REGISTERED NUMBER: 05841514 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE PERIOD 1 JULY 2024 TO 31 MARCH 2025

FOR

M&M PLANT (DEVON & CORNWALL) LTD

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Statement of Directors' Responsibilities

4

Report of the Independent Auditors

5

Income Statement

8

Other Comprehensive Income

9

Statement of Financial Position

10

Statement of Changes in Equity

11

Statement of Cash Flows

12

Notes to the Statement of Cash Flows

13

Notes to the Financial Statements

15

DIRECTORS:

B M Bellamy

M W Davey

SECRETARY:

M W Davey

REGISTERED OFFICE:

Trethorne Business Park

Kennards House

Launceston

Cornwall

PL15 8QE

REGISTERED NUMBER:

05841514 (England and Wales)

AUDITORS:

Mitchells

Chartered Accountants and Statutory Auditors

St. John's House,

Castle Street,

Taunton

Somerset

TA1 4AY

M & M Plant (Devon & Cornwall) Ltd is a leading supplier of construction and agricultural machinery, providing sales, hire, servicing, parts supply and dedicated transport services. The company operates from its headquarters at Trethorne Business Park, Kennards House, Launceston, Cornwall, and serves customers across the South West of England. As authorised dealers for major brands such as Case Construction Equipment, Wacker Neuson, MultiOne, Magni Telescopic Handlers, CFMoto and Quadzilla, the company has built a strong market presence by offering a comprehensive range of machinery solutions. In addition, M & M Plant operates its own lorry fleet, delivering plant and machinery, aggregates and muckaway services to support customer operations throughout the region, reinforcing the company’s commitment to end-to-end service excellence.

REVIEW OF BUSINESS

During the financial year, the company continued to strengthen its market position by expanding its product range and investing in service capabilities. The construction and agricultural sectors remained key drivers of demand, with sustained interest in both machinery sales and hire services. The company has maintained strong relationships with key manufacturers, ensuring a reliable supply chain and access to the latest equipment innovations.

Operationally, the company has focused on enhancing customer experience through improved after-sales support and technical servicing. Investments have been made in staff training and facilities to improve the customer experience.

PRINCIPAL RISKS AND UNCERTAINTIES

The company operates in a competitive industry where market conditions, supply chain disruptions, and economic fluctuations can impact performance. Increased competition from both local and national dealers remains a challenge, necessitating continuous investment in customer service and product differentiation.

Economic conditions, including fluctuations in construction activity and changes in government infrastructure spending, directly affect demand for plant machinery. Inflationary pressures and rising interest rates could influence customer purchasing decisions, particularly in relation to financing options. The company mitigates this by offering flexible hire agreements and financing solutions.

Supply chain disruptions, particularly delays in machinery and spare parts deliveries, have posed challenges in the industry. The company has responded by strengthening relationships with manufacturers, maintaining strategic inventory levels, and diversifying supplier networks to ensure product availability.

KEY PERFORMANCE INDICATORS

The company measures performance using several key indicators, including revenue growth, customer satisfaction, inventory turnover, and service efficiency. Revenue growth reflects overall market demand and the effectiveness of sales strategies. Customer satisfaction, assessed through feedback and repeat business, is a crucial metric in maintaining brand loyalty. Inventory turnover is closely monitored to ensure stock levels remain optimal, balancing availability with cost efficiency. The efficiency of the service department is also tracked through response times and completed service jobs, ensuring customers receive timely maintenance and repairs.

ON BEHALF OF THE BOARD:

M W Davey - Director

23 December 2025

The directors present their report with the financial statements of the company for the period 1 July 2024 to 31 March 2025.

PRINCIPAL ACTIVITIES

M&M Plant (Devon & Cornwall) Ltd is engaged in the sale, hire, servicing, and parts supply of plant machinery and equipment.

DIRECTORS

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

B M Bellamy

M W Davey

GOING CONCERN

The directors have prepared the financial statements on a going concern basis. Management has provided forecasted information covering at least 12 months from the approval date of these statements, demonstrating the company's ability to meet liabilities for the foreseeable future.

The company has a strong customer base, stable supplier relationships, and sufficient financial resources to meet its obligations. While external risks such as economic fluctuations and supply chain challenges are acknowledged, the directors believe the company is well-placed to manage these risks effectively. The company continues to generate positive cash flow and maintain sufficient working capital, providing a solid foundation for ongoing operations

ENGAGEMENT WITH EMPLOYEES

The company recognises the importance of its employees in maintaining high levels of customer service and technical expertise. During the year, investments were made in staff training and development, ensuring employees remained up to date with industry advancements and product innovations. The company remains committed to providing a safe and supportive working environment for all staff.

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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Mitchells, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

M W Davey - Director

23 December 2025

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

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

-	select suitable accounting policies and then apply them consistently;

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

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

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

Opinion

We have audited the financial statements of M&M Plant (Devon & Cornwall) Ltd (the 'company') for the period ended 31 March 2025 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 period 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, the Report of the Directors and the Statement of Directors' Responsibilities, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit; or

-	the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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

- Enquiry of entity staff to identify any instances of non-compliance with laws and regulations.

- Reviewing minutes of meetings of those charged with governance.

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

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities. It is the primary responsibility of management and those charged with governance to ensure that the entity's operations are conducted in accordance with the provisions of the laws and regulations and for the prevention and detection of fraud.

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.

James R Biggs (Senior Statutory Auditor)

for and on behalf of Mitchells

Chartered Accountants and Statutory Auditors

St. John's House,

Castle Street,

Taunton

Somerset

TA1 4AY

23 December 2025

TURNOVER

3

10,382,481

11,796,831

Cost of sales

8,530,916

9,717,853

GROSS PROFIT

1,851,565

2,078,978

Administrative expenses

1,306,875

1,422,663

544,690

656,315

Other operating income

3,333

5,000

OPERATING PROFIT

5

548,023

661,315

Interest receivable and similar income

488

424

548,511

661,739

Interest payable and similar expenses

6

27,922

30,721

PROFIT BEFORE TAXATION

520,589

631,018

Tax on profit

7

147,883

169,377

PROFIT FOR THE FINANCIAL PERIOD

372,706

461,641

PROFIT FOR THE PERIOD

372,706

461,641

OTHER COMPREHENSIVE INCOME

Freehold Property Revaluation

350,000

-

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE PERIOD, NET OF INCOME TAX

350,000

-

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

722,706

461,641

FIXED ASSETS

Tangible assets

9

1,843,344

1,333,051

CURRENT ASSETS

Stocks

10

5,298,010

4,725,542

Debtors

11

2,014,870

1,684,731

Cash at bank and in hand

28,552

359,198

7,341,432

6,769,471

CREDITORS

Amounts falling due within one year

12

3,539,409

3,330,238

NET CURRENT ASSETS

3,802,023

3,439,233

TOTAL ASSETS LESS CURRENT LIABILITIES

5,645,367

4,772,284

CREDITORS

Amounts falling due after more than one year

13

(623,322

)

(105,153

)

PROVISIONS FOR LIABILITIES

17

(206,890

)

(149,682

)

NET ASSETS

4,815,155

4,517,449

CAPITAL AND RESERVES

Called up share capital

18

200

200

Revaluation reserve

19

476,400

126,400

Retained earnings

19

4,338,555

4,390,849

SHAREHOLDERS' FUNDS

4,815,155

4,517,449

The financial statements were approved by the Board of Directors and authorised for issue on 23 December 2025 and were signed on its behalf by:

M W Davey - Director

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 July 2023

200

4,121,208

126,400

4,247,808

Changes in equity

Dividends

-

(192,000

)

-

(192,000

)

Total comprehensive income

-

461,641

-

461,641

Balance at 30 June 2024

200

4,390,849

126,400

4,517,449

Changes in equity

Dividends

-

(425,000

)

-

(425,000

)

Total comprehensive income

-

372,706

350,000

722,706

Balance at 31 March 2025

200

4,338,555

476,400

4,815,155

Cash flows from operating activities

Cash generated from operations

1

(198,118

)

921,120

Interest paid

(10,292

)

(11,190

)

Interest element of hire purchase payments paid

(17,630

)

(19,531

)

Tax paid

(99,497

)

(173,529

)

Net cash from operating activities

(325,537

)

716,870

Cash flows from investing activities

Purchase of tangible fixed assets

(416,118

)

(459,195

)

Sale of tangible fixed assets

163,398

55,051

Interest received

488

424

Net cash from investing activities

(252,232

)

(403,720

)

Cash flows from financing activities

Capital repayments in year

638,408

(44,759

)

Equity dividends paid

(425,000

)

(192,000

)

Net cash from financing activities

213,408

(236,759

)

(Decrease)/increase in cash and cash equivalents

(364,361

)

76,391

Cash and cash equivalents at beginning of period

2

359,198

282,807

Cash and cash equivalents at end of period

2

(5,163

)

359,198

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

Period

1.7.24

to

Year Ended

31.3.25

30.6.24

£

£

Profit before taxation

520,589

631,018

Depreciation charges

85,909

119,740

Loss/(profit) on disposal of fixed assets

6,518

(9,734

)

Finance costs

27,922

30,721

Finance income

(488

)

(424

)

640,450

771,321

Increase in stocks

(572,468

)

(103,730

)

(Increase)/decrease in trade and other debtors

(330,139

)

255,814

Increase/(decrease) in trade and other creditors

64,039

(2,285

)

Cash generated from operations

(198,118

)

921,120

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Period ended 31 March 2025

31.3.25

1.7.24

£

£

Cash and cash equivalents

28,552

359,198

Bank overdrafts

(33,715

)

-

(5,163

)

359,198

Year ended 30 June 2024

30.6.24

1.7.23

£

£

Cash and cash equivalents

359,198

282,807

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.7.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash at bank and in hand

359,198

(330,646

)

28,552

Bank overdrafts

-

(33,715

)

(33,715

)

359,198

(364,361

)

(5,163

)

Debt

Finance leases

(304,896

)

(638,408

)

(943,304

)

Debts falling due within 1 year

(300,000

)

-

(300,000

)

(604,896

)

(638,408

)

(1,243,304

)

Total

(245,698

)

(1,002,769

)

(1,248,467

)

1.	STATUTORY INFORMATION

M&M Plant (Devon & Cornwall) Ltd 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

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

Revenue from machinery sales is recognised when the deal is agreed with the customer. The item remains the ownership of the company and is not transferred until receipt of full payment for the wholegood.

Revenue from machinery hire is recognised on completion of the hire of equipment, at which point transport and fuel are added as appropriate.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives.

> Plant and equipment - 25% reducing balance

> Computer Equipment - 25% reducing balance

> Motor vehicles - 25% reducing balance

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Freehold property is held at fair value, revalued on an annual basis.

Stocks

Stock (including hire stock) is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Net realisable value is based on selling price less anticipated selling and completion costs. The cost formula used in measuring stock is FIFO.

The company has consignment stock which is owned by a third party, however, all risks and rewards of ownership remain with the company and as such the cost is recognised within inventory.

Hire stock is written down by 18% per annum, including additional impairment adjustments where considered appropriate.

Taxation

Taxation for the period 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 period 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.

Presentation currency

The financial statements are presented in Sterling, which is the functional currency of the company. Monetary amounts shown in these financial statements are rounded to the nearest pound.

Hire purchase and leasing commitments

Fixed Assets obtained under hire purchase contract 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.

Hire Stock obtained under hire purchase or finance leases are included as stock in the balance sheets and written down to the lower of cost and net realisable value.

The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of the capital repayments outstanding.

Rentals paid under operating leases are charged to the profit and loss account 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.

The company operates a defined benefit contribution pension scheme. Contributions payable to the company's pension scheme are charged to the profit or loss in the period to which they relate.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Judgement and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

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 for the year ended 30 June 2024 is given below:

£

Sale of new & used wholegoods

8,832,636

Parts

1,121,663

Warranty work and PDI charges

539,673

Plant and machinery hire

1,302,859

11,796,831

This analysis is not considered to be applicable to the period ended 31 March 2025.

4.	EMPLOYEES AND DIRECTORS

Period

1.7.24

to

Year Ended

31.3.25

30.6.24

£

£

Wages and salaries

578,143

609,931

Social security costs

51,528

52,558

Other pension costs

11,936

12,434

641,607

674,923

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

Period

1.7.24

to

Year Ended

31.3.25

30.6.24

Accounts & Admin

3

3

Hire

2

3

Parts

2

1

Sales

6

4

Service

7

7

Transport

3

1

23

19

Period

1.7.24

to

Year Ended

31.3.25

30.6.24

£

£

Directors' remuneration

9,140

46,478

Directors' pension contributions to money purchase schemes

134

906

5.	OPERATING PROFIT

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

Period

1.7.24

to

Year Ended

31.3.25

30.6.24

£

£

Other operating leases

11,460

6,185

Depreciation - owned assets

69,439

104,255

Depreciation - assets on hire purchase contracts

16,470

15,486

Loss/(profit) on disposal of fixed assets

6,518

(9,734

)

Auditors' remuneration

6,500

8,136

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

Period

1.7.24

to

Year Ended

31.3.25

30.6.24

£

£

Bank loan interest

10,292

11,190

Hire purchase

17,630

19,531

27,922

30,721

7.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the period was as follows:

Period

1.7.24

to

Year Ended

31.3.25

30.6.24

£

£

Current tax:

UK corporation tax

90,675

98,516

Deferred tax

57,208

70,861

Tax on profit

147,883

169,377