REGISTERED NUMBER: 03830379 (England and Wales)

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

FOR

T.C. CORNWELL LIMITED

Page

Company information

1

Group strategic report

2

to

3

Report of the directors

4

to

5

Report of the independent auditors

6

to

9

Consolidated statement of comprehensive income

10

Consolidated statement of financial position

11

Company statement of financial position

12

Consolidated statement of changes in equity

13

Company statement of changes in equity

14

Consolidated statement of cash flows

15

Notes to the consolidated statement of cash flows

16

to

17

Notes to the consolidated financial statements

18

to

32

DIRECTORS:

C J Mitchell

J J C Mitchell

SECRETARY:

A M Brennan

REGISTERED OFFICE:

5-9 High Street

Newcastle

Staffordshire

ST5 1RB

REGISTERED NUMBER:

03830379 (England and Wales)

AUDITORS:

Sumer Auditco Limited

Chartered Accountants & Statutory Auditors

Stone House

Stone Road Business Park

Stoke-on-Trent

ST4 6SR

The directors present this report of the consolidated financial performance and strategic position of T.C. Cornwell Limited and its subsidiaries for the financial year ending 31 March 2025. The business was founded in 1835 and has been delivering healthcare to our local communities ever since. The current Cornwell's Chemists Group operates as a leading independent pharmacy chain in Staffordshire with three principal companies:

T.C. Cornwell Ltd (TCC) - Parent Company; Cornwell's Chemists Limited (CCL) - Subsidiary with 9 Branches (Pharmacy stores + Photo Imaging services); Milton's (Chemists) Limited (MCL) - Subsidiary of CCL with 2 Branches (Pharmacy stores)

The Group's principal activities include; Retail pharmacy services, Prescription dispensing, Clinical services and healthcare provision, Vaccination services, Over-the-counter retail sales, Healthcare consultancy services, Property Portfolio.

REVIEW OF BUSINESS

The board uses a wide variety of performance indicators which are noted below:

2025

2024

Turnover

£14,860,011

£15,674,228

Gross profit

£4,692,251

£5,305,467

EBITDA

£218,028

£806,401

Profit/(Loss) before tax

(£693,438)

£52,734

Gross margin

31.6%

33.8%

EBITDA margin

1.47%

5.14%

Several factors contributed to the year's underperformance on a consolidated basis, most notably continued government underfunding of the retail pharmacy sector. The NHS Community Pharmacy Contractual Framework (CPCF) for 2024/25 remained unchanged from the previous five-year agreement, which expired in 2023/24.

In addition the group's significant expansion over the last two years, acquiring three inefficient Pharmacies and merging into one very efficient pharmacy, which as a result of NHS regulation had taken time to complete.

Finally, there has been a loss due to the revaluation of the property portfolio in TC Cornwell (£123,940).

These factors led to the overall loss. In consequence our business has adapted, streamlined provision of underfunded NHS services, reduced headcount, and closed and merged 3 Pharmacies into 1. Cornwell's has led the adoption of new NHS initiatives, including Pharmacy First and contraception services, and expanded both NHS and private offerings across its network.

We have invested in state-of-the-art technology, increased the provision of private services and maintained a high standard of customer service. Investments also included additional consultation rooms and comprehensive staff training to ensure high-quality community healthcare.

Prescription volumes were broadly consistent with last year; however, average items per pharmacy rose to 10,571 (2024: 9,425) following the consolidation of three branches into a single flagship store. This location now delivers an extensive range of NHS and private healthcare services, positioning the Group for future growth.

The increased performance of the Pharmacy operations is a direct result of the steps implemented by the board to invest, rationalise and empower our staff and provide them with the tools they need to provide a first-class service to our local communities.

Consolidated business first half performance (2025/26) performance has returned to profitability, due to the board's actions of last year.

PRINCIPAL RISKS AND UNCERTAINTIES

Although the 2025/26 CPCF has introduced a 19.7% increase, independent analysis highlighted a funding gap exceeding £2 billion between service delivery costs and available funding. Contract negotiations for the year 2026/27 are not yet concluded.

FUTURE DEVELOPMENTS

As Private services are becoming increasingly important, more consultation rooms will be required across the group. Expansion of our business-to-business offering and further adoption of AI into certain processes will increasingly release our staff to deliver more and a broader range of services.

ON BEHALF OF THE BOARD:

J J C Mitchell - Director

29 December 2025

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

DIVIDENDS

An interim dividend of £4.86 per share was paid on 31 December 2024. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 March 2025 will be £ 72,900 .

DIRECTORS

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

C J Mitchell

J J C Mitchell

DISCLOSURE IN THE STRATEGIC REPORT

The group has chosen in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out in the group's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008. Likely future developments in the business and financial risk management strategies have been disclosed in the strategic report.

The strategic report can be found on page 2 of these financial statements.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors are deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.

ON BEHALF OF THE BOARD:

J J C Mitchell - Director

29 December 2025

Opinion

We have audited the financial statements of T.C. Cornwell Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the Consolidated statement of comprehensive income, Consolidated statement of financial position, Company statement of financial position, Consolidated statement of changes in equity, Company statement of changes in equity, Consolidated statement of cash flows and Notes to the consolidated 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 group's and of the parent company affairs as at 31 March 2025 and of the group's loss for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Emphasis of matter

In forming our opinion, we have considered the adequacy of the disclosures concerning the group's ability to continue as a going concern in the strategic report and note 2 of these financial statements. The group's loan facilities has caused debt falling under one year to exceed the assets under one year. The strategic report and note 2 of the financial statements outlines the directors' expectations for the rest of 25 and beyond, which indicates that the group will continue to trade for the foreseeable future in line with the directors' forecasts and projections and expected continued support of the group's lenders. Our opinion is not modified in this respect.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group strategic report and the Report of the directors, but does not include the financial statements and our Report of the auditors thereon.

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

-	the information given in the Group strategic report and the Report of the directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group strategic report and the Report of the directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Report of the directors.

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

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

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

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

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

Responsibilities of directors

As explained more fully in the Statement of directors' responsibilities set out on page 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 group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

•

the nature of the industry and sector, control environment and business performance including the design of the group remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets;

•

results of our enquiries of management about their own identification and assessment of the risks of irregularities;

•

any matters we identified having obtained and reviewed the group documentation of their policies and procedures relating to:

-

identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance;

-

detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

-

the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

•

the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

Based on this approach, we were able to assess the group risks and ensure the risks were considered throughout all areas of audit testing across all group companies. The audit team was professionally sceptical throughout the audit and remained alert for inaccurate or misleading information.

Audit response to risks identified

As a result of performing the above, we identified the General Pharmaceutical Council (GHPC) compliance as a key audit matter and as a potential risk of fraud or irregularities. Our procedures to identify any potential fraud or irregularities are as follows:

• reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

• enquiring of management concerning actual and potential litigation and claims;

• performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

• obtaining an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and

• in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

Audit testing was completed on a targeted sample basis based on our assessment of risk and materiality. Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

-

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

-	Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control.

-	Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

-

Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Report of the auditors to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Report of the auditors. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern.

-	Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

-	Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express and opinion on the consolidated financial statements.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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.

Helen Tidyman (Senior Statutory Auditor)

for and on behalf of Sumer Auditco Limited

Chartered Accountants & Statutory Auditors

Stone House

Stone Road Business Park

Stoke-on-Trent

ST4 6SR

29 December 2025

TURNOVER

14,860,011

15,674,228

Cost of sales

(10,167,760

)

(10,368,761

)

GROSS PROFIT

4,692,251

5,305,467

Administrative expenses

(5,076,106

)

(4,950,857

)

(383,855

)

354,610

Other operating income

21,213

41,213

OPERATING (LOSS)/PROFIT

4

(362,642

)

395,823

Interest receivable and similar income

4,247

3,669

(358,395

)

399,492

Interest payable and similar expenses

5

(335,043

)

(346,758

)

(LOSS)/PROFIT BEFORE TAXATION

(693,438

)

52,734

Tax on (loss)/profit

6

120,441

(97,889

)

LOSS FOR THE FINANCIAL YEAR

(572,997

)

(45,155

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(572,997

)

(45,155

)

Loss attributable to:

Owners of the parent

(572,997

)

(45,155

)

Total comprehensive income attributable to:

Owners of the parent

(572,997

)

(45,155

)

FIXED ASSETS

Intangible assets

9

3,473,683

3,757,960

Tangible assets

10

1,722,803

2,055,516

Investments

11

-

-

Investment property

12

1,251,212

1,486,922

6,447,698

7,300,398

CURRENT ASSETS

Stocks

13

1,181,216

1,157,857

Debtors

14

1,243,678

1,224,681

Cash at bank and in hand

61,874

121,060

2,486,768

2,503,598

CREDITORS

Amounts falling due within one year

15

(2,711,657

)

(2,485,030

)

NET CURRENT (LIABILITIES)/ASSETS

(224,889

)

18,568

TOTAL ASSETS LESS CURRENT LIABILITIES

6,222,809

7,318,966

CREDITORS

Amounts falling due after more than one year

16

(3,890,459

)

(4,240,662

)

PROVISIONS FOR LIABILITIES

20

(216,117

)

(336,558

)

NET ASSETS

2,116,233

2,741,746

CAPITAL AND RESERVES

Called up share capital

21

15,000

15,000

Fair value reserve

22

252,505

(288,837

)

Capital redemption reserve

22

10,696

10,696

Retained earnings

22

1,838,032

3,004,887

SHAREHOLDERS' FUNDS

2,116,233

2,741,746

The financial statements were approved by the Board of Directors and authorised for issue on 29 December 2025 and were signed on its behalf by:

J J C Mitchell - Director

FIXED ASSETS

Intangible assets

9

-

-

Tangible assets

10

740,607

925,991

Investments

11

15,000

15,000

Investment property

12

1,251,212

1,486,922

2,006,819

2,427,913

CURRENT ASSETS

Debtors

14

576,549

235,395

Cash at bank

11,203

23,161

587,752

258,556

CREDITORS

Amounts falling due within one year

15

(35,704

)

(40,632

)

NET CURRENT ASSETS

552,048

217,924

TOTAL ASSETS LESS CURRENT LIABILITIES

2,558,867

2,645,837

PROVISIONS FOR LIABILITIES

20

(121,689

)

(177,142

)

NET ASSETS

2,437,178

2,468,695

CAPITAL AND RESERVES

Called up share capital

21

15,000

15,000

Fair value reserve

22

252,505

(288,837

)

Retained earnings

22

2,169,673

2,742,532

SHAREHOLDERS' FUNDS

2,437,178

2,468,695

Company's profit for the financial year

20,999

73,120

The financial statements were approved by the Board of Directors and authorised for issue on 29 December 2025 and were signed on its behalf by:

J J C Mitchell - Director

Called up

Fair

Capital

share

Retained

value

redemption

Total

capital

earnings

reserve

reserve

equity

£

£

£

£

£

Balance at 1 April 2023

15,000

3,098,792

(288,837

)

10,696

2,835,651

Changes in equity

Dividends

-

(48,750

)

-

-

(48,750

)

Total comprehensive income

-

(45,155

)

-

-

(45,155

)

Balance at 31 March 2024

15,000

3,004,887

(288,837

)

10,696

2,741,746

Changes in equity

Transfer between reserves

-

(520,958

)

541,342

-

20,384

Dividends

-

(72,900

)

-

-

(72,900

)

Total comprehensive income

-

(572,997

)

-

-

(572,997

)

Balance at 31 March 2025

15,000

1,838,032

252,505

10,696

2,116,233

Called up

Fair

share

Retained

value

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 April 2023

15,000

2,718,162

(288,837

)

2,444,325

Changes in equity

Dividends

-

(48,750

)

-

(48,750

)

Total comprehensive income

-

73,120

-

73,120

Balance at 31 March 2024

15,000

2,742,532

(288,837

)

2,468,695

Changes in equity

Transfer between reserves

-

(520,958

)

541,342

20,384

Dividends

-

(72,900

)

-

(72,900

)

Total comprehensive income

-

20,999

-

20,999

Balance at 31 March 2025

15,000

2,169,673

252,505

2,437,178

Cash flows from operating activities

Cash generated from operations

1

191,796

635,702

Interest paid

(311,791

)

(330,426

)

Interest element of hire purchase payments paid

(23,252

)

(16,332

)

Tax paid

3,688

(3,709

)

Net cash from operating activities

(139,559

)

285,235

Cash flows from investing activities

Purchase of intangible fixed assets

(6,210

)

(2,638,324

)

Purchase of tangible fixed assets

(19,528

)

(528,613

)

Sale of tangible fixed assets

182,712

528,503

Sale of fixed asset investments

59,939

-

Sale of investment property

75,500

-

Interest received

4,247

3,669

Net cash from investing activities

296,660

(2,634,765

)

Cash flows from financing activities

New loans in year

-

2,123,488

Loan repayments in year

(269,977

)

-

Capital repayments in year

(66,217

)

196,563

Amount introduced by directors

52,401

35,043

Amount withdrawn by directors

(25,300

)

(61,860

)

Equity dividends paid

(72,900

)

(48,750

)

Net cash from financing activities

(381,993

)

2,244,484

Decrease in cash and cash equivalents

(224,892

)

(105,046

)

Cash and cash equivalents at beginning of year

2

(235,746

)

(130,700

)

Cash and cash equivalents at end of year

2

(460,638

)

(235,746

)

1.	RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.3.25

31.3.24

£

£

(Loss)/profit before taxation

(693,438

)

52,734

Depreciation charges

479,929

441,421

Profit on disposal of fixed assets

(23,198

)

(30,842

)

Loss on revaluation of fixed assets

123,940

-

Finance costs

335,043

346,758

Finance income

(4,247

)

(3,669

)

218,029

806,402

Increase in stocks

(23,359

)

(507,338

)

(Increase)/decrease in trade and other debtors

(49,786

)

327,496

Increase in trade and other creditors

46,912

9,142

Cash generated from operations

191,796

635,702

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:

Year ended 31 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

61,874

121,060

Bank overdrafts

(522,512

)

(356,806

)

(460,638

)

(235,746

)

Year ended 31 March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

121,060

144,867

Bank overdrafts

(356,806

)

(275,567

)

(235,746

)

(130,700

)

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash at bank and in hand

121,060

(59,186

)

61,874

Bank overdrafts

(356,806

)

(165,706

)

(522,512

)

(235,746

)

(224,892

)

(460,638

)

Debt

Finance leases

(245,044

)

66,217

(178,827

)

Debts falling due within 1 year

(247,733

)

(22,607

)

(270,340

)

Debts falling due after 1 year

(4,061,833

)

292,584

(3,769,249

)

(4,554,610

)

336,194

(4,218,416

)

Total

(4,790,356

)

111,302

(4,679,054

)