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OPTIMUS CARDS UK LIMITED |
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Directors' Report and |
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Financial Statements |
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for the Year Ended 31 December 2020 |
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OPTIMUS CARDS UK LIMITED |
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Directors' Report and |
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Financial Statements |
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for the Year Ended 31 December 2020 |
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OPTIMUS CARDS UK LIMITED (REGISTERED NUMBER: 09044866) |
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Contents of the Financial Statements |
for the year ended 31 December 2020 |
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Page |
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Company Information | 1 |
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Directors' Report | 2 |
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Independent Auditors' Report | 3 |
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Income Statement | 6 |
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Other Comprehensive Income | 7 |
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Balance Sheet | 8 |
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Statement of Changes in Equity | 9 |
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Cash Flow Statement | 10 |
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Notes to the Financial Statements | 11 |
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OPTIMUS CARDS UK LIMITED |
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Company Information |
for the year ended 31 December 2020 |
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Directors: |
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Registered office: |
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Registered number: |
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Auditors: |
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Statutory Auditor |
New Derwent House |
69-73 Theobalds Road |
London |
WC1X 8TA |
OPTIMUS CARDS UK LIMITED (REGISTERED NUMBER: 09044866) |
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Directors' Report |
for the year ended 31 December 2020 |
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The directors present their report with the financial statements of the company for the year ended 31 December 2020. |
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Directors |
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Other changes in directors holding office are as follows: |
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Statement of directors' responsibilities |
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations. |
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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: |
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- | 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. |
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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. |
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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. |
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This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
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On behalf of the board: |
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Independent Auditors' Report to the Members of |
Optimus Cards Uk Limited |
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Opinion |
We have audited the financial statements of Optimus Cards Uk Limited (the 'company') for the year ended 31 December 2020 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). |
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In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 December 2020 and of its loss 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. |
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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. |
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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. |
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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. |
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Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
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However, not all future events or conditions can be predicted. The COVID-19 viral pandemic is one of the most significant economic events for the UK with unprecedented levels of uncertainty of outcomes. It is therefore difficult to evaluate all of the potential implications on the company's trade, customers, suppliers and wider economy. The Directors' view on the impact of COVID-19 is disclosed within the accounting policies note. |
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Other information |
The directors are responsible for the other information. The other information comprises the information in the Directors' Report, but does not include the financial statements and our Auditors' Report thereon. |
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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. |
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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. |
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Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Directors' Report has been prepared in accordance with applicable legal requirements. |
Independent Auditors' Report to the Members of |
Optimus Cards Uk Limited |
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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 Directors' Report. |
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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; or |
- | the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Directors' Report. |
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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. |
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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. |
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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. |
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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. |
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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 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management |
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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 accoutring 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. |
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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. |
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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 |
Optimus Cards Uk Limited |
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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. |
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for and on behalf of
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Statutory Auditor |
New Derwent House |
69-73 Theobalds Road |
London |
WC1X 8TA |
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OPTIMUS CARDS UK LIMITED (REGISTERED NUMBER: 09044866) |
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Income Statement |
for the year ended 31 December 2020 |
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2020 | 2019 |
Notes | £ | £ |
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Turnover |
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Cost of sales | ( |
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Gross (loss)/profit | ( |
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Administrative expenses | ( |
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Operating (loss)/profit | ( |
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Interest receivable and similar income |
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(3,641,477 | ) | 685,102 |
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Interest payable and similar expenses | 5 | ( |
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(Loss)/profit before taxation | 6 | ( |
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Tax on (loss)/profit | 7 |
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(Loss)/profit for the financial year | ( |
) |
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OPTIMUS CARDS UK LIMITED (REGISTERED NUMBER: 09044866) |
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Other Comprehensive Income |
for the year ended 31 December 2020 |
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2020 | 2019 |
Notes | £ | £ |
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(Loss)/profit for the year | ( |
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Other comprehensive income | - | - |
Total comprehensive income for the year | ( |
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OPTIMUS CARDS UK LIMITED (REGISTERED NUMBER: 09044866) |
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Balance Sheet |
31 December 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
Fixed assets |
Intangible assets | 8 |
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Tangible assets | 9 |
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Investments | 10 |
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Current assets |
Debtors | 11 |
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Cash at bank and in hand |
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Creditors |
Amounts falling due within one year | 12 |
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Net current assets/(liabilities) |
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( |
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Total assets less current liabilities |
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( |
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Creditors |
Amounts falling due after more than one
year |
13 |
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Net liabilities | ( |
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Capital and reserves |
Called up share capital | 15 |
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Retained earnings | 16 | ( |
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Shareholders' funds | ( |
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The financial statements were approved by the Board of Directors and authorised for issue on
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OPTIMUS CARDS UK LIMITED (REGISTERED NUMBER: 09044866) |
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Statement of Changes in Equity |
for the year ended 31 December 2020 |
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Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
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Balance at 1 January 2019 |
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( |
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Changes in equity |
Issue of share capital |
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- |
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Total comprehensive income | - |
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Balance at 31 December 2019 |
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( |
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Changes in equity |
Issue of share capital |
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- |
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Total comprehensive income | - | ( |
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Balance at 31 December 2020 |
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( |
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OPTIMUS CARDS UK LIMITED (REGISTERED NUMBER: 09044866) |
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Cash Flow Statement |
for the year ended 31 December 2020 |
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2020 | 2019 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 17 | ( |
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Interest paid | ( |
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Net cash from operating activities | ( |
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Cash flows from investing activities |
Purchase of intangible fixed assets | ( |
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Purchase of tangible fixed assets | ( |
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Purchase of fixed asset investments | (88 | ) | - |
Sale of intangible fixed assets |
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Interest received |
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Net cash from investing activities |
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Cash flows from financing activities |
Share issue |
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Net cash from financing activities |
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(Decrease)/increase in cash and cash equivalents | ( |
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Cash and cash equivalents at beginning
of year |
18 |
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342,543 |
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Cash and cash equivalents at end of year | 18 | 350,377 | 374,325 |
OPTIMUS CARDS UK LIMITED (REGISTERED NUMBER: 09044866) |
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Notes to the Financial Statements |
for the year ended 31 December 2020 |
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1. | Statutory information |
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Optimus Cards Uk Limited is a
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2. | Accounting policies |
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Basis of preparing the financial statements |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
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Going Concern |
Following the emergence and spread of the coronavirus (COVID-19) and its financial effects on businesses worldwide, the directors have examined the possible effects on their business by undertaking forecasts and scenarios planning. The company will continue to benefit from financial support from its parent company, which has confirmed that it will provide the company with sufficient resources to enable it to meet its debts as they fall due for a period of at least 12 months from the date of approval of these financial statements.The directors, therefore have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis in preparing the financial statements. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Short leasehold - 20% on cost |
Plant and machinery - 20% on cost |
Fixtures and fittings - 20% on cost |
Computer equipment - 33% on cost |
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Financial instruments |
(i) Financial assets |
Basic financial assets, including trade and other receivables and cash and bank balances, are initially recognised 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. |
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Such assets are subsequently carried at amortised cost using the effective interest method. |
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Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. |
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(ii) Financial liabilities |
Basic financial liabilities, including trade and other payables, 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 receipts discounted at a market rate of interest. |
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Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
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Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
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OPTIMUS CARDS UK LIMITED (REGISTERED NUMBER: 09044866) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2020 |
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2. | Accounting policies - continued |
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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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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. |
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3. | Employees and directors |
2020 | 2019 |
£ | £ |
Wages and salaries |
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Social security costs |
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Other pension costs |
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The average number of employees during the year was as follows: |
2020 | 2019 |
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4. | Directors' emoluments |
2020 | 2019 |
£ | £ |
Directors' remuneration |
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5. | Interest payable and similar expenses |
2020 | 2019 |
£ | £ |
Bank loan interest |
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OPTIMUS CARDS UK LIMITED (REGISTERED NUMBER: 09044866) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2020 |
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6. | (Loss)/profit before taxation |
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The loss (2019 - profit) is stated after charging/(crediting): |
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2020 | 2019 |
£ | £ |
Hire of plant and machinery |
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Other operating leases |
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Depreciation - owned assets |
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Auditors' remuneration |
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Foreign exchange differences |
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( |
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7. | Taxation |
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Analysis of the tax charge |
No liability to UK corporation tax arose for the year ended 31 December 2020 nor for the year ended 31 December 2019. |
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8. | Intangible fixed assets |
Patents and | Computer |
licences | software | Totals |
£ | £ | £ |
Cost |
At 1 January 2020 |
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Additions |
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Disposals | ( |
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( |
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At 31 December 2020 |
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Amortisation |
At 1 January 2020 |
and 31 December 2020 |
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Net book value |
At 31 December 2020 |
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At 31 December 2019 |
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9. | Tangible fixed assets |
Fixtures |
Short | Plant and | and | Computer |
leasehold | machinery | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
Cost |
At 1 January 2020 |
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Additions |
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At 31 December 2020 |
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Depreciation |
At 1 January 2020 |
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Charge for year |
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At 31 December 2020 |
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Net book value |
At 31 December 2020 |
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At 31 December 2019 |
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OPTIMUS CARDS UK LIMITED (REGISTERED NUMBER: 09044866) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2020 |
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10. | Fixed asset investments |
Unlisted |
investments |
£ |
Cost |
Additions |
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At 31 December 2020 |
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Net book value |
At 31 December 2020 |
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11. | Debtors |
2020 | 2019 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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VAT |
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Prepayments and accrued income |
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Amounts falling due after more than one year: |
Other debtors |
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Aggregate amounts |
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12. | Creditors: amounts falling due within one year |
2020 | 2019 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Social security and other taxes |
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VAT | 5,409 | - |
Other creditors |
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Accruals and deferred income |
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13. | Creditors: amounts falling due after more than one year |
2020 | 2019 |
£ | £ |
Bank loans (see note 14) |
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Other creditors |
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OPTIMUS CARDS UK LIMITED (REGISTERED NUMBER: 09044866) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2020 |
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14. | Loans |
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An analysis of the maturity of loans is given below: |
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2020 | 2019 |
£ | £ |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
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15. | Called up share capital |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2019 |
value: | £ | £ |
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Ordinary Shares | £1 | 7,726,836 | 450,000 |
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16. | Reserves |
Retained |
earnings |
£ |
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At 1 January 2020 | ( |
) |
Deficit for the year | ( |
) |
At 31 December 2020 | ( |
) |
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17. | Reconciliation of (loss)/profit before taxation to cash generated from operations |
2020 | 2019 |
£ | £ |
(Loss)/profit before taxation | ( |
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Depreciation charges |
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Finance costs | 147,632 | 19 |
Finance income | (18,487 | ) | - |
(3,641,491 | ) | 762,486 |
Decrease in trade and other debtors |
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Increase/(decrease) in trade and other creditors |
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( |
) |
Cash generated from operations | ( |
) | ( |
) |
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18. | Cash and cash equivalents |
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The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
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Year ended 31 December 2020 |
31/12/20 | 1/1/20 |
£ | £ |
Cash and cash equivalents | 350,377 | 374,325 |
Year ended 31 December 2019 |
31/12/19 | 1/1/19 |
£ | £ |
Cash and cash equivalents | 374,325 | 342,543 |
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OPTIMUS CARDS UK LIMITED (REGISTERED NUMBER: 09044866) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2020 |
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19. | Analysis of changes in net funds |
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At 1/1/20 | Cash flow | At 31/12/20 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 374,325 | (23,948 | ) | 350,377 |
374,325 | ( |
) | 350,377 |
Debt |
Debts falling due after 1 year | (22,547 | ) | 22,547 | - |
(22,547 | ) | 22,547 | - |
Total | 351,778 | (1,401 | ) | 350,377 |