Company No: SC723387 (Scotland)

Contents

• Company Information
• Group Strategic Report
• Directors' Report
• Directors' Responsibilities Statement
• Independent Auditor's Report
• Consolidated Statement of Comprehensive Income
• Consolidated Balance Sheet
• Company Balance Sheet
• Consolidated Statement of Changes in Equity
• Company Statement of Changes in Equity
• Consolidated Statement of Cash Flows
• Notes to the Consolidated Financial Statements

DIRECTORS	Ricky Clark
	Katrina Clark
	Robert Clark
	Rheanne Clark

SECRETARY

LC Secretaries Limited

REGISTERED OFFICE	9 Ash Grove
	Portlethen
	Aberdeen
	AB12 4XE
	Scotland
	United Kingdom

COMPANY NUMBER

SC723387 (Scotland)

AUDITOR	Hall Morrice LLP
	Statutory Auditor
	6 & 7 Queen's Terrace
	Aberdeen
	AB10 1XL

BANKERS	Bank of Scotland
	48 Upperkirkgate
	Aberdeen
	AB10 1BA

The directors present their Strategic Report for the financial year ended 31 October 2025.

REVIEW OF THE BUSINESS

The group key performance indicators are turnover, gross profit, net profit, cash in hand and net asset position.

The group has seen a turnover of £17.2m (2024 - £16.2m) for the year and the directors are pleased with the performance of the group.

The group generated a gross profit of £3.8m (2024 - £3.8m) with a gross margin of 22% (2024 - 23%).

The group is showing a loss before tax of £1m (2024 - profit of £7.8k).

At the balance sheet date the group had net liabilities of £1.1m (2024 - £104k) and net current liabilities of £455k (2024 - £70k). The group does have a healthy cash position allowing the business to react quickly to any market opportunities or changes.

PRINCIPAL RISKS AND UNCERTAINTIES

The 2025/2026 financial year has started off more promising than the previous year, which was a tough period for the group.

We have increased our dry goods and fish sectors within the business and sales are continuing to grow.

The closure of King Foods mid-February has seen an increase of new accounts being opened.

Challenges for the business will be down to global markets and the cost price of beef and chicken especially. Prices have stabilised but are never to be taken for granted that they will maintain economic stability.

DEVELOPMENT AND PERFORMANCE

The employment of a new sales representative gave us the opportunity to expand our customer base and offer a bigger range of products.

The dry goods range that was introduced has been increasing with the demand to expand further as we develop relationships with our customer base on what they require.

Due to the steady growth of the business, we have created more employment opportunities especially for those unfortunately involved in the closure of other companies in our sector.

The directors are satisfied that the group has performed as well as could be expected in what was a tough financial year. We are committed to continue and develop areas within the business to meet customer requirements and establish itself within the catering butcher Sector in 2026/2027.

Approved by the Board of Directors and signed on its behalf by:

Robert Clark Director

30 July 2026

The directors present their annual report on the affairs of the company and the group, together with the financial statements and auditors’ report, for the financial year ended 31 October 2025.

PRINCIPAL ACTIVITIES

The principal activity of the group during the financial year was that of catering butchers.

DIRECTORS

The directors, who served during the financial year and to the date of this report except as noted, were as follows:

Ricky Clark
Katrina Clark
Robert Clark
Rheanne Clark

AUDITOR

Each of the persons who is a director at the date of approval of this report confirms that:

* So far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware; and

* The director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.


This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.


Hall Morrice LLP have expressed their willingness to continue in office as auditor and appropriate arrangements have been put in place for them to be deemed reappointed as auditors in the absence of an Annual General Meeting.

Approved by the Board of Directors and signed on its behalf by:

Robert Clark Director

30 July 2026

The directors are responsible for preparing the annual report 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), including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”. 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 group and of the profit or loss of the group for that financial period.

In preparing these financial statements, the directors are required to:
* Select suitable accounting policies and then apply them consistently;
* Make judgements and accounting estimates that are reasonable and prudent;
* State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
* 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 company and group's transactions and disclose with reasonable accuracy at any time the financial position of the company and group and enable them to ensure that the financial statements comply with the Companies Act 2006. The directors are also responsible for safeguarding the assets of the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Opinion

We have audited the financial statements of Triple MC Limited (the ‘parent company’) and its subsidiaries (the ‘group’) for the financial year ended 31 October 2025, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity, the Consolidated Statement of Cash Flows, the accounting policies, and the related notes 1 to 22, including 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 of Triple MC Limited (the ‘company’):
* Give a true and fair view of the state of the company and group's affairs as at 31 October 2025 and of the group's loss for the financial year then ended;
* Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"; 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 auditor's 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 and 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.

Emphasis of Matter

Without qualifying our opinion, we draw attention to the going concern accounting policy, which contains further narrative related to the going concern of the group.

Other information


The directors are responsible for the other information. The other information comprises the information in 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
* The Strategic Report and Directors' Report has 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 parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and 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.

Responsibilities of directors

As explained more fully in the Directors’ Responsibilities Statement, 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 and 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 and parent company or to cease operations, or have no realistic alternative but to do so.

Auditor’s 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.

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.

Extent to which the audit was considered capable of detecting irregularities, including fraud

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.

In identifying and assessing the risk of material misstatement due to non-compliance with laws and regulations we have:

* Ensured that the engagement team had the appropriate competence, capabilities and skills to identify or recognise non-compliance with laws and regulations;
* Identified the laws and regulations applicable to the entity through discussions with directors and management and through our own knowledge of the sector;
* Focused on the specific laws and regulations we consider may have a direct effect on the financial statements, including FRS 102, the Companies Act 2006 and tax compliance regulations;
* Focused on the specific laws and regulations we consider may have an indirect effect on the financial statements that are central to the entity's ability to trade including those relating to food safety;
* Reviewed the financial statement disclosures and tested to supporting documentation to assess compliance with applicable laws and regulations;
* Made enquiries of management and inspected legal correspondence; and
* Ensured the engagement team remained alert to instances of non-compliance throughout the audit.

In identifying and assessing the risk of material misstatement due to irregularities, including fraud and how it may occur, and the potential for management bias and the override of controls we have:

* Obtained an understanding of the entity's operations, including the nature of its revenue sources and of its objectives and strategies, to understand the classes of transactions, account balances, expected financial disclosures and business risks that may result in risk of material misstatement;
* Obtained an understanding of the internal controls in place to mitigate risks of irregularities, including fraud;
* Vouched balances and reconciling items in key control account reconciliations to supporting documentation;
* Carried out detailed testing, on a sample basis, to verify the completeness, occurrence, existence and accuracy of transactions and balances;
* Carried out detailed testing to verify the completeness, occurrence, validity, existence and accuracy of income including cut-off testing and ensuring income recognition is in line with stated accounting policies;
* Made enquiries of management as to where they consider there was a susceptibility to fraud, and their knowledge of any actual, suspected or alleged fraud;
* Tested journal entries to identify any unusual transactions;
* Performed analytical procedures to identify any significant or unusual transactions;
* Investigated the business rationale behind any significant or unusual transactions; and
* Evaluated the appropriateness of accounting policies and the reasonableness of accounting estimates.

We did not identify any matters relating to non-compliance with laws and regulations, or relating to fraud.

Because of the inherent limitations of an audit, there is an unavoidable risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk of not detecting a material misstatement due to fraud is inherently more difficult than detecting those that result from error as fraud may involve intentional concealment, forgery, collusion, omission or misrepresentation. In addition, the further removed any non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

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 an auditor’s 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.

David Ewen MA (Hons) CA (Senior Statutory Auditor)
For and on behalf of Hall Morrice LLP
Statutory Auditor

6 & 7 Queen's Terrace
Aberdeen
AB10 1XL

30 July 2026

	Note	2025		2024
		£		£
Turnover	3	17,247,560		16,211,343
Cost of sales		( 13,418,115)		( 12,425,133)
Gross profit		3,829,445		3,786,210
Administrative expenses		( 4,765,970)		( 3,852,440)
Other operating income	4	17,800		167,864
Operating (loss)/profit		( 918,725)		101,634
Interest receivable and similar income	5	1,788		4,083
Interest payable and similar expenses	5	( 25,741)		( 23,762)
Other finance costs	5	( 65,333)		( 74,083)
(Loss)/profit before taxation	6	( 1,008,011)		7,872
Tax on (loss)/profit	10	5,867		( 64,250)
Loss for the financial year		( 1,002,144)		( 56,378)
Other comprehensive income		0		0
Total comprehensive loss		( 1,002,144)		( 56,378)

	Note	2025		2024
		£		£
Fixed assets
Intangible assets	11	248,147		1,143,796
Tangible assets	12	1,575,518		1,736,153
		1,823,665		2,879,949
Current assets
Stocks	14	592,756		677,855
Debtors	15	1,860,422		1,808,440
Cash at bank and in hand		99,608		388,998
		2,552,786		2,875,293
Creditors: amounts falling due within one year	16	( 3,008,099)		( 2,945,131)
Net current liabilities		(455,313)		(69,838)
Total assets less current liabilities		1,368,352		2,810,111
Creditors: amounts falling due after more than one year	17	( 2,332,788)		( 2,739,605)
Provision for liabilities	18	( 141,385)		( 174,183)
Net liabilities		(1,105,821)		(103,677)
Capital and reserves	21
Called-up share capital		400		400
Capital redemption reserve		12,500		12,500
Profit and loss account		( 1,118,721)		( 116,577)
Total shareholders' deficit		(1,105,821)		(103,677)

The financial statements of Triple MC Limited (registered number: SC723387) were approved and authorised for issue by the Board of Directors on 30 July 2026. They were signed on its behalf by:

Robert Clark Director

30 July 2026

	Note	2025		2024
		£		£
Fixed assets
Investments	13	1,194,582		4,759,056
		1,194,582		4,759,056
Current assets
Debtors	15	400		400
		400		400
Creditors: amounts falling due within one year	16	( 448,950)		( 450,389)
Net current liabilities		(448,550)		(449,989)
Total assets less current liabilities		746,032		4,309,067
Creditors: amounts falling due after more than one year	17	( 2,100,000)		( 2,450,000)
Net (liabilities)/assets		(1,353,968)		1,859,067
Capital and reserves	21
Called-up share capital		400		400
Profit and loss account		( 1,354,368)		1,858,667
Total shareholders' (deficit)/funds		(1,353,968)		1,859,067

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The loss of the parent company was £3,213,035 (2024: profit of £353,067).

The financial statements of Triple MC Limited (registered number: SC723387) were approved and authorised for issue by the Board of Directors on 30 July 2026. They were signed on its behalf by:

Robert Clark Director

30 July 2026

	Called-up share capital		Capital redemption reserve		Profit and loss account		Total
	£		£		£		£
At 01 November 2023	400		12,500		( 60,199)		( 47,299)
Loss for the financial year	0		0		( 56,378)		( 56,378)
Total comprehensive loss	0		0		( 56,378)		( 56,378)
At 31 October 2024	400		12,500		( 116,577)		( 103,677)
At 01 November 2024	400		12,500		( 116,577)		( 103,677)
Loss for the financial year	0		0		( 1,002,144)		( 1,002,144)
Total comprehensive loss	0		0		( 1,002,144)		( 1,002,144)
At 31 October 2025	400		12,500		( 1,118,721)		( 1,105,821)

	Called-up share capital		Profit and loss account		Total
	£		£		£
At 01 November 2023	400		1,505,600		1,506,000
Profit for the financial year	0		353,067		353,067
Total comprehensive income	0		353,067		353,067
At 31 October 2024	400		1,858,667		1,859,067
At 01 November 2024	400		1,858,667		1,859,067
Loss for the financial year	0		( 3,213,035)		( 3,213,035)
Total comprehensive loss	0		( 3,213,035)		( 3,213,035)
At 31 October 2025	400		( 1,354,368)		( 1,353,968)

	2025		2024
	£		£
Operating (loss)/profit	( 918,725)		101,634
Adjustment for:
Impairment loss on intangible assets	744,441		0
Depreciation and amortisation	326,283		352,977
Loss on sale of plant and equipment	0		2,951
Operating cash flows before movement in working capital	151,999		457,562
Decrease/(increase) in stocks	85,099		( 84,652)
Increase in debtors	( 51,982)		( 40,097)
Decrease in creditors	( 430,812)		( 375,926)
Cash generated by operations	( 245,696)		( 43,113)
Income taxes paid	( 88,339)		( 56,644)
Interest paid	( 91,074)		( 97,845)
Net cash flows from operating activities	( 425,109)		( 197,602)
Cash flows from investing activities
Proceeds from sale of plant and machinery	5,664		12,265
Purchase of plant and machinery	( 20,104)		( 24,958)
Interest received	1,788		4,083
Net cash flows from investing activities	( 12,652)		( 8,610)
Cash flows from financing activities
Repayments of borrowings	( 51,629)		( 32,836)
Proceeds from borrowings	200,000		220,058
Net cash flows from financing activities	148,371		187,222
Net (decrease) in cash and cash equivalents	( 289,390)		( 18,990)
Cash and cash equivalents at beginning of year	388,998		407,988
Cash and cash equivalents at end of year	99,608		388,998
Reconciliation to cash at bank and in hand:
Cash at bank and in hand at end of year	99,608		388,998
Cash and cash equivalents at end of year	99,608		388,998

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Triple MC Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the group's registered office is 9 Ash Grove, Portlethen, Aberdeen, AB12 4XE, Scotland, United Kingdom.

The principal activities are set out in the Directors' Report.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Financial Reporting Standard 102 (FRS 102) applicable in the UK and Republic of Ireland issued by the Financial Reporting Council and the requirements of the Companies Act 2006.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Triple MC Limited (company) meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it. Exemptions have been taken in relation to share-based payments, financial instruments, presentation of a Cash Flow Statement and remuneration of key management personnel.

Going concern

The financial statements have been prepared on a going concern basis. In assessing the appropriateness of this basis, the directors have considered the group and company’s current financial position, post year end performance, available sources of funding and detailed cash flow forecasts covering at least 12 months from the date of approval of these financial statements.

Since the year end, the group has seen signs of improving trading conditions with sales increasing after closure of a competitor. The group has also benefited from more favourable purchasing terms through participation in a buyers’ group. Operational performance has strengthened through improved efficiencies across the production line, contributing to a reduction in costs. The meat prices in the UK have also become more stable post year end. This has led to an overall increase in gross profit margin. The group continues to maintain a healthy bank balance post year end, further supporting liquidity throughout the assessment period.

The directors considered the £350,000 preference share redemption due in April 2027 by the company. This redemption is ordinarily funded through dividends from its subsidiary company, Gordon McWilliam (Aberdeen) Limited; however, the holder of the preference shares has signed a confirmation that the payment may be deferred if settlement on the due date would adversely affect the group’s ability to continue trading.

Based on these factors and the directors’ cash flow forecasts, the group and company is expected to have sufficient resources to meet its obligations as they fall due. The ability to defer the preference share redemption, if required, provides additional flexibility in managing liquidity. Accordingly, the directors have a reasonable expectation that the group and company has adequate resources to continue in operational existence for at least 12 months from the date of approval of these financial statements and have therefore adopted the going concern basis of accounting.

Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Triple MC Limited together with all entities controlled by the parent company (its subsidiaries).

All financial statements are made up to 31 October 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group's financial statements from the date that control commences until the date that control ceases.

Business combinations

The cost of a business combination is measured at fair value, at the acquisition date, of assets given, liabilities incurred or assumed, and equity instruments issued plus any costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill.

The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably. If the potential consideration subsequently becomes probably and reliable the additional consideration will be treated as an adjustment. Similarly if expected events do not occur the estimate will be adjusted accordingly.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that will be assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the group is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
For defined contribution schemes the amounts charged to the Statement of Comprehensive Income in respect of pension costs and other post-retirement benefits are the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are shown as either accruals or prepayments in the Balance Sheet.

Other long-term employee benefits are measured at the present value of the benefit obligation at the reporting date.

Taxation

Current tax, including UK corporation tax and foreign tax, is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the Balance Sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the Balance Sheet date. Timing differences are differences between the group's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

When the amount that can be deducted for tax for an asset that is recognised in a business combination is less (more) than the value at which it is recognised, a deferred tax liability (asset) is recognised for the additional tax that will be paid (avoided) in respect of that difference. Similarly, a deferred tax asset (liability) is recognised for the additional tax that will be avoided (paid) because of a difference between the value at which a liability is recognised and the amount that will be assessed for tax.

Deferred tax liabilities are recognised for timing differences arising from investments in subsidiaries and associates, except where the group is able to control the reversal of the timing difference and it is probable that it will not reverse in the foreseeable future.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply to the reversal of the timing difference. Deferred tax relating to property, plant and equipment is measured using the revaluation model and investment property is measured using the tax rates and allowances that apply to the sale of the asset.

Where items recognised in the Statement of Comprehensive Income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income.

Current tax assets and liabilities are offset only when there is a legally enforceable right to set off the amounts and the group intends either to settle on a net basis or to realise the asset and settle the liability simultaneously. Deferred tax assets and liabilities are offset only if: a) the group has a legally enforceable right to set off current tax assets against current tax liabilities; and b) the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on the group and the group intends either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered.

Intangible assets

Goodwill

10 years straight line

Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is 10 years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	40 years straight line
Vehicles	33 % reducing balance
Fixtures and fittings	10 - 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The group as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Comprehensive Income over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Comprehensive Income as described below.

Non-financial assets
At each balance sheet date, the group reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the group estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes purchase costs, direct labour, and an appropriate proportion of attributable overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for slow-moving, near expiry goods.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the group becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the group intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the group transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the group, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the group are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the group will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Provisions

Provisions are recognised when the group has a present obligation (legal or constructive) as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, which are described in note 1, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources.
The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the financial year in which the estimate is revised if the revision affects only that period, or in the financial year
of the revision and future periods if the revision affects both current and future periods.

Critical judgements in applying the group’s accounting policies

The following are the critical judgements, apart from those involving estimations (which are dealt with separately below), that the directors have made in the process of applying the group’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

Critical judgement – Stock provisions

The group provides for defective stock and stock losses. The amount recognised as a provision is the best estimate of the stock write off required based on historical experience and current evidence available.

Key source of estimation on uncertainty – useful economic lives of tangible assets

The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. Determination of appropriate useful economic lives is a key judgement and the useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

Key source of estimation uncertainty – bad debt provision

In assessing the recoverability of debtors, amounts falling due within one year, the directors have made the assumption that any impairment resulting from the non-recoverability of the debtors owed to the group will not be in excess of the bad debt provision that has been put in place. The directors believe that the bad debt provision represents an appropriate estimate and as a result no further provisioning is required. The provision is based on reviews of specific balances, including, historic collectability and the aging of the balance.

Key source of estimation uncertainty - going concern assumption

The going concern assumption is a judgement exercised by management.

Key source of estimation uncertainty - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

3. Turnover

Turnover represents the fair value of goods/services provided to customers during the financial year excluding value added tax.

Turnover is wholly attributable to the principal activity of the group and arises solely within the United Kingdom.

4. Other operating income

	2025		2024
	£		£
Government grants receivable	0		131,166
Management fees receivable	17,800		36,698
	17,800		167,864

5. Interest receivable, interest payable and similar charges

	2025		2024
	£		£
Interest receivable and similar income	1,788		4,083
Interest payable and similar expenses	( 25,741)		( 23,762)
Other finance costs	( 65,333)		( 74,083)
	(89,286)		(93,762)

6. (Loss)/profit before taxation

(Loss)/profit before taxation is stated after charging/(crediting):

	2025		2024
	£		£
Depreciation of tangible fixed assets (note 12)	175,075		201,769
Amortisation of intangible assets (note 11)	151,208		151,208
Impairment of intangible assets (note 11)	744,441		0
Government grants	0		( 131,166)
Operating lease rentals	1,921		23,195
Loss on disposal of fixed assets	886		2,951

7. Auditor's remuneration

An analysis of the auditor's remuneration is as follows:

	2025		2024
	£		£
Fees payable to the group’s auditor and its associates for the audit of the group's annual financial statements:	6,000		5,000
Fees payable to the group’s auditor and its associates for other services:
Audit of the accounts of subsidiaries	18,000		15,000
Total audit fees	24,000		20,000
Taxation compliance services	2,000		1,720
Total non-audit fees	2,000		1,720

8. Staff number and costs

	Group		Group
	2025		2024
	Number		Number
The average monthly number of employees (including directors) was:
Admin	11		9
Factory	48		44
Drivers	18		15
Retail shop	4		3
	81		71

Their aggregate remuneration comprised:

	Group		Group
	2025		2024
	£		£
Wages and salaries	2,250,392		2,338,544
Social security costs	232,751		208,346
Other retirement benefit costs	30,828		47,027
	2,513,971		2,593,917

The company had 4 directors during the year (2024: 4).

9. Directors' remuneration

	2025		2024
	£		£
Directors' emoluments	19,136		39,504

10. Tax on (loss)/profit

	2025		2024
	£		£
Current tax on (loss)/profit
UK corporation tax	26,931		84,394
Adjustments in respect of prior years
UK corporation tax	0		3,404
Total current tax	26,931		87,798
Deferred tax
Origination and reversal of timing differences	( 32,798)		( 19,769)
Adjustments in respect of prior periods	0		(3,779)
Total deferred tax	( 32,798)		( 23,548)
Total tax on (loss)/profit	( 5,867)		64,250

Changes to the UK corporation tax rates were substantively enacted as part of Finance Bill 2023 (on 10 January 2023). These changes included an increase in the main rate to 25% from April 2023. Deferred taxes at the balance sheet date, in relation to UK companies, are measured using tax rates enacted as at the balance sheet date (25%).

Tax reconciliation

The tax assessed for the year is higher than (2024: higher than) the standard rate of corporation tax in the UK:

	2025		2024
	£		£
(Loss)/profit before taxation	(1,008,011)		7,872
Tax on (loss)/profit at standard UK corporation tax rate of 25% (2024: 25%)	( 252,003)		1,968
Effects of:
Expenses not deductible for tax purposes	252,134		56,541
Change in unrecognised deferred tax assets	0		( 3,779)
Adjustments in respect of prior years	0		3,404
Fixed asset differences	5,736		5,716
Group relief surrendered	0		400
Total tax charge for year	5,867		64,250

11. Intangible assets

Group

	Goodwill		Total
	£		£
Cost
At 01 November 2024	1,582,081		1,582,081
At 31 October 2025	1,582,081		1,582,081
Accumulated amortisation
At 01 November 2024	438,285		438,285
Charge for the financial year	151,208		151,208
Impairment losses	744,441		744,441
At 31 October 2025	1,333,934		1,333,934
Net book value
At 31 October 2025	248,147		248,147
At 31 October 2024	1,143,796		1,143,796

Amortisation of intangible fixed assets is included in administrative expenses.

12. Tangible assets

Group

	Land and buildings		Vehicles		Fixtures and fittings		Total
	£		£		£		£
Cost
At 01 November 2024	1,825,614		514,671		1,838,400		4,178,685
Additions	0		0		20,104		20,104
Disposals	0		( 56,000)		0		( 56,000)
At 31 October 2025	1,825,614		458,671		1,858,504		4,142,789
Accumulated depreciation
At 01 November 2024	636,434		311,848		1,494,250		2,442,532
Charge for the financial year	41,699		66,124		67,252		175,075
Disposals	0		( 50,336)		0		( 50,336)
At 31 October 2025	678,133		327,636		1,561,502		2,567,271
Net book value
At 31 October 2025	1,147,481		131,035		297,002		1,575,518
At 31 October 2024	1,189,180		202,823		344,150		1,736,153
Leased assets included above:
Net book value
At 31 October 2025	0		52,123		0		52,123
At 31 October 2024	0		80,498		0		80,498

Freehold property with a carrying amount of £1,147,481 (2024 - £1,189,180) have been pledged to secure borrowings of the group. The group is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.

13. Fixed asset investments

Company

	Investments in subsidiaries		Total
	£		£
Cost or valuation before impairment
At 01 November 2024	4,759,056		4,759,056
At 31 October 2025	4,759,056		4,759,056
Provisions for impairment
At 01 November 2024	0		0
Impairment	3,564,474		3,564,474
At 31 October 2025	3,564,474		3,564,474
Carrying value at 31 October 2025	1,194,582		1,194,582
Carrying value at 31 October 2024	4,759,056		4,759,056

Investments in subsidiaries

The company had the following subsidiary undertaking:

Name of entity	Registered office	Principal activity	Class of shares	Ownership 31.10.2025	Ownership 31.10.2024	Held
Gordon McWilliam (Aberdeen) Limited	37 St Clement Street, Aberdeen. AB11 5FU	Butchers	Ordinary	100.00%	100.00%	Direct

14. Stocks

	Group		Group
	2025		2024
	£		£
Stocks	592,756		677,855

15. Debtors

	Group		Group		Company		Company
	2025		2024		2025		2024
	£		£		£		£
Trade debtors	1,774,438		1,730,622		0		0
VAT recoverable	16,261		6,593		0		0
Other debtors	726		726		400		400
Prepayments	68,997		70,499		0		0
	1,860,422		1,808,440		400		400

16. Creditors: amounts falling due within one year

	Group		Group		Company		Company
	2025		2024		2025		2024
	£		£		£		£
Bank loans (secured)	26,090		24,363		0		0
Obligations under finance leases and hire purchase contracts (secured)	29,722		28,709		0		0
Directors loans (note 22)	365,000		165,000		0		0
Other loans	165,930		165,930		0		0
Trade creditors	1,818,996		1,859,045		0		0
Amounts owed to own subsidiaries (note 22)	0		0		26,383		23,156
Amounts owed to related parties (note 22)	38,500		38,500		0		0
Corporation tax	26,410		87,818		0		0
Payroll taxes payable	54,117		56,674		0		0
Accruals	59,118		81,620		0		0
2.50 % Cumulative redeemable preference shares	350,000		350,000		350,000		350,000
Dividends payable	32,667		37,333		0		0
Other creditors	41,549		50,139		72,567		77,233
	3,008,099		2,945,131		448,950		450,389

The bank holds a standard security and floating charge over all assets of the group. There is also a standard security over the premises held by the group at 53 Wellington Street, Aberdeen, AB11 5BT.

17. Creditors: amounts falling due after more than one year

	Group		Group		Company		Company
	2025		2024		2025		2024
	£		£		£		£
Bank loans (secured)	210,771		236,853		0		0
Obligations under finance leases and hire purchase contracts (secured)	22,017		52,752		0		0
2.50 % Cumulative redeemable preference shares	2,100,000		2,450,000		2,100,000		2,450,000
	2,332,788		2,739,605		2,100,000		2,450,000

On 21 April 2022, the company issued 350 2.5% Redeemable preference shares of £10,000 each which include a fixed, cumulative dividend payable at 2.5% per annum. The Redeemable preference shares will be redeemed at a minimum of 35 preference shares per annum on each anniversary of the issue date and all preference shares will be redeemed on the earlier of a realisation, tenth anniversary of issue date or on the appointment of a receiver, liquidator or administrator.

Bank loans
	Group		Group		Company		Company
	2025		2024		2025		2024
	£		£		£		£
Between one and two years	30,140		26,098		0		0
Between two and five years	94,133		89,986		0		0
After five years	86,498		120,769		0		0
	210,771		236,853		0		0
On demand or within one year	26,090		24,363		0		0
	236,861		261,216		0		0

Finance leases
	Group		Group		Company		Company
	2025		2024		2025		2024
	£		£		£		£
Between one and two years	22,017		29,486		0		0
Between two and five years	0		23,266		0		0
After five years	0		0		0		0
	22,017		52,752		0		0
On demand or within one year	29,722		28,709		0		0
	51,739		81,461		0		0

Directors loans
	Group		Group		Company		Company
	2025		2024		2025		2024
	£		£		£		£
Between one and two years	0		0		0		0
Between two and five years	0		0		0		0
After five years	0		0		0		0
	0		0		0		0
On demand or within one year	365,000		165,000		0		0
	365,000		165,000		0		0

Total borrowings including finance leases
	Group		Group		Company		Company
	2025		2024		2025		2024
	£		£		£		£
Between one and two years	52,157		55,584		0		0
Between two and five years	94,133		113,252		0		0
After five years	86,498		120,769		0		0
	232,788		289,605		232,788		289,605
On demand or within one year	420,812		218,072		0		0
	653,600		507,677		0		0

18. Provision for liabilities

Group

	Deferred taxation		Total
	£		£
At 01 November 2024	174,183		174,183
Credited to the Profit and Loss Account	( 32,798)		( 32,798)
At 31 October 2025	141,385		141,385

Deferred tax

	2025		2024
	£		£
Accelerated capital allowances	141,385		174,183
Provision for deferred tax	141,385		174,183

19. Deferred tax

	Group		Group
	2025		2024
	£		£
At the beginning of financial year	( 174,183)		( 197,731)
Credited to the Profit and Loss Account	32,798		23,548
At the end of financial year	( 141,385)		( 174,183)

20. Financial instruments

The carrying values of the group’s financial assets and liabilities are summarised by category below:

	Group		Group
	2025		2024
	£		£
Financial assets
Measured at undiscounted amount receivable
Trade debtors (note 15)	1,774,438		1,730,622
Other debtors (note 15)	326		726
	1,774,764		1,731,348
Financial liabilities
Measured at amortised cost
Bank loans and other loans	( 454,530)		( 427,087)
Cumulative redeemable preference shares (note 17)	( 2,100,000)		( 2,450,000)
Measured at undiscounted amount payable
Trade creditors (note 16)	( 1,818,996)		( 1,859,045)
Other payables (note 16)	( 1,400)		( 1,400)
Amounts owed to related parties (note 16)	( 38,500)		( 38,500)
Amounts owed to directors (note 16)	( 365,000)		( 165,000)
	(4,778,426)		(4,941,032)

The company has taken the exemption from disclosing financial instruments information as described in the accounting policies.

21. Called-up share capital and reserves

	2025		2024
	£		£
Allotted, called-up and not yet paid
100 A ordinary shares of £ 1.00 each	100		100
100 B ordinary shares of £ 1.00 each	100		100
100 C ordinary shares of £ 1.00 each	100		100
100 D ordinary shares of £ 1.00 each	100		100
	400		400
Presented as follows:
Called-up share capital presented as equity	400		400
Called-up share capital presented as liability	2,450,000		2,800,000
	2,450,400		2,800,400

All ordinary shares rank pari passu. No dividend can be paid on the Ordinary shares until all dividends due to the preference shareholders have been paid in full and any redemptions required under the Articles have been paid in full.

The group's other reserves are as follows:

The profit and loss reserve represents cumulative profits or losses, net of dividends paid and other adjustments.

The capital redemption reserve represents amounts arising from the purchase of own share capital.

22. Related party transactions

Transactions with related parties or connected persons

Amounts owed by related parties

	2025		2024
	£		£
Other related parties	30,109		98,106

Amounts owed to related parties

	2025		2024
	£		£
Other related parties	204,430		219,960

Transactions with the entity’s directors (or members of its governing body)

Amounts owed to directors

	2025		2024
	£		£
Directors	365,000		165,000

The director loan is interest free with no set repayment terms.

Transactions with related parties - Sales

	2025		2024
	£		£
Other related parties	1,158,671		1,320,819

Transactions with related parties - Purchases

	2025		2024
	£		£
Other related parties	151,851		148,666