviewing correspondence with relevant tax and regulatory authorities; and
∙Review of internal controls and physical inspection of tangible assets susceptible to fraud or irregularity; and
∙Review of significant and unusual transactions and evaluation of the underlying financial rationale supporting the transactions; and
∙Identifying and testing journal entries, in particular any manual entries made at the year end for financial statement preparation; and
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.
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F Donald Forbes & Co Limited
Independent auditor's report to the members of F Donald Forbes & Co Limited (continued)
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 an Auditor's report 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.
for and on behalf of
Statutory Auditor
Horsham
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F Donald Forbes & Co Limited
Consolidated statement of comprehensive income
For the year ended 31 March 2025
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F Donald Forbes & Co Limited
Registered number: 00687172
Consolidated balance sheet
As at 31 March 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 15 to 32 form part of these financial statements.
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F Donald Forbes & Co Limited
Registered number: 00687172
Company balance sheet
As at 31 March 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 15 to 32 form part of these financial statements.
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F Donald Forbes & Co Limited
Consolidated statement of changes in equity
For the year ended 31 March 2025
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F Donald Forbes & Co Limited
Company statement of changes in equity
For the year ended 31 March 2025
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F Donald Forbes & Co Limited
Consolidated statement of cash flows
For the year ended 31 March 2025
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F Donald Forbes & Co Limited
Notes to the financial statements
For the year ended 31 March 2025
F Donald Forbes & Co Limited is a private limited liability company, limited by shares, incorporated in England and Wales, company number 00687172. The address of the registered office and principal place of business is 7 Wells Place, Gatton Park Business Centre, Redhill, Surrey RH1 3DR.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
The financial statements are presented in sterling and rounded to the nearest £1.
The financial statements are presented in sterling and rounded to the nearest £1.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
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F Donald Forbes & Co Limited
Notes to the financial statements
For the year ended 31 March 2025
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
sales of equipment to customers at the end of their rental periods. Turnover is measured at the fair value of the consideration received, net of trade discounts, value added tax and other sales taxes.
Turnover also includes the sale of goods both new and used, this is recognised on the dispatch of the goods.
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F Donald Forbes & Co Limited
Notes to the financial statements
For the year ended 31 March 2025
2.Accounting policies (continued)
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
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F Donald Forbes & Co Limited
Notes to the financial statements
For the year ended 31 March 2025
2.Accounting policies (continued)
Goodwill
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a straight line basis and reducing balance method. The estimated useful life of rental equipment assets are revised for returned goods subsequently sold at the date of their return.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
*No depreciation is provided in respect of freehold property as, in the opinion of the directors, the long useful economic life and the high residual value is such that any depreciation charge would be immaterial to the accounts. The value of the building is assessed each year by the directors to ensure there have been no impairments. The freehold property is included at deemed cost.
Rental equipment is depreciated as a fixed asset class. As the equipment is bought evenly throughout the year, 50% depreciation is charged in the first year on the total additions. An adjustment is also made for any rental equipment not brought into use by the end of the first year.
In accordance with FRS 102, the cost of a tangible fixed asset comprise its purchase price and any costs directly attributable to bring it to its working condition for its intended use. In the case of televisions and rental equipment, these directly attributable costs comprise the labour costs of own employees arising directly from their installation, together with refurbishment costs for ex-rental equipment. The group's accounting policy is to include the installation and refurbishment costs in the cost of the asset and write them off over its expected useful life, being the average life of a contract.
Rental equipment is depreciated as a fixed asset class. As the equipment is bought evenly throughout the year, 50% depreciation is charged in the first year on the total additions. An adjustment is also made for any rental equipment not brought into use by the end of the first year.
In accordance with FRS 102, the cost of a tangible fixed asset comprise its purchase price and any costs directly attributable to bring it to its working condition for its intended use. In the case of televisions and rental equipment, these directly attributable costs comprise the labour costs of own employees arising directly from their installation, together with refurbishment costs for ex-rental equipment. The group's accounting policy is to include the installation and refurbishment costs in the cost of the asset and write them off over its expected useful life, being the average life of a contract.
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F Donald Forbes & Co Limited
Notes to the financial statements
For the year ended 31 March 2025
2.Accounting policies (continued)
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the financial instrument.
Cash and cash equivalents
These comprise cash at bank and other short-term highly liquid bank deposits with an original maturity of three months or less.
Debtors
Debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised through the Statement of comprehensive income when there is objective evidence that the asset is impaired.
Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Cash and cash equivalents
These comprise cash at bank and other short-term highly liquid bank deposits with an original maturity of three months or less.
Debtors
Debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised through the Statement of comprehensive income when there is objective evidence that the asset is impaired.
Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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F Donald Forbes & Co Limited
Notes to the financial statements
For the year ended 31 March 2025
The following judgements have had the most significant impact on amounts recognised in the financial statements:
The group has entered into a range of lease commitments in respect of tangible assets, both as a lessee and lessor. The classification of these leases as either financial or operating leases requires the directors to consider whether the terms and conditions of each lease are such that the group has acquired or transferred the risks and rewards associated with the ownership of the underlying assets.
The group has recognised tangible fixed assets with a carrying value of £13,077,851 at the reporting date (see note 12). These assets are stated at their cost less provision for depreciation and impairment. The group’s accounting policy sets out the approach to calculating depreciation for immaterial assets acquired. For material assets such as land and buildings the group determines at acquisition reliable estimates for the useful life of the asset, its residual value and decommissioning costs. These estimates are based upon such factors as the expected use of the acquired asset and market conditions. At subsequent reporting dates the directors consider whether there are any factors such as technological advancements or changes in market conditions that indicate a need to reconsider the estimates used.
Where there are indicators that the carrying value of tangible assets may be impaired the group undertakes tests to determine the recoverable amount of assets. These tests require estimates of the fair value of assets less cost to sell and of their value in use. Wherever possible the estimate of the fair value of assets is based upon observable market prices less incremental cost for disposing of the asset. The value in use calculation is based upon a discounted cash flow model, based upon the group’s forecasts for the foreseeable future which do not include any restructuring activities that the group is not yet committed to or significant future investments that will enhance the asset’s performance. The recoverable amount is most sensitive to the discount rate used for the discounted cash flow model as well expected future cash flows and the growth rate used for extrapolation purposes.
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F Donald Forbes & Co Limited
Notes to the financial statements
For the year ended 31 March 2025
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F Donald Forbes & Co Limited
Notes to the financial statements
For the year ended 31 March 2025
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F Donald Forbes & Co Limited
Notes to the financial statements
For the year ended 31 March 2025
9.Taxation (continued)
There were no factors that may affect future tax charges.
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F Donald Forbes & Co Limited
Notes to the financial statements
For the year ended 31 March 2025
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F Donald Forbes & Co Limited
Notes to the financial statements
For the year ended 31 March 2025
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F Donald Forbes & Co Limited
Notes to the financial statements
For the year ended 31 March 2025
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F Donald Forbes & Co Limited
Notes to the financial statements
For the year ended 31 March 2025
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F Donald Forbes & Co Limited
Notes to the financial statements
For the year ended 31 March 2025
Page 28
F Donald Forbes & Co Limited
Notes to the financial statements
For the year ended 31 March 2025
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F Donald Forbes & Co Limited
Notes to the financial statements
For the year ended 31 March 2025
In order for the subsidiary companies named in Note 13 to take the audit exemption set out in section 479A of the Companies Act 2006, the company has guaranteed all outstanding liabilities of those subsidiary companies at 31 March 2025 until those liabilities are satisfied in full.
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and is disclosed in Note 6. Contributions totalling £Nil (2024 - £NIL) were payable to the fund at the balance sheet date and are included in creditors.
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F Donald Forbes & Co Limited
Notes to the financial statements
For the year ended 31 March 2025
During the year amounts totalling £2,100 (2024: £nil) were advanced to one of the company's
directors, repayments of £2,700 were received from the director (2024: £nil). At the year end the
balance owed by the director was £1,650 (2023: £2,250). No interest is payable on this loan balance.
directors, repayments of £2,700 were received from the director (2024: £nil). At the year end the
balance owed by the director was £1,650 (2023: £2,250). No interest is payable on this loan balance.
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F Donald Forbes & Co Limited
Notes to the financial statements
For the year ended 31 March 2025
A prior year adjustment has been made in accordance with FRS 102 Section 10 to correct an error identified in the previous year’s financial statements. The goodwill arising on acquisition of a subsidiary in the consolidated financial statements.
Goodwill cost brought forward was understated by £81,463 and amortisation brought forward was also understated by this amount. the comparative figures have been updated to reflect the correction of this error.
Goodwill cost brought forward was understated by £81,463 and amortisation brought forward was also understated by this amount. the comparative figures have been updated to reflect the correction of this error.
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