REGISTERED NUMBER: SC069588 (Scotland)

Strategic Report,

Report of the Directors and

Financial Statements

for the Year Ended 30 November 2025

for

J. & J.G. Dickson & Son Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Income Statement

8

Other Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

15

DIRECTORS:

J S Dickson

Mrs N Miller

SECRETARY:

Mrs J Dickson

REGISTERED OFFICE:

35 Mitchell Arcade

Rutherglen

Glasgow

G73 2LS

REGISTERED NUMBER:

SC069588 (Scotland)

AUDITORS:

O'Haras Accountants Limited (Statutory Auditor)

Radleigh House

1 Golf Road

Clarkston

Glasgow

G76 7HU

The directors present their strategic report for the year ended 30 November 2025.

The principal activity of the company throughout the year was the operation of a chain of retail pharmacies, located within local communities.

REVIEW OF BUSINESS

The directors are satisfied with the performance of the business throughout the year. The company's key performance indicators are turnover and gross profit margin.

Turnover for the year was £14,739,187 (2024 £13,559,216) and gross profit margin was 46% (2024 43%). Economies of scale have been achieved via investment in software and machinery, as well as the development of home delivery services, with the company operating nine pharmacy branches at the balance sheet date.

The company intends to continue to strive for operational efficiencies to further increase dispensing volumes and to mitigate the risk of a reduction in gross profit margin.

PRINCIPAL RISKS AND UNCERTAINTIES

While the directors are satisfied with the company's performance they continue to monitor the industry as a whole to ensure an awareness of the macroeconomic factors affecting the business, and are confident that the business can adapt quickly to changes in the circumstances affecting their marketplace.

Risks are formally reviewed by the directors and appropriate processes are put in place to monitor and mitigate them.

Competition:

Targeting of patients by mail order pharmacies, means that the company has to strive to retain patients and customers. Investment in expanding and improving services, as well as in people, has helped to maintain customer loyalty in a competitive market.

People:

The company recognises that it's success is achieved by the ability and effort of its staff, particularly of qualified pharmacists. Staff retention is monitored closely and initiatives such as training and development and employee incentive programmes are utilised.

ON BEHALF OF THE BOARD:

J S Dickson - Director

26 August 2026

The directors present their report with the financial statements of the company for the year ended 30 November 2025.

DIVIDENDS

No dividends will be distributed for the year ended 30 November 2025.

DIRECTORS

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

J S Dickson

Mrs N Miller

Other changes in directors holding office are as follows:

J G Dickson ceased to be a director after 30 November 2025 but prior to the date of this report.

The Company has made qualifying third-party indemnity provisions for the benefit of its directors which were made during the year and remain in force at the date of this report.

POLITICAL DONATIONS AND EXPENDITURE

Donations of £4,105 have been made in year to a number of charities. There were no political donations.

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the

financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act

2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have

taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the

company's auditors are aware of that information.

AUDITORS

The auditors, O'Haras Accountants Limited (Statutory Auditor), will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

J S Dickson - Director

26 August 2026

Opinion

We have audited the financial statements of J. & J.G. Dickson & Son Limited (the 'company') for the year ended 30 November 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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).

We have audited the financial statements of J. & J.G. Dickson & Son Limited (the 'company') for the year ended 30 November 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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, except for the possible effects of the matters described in the Basis for qualified opinion section of our report, the financial statements:

- Give a true and fair view of the state of the company's affairs as at 30 November 2025 and of its profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Except as discussed in the following paragraph, we conducted our audit in accordance with International Standards on Auditing. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management. We believe that our audit provides a reasonable basis for our opinion.

We did not observe the physical counting of inventories as at 30 November 2025, placing reliance on third-party experts in pharmacy inventory valuation. Owing to the nature of the Company's records, we were unable to satisfy ourselves as to inventory quantities by audit procedure with respect to the pharmacy branches for which inventories were assessed four and five days prior to the year end.

In our opinion, except for the effects of such adjustments, if any, as might have been determined to be necessary had we been able to satisfy ourselves as to physical inventory quantities, the financial statements give a true and fair view of the financial position of the Company as of 30 November 2025.

Conclusions relating to going concern

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

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

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates.

We made enquiries of management as to whether there were any known or suspected instances of non-compliance with laws and regulations or fraud, and reviewed available board minutes for any indication of such matters.

We gained an understanding of management's internal controls designed to prevent and detect irregularities in their day-to-day operations.

We considered the company’s revenue recognition policy and performed substantive tests to confirm the completeness of revenue reported.

We considered laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, UK GAAP, the Companies Act 2006 and UK tax legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement components. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of relevant third parties.

We considered how fraud might occur in this company and designed our tests accordingly.

We preformed audit work to address the risk of management override of internal controls, including reviewing journals, reviewing for large or unusual items and transactions out with the normal course of business, and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

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.

John O'Hara CA (Senior Statutory Auditor)

for and on behalf of O'Haras Accountants Limited (Statutory Auditor)

Radleigh House

1 Golf Road

Clarkston

Glasgow

G76 7HU

26 August 2026

REVENUE

14,739,188

13,559,216

Cost of sales

7,994,211

7,765,272

GROSS PROFIT

6,744,977

5,793,944

Administrative expenses

6,760,262

5,584,406

(15,285

)

209,538

Other operating income

151,684

219,974

Gain/loss on revaluation of investments

34,842

-

OPERATING PROFIT

4

171,241

429,512

Interest receivable and similar income

14,523

5,346

185,764

434,858

Interest payable and similar expenses

5

329,681

204,478

(LOSS)/PROFIT BEFORE TAXATION

(143,917

)

230,380

Tax on (loss)/profit

6

124,297

89,041

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(268,214

)

141,339

(LOSS)/PROFIT FOR THE YEAR

(268,214

)

141,339

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(268,214

)

141,339

FIXED ASSETS

Intangible assets

7

7,712,708

8,249,681

Property, plant and equipment

8

648,489

706,228

Investment property

9

410,000

580,290

8,771,197

9,536,199

CURRENT ASSETS

Inventories

10

753,259

643,954

Debtors

11

1,240,986

1,297,970

Investments

12

647,903

1,113,061

Cash at bank and in hand

1,938,434

1,355,734

4,580,582

4,410,719

CREDITORS

Amounts falling due within one year

13

2,500,264

2,169,348

NET CURRENT ASSETS

2,080,318

2,241,371

TOTAL ASSETS LESS CURRENT LIABILITIES

10,851,515

11,777,570

CREDITORS

Amounts falling due after more than one year

14

(5,465,610

)

(6,151,838

)

PROVISIONS FOR LIABILITIES

18

(149,167

)

(120,780

)

NET ASSETS

5,236,738

5,504,952

CAPITAL AND RESERVES

Called up share capital

19

25,000

25,000

Fair value reserve

20

42,040

42,040

Retained earnings

20

5,169,698

5,437,912

SHAREHOLDERS' FUNDS

5,236,738

5,504,952

The financial statements were approved by the Board of Directors and authorised for issue on 26 August 2026 and were signed on its behalf by:

J S Dickson - Director

Called up

Fair

share

Retained

value

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 December 2023

25,000

5,116,674

221,939

5,363,613

Changes in equity

Total comprehensive income

-

321,238

(179,899

)

141,339

Balance at 30 November 2024

25,000

5,437,912

42,040

5,504,952

Changes in equity

Total comprehensive income

-

(268,214

)

-

(268,214

)

Balance at 30 November 2025

25,000

5,169,698

42,040

5,236,738

Cash flows from operating activities

Cash generated from operations

1

1,136,133

370,863

Interest paid

(329,681

)

(204,478

)

Tax paid

(244,059

)

(87,653

)

Net cash from operating activities

562,393

78,732

Cash flows from investing activities

Purchase of intangible fixed assets

(270

)

-

Purchase of tangible fixed assets

(160,156

)

(75,106

)

Sale of tangible fixed assets

57,363

8,891

Sale of investment property

175,000

311,880

Disposal of investment

500,000

-

Interest received

14,523

5,346

Net cash from investing activities

586,460

251,011

Cash flows from financing activities

Loan repayments in year

(635,635

)

(784,928

)

Capital repayments in year

69,482

-

Net cash from financing activities

(566,153

)

(784,928

)

Increase/(decrease) in cash and cash equivalents

582,700

(455,185

)

Cash and cash equivalents at beginning of year

2

1,355,734

1,810,919

Cash and cash equivalents at end of year

2

1,938,434

1,355,734

1.	RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

(Loss)/profit before taxation

(143,917

)

230,380

Depreciation charges

696,228

738,195

(Profit)/loss on disposal of fixed assets

(3,163

)

38,914

Gain on revaluation of fixed assets

(34,842

)

(92,535

)

Government grants

(44,964

)

-

Finance costs

329,681

204,478

Finance income

(14,523

)

(5,346

)

784,500

1,114,086

Increase in inventories

(109,305

)

(16,626

)

Decrease/(increase) in trade and other debtors

56,984

(409,742

)

Increase/(decrease) in trade and other creditors

403,954

(316,855

)

Cash generated from operations

1,136,133

370,863

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:

Year ended 30 November 2025

30.11.25

1.12.24

£

£

Cash and cash equivalents

1,938,434

1,355,734

Year ended 30 November 2024

30.11.24

1.12.23

£

£

Cash and cash equivalents

1,355,734

1,810,919

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.12.24

Cash flow

At 30.11.25

£

£

£

Net cash

Cash at bank and in hand

1,355,734

582,700

1,938,434

1,355,734

582,700

1,938,434

Liquid resources

Current asset investments

1,113,061

(465,158

)

647,903

1,113,061

(465,158

)

647,903

Debt

Finance leases

-

(69,482

)

(69,482

)

Debts falling due within 1 year

(541,878

)

298,663

(243,215

)

Debts falling due after 1 year

(6,151,838

)

746,843

(5,404,995

)

(6,693,716

)

976,024

(5,717,692

)

Total

(4,224,921

)

1,093,566

(3,131,355

)

1.	STATUTORY INFORMATION

J. & J.G. Dickson & Son Limited is a private company, limited by shares, registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going concern

The directors are satisfied that the Company will have access to sufficient funds to ensure that all liabilities will be met as they fall due over a period of at least 12 months from the approval date of these financial statements. Consequently, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Impairment of fixed assets

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Cash and cash equivalents

Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Revenue

Turnover represents amounts receivable for goods and services supplied in the ordinary course of business, net of value added tax, trade discounts and rebates.

Revenue from the sale of pharmaceutical, retail and café goods is recognised at the point control of the goods passes to the customer, which is generally at the time of sale.

Revenue from dispensing services and other healthcare-related services is recognised when the relevant services have been provided.

Rental income from investment property and other property lettings is recognised on a straight-line basis over the term of the relevant lease, from the date the tenant obtains the right to occupy the property, irrespective of the timing of cash receipts.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of various businesses, is being amortised evenly over twenty years.

Intangible assets

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

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Improvements to property

-

at varying rates on cost

Plant and machinery

-

10% on cost

Fixtures and fittings

-

25% on cost

Motor vehicles

-

25% on reducing balance

Government grants

Government grants are recognised when there is reasonable assurance that the Company will comply with the conditions attached to the grant and that the grant will be received.

Grants received from NHS bodies in respect of trainee pharmacist training are recognised in profit or loss over the period in which the related expenditure is incurred. Grants relating to costs are presented within other operating income.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Inventories

Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

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

Hire purchase and leasing commitments

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

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

4,004,120

2,747,379

Social security costs

472,537

305,540

Other pension costs

139,733

98,711

4,616,390

3,151,630

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

2025

2024

Pharmacy staff/Drivers

86

84

Dispensing technicians/Pharmacy Managers

18

18

Retail and sales staff

6

6

Administrative and head office

5

5

115

113

2025

2024

£

£

Directors' remuneration

1,038,369

244,470

Information regarding the highest paid director is as follows:

2025

2024

£

£

Emoluments etc

553,930

142,924

4.	OPERATING PROFIT

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

2025

2024

£

£

Hire of plant and machinery

15,920

19,104

Other operating leases

10,091

7,878

Depreciation - owned assets

158,985

154,186

(Profit)/loss on disposal of fixed assets

(3,163

)

38,914

Goodwill amortisation

535,636

582,430

Patents and licences amortisation

1,607

1,580

Auditors' remuneration

14,000

14,000

Auditors' remuneration for non audit work

16,742

14,677

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Bank loan interest

329,681

204,478

6.

TAXATION

Analysis of the tax charge

The tax charge on the loss for the year was as follows:

2025

2024

£

£

Current tax:

UK corporation tax

103,194

220,927

Prior year tax adj

(7,284

)

-

Total current tax

95,910

220,927

Deferred tax

28,387

(131,886

)

Tax on (loss)/profit

124,297

89,041