REGISTERED NUMBER: 13322498 (England and Wales)

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

FOR

PROJECT HALLELUJAH BIDCO LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

7

Consolidated Income Statement

11

Consolidated Other Comprehensive Income

12

Consolidated Balance Sheet

13

Company Balance Sheet

14

Consolidated Statement of Changes in Equity

15

Company Statement of Changes in Equity

16

Consolidated Cash Flow Statement

17

Notes to the Consolidated Cash Flow Statement

18

Notes to the Consolidated Financial Statements

19

DIRECTORS:

D J Booth

D O Brown

REGISTERED OFFICE:

Riverside House

Irwell Street

Manchester

M3 5EN

REGISTERED NUMBER:

13322498 (England and Wales)

AUDITORS:

Harold Sharp Limited

Statutory Auditors and Chartered Accountants

5 Brooklands Place

Brooklands Road

Sale

Cheshire

M33 3SD

The directors present their strategic report of the company and the group for the year ended 30 April 2025.

REVIEW OF BUSINESS

During the year under review, the principal activities of Project Hallelujah Bidco Ltd (the "Company") together with its wholly owned subsidiaries (the "Group") consisted of the provision of professional advisory services categorised into three main service pillars as follows:

- Restructuring & Insolvency

- Legal

- Funding

The Restructuring & Insolvency division has seen an increase in Revenue from £33m to £37m (12%), increase has been through organic growth and the UK restructuring market continuing to see significant activity following the withdrawal of pandemic-related government support, UK inflation and rising energy costs.

The Group reported a record revenue of £45,546,751 (2024 - £38,722,467) with an Adjusted EBITDA of £9,823,617 (2024 - £7,109,261) during the year.

The EBITDA figure is stated having added back interest payable and similar expenses, depreciation, amortization and exceptional one-off costs totalling £1,856,000.

The last few months of 2025 results from the Legal services division were strong for the period and reflected a buoyant M&A market for the corporate team and internal referrals from our Restructuring & insolvency division. The division has seen a steady uplift in Revenue from £3.4m to £4.3m, this is through organic growth and working towards tough KPI's.

The results in Funding remain strong with SME's requiring funding as they come out of the pandemic and access to government-backed funding continues to be phased out increasing Revenue from £2.2m to £2.9m, with a real focus on building the core team to help with future growth. In October 2024 the Funding division acquired Newsource Commercial Finance Limited to support the current funding options as 'Master Brokers'.

Also in October 2024 the Group opening a new division, Business Services. In 2025 we made 2 key hires to provide Performance advisory and Advisory (Property & Construction) expertise's. The new division also acquired majority shareholding in Virtualnonexecs in October 2024 which offers members access to a wide array of career tools, dedicated to connecting Non-Executive Directors (NEDs) with board opportunities across various sectors, the virtualnonexecs.com platform drives opportunities.

Throughout the period, the group continued to grow in headcount, this was inline with the group's longer term plan and maintaining a higher level of staffing during the previous financial year. The group has continued to invest in people by expanding existing services and opening new offices throughout the UK.

PRINCIPAL RISKS AND UNCERTAINTIES

The management of the business and the nature of the company's strategy are subject to a number of risks. The directors are of the opinion however that current processes and plans in place mitigate such risks significantly. In overview, the key issues subject to ongoing assessment include;

- Keeping and developing key staff

- Constantly developing service lines to meet the needs of the market

- Competitor actions in terms of hiring the best staff, their market approach and related service lines

- Suitable and appropriate financing to allow the group to achieve its long-term goals and the identified growth opportunities.

SECTION 172(1) STATEMENT

Risks

Recruitment & Retention of high calibre of Key employees

The business is dependent upon the professional development, recruitment and retention of key work winners and employees. The business manages this risk through providing equity options, competitive reward structure, benefits including salary sacrifice schemes, private health, pensions, support to develop careers and gain professional Qualification, and long-term incentive awards to incentives and retain key people.

Legal & regulation

The three pillars (Insolvency, Legal & Funding) operate in regulated markets. Failure to comply with, or changes in, regulation or legislation may have an adverse impact on the activities of the business. To ensure compliance with relevant legislation in performing regulated activities, the business has deducted compliance functions which maintain procedures and policies in line with current legislation.

The company also use third-party Professional corroboration. In addition, the company has appropriate professional indemnity insurance.

Technology risk

Given the nature of our business, we depend on our operating systems and infrastructure to be robust. We have deployed security software and services to mitigate against the threat of potential cyber security breaches. Technology is central to our service and we invest heavily in enhancing our core IT and IT processes while maintaining the integrity and security of our operating systems and infrastructure. We work alongside our trusted business partners to deliver innovative systems and infrastructure and regularly update and improve our own internal safeguards.

Section 172 (1) Statement

The Board of Directors consider that they have acted in the way they consider, in good faith, would be the most likely to promote the success of the Group for the benefit of its members as a whole, having regard to the stakeholders and matters set out in s172 (1) (a-f) of the Companies Act 2006

The paragraphs below outline how the directors have fulfilled their duties:

Governance and decision making

The Group maintains a defined governance structure that is reviewed regularly to ensure it is fit for purpose. The Board formally meets regularly as required by the business to discuss business strategy, performance and any other key matters. The day-to-day management of the business is carried out by the Senior Leadership Team along with a number of key individuals on a regional basis. Any key decision making is carried out and / or approved at Board level.

The Board is comprised of both internal management and external investors, which provides an appropriate degree of challenge to management.

The business operates regular performance meetings beneath this governance structure by pillar and region to ensure engagement, support and challenge with the decision making process.

Business relationships

The nature of the work carried out by the Group can often be with individuals who are encountering significant pressure and challenges within their businesses. We look to treat all individuals with respect whilst fulfilling our statutory duties.

LC Foundation

The Leonard Curtis Foundation launched in December 2020 to enable us all to make a difference and have a positive social impact in areas that we care about - supporting worthwhile causes and local communities.

The Leonard Curtis Foundation supports a number of causes through financial grants to help those in need, as nominated by our team.

LC employees are invited to nominate registered charities that they would like the foundation to support on a twice yearly basis, as well as get involved in fundraising throughout the year.

Employees

Our greatest asset are the people that work within our business. It is important that all staff are aware of the company strategy and are able to actively contribute towards it. We recognise the importance of career development and actively support our people in professional qualifications and training.

We engage and interact with our teams both on a local office level and nationally. The senior management team across all the group's operations meet both formally and informally on a regular basis through People conferences, quarterly Q&A time with our CEO & COO, appraisals, employee questionnaires where we achieved a 2 star rating and came within the top 50 'best large companies' to work for in 2025. We also, for the first time had our people conference where everyone in the organisation invite where the senior leadership team communicated our future plans and our continuing investment in people.

Acquisitions

The Group has completed two acquisitions during the financial year which the Board believes will deliver value on a number of levels. This includes expanding service offerings and complementing existing established revenue streams within the Group. A proportion of the acquisition cost was financed through an acquisition facility.

FINANCIAL INSTRUMENTS

With the recent transaction of new investors, the group has access to additional acquisition funds and ongoing generation of cash flow from operating activities. The group's exposure to interest rate risk on bank borrowing is considered to be low and is reduced further with NatWest interest rate hedging.

FUTURE DEVELOPMENTS

The Group has recently completed an investment transaction with Pollen Street Capital which will allow the business to move forward and better execute our plans to grow and develop the group. We have our sights on building a business that is sustainable for many years to come and to represent something that we can all be proud to be a part of. None of this would be possible without the hard work, commitment and brilliance of our people. We are building something very special here, and we truly hope we all continue this journey together to be better every day. We believe we can achieve our FY26 target of £50m Revenue and £12.5m EBITDA.

ON BEHALF OF THE BOARD:

D J Booth - Director

14 January 2026

The directors present their report with the financial statements of the company and the group for the year ended 30 April 2025.

DIVIDENDS

No dividends will be distributed for the year ended 30 April 2025.

DIRECTORS

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

D J Booth

D O Brown

Other changes in directors holding office are as follows:

S M Lord and B M Whawell ceased to be directors after 30 April 2025 but prior to the date of this report.

DIRECTORS' INDEMNITIES

The Company has made qualifying third-party indemnity provisions for the benefit of its directors which were made during the year and remain force at the date of this report.

STREAMLINED ENERGY AND CARBON REPORTING

Under the 'Companies (Directors' report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018', the Group is required to report its UK Energy use and associated greenhouse gas (GHG) emissions.

Calculations have been made for the reporting of the UK energy use, in relation to three scopes as defined by the GHG Protocol:

Scope 1 - Combustion of gas and fuel for transport

Scope 2 - Purchased Electricity

Scope 3 - Transport (including train and air fare)

The methodology uses the '2025 Government Greenhouse Gas Conversion Factors for Company Reporting' to calculate emissions for the Group and its subsidiaries

GHG Statement

Unit

2025

2024

Scope 1

Tonnes of CO2e

31

30

Scope 2

Tonnes of CO2e

65

96

Scope 3

Tonnes of CO2e

126

92

Total emissions

223

218

Intensity Measure

Emissions by full-time equivalent member of staff

Tonnes of CO2e/FTE

0.73

0.76

Energy Consumption

Scope 1

kWh

153,000

146,000

Scope 2

kWh

368,000

464,000

Scope 3

kWh

508,000

400,000

Total

1,029,000

1,010,000

Efficiency Measures

The business has reduced emissions through reducing travel for employees via remote meetings, reducing waste generated in offices through recycling initiatives and encouraging sustainable practices for staff member.

DISCLOSURE IN THE STRATEGIC REPORT

The company has chosen to set out information in respect of financial instruments and future developments in its strategic report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

-	select suitable accounting policies and then apply them consistently;

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

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

ON BEHALF OF THE BOARD:

D J Booth - Director

14 January 2026

Opinion

We have audited the financial statements of Project Hallelujah Bidco Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 30 April 2025 and of the group's profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

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

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

Auditors' responsibilities for the audit of the financial statements

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

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

As part of our planning process:

- We enquired of management the systems and controls the group and parent company has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud.

- We obtained an understanding of the legal and regulatory frameworks applicable to the group and parent company. We determined that the following were most relevant: FRS 102, Companies Act 2006, health and safety, and employment law.

- We considered the incentives and opportunities that exist in the group and parent company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.

- Using our knowledge of the company, together with the discussions held with the group and parent company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

- Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual.

- Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.

- Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates, in particular in relation to depreciation, bad debt provision, WIP provision, and accrued costs.

- Assessing the extent of compliance, or lack of, with the relevant laws and regulations in particular those that are central to the entities ability to continue in operation.

- Testing key revenue lines, in particular cut-off, for evidence of management bias.

- Obtaining third-party confirmation of material bank balances.

- Documenting and verifying all significant related party and consolidated balances and transactions.

- Reviewing documentation such as the company board minutes, correspondence with solicitors, for discussions of irregularities including fraud.

- Testing all material consolidation adjustments.

Owing 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. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors and management.

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.

Frederick Norman (Senior Statutory Auditor)

for and on behalf of Harold Sharp Limited

Statutory Auditors and Chartered Accountants

5 Brooklands Place

Brooklands Road

Sale

Cheshire

M33 3SD

14 January 2026

TURNOVER

4

45,546,751

38,722,467

Cost of sales

(4,071,966

)

(2,746,681

)

GROSS PROFIT

41,474,785

35,975,786

Administrative expenses

(36,483,256

)

(30,960,967

)

4,991,529

5,014,819

Other operating income

-

889

OPERATING PROFIT

6

4,991,529

5,015,708

Interest receivable and similar income

57,518

30,082

5,049,047

5,045,790

Interest payable and similar expenses

8

(1,449,183

)

(1,278,178

)

PROFIT BEFORE TAXATION

3,599,864

3,767,612

Tax on profit

9

(1,779,082

)

(1,347,220

)

PROFIT FOR THE FINANCIAL YEAR

1,820,782

2,420,392

Profit attributable to:

Owners of the parent

1,721,592

2,427,418

Non-controlling interests

99,190

(7,026

)

1,820,782

2,420,392

PROFIT FOR THE YEAR

1,820,782

2,420,392

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,820,782

2,420,392

Total comprehensive income attributable to:

Owners of the parent

1,721,592

2,427,418

Non-controlling interests

99,190

(7,026

)

1,820,782

2,420,392

FIXED ASSETS

Intangible assets

11

13,325,072

7,939,289

Tangible assets

12

1,002,370

686,654

Investments

13

-

-

14,327,442

8,625,943

CURRENT ASSETS

Debtors

14

26,337,224

22,898,008

Cash at bank and in hand

2,397,003

1,644,674

28,734,227

24,542,682

CREDITORS

Amounts falling due within one year

15

(12,415,889

)

(7,096,422

)

NET CURRENT ASSETS

16,318,338

17,446,260

TOTAL ASSETS LESS CURRENT LIABILITIES

30,645,780

26,072,203

CREDITORS

Amounts falling due after more than one year

16

(25,999,251

)

(23,399,814

)

PROVISIONS FOR LIABILITIES

21

(213,668

)

(127,763

)

NET ASSETS

4,432,861

2,544,626

CAPITAL AND RESERVES

Called up share capital

22

1,895

1,895

Share premium

23

187,605

187,605

Retained earnings

23

4,077,835

2,356,243

SHAREHOLDERS' FUNDS

4,267,335

2,545,743

NON-CONTROLLING INTERESTS

24

165,526

(1,117

)

TOTAL EQUITY

4,432,861

2,544,626

The financial statements were approved by the Board of Directors and authorised for issue on 14 January 2026 and were signed on its behalf by:

D J Booth - Director

FIXED ASSETS

Intangible assets

11

-

-

Tangible assets

12

-

-

Investments

13

25,861,945

25,861,945

25,861,945

25,861,945

CURRENT ASSETS

Debtors

14

4,622,869

6,456

Cash at bank

1,899

4,909

4,624,768

11,365

CREDITORS

Amounts falling due within one year

15

(5,653,728

)

(71,806

)

NET CURRENT LIABILITIES

(1,028,960

)

(60,441

)

TOTAL ASSETS LESS CURRENT LIABILITIES

24,832,985

25,801,504

CREDITORS

Amounts falling due after more than one year

16

(24,281,875

)

(23,087,545

)

NET ASSETS

551,110

2,713,959

CAPITAL AND RESERVES

Called up share capital

22

1,895

1,895

Share premium

23

187,605

187,605

Retained earnings

23

361,610

2,524,459

SHAREHOLDERS' FUNDS

551,110

2,713,959

Company's loss for the financial year

(2,162,849

)

(1,224,886

)

The financial statements were approved by the Board of Directors and authorised for issue on 14 January 2026 and were signed on its behalf by:

D J Booth - Director

Called up

share

Retained

Share

capital

earnings

premium

£

£

£

Balance at 1 May 2023

1,880

(71,175

)

186,120

Changes in equity

Issue of share capital

15

-

1,485

Total comprehensive income

-

2,427,418

-

Balance at 30 April 2024

1,895

2,356,243

187,605

Changes in equity

Total comprehensive income

-

1,721,592

-

1,895

4,077,835

187,605

Acquisition of non-controlling interest

-

-

-

Balance at 30 April 2025

1,895

4,077,835

187,605

Non-controlling

Total

Total

interests

equity

£

£

£

Balance at 1 May 2023

116,825

5,909

122,734

Changes in equity

Issue of share capital

1,500

-

1,500

Total comprehensive income

2,427,418

(7,026

)

2,420,392

Balance at 30 April 2024

2,545,743

(1,117

)

2,544,626

Changes in equity

Total comprehensive income

1,721,592

99,190

1,820,782

4,267,335

98,073

4,365,408

Acquisition of non-controlling interest

-

67,453

67,453

Balance at 30 April 2025

4,267,335

165,526

4,432,861

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 May 2023

1,880

3,749,345

186,120

3,937,345

Changes in equity

Issue of share capital

15

-

1,485

1,500

Total comprehensive income

-

(1,224,886

)

-

(1,224,886

)

Balance at 30 April 2024

1,895

2,524,459

187,605

2,713,959

Changes in equity

Total comprehensive income

-

(2,162,849

)

-

(2,162,849

)

Balance at 30 April 2025

1,895

361,610

187,605

551,110

Cash flows from operating activities

Cash generated from operations

1

6,736,292

2,979,262

Interest paid

(207,270

)

(7,984

)

Tax paid

(2,618,188

)

(710,590

)

Net cash from operating activities

3,910,834

2,260,688

Cash flows from investing activities

Purchase of intangible fixed assets

(131,511

)

-

Purchase of tangible fixed assets

(424,259

)

(417,679

)

Sale of tangible fixed assets

-

396

Business acquisitions

(5,090,755

)

-

Deferred consideration payments

(1,559,248

)

(1,359,546

)

Interest received

57,518

30,082

Net cash from investing activities

(7,148,255

)

(1,746,747

)

Cash flows from financing activities

New loans in year

4,000,000

-

Capital repayments in year

(10,250

)

-

Issue of C Preference Shares

-

1,500

Issue of C Ordinary Shares

-

13,500

Net cash from financing activities

3,989,750

15,000

Increase in cash and cash equivalents

752,329

528,941

Cash and cash equivalents at beginning of year

2

1,644,674

1,115,733

Cash and cash equivalents at end of year

2

2,397,003

1,644,674