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Registered number:
FOR THE YEAR ENDED 30 APRIL 2025
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CONTENTS
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COMPANY INFORMATION
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FOUNDERS' STATEMENT
FOR THE YEAR ENDED 30 APRIL 2025
The chairman presents his statement for the period.
Highlights
Quintessentially (UK) Limited is the main holding company for its Hubs and Partner offices in the UK, Europe, the United States, South America, the Middle East and Asia. The main areas of the business are as follows: • The lifestyle group, serving high net worth individuals both directly and through corporate partnerships • The Quintessentially Agency business (“Q Experiences”), working with a variety of brands and corporates on guest management, insight and promotional events. • Quintessentially Education, and • The Franchise Network Quintessentially (UK) is part of a connected group of companies, including Quintessentially Travel Limited, which operates separately as a bespoke travel agency and luxury tour operator within the ultra-high net worth sector, but which generates most of its revenue from the Quintessentially Group. The combined results for the Quintessentially Group for the year ended 30th April 2025 shows turnover of £43.0m, gross profit of £24.8m and an EBITDA of £0.4m. These results not only represent a further 11% increase in revenues of £4.2m from prior year but also an increase in EBITDA to £0.2m. Whilst these results highlight continued progression to EBITDA profitability, the Group has also focused on an exercise to improve its margins, which incorporated a cost cutting exercise focusing on central costs in particular, and a review and renegotiation of operational contracts. The Group is also working with partners to implement AI solutions to improve efficiency, and respond to both our corporate and private member base more precisely whilst maintaining our exclusive personal service. In the meantime, the Group continues to grow both its private and corporate member base across its Hubs and Partner offices, and has won some significant new corporate contracts in particular, whilst its private member renewal rates are at an encouraging 80% in the current year. This member base underpins the spend across both our branded services such as Quintessentially Travel as well as our commissionable non branded partners, In London, our lifestyle businesses posted results ahead of targets and across our Hubs, our US office had an excellent year supported by a significant contribution from our Events business, whilst the Middle East continues to progress, both in Saudi Arabia with the success of the SPL concierge contract, and a number of high profile events like the Red Sea Film Festival. Dubai continues to renew and win corporate contracts supported by its growing private member base and events business. Our APAC business did not make its budget but a restructure and refocus has yielded more positive results in the current year. It is also important to recognise the performance of our 35 Partner Offices who continue to support our members across the globe and contribute to the Group's success. Recent Trading and Outlook The Group has traded well in the period since 30 April 2025 with revenues significantly ahead of 2024 - 25.
B W Elliot
Director & Founder
Date20 April 2026
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GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2025
The directors present their Strategic Report for the year ended 30 April 2025.
The principal activities of the Group are the provision of lifestyle management, concierge and events planning and coordination for both individuals and corporates through a network of "hub" subsidiary offices and franchise partner offices in over 40 cities across the world. Our target customers are High Net Worth individuals "HNWIs" via our Private membership range of products and blue chip corporate customers via our corporate membership packages.
Financial review The Company is part of a connected group of companies, Quintessentially Travel Limited, which operates as a bespoke travel agency and luxury tour operator to the Quintessentially (UK) Limited member base. The combined results are as follows: Q (UK) Limited Q Travel Limited Total £k £k £k Turnover 2025 33,845 9,339 43,184 2024 29,558 9,219 38,777 Gross Profit 2025 20,222 4,777 24,999 2024 21,195 3,829 25,024 EBITDA 2025 (525) 945 420 2024 (926) 1,073 147 Group turnover increased in the year from £38.8m to £43.2m. The gross profit remained broadly flat but the gross margin decreased from 65% to 58% reflecting the greatly changed mix of revenues. In the year EBITDA has increased by £0.3m to £0.4m. The Group is encouraged by the significant Corporate Contracts won and growth in underlying members which is driving increased business activity across its travel and educational businesses in particular, supported by an expanding Q Experiences business and franchise network. The Group also continues to receive operational and financial support from its shareholders, which is reflected in the loan facilities recorded in the balance sheet, as well as disclosed as subsequent events in these financial statements. The Group continues to monitor developments in the Middle East, including ongoing geopolitical tensions in the region. Given the Group’s operational presence in the UAE, management has performed scenario analysis to assess the potential impact of a range of downside cases on the Group’s operations and financial performance. These scenarios include consideration of possible disruption to regional operations, changes in customer demand and potential supply chain constraints. Based on the analysis performed, the Directors have not identified any material impact on the Group’s trading performance or financial position for the period under review. However, the situation remains inherently uncertain and may evolve rapidly. The Group will continue to monitor developments closely and will take mitigating actions, as appropriate, to manage any potential adverse effects.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
The Directors consider both individually and together that they have acted in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of the members as a whole, and in doing so have regard to:
• the likely consequences of any decision in the long term • the interest of the Company’s employees • the need to foster the Company’s business relationships with suppliers, customers and others • the impact of the Company’s operations on the community and the environment • the desirability of the Company maintaining a reputation for high standards of business conduct • the need to act fairly as between members of the Company The board of directors of the Company (the “Board”) confirms that it has acted to promote the long-term success of the Company for the benefit of its members as a whole whilst having due regard to the matters set out in section 172(1) of the Company Act 2006 (“s172”).
Key stakeholder groups whose interests and needs the Board must regularly consider when making decisions, include our members, clients, employees, and shareholders and regulators. Key decisions and matters that are of strategic importance to the Company are appropriately informed by s172 factors. The examples provided below show how the Board considered the matters set out in s172 in respect of some of the key decisions made in the financial year:
There was no change in the composition of the Board in the year. The major focus of the Board and the Executive Management Team during the financial year was on the core business lines. The Company is closely associated with a charitable foundation “Quintessentially Foundation” which has galvanized a network of donors, friends and partners since 2008 to help with a number of charities, with a focus on helping those in poverty and children particularly in and around London often via smaller charities. The Company helps promote Quintessentially Foundation in various ways, including at certain events for the former’s private members, running fundraising activities, and it encourages its staff to provide voluntary work to the Foundation either within the Company’s paid time (up to 2 days per year) or in their own free time. The Company considers this a vital contribution to the community in which it operates. The company was unable to declare a dividend during the year due to accumulated losses.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
The key risks are described below. The risks are closely monitored and controlled as part of the Company’s risk management framework.
Strategic risk The Board’s strategy is to improve all business areas for the long term success of the Company whilst ensuring safeguards are in place to achieve the best returns for shareholders. The Executive Management Team represents all business areas and is aligned and incentivised to act in the best interests of the Company by having an understanding of risks that may affect the implementation strategy and reduce the prospects of its success. Financial Risk 1) Currency risk The Company is exposed to foreign exchange rate risk. This risk is managed by ensuring that sufficient natural hedges are established between cost and revenue streams to minimise exposure to the Group. The Group does not enter into formal financial hedging arrangements with any financial institutions. 2) Liquidity risk The Company seeks to manage financial risk by ensuring that sufficient liquid assets are available for reasonably foreseeable needs requiring cash investment, so that such matters may be managed prudently and efficiently. 3) Key performance indicators Given the nature of the business, the Company’s and Group directors are of the opinion that analysis using other KPIs is not necessary for an understanding of the development, performance or position of the Company and Group. Revenue and profitability are used to measure the performance of the Company and Group.. See financial review section above. Operational risk There is a risk that an incident which the Company and Group are involved in could cause damage to its infrastructure which could affect its reputation or create financial loss. Cyber risk With the ever-increasing threat of cyber-crime to both businesses and persons, considerable attention is given to this risk throughout the Company and Group. This includes updating the risk assessment, the monitoring of threats and protecting against such risks, ensuring appropriate business continuity plans are in place, as well as continually training and educating our staff as to the risks and their role in protecting the Company and Group. People risk The retention of highly skilled staff, as well as the ability to attract new staff with the appropriate skills and experience, is central to the efficiency and sustainability of the Group’s operations. Legal and regulatory risk The Board continues to encourage all its staff to focus on the long-term interests of the business and treating clients fairly. A culture of legal and regulatory awareness is embedded within the Group by the in-house legal team to mitigate legal and regulatory risk. Reputational risk Reputational risk can arise from, inter alia, adverse operational events which could lead to adverse public opinion generating a detrimental effect on the Company’s ability to retain or generate business. There is a strong emphasis placed on the importance of ethical behaviour and the maintenance of high standards of professionalism.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
The Board is collectively responsible for the long-term success of the Company and Group. The Board sets the Group's strategic aims, within a framework of risk management and internal controls, ensuring that the necessary financial and human resources are in place to enable the Company and Group to meet its objectives.
The Directors of the Company, who held office throughout the financial year, unless otherwise stated, were: I M Birns B W Elliot A T Simpson Committees of the Board Remuneration Committee The Remuneration Committee develops the Group's policy regarding the remuneration of the Executive Management Team and certain other senior staff. Executive Management Team The Executive Management Team consists of the Chief Executive Officer, the Chief Finance Officer and senior business members across the various business activities and across the countries out of which the Group operates. It is responsible for the implementation of initiatives and strategy set by the Board and addressing any immediate business issues on a group wide basis. Future developments On the basis and given the continuing improvement in the pipeline of business and bookings the directors expect the Group's future performance to be strong.
This report was approved by the board on 27 April 2026 and signed on its behalf.
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DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2025
The directors present their report and the financial statements for the year ended 30 April 2025.
The directors who served during the year were:
At a board meeting held on 21 January 2026 I M Burns resigned as a director and S S Pillai was appointed in his place.
The loss for the year, after taxation and minority interests, amounted to £3.1m (2024: £2.1m).
The directors are unable to recommend the payment of a dividend (2024: £Nil).
Future developments and financial risk management are disclosed in the Strategic Report as per Section 414C (11) of the Companies Act 2006.
Going concern For the year ended 30 April 2025, the Group reported a loss after tax of £3.1m (2024: £2.1m), had net current liabilities of £35.3m (2024: £32.2m) and net liabilities of £35.6m (2024: £32.4m). For the same period, the Company reported a profit after tax of £2.5m (2024: loss £0.6m), had net current liabilities of £31.0m (2024: £33.4m) and net liabilities of £21.1m (2024: £23.6m). The directors have assessed the impact on the current business, with particular reference to the letter of support received from one of the main shareholders and lenders. This formal letter indicates their confidence in the business, commitment to provide future financial backing and an extension on existing loan terms and facilities. In addition, the continued growth in revenues underpinned by new business wins and a recently implemented significant cost cutting programme is projected to return the group to profitability into 2026. As a result, the directors have a reasonable expectation that the Group and Company has adequate resources to continue in operation for the next 12 months.
The employees of the Group are systematically provided with information on matters which concern them as employees. Employees or their representation are regularly consulted when decisions are taken which are likely to affect their interests. The Directors continue to provide information to the employees in order to achieve employee awareness of financial and economic factors affecting the Group, this includes regular Town Hall meetings with the CEO.
The Group engages with suppliers, customers and others in a number of ways, including regular communication with them and investing back into its communities through supporting charities and other initiatives. In particular as described more fully in the Group Strategic Report the Company is closely associated with a charitable foundation “Quintessentially Foundation” and continually promotes and closely supports that organisation in a number of ways.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK 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 Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Group's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Details of subsequent events, including the Group's monitoring of geopolitical developments in the Middle East, are set out in the Group Strategic Report.
Under section 487(2) of the Companies Act 2006, Sopher + Co LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
This report was approved by the board on
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF QUINTESSENTIALLY (UK) LIMITED
In our opinion the financial statements:
∙give a true and fair view of the state of the Group's and of the parent Company's affairs as at 30 April 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.
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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
We draw attention to note 2.3 in the financial statements which references Group and Company losses after taxation for the current and preceding year and the net liability position of both the Group and the Company and the reliance of the Group on the continued provision of loan facilities from a principal shareholder. As stated in note 2.3, this situation indicates that a material uncertainty exists that may cast significant doubt on the Group or the Company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.
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. Our evaluation of the directors' assessment of the Group's ability to continue to adopt the going concern basis of accounting included a review of the projections and stress test scenarios prepared by the directors together with the ongoing provision of loan facilities which have been continued to be renewed and extended annually to date.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF QUINTESSENTIALLY (UK) LIMITED (CONTINUED)
The directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
We have nothing to report in respect of the following matters in relation to which 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.
As explained more fully in the Directors' Responsibilities Statement set out on page 8, 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 is 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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF QUINTESSENTIALLY (UK) LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
∙the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
∙we identified the laws and regulations applicable to the Company and Group through discussions with
directors and other management, and from our commercial knowledge and experience of the events, membership clubs, art consulting and property consulting sector;
∙we focused on specific laws and regulations which we considered may have a direct material effect on the
financial statements or the operations of the Company and Group, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
∙we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
∙identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
∙making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
∙considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and
∙understanding the design of the Company’s remuneration policies.
To address the risk of fraud through management bias and override of controls, we:
∙performed analytical procedures to identify any unusual or unexpected relationships
∙tested journal entries to identify unusual transactions;
∙assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
∙investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
∙agreeing financial statement disclosures to underlying supporting documentation;
∙reading the minutes of meetings of those charged with governance
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF QUINTESSENTIALLY (UK) LIMITED (CONTINUED)
∙enquiring of management as to actual and potential litigation and claims; and
∙reviewing correspondence with HMRC, relevant regulators and the Company’s legal advisors.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
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 Auditors' 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 an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants & Statutory Auditors
5 Elstree Gate
Elstree Way
Borehamwood
Hertfordshire
WD6 1JD
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2025
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 21 to 42 form part of these financial statements.
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COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 21 to 42 form part of these financial statements.
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