Draft Financial Statements at 26 January 2024 at 12:50:16

Company Registration No. 573777 (Ireland)

LEE VALLEY APPAREL LIMITED

DIRECTORS' REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

Draft Financial Statements at 26 January 2024 at 12:50:16
LEE VALLEY APPAREL LIMITED

COMPANY INFORMATION

Director Denis Hurley

Secretary Michael Twomey

Company number 573777

Registered office T/A Lee Valley Ireland

Inchigeela
Co Cork

Accountants Crowley & McCarthy

Building G
West Cork Technology Park
Clonakilty
Co. Cork

Bankers Allied Irish Bank

West Square
Macroom
Co.Cork

Solicitors Timothy Lucey & Co Solicitors

North Square
Macroom
Cork
Draft Financial Statements at 26 January 2024 at 12:50:16
LEE VALLEY APPAREL LIMITED

DIRECTOR'S DECLARATION ON UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

In relation to the financial statements which comprise the profit and loss account, the balance sheet, the
statement of changes in equity and the related notes:

Ÿ The director approves these financial statements and confirms that he is responsible for them, including
selecting the appropriate accounting policies, applying them consistently and making, on a reasonable
and prudent basis, the judgments underlying them. They have been prepared on the going concern
basis on the grounds that the company will continue in business.

Ÿ The director confirms that he has made available to Crowley & McCarthy, all the company's accounting
records and provided all the information necessary for the compilation of the financial statements.

Ÿ The director confirms that to the best of his knowledge and belief, the accounting records reflect all
transactions of the company for the year ended 31 December 2023.

On behalf of the board

.............................. ..............................
Denis Hurley
Director
.........................

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LEE VALLEY APPAREL LIMITED

PROFIT AND LOSS ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes € €

Turnover 1,531,147 1,465,842

Cost of sales (680,420) (701,186)

Gross profit 850,727 764,656

Administrative expenses (685,817) (705,654)

Other operating income/(expenses) 17,730 (156)

Operating profit 5 182,640 58,846

Interest payable and similar expenses (33,936) (33,560)

Profit before taxation 148,704 25,286

Tax on profit - (2,794)

Profit for the financial year 148,704 22,492

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LEE VALLEY APPAREL LIMITED

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023 2022
Notes € € € €

Fixed assets
Tangible assets 8 236,557 181,071

Current assets
Stocks 9 616,719 418,931
Debtors 10 298,391 260,626
Cash at bank and in hand 9,368 18,805

924,478 698,362
Creditors: amounts falling due within
one year 11 (629,281) (552,439)

Net current assets 295,197 145,923

Total assets less current liabilities 531,754 326,994

Creditors: amounts falling due after

more than one year 12 (66,118) (10,062)

Net assets 465,636 316,932

Capital and reserves

Called up share capital presented as
equity 100 100
Profit and loss reserves 13 465,536 316,832

Shareholders' equity 465,636 316,932

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LEE VALLEY APPAREL LIMITED

BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2023

I, as director of Lee Valley Apparel Limited, state that:

(a) the company is availing itself of the exemption provided for by Chapter 15 of Part 6 of the Companies Act
2014;

(b) the company is availing itself of the exemption on the grounds that section 358 is complied with;

(c) no notice under subsection (1) of section 334 has, in accordance with subsection (2) of that section,
been served on the company; and

(d) the director acknowledges the obligations of the company, under the Companies Act 2014, to:
(i) keep adequate accounting records and prepare financial statements which give a true and fair view of
the assets, liabilities and financial position of the company at the end of its financial year and of its
profit or loss for such a year; and
(ii) to otherwise comply with the provisions of this Act relating to financial statements so far as they
are applicable to the company.

These financial statements have been prepared in accordance with the provisions applicable to companies
subject to the small companies regime and in accordance with Financial Reporting Statement 102 ‘The Financial
Statement Reporting Standard applicable in the UK and Republic of Ireland’.

The financial statements were approved and signed by the director and authorised for issue on .........................

..............................
Denis Hurley
Director

.........................

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LEE VALLEY APPAREL LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2023

Share Profit and Total

capital loss
reserves
€ € €

Balance at 1 January 2022 100 294,340 294,440

Year ended 31 December 2022:

Profit and total comprehensive income for the year - 22,492 22,492

Balance at 31 December 2022 100 316,832 316,932

Year ended 31 December 2023:

Profit and total comprehensive income for the year - 148,704 148,704

Balance at 31 December 2023 100 465,536 465,636

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LEE VALLEY APPAREL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

1 Company information

Lee Valley Apparel Limited is a limited company domiciled and incorporated in the Ireland. The registered
office is T/A Lee Valley Ireland, Inchigeela, Co Cork and its company registration number is 573777.

2 Accounting convention and basis of preparation

Accounting convention
The financial statements were approved and authorised for issue by the board of directors
on ......................... and were signed on its behalf on that date. The financial statements have been
prepared on the going concern basis and in accordance with the historical cost convention. They have
been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and
Republic of Ireland” (“FRS 102”), issued by the Financial Reporting Council, and the requirements of the
Companies Act 2014. In applying FRS 102, the directors have opted to avail of the disclosure exemptions
as set out in Section 1A of FRS 102. The directors have done so on the basis that the company qualifies as
a small company in accordance with section 280A of the Companies Act 2014 and therefore is entitled to
prepare the financial statements in accordance with the small companies' regime.

Cash flow statement exemption

The company has availed of the exemption contained in Section 1A of FRS 102 and as a result have
elected not to prepare a cash flow statement.

Functional currency
The financial statements are prepared in euros, which is the functional currency of the company. Monetary
amounts in these financial statements are rounded to the nearest €.

Going concern

3 Accounting policies

3.1 Turnover and revenue recognition

Turnover is stated net of trade discounts, volume rebates, VAT and similar taxes and derives from the
provision of goods and services falling within the company’s ordinary activities.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the
goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be
measured reliably, it is probable that the economic benefits associated with the transaction will flow to the
entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Turnover on the supply of services is recognised by reference to the stage of completion of the service at
the end of the financial year. The stage of completion is determined primarily on the basis of time costs
applied to individual service assignments. Deposits received from customers in advance of completion of
sales of goods or services at the end of the financial year are not recognised as income and are included
in creditors.

Revenue from contracts for the provision of professional services is recognised by reference to the stage
of completion when the stage of completion, costs incurred and costs to complete can be estimated
reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual
hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated
reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be
recovered.

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LEE VALLEY APPAREL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

3 Accounting policies (Continued)

3.2 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of
depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over
their useful lives on the following basis:

Plant and equipment 10% straight line

Fixtures and fittings 5% straight line
Motor vehicles 20% straight line

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 recognised in the profit and loss account.

3.3 Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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). Where it is not possible to estimate the recoverable amount of an individual asset,
the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Where there is objective evidence that recoverable amounts of an asset is less than its carrying value the
carrying amount of the asset is reduced to its recoverable amount resulting in an impairment loss.
Impairment losses are recognised immediately in the profit and loss account, with the exception of losses
on previously revalued tangible fixed assets, which are recognised in other comprehensive income to the
extent of any previously recognised revaluation increase accumulated in equity, in respect of that asset.

Where the circumstances causing an impairment of an asset no longer apply, then the impairment is
reversed through the profit and loss account, except for impairments on previously revalued tangible
assets, which are treated as revaluation increases to the extent that the revaluation was recognised in
equity.

The recoverable amount of tangible fixed assets, goodwill and other intangible fixed assets is the higher of
the fair value less cost to sell of the asset and its value in use. The value in use of these assets is the
present value of the cash flows expected to be derived from those assets. This is determined by reference
to the present value of the future cash flows of the company which is considered by the directors to be a
single cash generating unit.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have
ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or
cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the
increased carrying amount does not exceed the carrying amount that would have been determined had no
impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an
impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a
revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

3.4 Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost
comprises direct materials and, where applicable, direct labour costs and those overheads that have been
incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost
and cost, adjusted where applicable for any loss of service potential.

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LEE VALLEY APPAREL LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

3 Accounting policies (Continued)

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.

3.5 Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section
12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to
the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when
there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a
net basis or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the company is presented as equity.

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 current liabilities.

Basic financial assets

Basic financial assets, which include trade and other receivables, and cash and bank balances, are initially
measured at transaction price, 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.
Such assets are subsequently carried at amortised cost using the effective interest method.

Classification of financial liabilities

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 company after deducting all of its liabilities.

All loans and borrowings, both assets and liabilities are initially recorded at the present value of cash
payable to the lender in settlement of the liability discounted at the market interest rate. Subsequently
loans and borrowings are stated at amortised cost using the effective interest rate method. The
computation of amortised cost includes any issue costs, transaction costs and fees, and any discount or
premium on settlement, and the effect of this is to amortise these amounts over the expected borrowing
period. Loans with no stated interest rate and repayable within one year or on demand are not amortised.
Loans and borrowings are classified as current assets or liabilities unless the borrower has an
unconditional right to defer settlement of the liability for at least twelve months after the financial year end
date.

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LEE VALLEY APPAREL LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

3 Accounting policies (Continued)

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.

3.6 Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
Dividends payable on equity instruments are recognised as liabilities once they are no longer at the
discretion of the company.

3.7 Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax
The charge for taxation is based on the profit for the financial year and is calculated with reference to the
tax rates applying at the financial year end date in the jurisdiction where the tax is applied.

Deferred tax
Deferred taxation is calculated on the differences between the company’s taxable profits and the 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. Full provision for
deferred tax assets and liabilities is made at current tax rates on differences that arise between the
recognition of gains and losses in the financial statements and their recognition in the tax computation,
including differences arising on the revaluation of fixed assets. 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.

3.8 Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a
past event, it is probable that the company 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 reporting end date, taking into account the risks and uncertainties surrounding the
obligation. Where the effect of the time value of money is material, the amount expected to be required to
settle the obligation is recognised at present value. When a provision is measured at present value, the
unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

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LEE VALLEY APPAREL LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

3 Accounting policies (Continued)

3.9 Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs
are required to be recognised as part of the cost of stock or fixed assets.

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

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

3.10 Retirement benefits

The company operates a defined contribution scheme. Retirement benefit contributions in respect of the
scheme for employees are charged to the profit and loss account as they become payable in accordance
with the rules of the scheme. The assets are held separately from those of the company in an
independently administered fund. Differences between the amounts charged in the profit and loss account
and payments made to the retirement benefit scheme are treated as assets or liabilities.

3.11 Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks
and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date
of inception and the present value of the minimum lease payments. The related liability is included in the
balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and
interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of
interest on the remaining balance of the liability.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant
lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying
amount of the leased asset and recognised on a straight line basis over the lease term.

3.12 Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is
reasonable assurance that the grant conditions will be met and the grants will be received.

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

3.13 Foreign exchange

Transactions in currencies other than euros are recorded at the rates of exchange prevailing at the dates of
the transactions. At each reporting end date, monetary assets and liabilities that are denominated in
foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses
arising on translation in the period are included in profit or loss.

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LEE VALLEY APPAREL LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

4 Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements,
estimates and assumptions about the carrying amount 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 period in which the estimate is revised where the revision affects only that
period, or in the period of the revision and future periods where the revision affects both current and future
periods. The following are the company’s key sources of estimation uncertainty:

Impairment of stock
The company holds stock at the financial year end as disclosed in note 9. The directors are of the view that
an adequate charge has been made to reflect the possibility of stocks being sold at less than cost.
However, this estimate is subject to inherent uncertainty.

Useful lives of tangible fixed assets

Tangible fixed assets represent a significant portion of total assets. The annual depreciation charge
depends primarily on the estimated lives of each type of asset and, in certain circumstances, estimates of
residual values. The directors review these useful lives and change them if necessary to reflect current
conditions. In determining these useful lives, the directors consider technological change, patterns of
consumption, physical condition, and expected economic utilisation of the assets. Changes in the useful
lives can have a significant impact on the depreciation charge for the financial year. The net book value of
tangible fixed assets subject to depreciation at the financial year end is disclosed in note 8.

5 Operating profit
2023 2022
Operating profit for the year is stated after charging: € €

Depreciation of tangible fixed assets 37,282 32,958

6 Employees

The average monthly number of persons (including directors) employed by the company during the year
was:

2023 2022
Number Number

Total 6 6

7 Director's remuneration
2023 2022
€ €

Remuneration for qualifying services 37,488 37,488

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LEE VALLEY APPAREL LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

8 Tangible fixed assets

Plant and Fixtures and Motor Total
equipment fittings vehicles
€ € € €
Cost
At 1 January 2023 23,000 241,391 69,920 334,311
Additions - - 92,768 92,768
Disposals - - (52,440) (52,440)

At 31 December 2023 23,000 241,391 110,248 374,639

Depreciation and impairment

At 1 January 2023 13,250 77,061 62,929 153,240
Depreciation charged in the year 2,300 12,932 22,050 37,282
Revaluation - - (52,440) (52,440)

At 31 December 2023 15,550 89,993 32,539 138,082

Carrying amount
At 31 December 2023 7,450 151,398 77,709 236,557

At 31 December 2022 9,750 164,330 6,991 181,071

9 Stocks
2023 2022
€ €

Raw materials and consumables (75,000) -

Finished goods and goods for resale 691,719 418,931

616,719 418,931

In the opinion of the directors, there are no material differences between the replacement cost of stock and
the balance sheet amounts.

The cost of stock recognised as an expense in cost of sales in the year amounted to €680,420 (2022 -
€701,186).

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LEE VALLEY APPAREL LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

10 Debtors
2023 2022
Amounts falling due within one year: € €

Trade debtors 75,794 81,622

Other debtors 206,574 163,555
Prepayments 16,023 15,449

298,391 260,626

11 Creditors: amounts falling due within one year

2023 2022
Notes € €

Amounts owed to credit institutions 3,457 318

Obligations under finance leases and hire purchase
agreements 20,090 14,498
Trade creditors 272,390 231,493
Other creditors including tax and social insurance 315,849 288,635
Accruals 17,495 17,495

629,281 552,439

The repayment terms of trade creditors vary between on demand and ninety days. Certain trade creditors
attract interest at rates not exceeding 1% per month. The bank loan incurs interest at market rates on the
daily overdrawn balance. Taxes are subject to the terms of the relevant legislation. Interest accrues on late
payment of tax at the rate of 10% per annum. The terms of the accruals vary with the related contracts.

12 Creditors: amounts falling due after more than one year

2023 2022
Notes € €

Obligations under finance leases 66,118 10,062

Creditors relating to more than one balance sheet item

The company has creditors relating to more than one item in the balance sheet as follows:

2023 2022
€ €
Obligations under finance leases
Creditors: amounts falling due within one year 20,090 14,498
Creditors: amounts falling due after more than one year 66,118 10,062

86,208 24,560

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LEE VALLEY APPAREL LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

13 Profit and loss reserves

Profit and loss account represents cumulative gains and losses recognised in the profit and loss account,
net of transfers to and from other reserves and dividends.

14 Events after the reporting date

There have been no significant events affecting the company since the balance sheet date.

15 Approval of financial statements

The director approved the financial statements on the ........................

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LEE VALLEY APPAREL LIMITED

MANAGEMENT INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2023

Draft Financial Statements at 26 January 2024 at 12:50:16
LEE VALLEY APPAREL LIMITED

DETAILED TRADING AND PROFIT AND LOSS ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
€ € € €
Turnover
Sales 1,531,147 1,465,842

Cost of sales
Opening stock of finished goods 418,931 551,304
Raw materials purchases 878,208 568,813
Closing stock of finished goods (616,719) (418,931)

(680,420) (701,186)

Gross profit 55.56% 850,727 52.16% 764,656

Other operating income

Rent receivable - 10,000
Expenses of rented property - (10,156)
Government grants receivable and released 17,730 -

17,730 (156)
Administrative expenses (685,817) (705,654)

Operating profit 182,640 58,846

Interest payable and similar expenses

Bank interest on loans and overdrafts 31,871 32,079
Hire purchase interest payable 2,065 1,481

(33,936) (33,560)

Profit before taxation 9.71% 148,704 1.73% 25,286

Draft Financial Statements at 26 January 2024 at 12:50:16
LEE VALLEY APPAREL LIMITED

SCHEDULE OF ADMINISTRATIVE EXPENSES

FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
€ €
Administrative expenses
Wages and salaries 224,996 198,138
Social security costs 27,950 25,753
Other payments to staff - 14,525
Staff pension costs defined contribution 6,000 6,000
Directors' remuneration 37,488 37,488
Rent re licences and other 22,992 21,076
Rates 8,515 8,136
Cleaning - 308
Power, light and heat 17,162 21,091
Repairs and maintenance 110,457 162,483
Premises insurance 16,811 14,323
Computer running costs 8,385 10,633
Motor running expenses 6,970 28,448
Fuel and oil 10,460 11,400
Travelling expenses 6,159 4,056
Legal and professional fees 11,038 9,616
Consultancy fees 8,817 3,609
Accountancy 8,620 8,100
Bank charges 34,186 18,414
Discounts allowed 2,474 1,720
Printing and stationery 33 539
Advertising 10,896 10,219
Showcase and product development 24,595 22,865
Website costs 46,638 41,457
Telecommunications 3,944 5,800
Sundry expenses (706) (2,472)
Depreciation 37,282 32,958
Profit or loss on foreign exchange (6,345) (11,029)

685,817 705,654