REGISTERED NUMBER: 15769177 (England and Wales)

Ramsey Timber Group Holdings Limited

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the period

10 June 2024 to 30 September 2025

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

8

Consolidated Income Statement

12

Consolidated Other Comprehensive Income

13

Consolidated Balance Sheet

14

Company Balance Sheet

15

Consolidated Statement of Changes in Equity

16

Company Statement of Changes in Equity

17

Consolidated Cash Flow Statement

18

Notes to the Consolidated Cash Flow Statement

19

Notes to the Consolidated Financial Statements

21

DIRECTORS:

J W R Ramsey

J M S Ramsey

REGISTERED OFFICE:

Unit 6 Whitehead Business Park

Holland Street

Bradford

West Yorkshire

BD4 8BH

REGISTERED NUMBER:

15769177 (England and Wales)

AUDITORS:

Walkers Accountants Limited

Statutory Auditor and Chartered Accountants

Aireside House

Aireside Business Centre

Royd Ings Avenue

Keighley

West Yorkshire

BD21 4BZ

The directors present their strategic report of the company and the group for the period 10 June 2024 to 30 September 2025.

REVIEW OF BUSINESS

The principal activity of the parent company during the year was that of holding company, trading from its registered office, Unit 6 Whitehead Business Park, Bradford, West Yorkshire, BD4 8BH.

During the period the company acquired an intermediary subsidiary.

The principal activity of the intermediate subsidiary during the year was that of rental property company, trading from its registered office, Unit 6 Whitehead Business Park, Bradford, West Yorkshire, BD4 8BH.

The principal activity of the trading subsidiary company during the year was that of timber merchants and processors, trading from its registered office, Unit 6 Whitehead Business Park, Bradford, West Yorkshire, BD4 8BH.

The directors aim to present a balanced and comprehensive view of the development and performance of the business during the year and its position at the year end. The review is consistent with the size and non-complex nature of the business and is written in the context of the risks and uncertainties faced.

The current trading year saw sales for the subsidiary fall by 2.7% - Which is a positive result in what was a very challenging year.

It was pleasing to see that our overheads have been tightly controlled, which has resulted in a gross profit margin of 20.9%.

Consumer confidence continues to be subdued, and we have again set a conservative budget for the financial year 2025/26.

The cost of living crisis, changes to tax rates for both National Insurance and the Minimum Wage will have the adverse effect of reducing our margin in the future.

We continue to strive to keep our overheads within the set budgets, through internal productivity improvements and our commitment to invest in new capital equipment.

We are being cautious and are using our Credit Insurance to trade within the limits we are allocated.

PRINCIPAL RISKS AND UNCERTAINTIES

Although the sawmills have been faced with falling global demand, we did not see raw material prices fall as we would have expected.

Sawmills are facing similar overhead challenges as ourselves and are still having to pay very high log prices.

The major issue for 25/26 is the war in Iran. The effect on raw material prices has been substantial.

Chipboard / MDF prices have risen alarming quickly and in the case of raw chipboard, have increased by nearly 20% in 6 months. These industries are very large energy consumers and have put up prices to reflect this. Transport levies have been imposed on virtually all the products we buy.

High interest rates, rising fuel / energy prices and the lack of activity in the housing market is making 2026 a challenging time for the business.

Our margins mean we will need to increase prices in 2026. The effect on sales remains uncertain, as household disposable income is currently limited.

The market we believe will remain subdued and don't foresee an upturn until 2028.

Lead-times on new machinery continues to be long. This makes investment decisions difficult in the current economic climate. Along with this the prices for replacement/ new equipment have risen dramatically, making it more difficult to justify a return on investment.

Further increases to the minimum wage creates challenges, as the gap between fully trained operatives and new starters reduces. This will remain an issue in the future.

To try and protect against rising electricity costs the company has invested a substantial amount of money in installing solar panels throughout the site.

This is a long term investment that should pay dividends in the future.

Financial risk

The business is comfortable that it is generating sufficient margin/cash-flow to cover all eventualities. The company has very limited exposure to financial risks that include the effect of changes in credit, liquidity and interest rate risk.

Credit risk

The company has a policy of insuring customer accounts. All our major customers are fully covered and we monitor and stick to the terms offered under our insurance cover, with supervision from directors.

Liquidity risk

This is managed by cashflow projections used to ensure that sufficient funds are available to meet amounts as and when due, to take advantage of any discounts available.

The directors believe that the company has sufficient funds available to support its activities in the future.

FUTURE DEVELOPMENTS

As we have done over the years, investments in capital equipment will continue to be a critical part of the overall business plan. Most machines now are bespoke, given our need to manufacture unique products at low cost.

During the period we invested further in machinery to improve efficiency and reduce labour.

The arrival of our first Robot assembly machine has led us to place a further order for a Robotic system. We have 2 further projects that are being considered for year 2026/27.

KEY PERFORMANCE INDICATORS

The key financial performance indicators are those that communicate the financial performance and strength of the company as a whole. These are turnover, gross margin and shareholder funds.

- Turnover of £22,794,300 generated for the year.

- Gross Profit Margin of 20.9% as described in the Review of Business.

- Shareholder funds at the end of the period are £12,556,838.

RESEARCH AND DEVELOPMENT

As our customers look for unique products to sell, we have concentrated our R & D focus on designing and bringing to market our ideas that enable them to offer something new and bespoke to themselves. This is proving successful and will continue to concentrate our efforts in this direction.

After our first investment into robotics in 2024/25 - our focus will be to design and develop further bespoke systems to improve the productivity in our value-added department. This is ongoing and we are working on several projects for 2026 and 2027.

GOING CONCERN

At the balance sheet date the group had net current liabilities of £77k, however had overall net assets of £12,556,838. The group net liabilities are generated due to the deferred consideration on the purchase of the the intermediate subsidiary which is payable on demand.

In reaching their conclusion, the directors have considered their current trading information and their cashflows that cover a period of no less than 12 months from the date of approval.

The company has maintained significant liquid balances to continue operationally for a period of no less than 12 months from the date of approval of the financial statements.

ON BEHALF OF THE BOARD:

J W R Ramsey - Director

9 June 2026

The directors present their report with the financial statements of the company and the group for the period 10 June 2024 to 30 September 2025.

INCORPORATION

The group was incorporated on 10 June 2024 and commenced trading on the same date.

DIVIDENDS

Interim dividends per the respective classes of ordinary share capital of £1 each were paid as follows during the year:

Ramsey Timber Group Holdings Limited:

Paid 20th September 2024

- A dividend of £4,200 per share was paid on ordinary shares of £1 each class "A"

- A dividend of £3,000 per share was paid on ordinary shares of £1 each class "B"

Paid 2nd January 2025

- A dividend of £900 per share was paid on ordinary shares of £1 each class "A"

Paid 7th April 2025

- A dividend of £1,175 per share was paid on ordinary shares of £1 each class "A"

Paid 30th June 2025

- A dividend of £1,175 per share was paid on ordinary shares of £1 each class "A"

Paid 9th September 2025

- A dividend of £4,200 per share was paid on ordinary shares of £1 each class "A"

- A dividend of £3,000 per share was paid on ordinary shares of £1 each class "B"

The total distribution of dividends for the year ended 30th September 2025 was £176,250.

Peter Ramsey & Sons Limited:

Paid 20th September 2024

- A dividend of £0.39246 per share was paid on ordinary shares of £1 each class "B"

- A dividend of £0.16761 per share was paid on ordinary shares of £1 each class "C"

Paid 11th November 2024

- A dividend of £0.27739 per share was paid on ordinary shares of £1 each class "D"

Paid 2nd January 2025

- A dividend of £0.39246 per share was paid on ordinary shares of £1 each class "B"

- A dividend of £0.16761 per share was paid on ordinary shares of £1 each class "C"

Paid 7th April 2025

- A dividend of £0.43247 per share was paid on ordinary shares of £1 each class "A"

- A dividend of £0.41699 per share was paid on ordinary shares of £1 each class "B"

- A dividend of £0.19214 per share was paid on ordinary shares of £1 each class "C"

Paid 30th June 2025

- A dividend of £0.41699 per share was paid on ordinary shares of £1 each class "B"

- A dividend of £0.17987 per share was paid on ordinary shares of £1 each class "C"

Paid 20th September 2025

- A dividend of £0.36793 per share was paid on ordinary shares of £1 each class "B"

- A dividend of £0.17987 per share was paid on ordinary shares of £1 each class "C"

Peter Ramsey & Sons (Denholme) Timber Limited:

Paid 30th September 2024

- A dividend of £45,000 per share was paid on ordinary shares of £1 each class "B"

Paid 30th September 2025

- A dividend of £65,000 per share was paid on ordinary shares of £1 each class "B"

The total Group distribution of dividends for the year ended 30th September 2025 was £657,750

DIRECTORS

The directors who have held office during the period from 10 June 2024 to the date of this report are as follows:

J W R Ramsey - appointed 10 June 2024

J M S Ramsey - appointed 27 June 2024

Both the directors who are eligible offer themselves for election at the forthcoming first Annual General Meeting.

DISCLOSURE IN THE STRATEGIC REPORT

The Business Review, Key Performance Indicators, Future Developments and Principle Risks and Uncertainties statements are disclosed within the 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;

-	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, Walkers Accountants Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

J W R Ramsey - Director

9 June 2026

Opinion

We have audited the financial statements of Ramsey Timber Group Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 30 September 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 September 2025 and of the group's profit for the period then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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:

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. Based on our understanding of the company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation, anti-money laundering regulation.

To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:

- Inquiring of management and, where appropriate, those charged with governance, as to whether the company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;

- Inspecting correspondence, if any, with relevant licensing or regulatory authorities;

- Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and

- Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud.

We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation and the Companies Act 2006.

In addition, we evaluated the directors' and management incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of override of controls, and determined that the principal risks related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, revenue recognition (which we pinpointed to the cut off assertion), and significant one-off or unusual transactions.

Our audit procedures in relation to fraud included but were not limited to:

- Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;

- Gaining an understanding of the internal controls established to mitigate risks related to fraud;

- Discussing amongst the engagement team the risks of fraud; and

- Addressing the risks of fraud through management override of controls by performing journal entry testing.

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

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.

Michael Procter (Senior Statutory Auditor)

for and on behalf of Walkers Accountants Limited

Statutory Auditor and Chartered Accountants

Aireside House

Aireside Business Centre

Royd Ings Avenue

Keighley

West Yorkshire

BD21 4BZ

9 June 2026

TURNOVER

3

22,794,300

Cost of sales

(17,166,864

)

GROSS PROFIT

5,627,436

Distribution costs

(962,265

)

Administrative expenses

(2,850,327

)

1,814,844

Other operating income

291,469

OPERATING PROFIT

5

2,106,313

Interest receivable and similar income

39,025

2,145,338

Interest payable and similar expenses

6

(1,743

)

PROFIT BEFORE TAXATION

2,143,595

Tax on profit

7

(671,392

)

PROFIT FOR THE FINANCIAL PERIOD

1,472,203

Profit attributable to:

Owners of the parent

675,503

Non-controlling interests

796,700

1,472,203

PROFIT FOR THE PERIOD

1,472,203

OTHER COMPREHENSIVE INCOME

-

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

1,472,203

Total comprehensive income attributable to:

Owners of the parent

675,503

Non-controlling interests

796,700

1,472,203

FIXED ASSETS

Intangible assets

11

2,451,153

Tangible assets

12

10,722,861

Investments

13

-

13,174,014

CURRENT ASSETS

Stocks

14

2,202,908

Debtors

15

2,697,941

Cash at bank

1,434,085

6,334,934

CREDITORS

Amounts falling due within one year

16

(6,412,162

)

NET CURRENT LIABILITIES

(77,228

)

TOTAL ASSETS LESS CURRENT LIABILITIES

13,096,786

CREDITORS

Amounts falling due after more than one year

17

(108,812

)

PROVISIONS FOR LIABILITIES

21

(431,136

)

NET ASSETS

12,556,838

CAPITAL AND RESERVES

Called up share capital

22

20

Share premium

23

3,321,636

Retained earnings

23

2,144,971

SHAREHOLDERS' FUNDS

5,466,627

NON-CONTROLLING INTERESTS

24

7,090,211

TOTAL EQUITY

12,556,838

The financial statements were approved by the Board of Directors and authorised for issue on 9 June 2026 and were signed on its behalf by:

J W R Ramsey - Director

FIXED ASSETS

Intangible assets

11

-

Tangible assets

12

-

Investments

13

8,413,814

8,413,814

CURRENT ASSETS

Cash at bank

1,105,390

CREDITORS

Amounts falling due within one year

16

(4,192,158

)

NET CURRENT LIABILITIES

(3,086,768

)

TOTAL ASSETS LESS CURRENT LIABILITIES

5,327,046

CAPITAL AND RESERVES

Called up share capital

22

20

Share premium

23

3,321,636

Retained earnings

23

2,005,390

SHAREHOLDERS' FUNDS

5,327,046

Company's profit for the financial year

2,181,640

The financial statements were approved by the Board of Directors and authorised for issue on 9 June 2026 and were signed on its behalf by:

J W R Ramsey - Director

Called up

share

Retained

Share

capital

earnings

premium

£

£

£

Changes in equity

Issue of share capital

20

-

3,321,636

Dividends

-

(657,750

)

-

Total comprehensive income

-

675,503

-

20

17,753

3,321,636

Acquisition of non-controlling interest

-

-

-

Balance at 30 September 2025

20

17,753

3,321,636

Non-controlling

Total

Total

interests

equity

£

£

£

Changes in equity

Issue of share capital

3,321,656

-

3,321,656

Dividends

(657,750

)

-

(657,750

)

Total comprehensive income

675,503

796,700

1,472,203

3,339,409

796,700

4,136,109

Acquisition of non-controlling interest

-

6,293,511

6,293,511

Balance at 30 September 2025

3,339,409

7,090,211

10,429,620

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Changes in equity

Issue of share capital

20

-

3,321,636

3,321,656

Dividends

-

(176,250

)

-

(176,250

)

Total comprehensive income

-

2,181,640

-

2,181,640

Balance at 30 September 2025

20

2,005,390

3,321,636

5,327,046

Cash flows from operating activities

Cash generated from operations

1

477,485

Interest paid

(1,743

)

Tax paid

(329,000

)

Net cash from operating activities

146,742

Cash flows from investing activities

Purchase of tangible fixed assets

(511,958

)

Sale of tangible fixed assets

77,382

Acquisition of subsidiary

2,640,948

Deferred consideration paid

(300,000

)

Interest received

39,025

Net cash from investing activities

1,945,397

Cash flows from financing activities

Capital repayments in year

(304

)

Equity dividends paid

(657,750

)

Net cash from financing activities

(658,054

)

Increase in cash and cash equivalents

1,434,085

Cash and cash equivalents at beginning of period

2

-

Cash and cash equivalents at end of period

2

1,434,085

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

£

Profit before taxation

2,143,595

Depreciation charges

1,181,062

Profit on disposal of fixed assets

(996

)

Government grants

(16,044

)

Finance costs

1,743

Finance income

(39,025

)

3,270,335

Increase in stocks

(2,202,908

)

Increase in trade and other debtors

(2,697,941

)

Increase in trade and other creditors

2,107,999

Cash generated from operations

477,485

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Period ended 30 September 2025

30.9.25

10.6.24

£

£

Cash and cash equivalents

1,434,085

-

3.	ANALYSIS OF CHANGES IN NET DEBT

Other

non-cash

At 10.6.24

Cash flow

changes

At 30.9.25

£

£

£

£

Net cash

Cash at bank

-

1,434,085

1,434,085

-

1,434,085

1,434,085

Debt

Finance leases

-

304

(28,800

)

(28,496

)

Debts falling due

within 1 year

-

300,000

(4,492,158

)

(4,192,158

)

-

300,304

(4,520,958

)

(4,220,654

)

Total

-

1,734,389

(4,520,958

)

(2,786,569

)

4.	ACQUISITION OF BUSINESS

During the year the group acquired Peter Ramsey & Sons Limited. The fair value of the assets liabilities assumed were as followings:

£

Net assets acquired

11,902,714

Non controlling interest

(6,293,511

)

Goodwill

2,804,611

Total purchase price

8,413,814

Less

Cash of Peter Ramsey & Sons Limited

1,280,708

Non cash consideration

4,492,158

Cash flow on acquisition net of cash acquired

2,604,415