FJB Hotels Limited - Limited company accounts 22.3

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

FOR

FJB HOTELS LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

6

Report of the Independent Auditors

8

Consolidated Income Statement

10

Consolidated Balance Sheet

11

Company Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Company Statement of Changes in Equity

14

Consolidated Cash Flow Statement

15

Notes to the Consolidated Cash Flow Statement

16

Notes to the Consolidated Financial Statements

17

DIRECTORS:

J G J Butterworth

J W E Barcellos

REGISTERED OFFICE:

5th Floor

Waverley House

115 - 119 Holdenhurst Road

Bournemouth

Dorset

BH8 8DY

BUSINESS ADDRESS:

Studland Suite

19-25 Boscombe Spa Road

Bournemouth

Dorset

BH5 1AX

REGISTERED NUMBER:

09709340 (England and Wales)

AUDITORS:

Schofields

Chartered Accountants and Statutory Auditors

5th Floor

Waverley House

115 - 119 Holdenhurst Road

Bournemouth

Dorset

BH8 8DY

The directors present their strategic report of the company and the group for the year ended 31 March 2022.

REVIEW OF BUSINESS

The group has two divisions, hotels and property investment.

The group structure represents a parent company with wholly owned subsidiaries. The principal trading activity being the hotel and hospitality division which is conducted through the subsidiaries, and the property investment being conducted by the holding company.

Group turnover

2022

2021

2020

2019

£'000

£'000

£'000

£'000

Hotel and related services

13,190

5,310

12,473

14,266

Property rents

390

314

438

518

13,580

5,624

12,911

14,784

Review of Hotel Business

The primary driver behind the significant increase in turnover and gross profit is due to the upward trend in travel and tourism with the easing of many restrictions related to the Covid-19 pandemic. Government support was received to help fund wage costs during periods of closures and when restrictions were in place.

The occupancy and room rates remained strong, reflecting high demand for the company's hotel offerings especially during the summer months as 'staycations' boomed. The company also benefitted from government support targeted at hospitality through local authority grants and business rates relief.

In measuring the performance of the hotels, the directors undertake a thorough and regular review of the following key performance indicators and comparisons to industry norms:

- RevPAR (Revenue achieved per available room);

- Accommodation, food and beverage sales and gross profit achieved;

- Staff and other costs compared to total turnover.

The directors continue to react quickly in all areas of the business to any changes in prevailing trading conditions through their years of knowledge and experience in running prestige hotels. The Board's policy is one of continual investment into facilities and staff to ensure an excellent customer offering and satisfactory operating margins.

Review of Property Investment Business

The Board seek to achieve long term returns with sound tenant covenants.

Rental income continues to meet with expectations. Most tenants were given rent free periods and time to pay arrangements as a result of the continuing Covid-19 pandemic.

PRINCIPAL RISKS AND UNCERTAINTIES

The Board consider risk assessment, identification of mitigating actions and internal control to be fundamental to the operation of the group. These are summarised as follows:

Hotels

Reputational risk - The group prides itself on providing a first class customer service by delivering exceptional service and quality of surroundings. The group continuously monitors and responds to guest feedback on online platforms such as Trip Advisor.

Staffing risk - The group must both attract and retain high quality staff to deliver excellent customer service.

Property deterioration - The hotels are constantly being maintained and refreshed to a high standard to provide excellent guest facilities and service. Changes and adaptations to the building and rooms are made in response to market/guest feedback.

Health and Safety, Fire and Environmental Health - The group has a separate Health and Safety officer and engages external consultants to ensure that its premises and practices comply with its statutory obligations and provides a safe environment for both guests and staff.

UK economic conditions - The level of guest demand is dictated by business sector confidence and consumer spending power. Operations and pricing are adjusted accordingly.

Financial risks - These principally reflect liquidity, credit and interest rate risks.

Liquidity risk - The group manages and monitors cashflow on a day to day basis against a rolling twelve month cashflow forecast to ensure that debts and obligations are met as they fall due.

Credit risk - Credit risk on cash balances are minimised by the Board adopting a policy of depositing funds with regulated institutions.Trade debtors are monitored closely and strict credit control procedures adopted to reduce the risk of bad debts arising.

Interest rate risk - The group is exposed to interest rate risk on its loan debt. The Board monitors cashflow and interest rates carefully to ensure that the company can continue to meet the debt obligation as it falls due for payment.

Property investment

Achieving revenue and capital growth.

Letting risks comprising vacancies and lease renewals.

Margins between rental yields and borrowing costs.

SECTION 172(1) STATEMENT

Accountability and transparency with stakeholders is key to the long term success of the group. We consider our key stakeholders to be: customers, employees, shareholders, key operational suppliers, local authorities and the community.

All group directors have a duty to act in the way they consider, in good faith, would be most likely to promote the success of the group for the benefit of its members as a whole. In doing so they have regard for:

- the likely consequences of any decision in the long term

- the interests of the group's employees

- the need to foster the group's business relationships with suppliers, customers and others

- the impact of the group's operations on the community and the environment

- the desirability of the group maintaining a reputation for high standards of business conduct

- the need to act fairly as between members of the group

The new reporting legislation around stakeholder engagement is welcomed by the Board. The following statements for each key stakeholder set out the engagement undertaken by the Board during the year and how this helps the Board to factor potential impacts on stakeholders in the decision making process.

Customers

The group aims to engage extensively with its customers to understand their needs and trends, and to get feedback on their stay. A variety of customer feedback tools are used including asking customers to complete inhouse feedback forms and compiling TripAdvisor reviews. The findings of these are used to improve customer experience and engagement, with knowledge being shared across the business. The provision of a high level of customer service enables the business to add value to customers, encouraging a high level of repeat business.

Employees

The group employs approximately 243 colleagues across all businesses. Employees are engaged in a number of ways primarily through open communication, training and development, promoting healthy work environments and giving feedback on performance via formal appraisal processes. The Board actively encourage inhouse progression and like to promote existing staff where possible.

Community

The group actively seeks to engage with local councils and the community to ensure policies and procedures are appropriate and fit for the current economic and social landscape. The directors are always thinking of new green alternatives and recently installed vehicle electric chargers at their hotels to promote a better future for everyone. The group is actively involved charitable events and annually supports the Cash for Kids scheme.

The directors have identified key decisions made during the year. These have been identified by those which are of strategic importance to the group. The long-term effect of the company's decisions and strategies during the financial year, together with impact on key stakeholders is described below.

Variety of operational improvement initiatives:

Customers - improve guest experience through IT developments to booking processes and website enhancements.

Employees - streamline processes to improve productivity allowing more time to engage with customers.

Shareholders - initiatives to improve profitability.

Continue investing profits into infrastructure:

Customers - improve guest experience through modern surroundings with up to date equipment and facilities.

Employees - better working environment.

Shareholders - maintain the value of assets within the group.

FIXED ASSETS

The changes are reported in notes 13 to 15.

The directors consider that the market value of the group's land and buildings is greater than the net book value but in the absence of a professional valuation the directors are unable to report upon this further.

ON BEHALF OF THE BOARD:

J G J Butterworth - Director

15 December 2022

The directors present their report with the financial statements of the company and the group for the year ended 31 March 2022.

DIVIDENDS

No interim dividends were paid during the year ended 31 March 2022.

The directors recommend final dividends per share as follows:

Ordinary £1 shares

NIL

Ordinary A £1 shares

3.29

Ordinary B £1 shares

NIL

The total distribution of dividends for the year ended 31 March 2022 will be £ 50,000 .

FUTURE DEVELOPMENTS

The directors will continue to maintain and develop the guest offerings, which are at the top end of the market, in unique locations, therefore operations are less affected than other hospitality businesses.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2021 to the date of this report.

J G J Butterworth

J W E Barcellos

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS

The directors consider any potential impacts and risks to its suppliers and customers before making any final decisions at Board level, whilst also taking into account the best interests of the group and its employees.

The group works closely with its suppliers, choosing, where possible, to trade with local businesses thus helping to support the local community and provide quality and freshness to its customers.

STREAMLINED ENERGY AND CARBON REPORTING

The company's greenhouse gas emissions and energy consumption is as follows:

2022

2021

CO2

CO2

(kilograms

)

(kilograms

)

Gas consumption

947,319

433,169

Fuel for transportation

18,253

8,520

965,572

441,689

Indirect emissions

Purchased electricity

356,825

322,696

Other indirect emissions

Business travel employee-owned vehicles - scope 3

309

77

Total gross emissions in metric kilograms CO2

1,322,706

764,462

Total gross emissions in metric tonnes CO2

1,323

764

Total energy consumption used to calculate emissions for 2022: 7,056,574 kWh (2021: 3,747,498 kWh).

Intensity ratio

Total emissions (CO2e) in tonnes

1,323

764

Turnover (£m)

12.7

5.1

Intensity Ratio (CO2e tonnes/£m)

104.2

149.8

The directors have followed the 2019 HM Government Environmental Reporting guidelines and the GHG Reporting Protocol Corporate Standard.

The directors consider environmental impacts of their decision making to be of great importance. One way they do this is to update lighting across the group by installing LED lights when replacing existing lighting. During the year a new heat recovery system was installed at one of the hotels. The innovative heat recovery system reuses heat from rooms and server rooms for energy efficient hot water production and to heat other areas of the building.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group 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;

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

-	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 and the 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.

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 group'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 group's auditors are aware of that information.

AUDITORS

The auditors, Schofields, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

J W E Barcellos - Director

15 December 2022

Opinion

We have audited the financial statements of FJB Hotels Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2022 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 31 March 2022 and of the group's 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 group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Group 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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page seven, 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 group's and the 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.

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:

An understanding of the legal and regulatory framework the company operates in was obtained through discussions with directors and other management in addition to our general industry and sector experience. The most significant laws and regulations identified, being those that have a direct effect on material amounts and disclosures in the financial statements, are FRS 102, Companies Act 2006 and HM Revenue & Customs (HMRC) Tax Legislation.

We also considered other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate, or to avoid material penalty. These included but were not limited the requirements of the various health and safety regulations, licensing and food hygiene regulations, employment law, money laundering and the company's obligations under Coronavirus legislation.

Audit procedures were performed to obtain sufficient evidence regarding compliance. These procedures include making enquiries to directors and other management in addition to the inspection of applicable regulatory and legal correspondence. Financial statement disclosures were reviewed and tested to supporting documentation.

Enquiries were also made to the directors and other management to assess the company's internal control environment and their policies and procedures on fraud risk. The company's systems and controls were documented, and audit procedures were designed to test these controls. Further, the risk of management override of controls was addressed through testing journal entries and other adjustments for appropriateness. The judgements made in making accounting estimates were assessed for any indication of potential bias, and the business rationale of significant transactions outside the normal course of the business was evaluated.

We have properly planned and performed the audit in accordance with auditing standards and all members of the engagement team have the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. However, the inherent nature of the audit, and the limited procedures performed, means there is an unavoidable risk that some irregularities may have gone undetected. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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.

Mr P J Schofield FCA (Senior Statutory Auditor)

for and on behalf of Schofields

Chartered Accountants and Statutory Auditors

5th Floor

Waverley House

115 - 119 Holdenhurst Road

Bournemouth

Dorset

BH8 8DY

15 December 2022

TURNOVER

4

13,579,757

5,624,478

Cost of sales

(6,199,005

)

(4,374,592

)

GROSS PROFIT

7,380,752

1,249,886

Administrative expenses

(5,547,565

)

(2,520,090

)

1,833,187

(1,270,204

)

Other operating income

5

508,246

1,764,709

OPERATING PROFIT

7

2,341,433

494,505

Income from fixed asset investments

37

1,089

Interest receivable and similar income

262

512

2,341,732

496,106

Interest payable and similar expenses

8

(169,558

)

(174,241

)

PROFIT BEFORE TAXATION

2,172,174

321,865

Tax on profit

9

(184,733

)

(39,654

)

PROFIT FOR THE FINANCIAL YEAR

1,987,441

282,211

FIXED ASSETS

Tangible assets

13

34,740,351

34,498,037

Investments

14

Interest in associate

262

262

Other investments

34,915

34,915

Investment property

15

5,206,813

5,206,813

39,982,341

39,740,027

CURRENT ASSETS

Stocks

16

223,383

146,648

Debtors

17

3,563,951

2,833,153

Cash at bank and in hand

1,758,682

992,050

5,546,016

3,971,851

CREDITORS

Amounts falling due within one year

18

3,234,651

2,859,913

NET CURRENT ASSETS

2,311,365

1,111,938

TOTAL ASSETS LESS CURRENT LIABILITIES

42,293,706

40,851,965

CREDITORS

Amounts falling due after more than one year

19

(5,819,718

)

(6,359,364

)

PROVISIONS FOR LIABILITIES

24

(373,794

)

(329,848

)

NET ASSETS

36,100,194

34,162,753

CAPITAL AND RESERVES

Called up share capital

25

20,200

20,200

Share premium

26

29,488,520

29,488,520

Revaluation reserve

26

384,782

384,782

Retained earnings

26

6,206,692

4,269,251

SHAREHOLDERS' FUNDS

36,100,194

34,162,753

The financial statements were approved by the Board of Directors and authorised for issue on 15 December 2022 and were signed on its behalf by:

J G J Butterworth - Director

J W E Barcellos - Director

FIXED ASSETS

Tangible assets

13

-

-

Investments

14

29,508,720

29,508,720

Investment property

15

5,206,813

5,206,813

34,715,533

34,715,533

CURRENT ASSETS

Debtors

17

167,689

123,507

CREDITORS

Amounts falling due within one year

18

407,292

284,476

NET CURRENT LIABILITIES

(239,603

)

(160,969

)

TOTAL ASSETS LESS CURRENT LIABILITIES

34,475,930

34,554,564

CREDITORS

Amounts falling due after more than one year

19

4,568,813

4,801,188

NET ASSETS

29,907,117

29,753,376

CAPITAL AND RESERVES

Called up share capital

25

20,200

20,200

Share premium

26

29,488,520

29,488,520

Retained earnings

26

398,397

244,656

SHAREHOLDERS' FUNDS

29,907,117

29,753,376

Company's profit for the financial year

203,741

153,705

The financial statements were approved by the Board of Directors and authorised for issue on 15 December 2022 and were signed on its behalf by:

J G J Butterworth - Director

J W E Barcellos - Director

Called up

share

Retained

Share

Revaluation

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 April 2020

20,200

4,037,040

29,488,520

384,782

33,930,542

Changes in equity

Profit for the year

-

282,211

-

-

282,211

Total comprehensive income

-

282,211

-

-

282,211

Dividends

-

(50,000

)

-

-

(50,000

)

Balance at 31 March 2021

20,200

4,269,251

29,488,520

384,782

34,162,753

Changes in equity

Profit for the year

-

1,987,441

-

-

1,987,441

Total comprehensive income

-

1,987,441

-

-

1,987,441

Dividends

-

(50,000

)

-

-

(50,000

)

Balance at 31 March 2022

20,200

6,206,692

29,488,520

384,782

36,100,194

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 April 2020

20,200

140,951

29,488,520

29,649,671

Changes in equity

Profit for the year

-

153,705

-

153,705

Total comprehensive income

-

153,705

-

153,705

Dividends

-

(50,000

)

-

(50,000

)

Balance at 31 March 2021

20,200

244,656

29,488,520

29,753,376

Changes in equity

Profit for the year

-

203,741

-

203,741

Total comprehensive income

-

203,741

-

203,741

Dividends

-

(50,000

)

-

(50,000

)

Balance at 31 March 2022

20,200

398,397

29,488,520

29,907,117

Cash flows from operating activities

Cash generated from operations

1

1,512,924

(1,931,349

)

Interest paid

(155,352

)

(173,059

)

Interest element of hire purchase payments paid

(14,206

)

(1,182

)

Government grants

366,158

1,750,165

Tax paid

(171,738

)

(98,543

)

Net cash from operating activities

1,537,786

(453,968

)

Cash flows from investing activities

Purchase of tangible fixed assets

(321,510

)

(119,106

)

Purchase of investment property

-

(6,813

)

Interest received

262

512

Dividends received

37

1,089

Net cash from investing activities

(321,211

)

(124,318

)

Cash flows from financing activities

New loans in year

205,800

6,825,000

Loan repayments in year

(547,023

)

(6,822,277

)

Capital repayments in year

(58,720

)

(3,824

)

Equity dividends paid

(50,000

)

(50,000

)

Net cash from financing activities

(449,943

)

(51,101

)

Increase/(decrease) in cash and cash equivalents

766,632

(629,387

)

Cash and cash equivalents at beginning of year

2

992,050

1,623,460

Effect of foreign exchange rate changes

-

(2,023

)

Cash and cash equivalents at end of year

2

1,758,682

992,050

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

2022

2021

£

£

Profit before taxation

2,172,174

321,865

Depreciation charges

79,196

97,764

Currency translation losses

-

2,021

Government grants

(366,158

)

(1,750,165

)

Finance costs

169,558

174,241

Finance income

(299

)

(1,601

)

2,054,471

(1,155,875

)

(Increase)/decrease in stocks

(76,735

)

37,789

Increase in trade and other debtors

(565,265

)

(244,830

)

Increase/(decrease) in trade and other creditors

100,453

(568,433

)

Cash generated from operations

1,512,924

(1,931,349

)

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 March 2022

31/3/22

1/4/21

£

£

Cash and cash equivalents

1,758,682

992,050

Year ended 31 March 2021

31/3/21

1/4/20

£

£

Cash and cash equivalents

992,050

1,623,460

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1/4/21

Cash flow

At 31/3/22

£

£

£

Net cash

Cash at bank and in hand

992,050

766,632

1,758,682

992,050

766,632

1,758,682

Debt

Finance leases

(13,106

)

(147,080

)

(160,186

)

Debts falling due within 1 year

(474,576

)

(103,401

)

(577,977

)

Debts falling due after 1 year

(6,350,424

)

650,424

(5,700,000

)

(6,838,106

)

399,943

(6,438,163

)

Total

(5,846,056

)

1,166,575

(4,679,481

)