REGISTERED NUMBER: 15990847 (England and Wales)

Boarcross Holdings Limited

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements

for the Period 1st October 2024 to 30th June 2025

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Consolidated Income Statement

7

Consolidated Balance Sheet

8

Company Balance Sheet

9

Consolidated Statement of Changes in Equity

10

Company Statement of Changes in Equity

11

Consolidated Cash Flow Statement

12

Notes to the Consolidated Cash Flow Statement

13

Notes to the Consolidated Financial Statements

14

DIRECTORS:

Mrs E S Field-Corrigan

Mr T C Field

REGISTERED OFFICE:

Prospect House

Thwing

Driffield

East Yorkshire

YO25 3EA

REGISTERED NUMBER:

15990847 (England and Wales)

AUDITORS:

Smailes Goldie Limited

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

East Yorkshire

HU2 8BA

The directors present their strategic report of the company and the group for the period 1st October 2024 to 30th June 2025.

REVIEW OF BUSINESS

On 25 October 2024 Boarcross Holdings Limited acquired the share capital of Boarcross Limited.

During the period to 30 June 2025 the group has seen a profitable year as a result of pig prices remaining relatively high and contract numbers increasing.

PRINCIPAL RISKS AND UNCERTAINTIES

The principle risks and uncertainties facing the group are the market price for pig meat, disease and level of feed costs.

Financial risk management

The group's operations expose it to a variety of financial risks that include price risk, credit risk, liquidity risk and interest rate risk. The group has in place a risk management programme which seeks to limit adverse effects on the financial performance of the group.

Price risk

The group is exposed to commodity price risk as a result of its operations. This risk is managed through analysis of markets and consultation with reputable agents, suppliers and customers.

Credit risk

The group monitors its risk of bad debts by trading with customers who have good credit records and by having robust internal credit management policies. As a result debtor days are maintained at acceptable levels due to this oversight and bad debts are minimal.

Interest rate risk

At times in the production cycle the group has interest bearing liabilities. The company does no use derivative financial instruments to manage interest rate cost and as such, no hedge accounting is applied. The directors will revisit the appropriateness of this policy should the operations change in size or nature.

Liquidity risk

The group manages liquidity risk by maintaining a balance between the continuity of funding and flexibility through the use of bank current accounts, overdrafts and loans.

GOING CONCERN

The directors have carefully considered the activities of the group for the period of 12 months from the date of approval of these financial statements and the liquid resources available. The directors are of the opinion that there are no material uncertainties regarding the ability of the group to continue to trade as a going concern during this period and accordingly these financial statements have been prepared on the going concern basis.

KEY PERFORMANCE INDICATORS

The following Key Performance Indicators relate to the subsidiary company which holds the group's main trade:

2025

2024

2023

Growth in Revenue

8%

29%

95%

Gross Profit Margin

16%

14%

10%

Net Profit Margin

9%

12%

6%

ON BEHALF OF THE BOARD:

Mrs E S Field-Corrigan - Director

18th June 2026

The directors present their report with the financial statements of the company and the group for the period 1st October 2024 to 30th June 2025.

INCORPORATION

The parent company was incorporated on 1 October 2024.

DIVIDENDS

The total distribution of dividends for the period ended 30 June 2025 was £166,000.

RESEARCH AND DEVELOPMENT

The subsidiary company has been, and still is, undertaking qualifying research and development expenditure to improve the profitability and sustainable ways of producing pork in the farming industry.

DIRECTORS

The directors who have held office during the period from 1st October 2024 to the date of this report are as follows:

Mrs E S Field-Corrigan - appointed 25th October 2024

Mr T C Field - appointed 1st October 2024

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 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 group's auditors are aware of that information.

AUDITORS

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

ON BEHALF OF THE BOARD:

Mrs E S Field-Corrigan - Director

18th June 2026

Opinion

We have audited the financial statements of Boarcross Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 30th June 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 30th June 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 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 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:

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 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, including the Companies Act 2006, tax legislation, data protection, anti-bribery, employment, environmental and health and safety legislation. An understanding of these laws and regulations and the extent of compliance was obtained through discussion with management and inspecting legal and regulatory correspondence.

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 and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

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;

-

enquiring of management as to actual and potential litigation and claims; and

-

reviewing correspondence with relevant regulators and the company's legal advisors.

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.

Matthew Fox FCCA (Senior Statutory Auditor)

for and on behalf of Smailes Goldie Limited

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

East Yorkshire

HU2 8BA

18th June 2026

TURNOVER

23,988,627

Cost of sales

21,198,629

GROSS PROFIT

2,789,998

Administrative expenses

(968,400

)

3,758,398

Other operating income

226,602

OPERATING PROFIT

4

3,985,000

Interest receivable and similar income

62,158

4,047,158

Interest payable and similar expenses

6

61,928

PROFIT BEFORE TAXATION

3,985,230

Tax on profit

7

593,873

PROFIT FOR THE FINANCIAL PERIOD

3,391,357

FIXED ASSETS

Intangible assets

10

(1,378,333

)

Tangible assets

11

6,140,643

Investments

12

-

Investment property

13

77,000

4,839,310

CURRENT ASSETS

Stocks

14

8,487,054

Debtors

15

1,366,497

Investments

16

1,394,641

Cash at bank and in hand

3,298,832

14,547,024

CREDITORS

Amounts falling due within one year

17

6,364,168

NET CURRENT ASSETS

8,182,856

TOTAL ASSETS LESS CURRENT LIABILITIES

13,022,166

CREDITORS

Amounts falling due after more than one year

18

(1,705,746

)

PROVISIONS FOR LIABILITIES

22

(791,063

)

NET ASSETS

10,525,357

CAPITAL AND RESERVES

Called up share capital

23

7,300,000

Retained earnings

24

3,225,357

SHAREHOLDERS' FUNDS

10,525,357

The financial statements were approved by the Board of Directors and authorised for issue on 18th June 2026 and were signed on its behalf by:

Mrs E S Field-Corrigan - Director

FIXED ASSETS

Intangible assets

10

-

Tangible assets

11

-

Investments

12

10,112,500

Investment property

13

-

10,112,500

CREDITORS

Amounts falling due within one year

17

2,312,500

NET CURRENT LIABILITIES

(2,312,500

)

TOTAL ASSETS LESS CURRENT LIABILITIES

7,800,000

CREDITORS

Amounts falling due after more than one year

18

500,000

NET ASSETS

7,300,000

CAPITAL AND RESERVES

Called up share capital

23

7,300,000

SHAREHOLDERS' FUNDS

7,300,000

Company's profit for the financial year

166,000

The financial statements were approved by the Board of Directors and authorised for issue on 17th June 2026 and were signed on its behalf by:

Mrs E S Field-Corrigan - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Changes in equity

Issue of share capital

7,300,000

-

7,300,000

Dividends

-

(166,000

)

(166,000

)

Total comprehensive income

-

3,391,357

3,391,357

Balance at 30th June 2025

7,300,000

3,225,357

10,525,357

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Changes in equity

Issue of share capital

7,300,000

-

7,300,000

Dividends

-

(166,000

)

(166,000

)

Total comprehensive income

-

166,000

166,000

Balance at 30th June 2025

7,300,000

-

7,300,000

Cash flows from operating activities

Cash generated from operations

1

4,910,558

Interest paid

(60,808

)

Interest element of hire purchase payments paid

(1,120

)

Tax paid less refunds

372,732

Net cash from operating activities

5,221,362

Cash flows from investing activities

Purchase of tangible fixed assets

(790,012

)

Purchase of fixed asset investments

(740,437

)

Interest received

62,158

Net cash from investing activities

(1,468,291

)

Cash flows from financing activities

Loan repayments in year

(230,113

)

Capital repayments in year

(17,736

)

Amount withdrawn by directors

(40,390

)

Equity dividends paid

(166,000

)

Net cash from financing activities

(454,239

)

Increase in cash and cash equivalents

3,298,832

Cash and cash equivalents at beginning of period

2

-

Cash and cash equivalents at end of period

2

3,298,832

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

£

Profit before taxation

3,985,230

Depreciation charges

412,849

Amortisation charges

(1,797,310

)

Finance costs

61,928

Finance income

(62,158

)

2,600,539

Increase in stocks

(1,394,745

)

Decrease in trade and other debtors

1,909,945

Increase in trade and other creditors

1,794,819

Cash generated from operations

4,910,558

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 30th June 2025

30/6/25

1/10/24

£

£

Cash and cash equivalents

3,298,832

-

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1/10/24

Cash flow

At 30/6/25

£

£

£

Net cash

Cash at bank and in hand

-

3,298,832

3,298,832

-

3,298,832

3,298,832

Liquid resources

Current asset investments

-

1,394,641

1,394,641

-

1,394,641

1,394,641

Debt

Finance leases

-

(26,615

)

(26,615

)

Debts falling due within 1 year

-

(325,630

)

(325,630

)

Debts falling due after 1 year

-

(1,697,918

)

(1,697,918

)

-

(2,050,163

)

(2,050,163

)

Total

-

2,643,310

2,643,310

1.	STATUTORY INFORMATION

Boarcross Holdings 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 General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value.

Basis of consolidation

The consolidated financial statements include the financial statements of the parent company and its subsidiary undertaking, from the date of acquisition up to 30 June 2025.

The results of the subsidiary are included in total comprehensive income, as appropriate using accounting policies consistent with those of the parent company.

All intra-group transactions, balances, income and expenses are eliminated in full.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover, all of which arose in the United Kingdom, is recognised when the pigs are physically delivered to the customer.

Goodwill

Goodwill, being the difference between net assets at acquisition and consideration paid, is being amortised in line with the assets to which it relates.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Land and buildings

- 5% on reducing balance

Plant and machinery

- 15% on reducing balance

Motor vehicles and tractors

- 20% and 25% on reducing balance

Office equipment

- 33% on reducing balance

Freehold land is not depreciated.

Investment property

Investment properties for which fair value can be measured reliably are measured at fair value at each reporting date. Changes in fair value in the year of transfer from tangible assets are recognised in other comprehensive income, and any subsequent changes in fair value are recognised in profit or loss.

Stocks

Feed stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all costs of purchase and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out basis.

Livestock in stock, which comprises of pigs only, are valued under the cost model in accordance with Section 34 of FRS 102, using the lower of cost and estimated selling price less costs to complete and sell method.

Financial instruments

Basic financial assets including trade and other receivables, cash and bank balances are initially recognised at transaction price and subsequently measured at amortised cost.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Consolidated 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 period 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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

£

Pension costs

40,047

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

Directors

3

The average number of employees by undertakings that were proportionately consolidated during the period was 3 .

2025

2024

£

£

Amount paid to third party for services of a director

42,389

-

£

Directors' remuneration

-

4.	OPERATING PROFIT

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

£

Hire of plant and machinery

42,281

Depreciation - owned assets

400,927

Depreciation - assets on hire purchase contracts

11,922

Goodwill amortisation

(1,797,310

)

Auditors' remuneration

16,685

Auditors' remuneration for non audit work

5,375

Research and development expenditure

3,461,622

5.	EXCEPTIONAL ITEMS

£

Exceptional items

1,580,552

Administrative expenses includes an exceptional item which relates to the release of negative goodwill recognised on the acquisition of the subsidiary. The negative goodwill relates to stock, fixed assets and current asset investments with the element included as an exceptional item relating to the stock sold in the period ending 30 June 2025.

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

£

Bank loan interest

60,808

Hire purchase interest

1,120

61,928

7.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the period was as follows:

£

Current tax:

UK corporation tax

425,670

Deferred tax

168,203

Tax on profit

593,873

UK corporation tax has been charged at 25 % .

Reconciliation of total tax charge included in profit and loss

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

£

Profit before tax

3,985,230

Profit multiplied by the standard rate of corporation tax in the UK of 25 %

996,308

Effects of:

Expenses not deductible for tax purposes

(445,286

)

Depreciation in excess of capital allowances

20,702

Adjustments to tax charge in respect of previous periods

541,393

Research & development tax credit

(519,244

)

Total tax charge

593,873

8.	INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.

9.

DIVIDENDS

£

Ordinary shares of £1 each

Interim

166,000

10.	INTANGIBLE FIXED ASSETS

Group

Goodwill

£

COST

Additions

(3,175,643

)

At 30th June 2025

(3,175,643

)

AMORTISATION

Amortisation for period

(1,797,310

)

At 30th June 2025

(1,797,310

)

NET BOOK VALUE

At 30th June 2025

(1,378,333

)

The above relates to the difference between net assets at the acquisition date (25 October 2024) and the fixed price consideration paid. The assets to which the above relates are stock and fixed assets, and the amortisation is in line with the relevant release to the profit and loss account for these assets.

The company acquired 100% of the issued share capital of Boarcross Limited on 25 October 2024 for total consideration of £10,112,500. The fair value of assets and liabilities acquired were:

£

Fixed assets

5,762,905

Stock

7,092,309

Debtors

3,649,975

Investments

1,394,641

Cash at bank

1,222,063

Creditors

(5,210,891

)

Provision for liabilities

(622,860

)

13,288,143

Total consideration paid

10,112,500

Goodwill arising on acquisition

(3,175,643

)