REGISTERED NUMBER: 01734235 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

PUBLISHERS GROUP UK LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Director

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

14

DIRECTOR:

M Hughes

SECRETARY:

M Hughes

REGISTERED OFFICE:

63-66 Hatton Garden

London

EC1N 8LE

REGISTERED NUMBER:

01734235 (England and Wales)

SENIOR STATUTORY AUDITOR:

Peter Waight F.C.A.

AUDITORS:

Waight & Company Limited

Statutory Auditors

8 Lonsdale Gardens

Tunbridge Wells

Kent

TN1 1NU

The director presents his strategic report for the year ended 31 December 2025.

REVIEW OF BUSINESS

We are proud that in November 2025, after being a private close business since 1983, Publishers Group UK Limited transferred into an Employee Ownership Trust giving every qualifying employee a stake in the success of the business via this indirect ownership model, following on the heels of well-know enterprises including Arup Group and John Lewis & Partners. Shares in the group are held in trust for the benefit of the employee owners, and a framework is established whereby the new owners share in the success of the business by means of a distribution to them, on an annual basis via an Employee Ownership bonus scheme, of a proportion of any profits made.

Employee ownership is a successful ownership model which produces fundamentally better governance together with a culture of engagement and empowerment, which enables employee owners to have a voice and a stake in the wealth they create.

The year 2025 saw a drop in turnover to £16.6m (2024 - £19.3m) as a direct result of a change in Amazon's buying policies. As these sales carried the largest discounting, the gross profit margin has improved from 30.8% to 32.8%

With the exchange rates between £GBP and US$ changing over the course of the year from around $1.27/£1 to $1.34/£1, there has been significant gains made on exchange rates to the sum of £329k (2024-- £111k). The majority of this has arisen due to a significant portion of suppliers being based in the United States.

PRINCIPAL RISKS AND UNCERTAINTIES

The market for the sales of physical books continues to be popular and expected to continue to attract sales for the foreseeable future.

Due to a high level of trade with the US, there is an element of risk and uncertainty caused by fluctuation in the exchange rates. Any weakening of the pound will have an adverse effect on the company's forward contracts for currency.

Paper is becoming a more costly and sort after commodity. Increased costs and sustainability legislation could have an impact on potential sales and margins.

ON BEHALF OF THE BOARD:

M Hughes - Director

8 September 2026

The director presents his report with the financial statements of the company for the year ended 31 December 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of book distribution.

DIVIDENDS

Interim dividends per share were paid as follows:

Ordinary Shares £1 shares

1130

-

'A' Ordinary shares £1 shares

6000

-

The director recommends that no final dividends be paid.

The total distribution of dividends for the year ended 31 December 2025 will be £ 1,190,000 .

DIRECTORS

M Hughes has held office during the whole of the period from 1 January 2025 to the date of this report.

Other changes in directors holding office are as follows:

Ms C E Parson ceased to be a director after 31 December 2025 but prior to the date of this report.

FINANCIAL INSTRUMENTS

The company use forwarding contracts as a means to purchase goods from abroad, primarily the U.S.A.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 director is 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 he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Waight & Company Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

M Hughes - Director

8 September 2026

Opinion

We have audited the financial statements of Publishers Group UK Limited (the 'company') for the year ended 31 December 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 the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, 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 Director 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 Director 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 Director.

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 director's remuneration specified by law are not made; or

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

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has 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 identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience through discussion with the Officers and other management (as required by auditing standards).

- We had regard to laws and regulations in areas that directly affect the financial statements including financial reporting and taxation legislation.

- We considered that extent of compliance with those laws and regulations as part of our procedures on the related financial statement items.

- With the exception of any known or possible non-compliance, and as required by auditing standards, our work in respect of these was limited to enquiry of the Officers.

- We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

- We addressed the risk of fraud through management override of controls, by testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

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.

Peter Waight F.C.A. (Senior Statutory Auditor)

for and on behalf of Waight & Company Limited

Statutory Auditors

8 Lonsdale Gardens

Tunbridge Wells

Kent

TN1 1NU

14 September 2026

TURNOVER

16,623,655

19,342,110

Cost of sales

11,176,607

13,390,767

GROSS PROFIT

5,447,048

5,951,343

Distribution costs

2,043,878

2,410,465

Administrative expenses

1,807,126

1,610,650

3,851,004

4,021,115

1,596,044

1,930,228

Other operating income

328,829

111,318

OPERATING PROFIT

4

1,924,873

2,041,546

Interest receivable and similar income

46,404

50,188

PROFIT BEFORE TAXATION

1,971,277

2,091,734

Tax on profit

5

494,268

571,695

PROFIT FOR THE FINANCIAL YEAR

1,477,009

1,520,039

PROFIT FOR THE YEAR

1,477,009

1,520,039

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,477,009

1,520,039

FIXED ASSETS

Tangible assets

7

25,631

12,039

CURRENT ASSETS

Stocks

8

2,032,798

2,442,210

Debtors

9

3,770,260

5,361,810

Cash at bank and in hand

2,636,722

1,827,470

8,439,780

9,631,490

CREDITORS

Amounts falling due within one year

10

6,523,345

7,643,484

NET CURRENT ASSETS

1,916,435

1,988,006

TOTAL ASSETS LESS CURRENT LIABILITIES

1,942,066

2,000,045

PROVISIONS FOR LIABILITIES

13

5,148

1,474

NET ASSETS

1,936,918

1,998,571

CAPITAL AND RESERVES

Called up share capital

14

1,010

1,010

Retained earnings

1,935,908

1,997,561

SHAREHOLDERS' FUNDS

1,936,918

1,998,571

The financial statements were approved by the director and authorised for issue on 8 September 2026 and were signed by:

M Hughes - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2024

1,010

1,967,522

1,968,532

Changes in equity

Dividends

-

(1,490,000

)

(1,490,000

)

Total comprehensive income

-

1,520,039

1,520,039

Balance at 31 December 2024

1,010

1,997,561

1,998,571

Changes in equity

Dividends

-

(1,190,000

)

(1,190,000

)

Total comprehensive income

-

1,477,009

1,477,009

Contributions to EOT

-

(280,000

)

(280,000

)

Cost of formation of EOT

-

(68,662

)

(68,662

)

Balance at 31 December 2025

1,010

1,935,908

1,936,918

Cash flows from operating activities

Cash generated from operations

1

2,900,417

2,521,038

Tax paid

(575,748

)

(711,062

)

Net cash from operating activities

2,324,669

1,809,976

Cash flows from investing activities

Purchase of tangible fixed assets

(23,159

)

(6,787

)

Interest received

46,404

50,188

Net cash from investing activities

23,245

43,401

Cash flows from financing activities

Equity dividends paid

(1,190,000

)

(1,490,000

)

Costs of EOT

(348,662

)

-

Net cash from financing activities

(1,538,662

)

(1,490,000

)

Increase in cash and cash equivalents

809,252

363,377

Cash and cash equivalents at beginning of year

2

1,827,470

1,464,093

Cash and cash equivalents at end of year

2

2,636,722

1,827,470

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

31.12.25

31.12.24

£

£

Profit before taxation

1,971,277

2,091,734

Depreciation charges

9,567

7,942

Finance income

(46,404

)

(50,188

)

1,934,440

2,049,488

Decrease in stocks

409,412

933,532

Decrease in trade and other debtors

1,591,550

643,478

Decrease in trade and other creditors

(1,034,985

)

(1,105,460

)

Cash generated from operations

2,900,417

2,521,038

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 31 December 2025

31.12.25

1.1.25

£

£

Cash and cash equivalents

2,636,722

1,827,470

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

1,827,470

1,464,093

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.25

Cash flow

At 31.12.25

£

£

£

Net cash

Cash at bank and in hand

1,827,470

809,252

2,636,722

1,827,470

809,252

2,636,722

Total

1,827,470

809,252

2,636,722

1.	STATUTORY INFORMATION

Publishers Group UK Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the 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.

Critical accounting judgements and key sources of estimation uncertainty

Preparation of the financial statements requires management to make significant judgements, estimates and

assumptions that affect the amounts reported for assets and liabilities as at the statement of financial position date and the amounts reported for revenues and expenses during the period. However, the nature of estimation means that actual outcomes could differ from those estimates.

The following judgements had a significant effect in the amounts recognised in the financial statements:

Inventories

Inventories are stated at cost or net realisable value, whichever is lower. Cost comprises direct purchase costs and associated costs incurred in bringing inventories to their present condition and location. Overseas purchases are converted from US dollars to GBP sterling at an average exchange rate at the year end, which covers a period representing the annual stock turnover.

Forwarding contracts

The fair value of forwarding contracts in the financial statements are shown net of the amount of present obligation and the value at the rate of exchange at the year end. Positive values are included within other debtors and negative values shown in other liabilities.

Deferred tax

Deferred tax assets and liabilities require management judgement in determining the amounts, if any, to be

recognised. Judgement is required in assessing the extent to which the assets and liabilities should be recognised, taking into account the expected timing and levels of future taxable income. Deferred tax assets are only recognised when management believes it is probable that future taxable profits will be available against which the deductible temporary differences can be utilised.

Turnover

Turnover represents net invoiced goods and services, excluding value added tax. Turnover is recognised when goods are ordered.

Tangible fixed assets

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

Plant and machinery

-

25% on cost

Fixtures and fittings

-

25% on cost

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost is the amount of cash or cash equivalents or the fair value of other consideration given to acquire an asset at the time of its acquisition.

Stocks

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

Cost is calculated on a first-in, first-out method and includes all purchase, transport and handling costs in bringing stocks to their present location and condition. Overseas costs are converted from US dollars to GBP sterling at an average exchange rate at the year end, which covers a period representing the annual stock turnover.

Financial instruments

Financial assets and liabilities are recognised when the Company has become a party to the contractual

provisions of the instrument. Financial instruments are de-recognised when they are discharged or when the

contractual terms expire.

The company uses derivative financial instruments for economic hedging purposes in order to mitigate risks. Such risks result from changes in exchange rates. Derivative financial instruments with a positive fair value are reported in receivables and other assets (see note 9) and those with negative fair values are reported in other liabilities (see note 10). Changes in fair value will be reflected in the profit and loss.

The table below shows the fair value for instruments as of December 31, 2023 and 2022. Whilst these amounts express the extent of the company's involvement in derivative transactions they do not, however, represent the amount of risk.

2025 2024

fair values fair values

positive negative positive negative

Maturity by notional amount

1 to 5 years £ 4,067,164 £ 4,090,568 £ 6,240,000 £ 6,041,563

Net fair value shown on accounts £ 24,404 £ 198,437

Financial Assets

Financial assets comprise cash and cash equivalents, trade receivables and other receivables. The Company classifies all of its financial assets as assets at amortised cost. Financial assets at amortised cost are initially recognised at fair value net of any transaction cost directly attributable to their acquisition, less any provision for impairment.

Financial Liabilities

Financial liabilities comprise trade payables and other payables. The Company classified all of its financial

liabilities as liabilities at amortised cost. Financial liabilities at amortised cost are initially recognised at fair

value net of any transaction cost directly attributable to the issue of the instrument.

Provisions

Provisions are recognised when the Company has a present legal obligation as a result of a past event which it is probable will result in an outflow of economic benefits that can be reliably estimated. Where the effect of the time value of money is material, the provision is based on the present value of future outflows, discounted at a risk-free rate.

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.

Foreign currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange as an approximation of the actual exchange rates prevailing over a given time period. Exchange differences are taken into account in arriving at the operating result.

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.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, including credit and debit transactions awaiting clearance into a Company bank account.

3.	EMPLOYEES AND DIRECTORS

31.12.25

31.12.24

£

£

Wages and salaries

890,511

779,587

Social security costs

100,762

88,254

Other pension costs

46,712

28,392

1,037,985

896,233

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

31.12.25

31.12.24

Sales

4

4

Accounts

2

2

Directors

2

2

Admin

3

3

Publisher co-ordinator/stock control

4

4

15

15

31.12.25

31.12.24

£

£

Directors' remuneration

174,774

101,819

4.	OPERATING PROFIT

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

31.12.25

31.12.24

£

£

Other operating leases

8,322

7,230

Depreciation - owned assets

9,567

7,941

Auditors' remuneration

8,800

8,800

Taxation compliance services

2,200

2,200

Foreign exchange differences

(328,829

)

(111,318

)

5.

TAXATION

Analysis of the tax charge

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

31.12.25

31.12.24

£

£

Current tax:

UK corporation tax

490,594

571,646

Deferred tax

3,674

49

Tax on profit

494,268

571,695

Reconciliation of total tax charge included in profit and loss

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

31.12.25

31.12.24

£

£

Profit before tax

1,971,277

2,091,734

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

492,819

522,934

Effects of:

Expenses not deductible for tax purposes

1,449

2,102

Charges and interest

-

46,659

Total tax charge

494,268

571,695

6.

DIVIDENDS

31.12.25

31.12.24

£

£

Ordinary Shares shares of £1 each

Interim

1,130,000

1,430,000

'A' Ordinary shares shares of £1 each

Interim

60,000

60,000

1,190,000

1,490,000

7.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

COST

At 1 January 2025

4,356

134,709

139,065

Additions

-

23,159

23,159

At 31 December 2025

4,356

157,868

162,224

DEPRECIATION

At 1 January 2025

4,356

122,670

127,026

Charge for year

-

9,567

9,567

At 31 December 2025

4,356

132,237

136,593

NET BOOK VALUE

At 31 December 2025

-

25,631

25,631

At 31 December 2024

-

12,039

12,039

8.

STOCKS

31.12.25

31.12.24

£

£

Stocks

2,032,798

2,442,210

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Trade debtors

3,536,660

4,936,485

Other debtors

7,072

205,241

VAT

54,302

51,745

Prepayments and accrued income

172,226

168,339

3,770,260

5,361,810

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Trade creditors

5,935,351

7,110,873

Other creditors

708

4,546

Tax

286,492

371,646

Social security and other taxes

50,586

29,771

Other creditors

23,404

-

Accruals and deferred income

226,804

126,648

6,523,345

7,643,484