REGISTERED NUMBER: |
Piccadilly Greetings Group Limited |
Strategic Report, Directors' Report and |
Audited Financial Statements |
for the Year Ended 31 December 2022 |
REGISTERED NUMBER: |
Piccadilly Greetings Group Limited |
Strategic Report, Directors' Report and |
Audited Financial Statements |
for the Year Ended 31 December 2022 |
Piccadilly Greetings Group Limited (Registered number: 02567156) |
Contents of the Financial Statements |
for the year ended 31 December 2022 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Directors' Report | 3 |
Independent Auditors' Report | 4 |
Income Statement | 7 |
Balance Sheet | 8 |
Statement of Changes in Equity | 9 |
Cash Flow Statement | 10 |
Notes to the Financial Statements | 11 |
Piccadilly Greetings Group Limited |
Company Information |
for the year ended 31 December 2022 |
Directors: |
Secretary: |
Registered office: |
Registered number: |
Auditors: |
Chartered Accountants and Statutory Auditor |
178 Buckingham Avenue |
Slough |
Berkshire |
SL1 4RD |
Piccadilly Greetings Group Limited (Registered number: 02567156) |
Strategic Report |
for the year ended 31 December 2022 |
The directors present their strategic report for the year ended 31 December 2022. |
Review of business |
The Directors view 2022 performance as positive with revenue increasing on 2021 as a result of maintaining a diversified customer base across multiple sales channels. Profitability reduced due to continuing cost pressures across a number of direct costs as well as operating costs. |
In light of the economic slowdown and the tightening of consumer disposable income, the business absorbed the majority of the significant cost increases across raw materials, labour and energy to continue to provide the best possible value to our retail and wholesale customers. |
We continue to maintain a conservative balance sheet with a net cash position. |
Principal risks and uncertainties |
The broader economic climate and consumer spending remains the greatest uncertainty for the business. We expect the current economic slowdown to remain for the medium term but retail trading data is demonstrating the resilience of consumer demand for greetings cards in the main retail channels. |
Any further increases in raw material costs would be difficult to absorb and may need to be passed on through higher pricing. Whilst energy prices remain relatively high, the installation of solar panels will contribute at least 33% of electricity usage, therefore partially mitigating the risk against any future price volatility. |
Trade debtors are managed via continuous credit limit reviews and monitoring of outstanding balances. The risk of bad debts will increase in the current economic climate, but these do not pose a material risk to the business. |
Development and performance |
Continued investment in new production equipment along with software implementations and upgrades have increased capacity as well as created operating efficiencies to counteract cost pressures. With significant increases in commercial property rental rates in recent years, increasing output from the same production and warehousing space is essential along with driving energy and environmental efficiency. |
In addition, the continued investment in management processes and colleagues provides efficiencies and resilience for the business. |
Financial key performance indicators |
The business operates a number of financial and operating KPIs which are monitored and reviewed frequently. The KPIs are used to ensure short term performance as well as longer term planning across sales, production, warehousing and financial forecasting. |
On behalf of the board: |
Piccadilly Greetings Group Limited (Registered number: 02567156) |
Directors' Report |
for the year ended 31 December 2022 |
The directors present their report with the financial statements of the company for the year ended 31 December 2022. |
Principal activity |
The principal activity of the company in the year under review was that of publication and sale of greeting cards. |
Dividends |
No dividends will be distributed for the year ended 31 December 2022. |
Directors |
The directors shown below have held office during the whole of the period from 1 January 2022 to the date of this report. |
Statement of directors' responsibilities |
The directors are responsible for preparing the Strategic Report, 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
Statement as to disclosure of information to auditors |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
On behalf of the board: |
Independent Auditors' Report to the Members of |
Piccadilly Greetings Group Limited |
Opinion |
We have audited the financial statements of Piccadilly Greetings Group Limited (the 'company') for the year ended 31 December 2022 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and 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 2022 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Directors' Report, but does not include the financial statements and our Auditors' Report 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements. |
Independent Auditors' Report to the Members of |
Piccadilly Greetings Group Limited |
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 Directors' Report. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' 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. |
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: |
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We discussed with the Directors the policies and procedures in place regarding compliance with laws and regulations. We discussed amongst the audit team the identified laws and regulations, and remained alert to any indications of non-compliance. |
During the audit we focussed on laws and regulations which could reasonably be expected to give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006, Health and Safety Act and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. |
Our procedures in relation to fraud included but were not limited to: inquires of management whether they have any knowledge of any actual, suspected or alleged fraud, and discussions amongst the audit team regarding risk of fraud such as opportunities for fraudulent manipulation of financial statements. We determined that the principal risks related to posting manual journal entries to manipulate financial performance and management bias through judgements in accounting estimates. We also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
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 Auditors' Report. |
Independent Auditors' Report to the Members of |
Piccadilly Greetings Group 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 we are required to state to them in an Auditors' 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. |
for and on behalf of |
Chartered Accountants and Statutory Auditor |
178 Buckingham Avenue |
Slough |
Berkshire |
SL1 4RD |
Piccadilly Greetings Group Limited (Registered number: 02567156) |
Income Statement |
for the year ended 31 December 2022 |
2022 | 2021 |
Notes | £ | £ |
Turnover | 3 |
Cost of sales | ( |
) | ( |
) |
Gross profit |
Administrative expenses | ( |
) | ( |
) |
347,402 | 751,088 |
Other operating income |
Operating profit |
Interest payable and similar expenses | 5 | ( |
) | ( |
) |
Profit before taxation | 6 |
Tax on profit | 7 | ( |
) | ( |
) |
Profit for the financial year |
Piccadilly Greetings Group Limited (Registered number: 02567156) |
Balance Sheet |
31 December 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 8 |
Current assets |
Stocks | 9 |
Debtors | 10 |
Cash in hand |
Creditors |
Amounts falling due within one year | 11 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
12 |
( |
) |
( |
) |
Provisions for liabilities | 15 | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital | 16 |
Retained earnings | 17 |
Shareholders' funds |
The financial statements were approved by the Board of Directors and authorised for issue on |
Piccadilly Greetings Group Limited (Registered number: 02567156) |
Statement of Changes in Equity |
for the year ended 31 December 2022 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 January 2021 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 December 2021 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 December 2022 |
Piccadilly Greetings Group Limited (Registered number: 02567156) |
Cash Flow Statement |
for the year ended 31 December 2022 |
2022 | 2021 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 20 |
Interest paid | ( |
) | ( |
) |
Tax paid | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
New loans in year |
Loan repayments in year | ( |
) | ( |
) |
Net cash from financing activities | ( |
) |
Increase in cash and cash equivalents |
Cash and cash equivalents at beginning of year |
21 |
733,897 |
Cash and cash equivalents at end of year | 21 | 1,378,500 | 1,167,996 |
Piccadilly Greetings Group Limited (Registered number: 02567156) |
Notes to the Financial Statements |
for the year ended 31 December 2022 |
1. | Statutory information |
Piccadilly Greetings Group Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 02567156 and registered office address is 4 Horizon Point, Swallowdale Lane, Hemel Hempstead, Hertfordshire, HP2 7FZ. |
2. | Accounting policies |
Basis of preparing the financial statements |
The financial statements are prepared in sterling which is the functional currency of the company and rounded to the nearest pound. |
Going concern |
The Directors have identified no material uncertainties that cast significant doubt about the ability of the Company to continue as a going concern. |
Turnover |
Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts. Revenue is recognised at the point goods are despatched to the customers. |
Tangible fixed assets |
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases: |
L/Term leasehold property | - | 50 years straight line |
Plant & machinery | - | 25% reducing balance/ 33% straight line |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. |
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. |
Piccadilly Greetings Group Limited (Registered number: 02567156) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2022 |
2. | Accounting policies - continued |
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. |
Operating lease commitments |
Rentals under operating leases are charged to the profit and loss account on a straight line basis over the lease term. |
Key sources of estimation uncertainty and judgements |
In preparing these financial statements, the directors have had to make the following judgements in applying the above accounting policies that have had the most significant effect on the amounts recognised in the financial statements: |
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. Residual value assessments consider issues such as future market conditions, the remaining life of the assets and projected disposal values. |
Financial instruments |
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument. |
Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due. |
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts which are an integral part of the company's cash management. |
Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. |
3. | Turnover |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by geographical market is given below: |
2022 | 2021 |
£ | £ |
United Kingdom |
Europe |
Rest of the world | 197,749 | 179,246 |
4. | Employees and directors |
2022 | 2021 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
Piccadilly Greetings Group Limited (Registered number: 02567156) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2022 |
4. | Employees and directors - continued |
The average number of employees during the year was as follows: |
2022 | 2021 |
Directors | 4 | 4 |
Sales and admin | 17 | 15 |
Production and warehousing | 39 | 35 |
2022 | 2021 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
Information regarding the highest paid director is as follows: |
2022 | 2021 |
£ | £ |
Emoluments etc |
Pension contributions to money purchase schemes |
5. | Interest payable and similar expenses |
2022 | 2021 |
£ | £ |
Bank interest payable |
6. | Profit before taxation |
The profit is stated after charging/(crediting): |
2022 | 2021 |
£ | £ |
Depreciation - owned assets |
Auditors' remuneration |
Foreign exchange differences | ( |
) | ( |
) |
Piccadilly Greetings Group Limited (Registered number: 02567156) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2022 |
7. | Taxation |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2022 | 2021 |
£ | £ |
Current tax: |
UK corporation tax |
Over provision in prior year | (989 | ) | - |
Total current tax |
Deferred tax |
Tax on profit |
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: |
2022 | 2021 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2021 - |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | - | ( |
) |
Depreciation in excess of capital allowances | - |
Tax losses carried forward | - | 38,591 |
Movement in deferred tax | 60,426 | 179,405 |
Total tax charge | 133,502 | 179,405 |
8. | Tangible fixed assets |
Long | Plant and |
leasehold | machinery | Totals |
£ | £ | £ |
Cost |
At 1 January 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2022 |
Depreciation |
At 1 January 2022 |
Charge for year |
At 31 December 2022 |
Net book value |
At 31 December 2022 |
At 31 December 2021 |
Piccadilly Greetings Group Limited (Registered number: 02567156) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2022 |
9. | Stocks |
2022 | 2021 |
£ | £ |
Raw materials |
Finished goods |
10. | Debtors: amounts falling due within one year |
2022 | 2021 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments and accrued income |
11. | Creditors: amounts falling due within one year |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts (see note 13) |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 63,092 | 20,356 |
Accruals and deferred income |
12. | Creditors: amounts falling due after more than one year |
2022 | 2021 |
£ | £ |
Bank loans (see note 13) |
13. | Loans |
An analysis of the maturity of loans is given below: |
2022 | 2021 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
Piccadilly Greetings Group Limited (Registered number: 02567156) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2022 |
14. | Leasing agreements |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2022 | 2021 |
£ | £ |
Within one year |
Between one and five years |
15. | Provisions for liabilities |
2022 | 2021 |
£ | £ |
Deferred tax | 284,299 | 223,873 |
Deferred tax |
£ |
Balance at 1 January 2022 |
Charge to Income Statement during year |
Balance at 31 December 2022 |
16. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
17. | Reserves |
Retained |
earnings |
£ |
At 1 January 2022 |
Profit for the year |
At 31 December 2022 |
18. | Related party transactions |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
19. | Ultimate controlling party |
The ultimate parent company is Floret Holdings Limited, a company registered in the British Virgin Islands. |
The company is under day to day the control of the directors. |
Piccadilly Greetings Group Limited (Registered number: 02567156) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2022 |
20. | Reconciliation of profit before taxation to cash generated from operations |
2022 | 2021 |
£ | £ |
Profit before taxation |
Depreciation charges |
Finance costs | 24,199 | 14,301 |
679,234 | 1,153,712 |
(Increase)/decrease in stocks | ( |
) |
Decrease/(increase) in trade and other debtors | ( |
) |
Increase in trade and other creditors |
Cash generated from operations |
21. | 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 2022 |
31/12/22 | 1/1/22 |
£ | £ |
Cash and cash equivalents | 1,378,500 | 1,167,996 |
Year ended 31 December 2021 |
31/12/21 | 1/1/21 |
£ | £ |
Cash and cash equivalents | 1,167,996 | 733,897 |
22. | Analysis of changes in net funds |
At 1/1/22 | Cash flow | At 31/12/22 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 1,167,996 | 210,504 | 1,378,500 |
1,167,996 | 1,378,500 |
Debt |
Debts falling due within 1 year | (138,908 | ) | (11,368 | ) | (150,276 | ) |
Debts falling due after 1 year | (250,480 | ) | 150,296 | (100,184 | ) |
(389,388 | ) | 138,928 | (250,460 | ) |
Total | 778,608 | 349,432 | 1,128,040 |