Cug Holdings Limited

	Page
Directors' Report	1—2
Independent Auditor's Report	3—6
Consolidated Profit and Loss Account	7
Consolidated Statement of Comprehensive Income	8
Consolidated Balance Sheet	9—10
Company Balance Sheet	11—12
Notes to the Financial Statements	13—19

The directors present their report and the financial statements for the year ended 31 December 2025.

Directors

The directors who held office during the year were as follows:

Mr A J Hurrell

Mr D Gibson

Statement of Directors' Responsibilities

The directors are responsible for preparing the Directors' 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). 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 the financial statements the directors are required to:

select suitable accounting policies and then apply them consistently;
make judgments 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 and 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.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

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Cug Holdings Limited

Directors' Report (continued)

For The Year Ended 31 December 2025

Statement of Disclosure of Information to Auditors

In the case of each director in office at the date the Directors' Report is approved:

so far as the director is aware, there is no relevant audit information of which the company and group's auditors are unaware; and
they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company and group's auditors are aware of that information.

Small Company Rules

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

On behalf of the board

Mr A J Hurrell

Director

17/08/2026

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Independent Auditor's Report

to the Members of

Cug Holdings Limited

Independent Auditor's Report

Opinion

We have audited the financial statements of Cug Holdings Limited (the "parent company") and its subsidiaries (the "group") for the year ended 31 December 2025 which comprise the Consolidated Balance Sheet, Company Balance Sheet and the related notes, 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 - Section 1A for Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

In our opinion the financial statements:

give a true and fair view of the state of the group's and of the parent company's affairs as at 31 December 2025 and of the group's profit/(loss) for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice applicable to smaller entities; 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 and parent 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 the provisions available for small entities, in the circumstances set out in note 11 to the financial statements, 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 12 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.

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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Directors' Report have been prepared in accordance with applicable legal requirements.

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Independent Auditor's Report (continued)

to the Members of

Cug Holdings Limited

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 their environment obtained in the course of the audit, we have not identified material misstatements in 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 or 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, or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.

Responsibilities of Directors

As explained more fully in the Directors' Responsibilities Statement set out on page 1—2, 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 or the parent company or to cease operations, or have no realistic alternative but to do so.

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Independent Auditor's Report (continued)

to the Members of

Cug Holdings Limited

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 an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

- Enquiry of management, those charged with governance and the entity’s solicitors (or in-house legal team) around actual and potential litigation and claims.

- Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations.

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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Independent Auditor's Report (continued)

to the Members of

Cug Holdings Limited

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 that 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.

Daniel Keys ACA (Senior Statutory Auditor)

for and on behalf of Maynard Heady LLP , Statutory Auditor

20/08/2026

Maynard Heady LLP

Matrix House

12-16 Lionel Road

Canvey Island

Essex

SS8 9DE

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Cug Holdings Limited

Consolidated Profit and Loss Account

For The Year Ended 31 December 2025

Consolidated Profit and Loss Account

		2025	2024
	Notes	£	£
TURNOVER		4,601,884	4,040,416

GROSS PROFIT		4,601,884	4,040,416

Administrative expenses		(3,104,659 )	(2,888,852 )

OPERATING PROFIT		1,497,225	1,151,564
Interest payable and similar charges		(55,265 )	(99,869 )

PROFIT BEFORE TAXATION		1,441,960	1,051,695
Tax on Profit		(526,947 )	(418,713 )

PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT		915,013	632,982

The notes on pages 13 to 19 form part of these financial statements.

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Cug Holdings Limited

Consolidated Statement of Comprehensive Income

For The Year Ended 31 December 2025

Consolidated Statement of Comprehensive Income

	2025	2024
	£	£
PROFIT FOR THE FINANCIAL YEAR	915,013	632,982
OTHER COMPREHENSIVE INCOME FOR THE YEAR	-	-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT	915,013	632,982

Total comprehensive income for the year is all attributable to the owners of the parent company.

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Cug Holdings Limited

Consolidated Balance Sheet

As At 31 December 2025

Consolidated Balance Sheet

Registered number: 14475555

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		3,560,047		4,070,064
Tangible Assets	5		148,589		177,849
Investments	6		4,510		4,510

			3,713,146		4,252,423
CURRENT ASSETS
Debtors	7	901,249		982,096
Cash at bank and in hand		2,303,112		1,855,535

		3,204,361		2,837,631
Creditors: Amounts Falling Due Within One Year	8	(2,020,458 )		(2,055,257 )

NET CURRENT ASSETS (LIABILITIES)			1,183,903		782,374

TOTAL ASSETS LESS CURRENT LIABILITIES			4,897,049		5,034,797

Creditors: Amounts Falling Due After More Than One Year			-		(497,895 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(28,824 )		(33,642 )

NET ASSETS			4,868,225		4,503,260

CAPITAL AND RESERVES
Called up share capital	9		4,392,000		4,392,000
Profit and Loss Account			476,225		111,260

SHAREHOLDERS' FUNDS			4,868,225		4,503,260

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Cug Holdings Limited

Consolidated Balance Sheet (continued)

As At 31 December 2025

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

On behalf of the board

Mr A J Hurrell

Director

17/08/2026

The notes on pages 13 to 19 form part of these financial statements.

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Cug Holdings Limited

Company Balance Sheet

As At 31 December 2025

Company Balance Sheet

Registered number: 14475555

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	5		33,292		43,280
Investments	6		7,343,025		7,343,025

			7,376,317		7,386,305
CURRENT ASSETS
Debtors	7	7,328		8,358
Cash at bank and in hand		8,225		52,831

		15,553		61,189
Creditors: Amounts Falling Due Within One Year	8	(2,999,870 )		(2,557,599 )

NET CURRENT ASSETS (LIABILITIES)			(2,984,317 )		(2,496,410 )

TOTAL ASSETS LESS CURRENT LIABILITIES			4,392,000		4,889,895

Creditors: Amounts Falling Due After More Than One Year			-		(497,895 )

NET ASSETS			4,392,000		4,392,000

CAPITAL AND RESERVES
Called up share capital	9		4,392,000		4,392,000

SHAREHOLDERS' FUNDS			4,392,000		4,392,000

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Cug Holdings Limited

Company Balance Sheet (continued)

As At 31 December 2025

In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's profit for the year was £ 550,048 (2024: £ 547,055 profit).

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

Mr A J Hurrell

Director

17/08/2026

The notes on pages 13 to 19 form part of these financial statements.

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Cug Holdings Limited

Notes to the Financial Statements

For The Year Ended 31 December 2025

Notes to the Financial Statements

1. General Information

Cug Holdings Limited is a private company, limited by shares, incorporated in England & Wales, registered number 14475555 . The registered office is Cumberland House, 24-28 Baxter Avenue, Southend-On-Sea, Essex, SS2 6HZ.

The group consists of CUG Holdings Limited and all its subsidiaries and associates.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Basis Of Consolidation

The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the group’s share of the results of associates for the period 1 January 2025 to 31 December 2025.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity, it accounts for that entity as a subsidiary.

Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group’s accounting policies when preparing the consolidated financial statements.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the group holds a long-term interest and where the group has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. The results of associates are accounted for using the equity method of accounting.

Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively.

Where control of a subsidiary is lost, the gain or loss is recognised in the consolidated income statement. The cumulative amounts of any exchange differences on translation, recognised in equity, are not included in the gain or loss on disposal and are transferred to retained earnings. The gain or loss also includes amounts included in other comprehensive income that are required to be reclassified to profit or loss but excludes those amounts that are not required to be reclassified.

Where control of a subsidiary is achieved in stages, the initial acquisition that gave the group control is accounted for as a business combination. Thereafter where the group increases its controlling interest in the subsidiary the transaction is treated as a transaction between equity holders. Any difference between the fair value of the consideration paid and the carrying amount of the non-controlling interest acquired is recognised directly in equity. No changes are made to the carrying value of assets, liabilities or provisions for contingent liabilities.

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Cug Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.3. Business Combinations

Business combinations are accounted for by applying the purchase method.

The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of equity instruments issued plus the costs directly attributable to the business combination. Where control is achieved in stages the cost is the consideration at the date of each transaction.

Contingent consideration is initially recognised at estimated amount where the consideration is probable and can be measured reliably. Where (i) the contingent consideration is not considered probable or cannot be reliably measured but subsequently becomes probable and measurable or (ii) contingent consideration previously measured is adjusted, the amounts are recognised as an adjustment to the cost of the business combination.

On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent liabilities unless the fair value cannot be measured reliably, in which case the value is incorporated in goodwill. Intangible assets are only recognised separately from goodwill where they are separable and arise from contractual or other legal rights. Where the fair value of contingent liabilities cannot be reliably measured they are disclosed on the same basis as other contingent liabilities.

2.4. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts. Turnover includes revenue earned from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.5. Intangible Fixed Assets and Amortisation - Goodwill

Goodwill represents the excess of the cost of a business combination over the fair value of the group’s share of the identifiable net assets, liabilities and contingent liabilities acquired.

Goodwill arising on the acquisition of subsidiaries is included in Intangible Assets. Goodwill arising on the acquisition of associates and joint ventures is included in the related equity accounted investment value.

Goodwill is amortised over its expected useful life which is estimated to be 10 years.

Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the profit and loss account. No reversals of impairment are recognised.

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Cug Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.6. Intangible Fixed Assets and Amortisation - Other Intangible

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights, and the intangible asset is separate from the entity.

Other intangible assets have been fully amortised to profit and loss account over its estimated economic life of 3 years.

2.7. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Leasehold	20% straight line
Plant & Machinery	15% reducing balance
Fixtures & Fittings	15% reducing balance
Computer Equipment	33% straight line

2.8. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2.9. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The group's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

...CONTINUED

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Cug Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.9. Taxation - continued

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

3. Average Number of Employees

Group

Average number of employees, including directors, during the year was: 24 (2024: 23)

Company

Average number of employees, including directors, during the year was: 2 (2024: 2)

4. Intangible Assets

Group

	Goodwill	Other	Total
	£	£	£
Cost
As at 1 January 2025	5,100,172	10,792	5,110,964

As at 31 December 2025	5,100,172	10,792	5,110,964

Amortisation
As at 1 January 2025	1,030,108	10,792	1,040,900
Provided during the period	510,017	-	510,017

As at 31 December 2025	1,540,125	10,792	1,550,917

Net Book Value
As at 31 December 2025	3,560,047	-	3,560,047

As at 1 January 2025	4,070,064	-	4,070,064

Company

The company had no intangible fixed assets as at 31 December 2025 or 31 December 2024.

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Cug Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

5. Tangible Assets

Group

	Land & Property
	Leasehold	Plant & Machinery	Computer Equipment	Total
	£	£	£	£
Cost
As at 1 January 2025	110,448	121,257	79,877	311,582
Additions	-	5,077	12,458	17,535

As at 31 December 2025	110,448	126,334	92,335	329,117

Depreciation
As at 1 January 2025	20,777	47,791	65,165	133,733
Provided during the period	22,090	17,932	6,773	46,795

As at 31 December 2025	42,867	65,723	71,938	180,528

Net Book Value
As at 31 December 2025	67,581	60,611	20,397	148,589

As at 1 January 2025	89,671	73,466	14,712	177,849

Company

	Land & Property
	Leasehold
	£
Cost
As at 1 January 2025	49,938

As at 31 December 2025	49,938

Depreciation
As at 1 January 2025	6,658
Provided during the period	9,988

As at 31 December 2025	16,646

Net Book Value
As at 31 December 2025	33,292

As at 1 January 2025	43,280

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Cug Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

6. Investments

Group

	Unlisted
	£
Cost or Valuation
As at 1 January 2025	4,510

As at 31 December 2025	4,510

Provision
As at 1 January 2025	-

As at 31 December 2025	-

Net Book Value
As at 31 December 2025	4,510

As at 1 January 2025	4,510

Company

	Unlisted
	£
Cost or Valuation
As at 1 January 2025	7,343,025

As at 31 December 2025	7,343,025

Provision
As at 1 January 2025	-

As at 31 December 2025	-

Net Book Value
As at 31 December 2025	7,343,025

As at 1 January 2025	7,343,025

7. Debtors

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Due within one year
Trade debtors	829,875	912,555	-	-
Other debtors	71,374	69,541	7,328	8,358

	901,249	982,096	7,328	8,358

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Cug Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

8. Creditors: Amounts Falling Due Within One Year

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Trade creditors	10,350	17,345	-	-
Bank loans and overdrafts	-	387,872	-	387,872
Amounts owed to group undertakings	-	-	2,989,201	2,158,536
Other creditors	1,482,749	1,251,222	10,669	11,191
Taxation and social security	527,359	398,818	-	-

	2,020,458	2,055,257	2,999,870	2,557,599

9. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	4,392,000	4,392,000

10. Related Party Transactions

The company has taken advantage of exemption, under 33.1A of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose transactions with wholly owned subsidiaries within the group.

11. FRC's Ethical Standard - Provision Available for Small Entities

In common with other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

12. Subsidiaries

Name of undertaking	Registered office	Class of shares held	% Held - Direct	Capital and reserves	Profit / (Loss)
Corin Underwriting Limited	Cumberland House, 24-28 Baxter Avenue, Southend-On-Sea, SS2 6HZ	Ordinary	100%	£4,112,397	£1,550,824
Corin Underwriting (Europe) GMBH	8 Hohe Bleichen, Hamburg, 20354, Germany	Ordinary	100%	£152,118	(£93,072)

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