REGISTERED NUMBER: 01262819 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 July 2025

for

Graham and Green Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Income Statement

8

Other Comprehensive Income

9

Statement of Financial Position

10

Statement of Changes in Equity

11

Notes to the Financial Statements

12

DIRECTORS:

Mrs A Graham

J C Graham

Mrs L Graham

D L Murphy

SECRETARY:

D L Murphy

REGISTERED OFFICE:

92 Walcot Street

Bath

Somerset

BA1 5BG

REGISTERED NUMBER:

01262819 (England and Wales)

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

Principal activity

The Company's principal activities are that of retailing of furniture and home furnishings through its website and five stores, three in London, one in Bath and an Outlet attached to our new warehouse in Trowbridge, Wiltshire. The company also have a trade department that sells to hotels and other businesses such as interior design.

BUSINESS REVIEW AND KEY PERFORMANCE INDICATORS

We continued to see difficulties in retail through the whole of last year. Interest rates were slow to reduce which was disappointing and nervousness was evident before the two elections in the UK and US.

This was reflected in the company's performance in this period where sales fell by 10.2%. It is worth noting the company is still 20% higher in its turnover from FY20/21.

Gross margin has improved this year from 44% to 45.5% due to continued improvement on supply chain costs and other cost of sales.

In December we exited our leased warehouse in Chippenham. We moved into this in 2016 but began to outgrow it, and so for this and other reasons led to the purchase of our site in Trowbridge a couple of years ago. Moving forward the cost saving from incurring rent and rates on the old Chippenham site will of course add to our profitability.

We continued to look at ways to improve our B2B operations and launched a new Trade website earlier in the year.

PRINCIPAL RISKS AND UNCERTAINTIES

Retail continues to be a difficult market place.

Customers are more savvy when spending on higher ticket items and often wait for promotions before they spend. Lower interest rate expectations for the near future give cause for optimism that the coming year may improve in that regard as customers mortgages fall allowing more disposable income.

Inflation appears to be under control too so costs should remain reasonably constant.

FINANCIAL RISK MANAGEMENT

We continue to monitor cash flows very closely and make adjustments if and when required. We use foreign exchange contracts to control and mitigate financial risk when prudent to do so. We do not give credit to our Trade Customers so our credit risk is nil. We use cash deposits to earn the highest interest possible but with a reasonable timely access if that ever proved necessary.

FUTURE DEVELOPMENTS

We continue to streamline operations, and look at ways to reduce overheads. Review our range to make sure we add fresh and new offerings to the customer. We are looking to update our IT system as well as replace existing Till hardware in our stores but this will be a 12-24 month process.

ON BEHALF OF THE BOARD:

D L Murphy - Director

16 April 2026

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

DIVIDENDS

The loss for the year, after taxation amounted to £62,090 (2024: £473,503). The total distribution of dividends for the year ended 31 July 2025 was £63,052 (2024: £269,569).

DIRECTORS

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

Mrs A Graham

J C Graham

Mrs L Graham

D L Murphy

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

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

ON BEHALF OF THE BOARD:

D L Murphy - Director

16 April 2026

Opinion

We have audited the financial statements of Graham and Green Limited (the 'company') for the year ended 31 July 2025 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 July 2025 and of its 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the 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 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.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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:

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

Our approach was as follows:

We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK Financial Reporting Standards and UK taxation legislation.

We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.

We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.

We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.

Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.

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.

Simon Cunningham (Senior Statutory Auditor)

for and on behalf of Sumer Auditco Limited

Statutory Auditor

Chartered Accountants

Lennox House

3 Pierrepont Street

Bath

Somerset

BA1 1LB

20 April 2026

TURNOVER

3

12,680,785

14,772,730

Cost of sales

6,715,149

8,202,093

GROSS PROFIT

5,965,636

6,570,637

Administrative expenses

6,186,754

7,226,408

(221,118

)

(655,771

)

Other operating income

4

120,803

-

OPERATING LOSS

6

(100,315

)

(655,771

)

Interest receivable and similar income

43,169

30,658

(57,146

)

(625,113

)

Interest payable and similar expenses

9

4,944

6,547

LOSS BEFORE TAXATION

(62,090

)

(631,660

)

Tax on loss

10

-

-

LOSS FOR THE FINANCIAL YEAR

(62,090

)

(631,660

)

LOSS FOR THE YEAR

(62,090

)

(631,660

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(62,090

)

(631,660

)

Note

Prior year adjustment

12

(158,157

)

TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT

(220,247

)

FIXED ASSETS

Intangible assets

13

103,970

148,038

Tangible assets

14

173,606

278,155

277,576

426,193

CURRENT ASSETS

Stocks

15

2,897,768

3,253,241

Debtors

16

1,626,706

1,188,032

Cash at bank and in hand

1,439,666

1,224,003

5,964,140

5,665,276

CREDITORS

Amounts falling due within one year

17

2,242,963

2,179,348

NET CURRENT ASSETS

3,721,177

3,485,928

TOTAL ASSETS LESS CURRENT LIABILITIES

3,998,753

3,912,121

CREDITORS

Amounts falling due after more than one year

18

211,774

-

NET ASSETS

3,786,979

3,912,121

CAPITAL AND RESERVES

Called up share capital

20

3,484

3,484

Share premium

21

311,348

311,348

Retained earnings

21

3,472,147

3,597,289

SHAREHOLDERS' FUNDS

3,786,979

3,912,121

The financial statements were approved by the Board of Directors and authorised for issue on 16 April 2026 and were signed on its behalf by:

D L Murphy - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 August 2023

3,484

4,498,518

311,348

4,813,350

Changes in equity

Dividends

-

(269,569

)

-

(269,569

)

Total comprehensive income

-

(473,503

)

-

(473,503

)

Balance at 31 July 2024

3,484

3,755,446

311,348

4,070,278

Prior year adjustment

-

(158,157

)

-

(158,157

)

As restated

3,484

3,597,289

311,348

3,912,121

Changes in equity

Dividends

-

(63,052

)

-

(63,052

)

Total comprehensive income

-

(62,090

)

-

(62,090

)

Balance at 31 July 2025

3,484

3,472,147

311,348

3,786,979

1.	STATUTORY INFORMATION

Graham and Green Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Going concern

At the balance sheet date, the company made a loss after tax for the year of £62,090 (2024 loss £475,503), and net current assets at that date of £3,721,177 (2024 £3,485,928 restated) and net assets of £3,786,979 (2024 £3,912,121 restated).

The Directors believe the company has sufficient cash reserves which will enable it to continue to meet its liabilities as they fall due for at least the next twelve months from the date of approving these financial statements.

Financial Reporting Standard 102 - reduced disclosure exemptions

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

•

the requirements of Section 7 Statement of Cash Flows.

Significant judgements and estimates

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:

Stock provision

This is based on review of year end stock for old, damaged and slow moving stock. A provision is made when the realisable value of items is considered to be lower than the carrying value.

Provisions

Provisions are liabilities of uncertain timing or amount and therefore in making a reliable estimate of the value and timing of liabilities judgement is applied and re-evaluated at each reporting date.

A provision is recognised in the balance sheet when the Company has a present legal or constructive obligation as a result of a past event, that can be reliably measured and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cashflows at a pre-tax rate that reflects risk specific to the liability. Provisions that relate to onerous contracts are not discounted.

Turnover

Turnover represents the amounts (excluding Value Added Tax) derived from the provision of goods to customers during the year. Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Trademarks are being amortised evenly over their estimated useful life of ten years.

Website development costs is being amortised evenly over its estimated useful life of five years.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the costs of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives range as follows:

Improvements to property

- 3 - 14 years straight line over the remaining term of the respective leases

Fixtures and fittings

- 3 - 5 years straight line

Motor vehicles

- 4 years straight line

Computer equipment

- 4 years straight line

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 the Statement of Income and Retained Earnings.

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimates selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the 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 year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Operating leases: the company as lessee

Rentals paid under operating leases are charged to the Statement of Income and Retained Earnings on a straight line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset

The Company has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 01 August 2016 to continue to be charged over the period to the first market rent review rather than the term of the lease.

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of Income and Retained Earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

3.

TURNOVER

The turnover and loss before taxation are attributable to the one principal activity of the company.

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

2025

2024

as

restated

£

£

Sale of goods

12,680,785

14,772,730

12,680,785

14,772,730

An analysis of turnover by geographical market is given below:

2025

2024

as

restated

£

£

United Kingdom and Ireland

12,680,785

14,772,730

12,680,785

14,772,730

4.	OTHER OPERATING INCOME

2025

2024

as

restated

£

£

Exceptional items

120,803

-

Settlement was reached and signed on 5th December 2025 regarding the on-going dispute on the roof of the former warehouse at Bumpers Farm, Chippenham.

5.	EMPLOYEES AND DIRECTORS

2025

2024

as

restated

£

£

Wages and salaries

2,503,191

2,726,667

Social security costs

204,564

210,020

Other pension costs

71,317

81,714

2,779,072

3,018,401

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

2025

2024

as

restated

Average number of employees

89

103

2025

2024

£

£

Directors emoluments

297,255

219,558

Company contributions to money purchase pension plans

42,840

41,724

The highest paid director received remuneration of £105,258 (2024: £102,511).

The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £14,202 (2024: £13,908).

Retirement benefits were accruing to 3 directors (2024: 3) in respect of defined contribution pension schemes.

6.	OPERATING LOSS

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

2025

2024

as

restated

£

£

Hire of plant and machinery

51,159

62,730

Depreciation - owned assets

119,477

126,314

Loss on disposal of fixed assets

-

15,006

Trademarks amortisation

543

543

Website development costs amortisation

43,525

45,818

Foreign exchange differences

2,476

(7,271

)

7.	AUDITORS' REMUNERATION

31.7.25

31.7.24

£

£

For audit services

14,500

13,800

For non-audit services

2,425

2,325

8.	EXCEPTIONAL ITEMS

2025

2024

as

restated

£

£

Exceptional items

120,803

-

Settlement was reached and signed on 5th December 2025 regarding the on-going dispute on the roof of the former warehouse at Bumpers Farm, Chippenham.

9.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

as

restated

£

£

Bank interest

4,944

6,547

10.

TAXATION

Analysis of the tax charge

No liability to UK corporation tax arose for the year ended 31 July 2025 nor for the year ended 31 July 2024.

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2025

2024

as

restated

£

£

Loss before tax

(62,090

)

(631,660

)

Loss multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

(15,523

)

(157,915

)

Effects of:

Depreciation in excess of capital allowances

22,779

8,823

Other

2,603

2,617

Loss carried forward

(9,859

)

106,936

Prior year adjustment on stock

-

39,539

Total tax charge

-

-

11.

DIVIDENDS

2025

2024

as

restated

£

£

Ordinary Shares shares of 1 each

Final

63,052

269,569

12.	PRIOR YEAR ADJUSTMENT

A variance in stock for 2024 was identified during the audit but no adjustment was made as it was of an immaterial value at that point.

With further investigation, the amount has increased to £158,157 and been identified as being event sale stock that was cleared in prior years but balances were left in the stock ledgers in error.

13.	INTANGIBLE FIXED ASSETS

Website

development

Trademarks

costs

Totals

£

£

£

COST

At 1 August 2024

and 31 July 2025

8,573

411,485

420,058

AMORTISATION

At 1 August 2024

5,016

267,004

272,020

Amortisation for year

543

43,525

44,068

At 31 July 2025

5,559

310,529

316,088

NET BOOK VALUE

At 31 July 2025

3,014

100,956

103,970

At 31 July 2024

3,557

144,481

148,038