Wyboston Lakes Limited - Limited company accounts 20.1

REGISTERED NUMBER: 01122944 (England and Wales)

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

FOR

WYBOSTON LAKES LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

7

Consolidated Income Statement

10

Consolidated Other Comprehensive Income

11

Consolidated Balance Sheet

12

Company Balance Sheet

13

Consolidated Statement of Changes in Equity

14

Company Statement of Changes in Equity

15

Consolidated Cash Flow Statement

16

Notes to the Consolidated Cash Flow Statement

17

Notes to the Consolidated Financial Statements

18

DIRECTORS:

D H Barford

J Chapman

S R Hutchinson

C R Hutchinson

J Ireland

S Jones

R J Smith

SECRETARY:

J Ireland

REGISTERED OFFICE:

Wyboston Lakes Hotel

Great North Road

Wyboston

Bedfordshire

MK44 3AL

REGISTERED NUMBER:

01122944 (England and Wales)

AUDITORS:

Norton Lewis & Co.

6th Floor

Charles House

108-110 Finchley Road

London

NW3 5JJ

The directors present their strategic report of the company and the group for the year ended 31 December 2020.

The principle activities of the group was the operation of Wyboston Lakes, a hotel, leisure provider and conference centre.

REVIEW OF BUSINESS

2020 was a year like no other, however despite the unprecedented challenges it presented our industry in particular, the board is pleased to report that whilst it was not a year of profits it was a well-managed year of damage limitation, innovation and future planning. To summarise the key financials, the turnover for the year was £8.6 million falling from £21.9 million in 2019. This produced a loss before tax £(1.2) million (2019 - £2.8 million profit).

As has been widely reported the hospitality business was largely closed during the year, whilst during the summer months bars and restaurants were allowed to reopen, under strict legal restrictions, our main trading sector, meetings, conferences and exhibitions, has remained closed since March 2020. During this time we concentrated on our safe reopening and embracing the changes that the pandemic would bring for the future to time proof our products and services to ensure both our team members and clients would feel safe from home at Wyboston. We became the first venue to receive the new AIM Secure Accreditation from the Meetings Industry Association (MIA) which is awarded to meetings and events businesses that deliver first class service, excellent facilities and a total commitment to upholding legal compliance and health and hygiene protocols. We also became the first resort in the UK to secure the "Safe, Clean and Legal" accreditation from Quality in Tourism which endorses hotels and venues that meet or exceed minimum standards across a wide range of factors, including compliance with hygiene and food safety regulations. Most recently we received the "We're good to go", accreditation through Visit England, which allows us to display the "Safe Travels" stamp which is issued by the World Travel and Tourism council, which is aimed at international travellers to show we have adopted internationally recognised protocols in relation to Covid-19. The company is represented by members of the senior management team with four of the largest associations across our industry sectors and with these positions we were able to lobby for more support. Due to our accreditations we were chosen to host a Pilot event for the Government which received very positive feedback and helped toward the reopening decisions for our industry. During much of 2020 we remained open to service essential workers such as the East of England Ambulance Service and we continued to service our serviced office clients.

Going into 2021 the company is ready to bounce back and resume trading to at least pre pandemic levels as soon as restrictions are lifted. During 2020 we refurbished our Willows training centre and now have 2 recently refurbished centres offering the current needs of clients and able to deliver focused offerings in newly refurbished, cutting edge buildings. Prior to the pandemic the company had put into action its strategy to grow the business on defining its spaces and both January and February 2020 were record performing months. This growth is set to continue once the pause button is lifted on our sector and we have healthy forecasts going forward. Whilst the Hotel was closed during the lockdown period, the company sought support under CBILS to further boost cash reserves and add to the companies already strong and stable liquidity position. The company aims to start paying this back in full once lockdown restrictions have been lifted.

The board believes in an engaged team to ensure delivery of the company's core goals and this has been enhanced during 2020. Whilst many of our team were furloughed we ensured we focused on their wellbeing with online social sessions, regular video updates to the team from the Managing Director, weekly newsletters, wellbeing sessions to name a few. We very quickly instigated a working from home policy and due to our IT systems, we had no productivity issues as everyone quickly adapted to the new way of working and meeting online. The senior management team immediately drafted a plan to react to the crisis in March 2020 and then ensured going forward we were proactive with all our measures and had in place various scenarios to work to which were dependant on the direction of travel laid out by the government over the period but which ultimately aligned with our core strategy.

It is important that the company name brings to mind positive values and the assurance of quality through the energised and ethical manner in which Wyboston Lakes is operated to become a leading and highly rated business and leisure destination that offers great hospitality and outstanding customer service. The company is in the top 100 Sunday Times best companies to work for.

The company continues to support a charitable trust.

PRINCIPAL RISKS AND UNCERTAINTIES

The company continually reviews all forms of business risk and care is taken to ensure proper controls are in place with regard to this. Recovery plans enable an appropriate response to major incidents or crises and steps are taken to minimise these exposures to the greatest extent possible which was proven during the Covid crisis. The company's performance depends largely on the economic conditions and factors specific to both the hotel industry and meeting and event industry. These are often beyond the company's control, such as a potential global economic downturn. This is especially relevant with the outbreak of Covid-19 and the company reacted quickly to safeguard the business. From a financial viewpoint the board is satisfied that the financial strength with a net asset worth of £41.4 million will enable the company to continue its progress without interruption. The business continuity plan ensures maximum mitigation of risk following disaster both physically and virtually. The company actively looks to minimise the risk of competition in an ever-changing economy with investment such as the recent refurbishments of the Woodland Event Centre in 2019 and the Willows Training Centre in 2020, working with industry leaders, intelligent marketing, a strong sales strategy and a focus on building good relationships.

The board takes their corporate social responsibility very seriously and has won three gold awards; one in the Green Tourism Awards, granted by the Green Tourism Business Scheme, which is a national sustainable tourism certification scheme for the UK & Ireland. The assessments were conducted by a qualified grading advisor against a rigorous set of 145 criteria, covering a range of areas including energy and water efficiency, waste management, purchasing, travel, biodiversity and more. The second award is Gold Ecosmart by Greengage which is an industry standard accreditation, awarded to hotels and meeting venues that can demonstrate an eco-friendly service approach in five key areas, including energy and water conservation, waste management and recycling, and CSR. The third award is the International Association of Conference Centres's (IACC) Green Star certification programme, which requires businesses to adhere to a strict Code of Sustainability and is measured every two years. The company has also partnered with The Energy Check, specialists in minimising energy usage costs and CO2.

The company is an equal opportunities employer.

MARKET RISKS

The company's operation and it's results are subject to a number of factors which could affect the company's business, many of which are common to the hotel industry and beyond the company's control, such as a potential global economic downturn, changes in travel patterns in the structure of the travel industry; and the potential increase in acts of terrorism. The impact of any of these factors (or a combination of them ) may adversely affect sustained level of occupancy, room rates and/or hotel values as has been seen in the current Covid-19 outbreak and explained above.

Although management seeks to identify risks at the earliest opportunity, many of these risks are beyond the control of the company. The company has in place recovery plans to enable it to respond to the major incidents or crises and takes steps to minimise these exposures to the greatest extent possible.

FIXED OPERATING EXPENSES

The company's operating expenses such as personnel costs, operating leases, information technology and telecommunications are to a large extent fixed, however this has been reduced in the last year including the loss of 94 members of our team and the renegotiation of many supplier contracts. Whilst our operating results may be vulnerable to short-term changes in revenues this year has proven how quickly we can act to mitigate the vulnerabilities.

The company has appropriate management systems in place such as staff outsourcing designed to create flexibility in operating cost base so as to optimise operating profits in volatile trading conditions.

KEY PERSONNEL AND MANAGEMENT

The success of the company's business is partially attributable to the efforts and abilities of its senior managers. Failure to retain its senior management team or other key personnel may threaten the success of the company's operations.

Competition will always be a possible risk, however as a matter of course the senior management team actively look to ensure the business has competitive advantage and retains it in all planning decisions

The company has appropriate systems in place for recruitment, reward and compensation and performance management. Development and maintenance of the company's culture also plays a leading role in minimising risks.

FUTURE DEVELOPMENTS

The company expects to continue to operate and to improve results and the balance sheet value in the future, despite the Covid-19 outbreak.

ON BEHALF OF THE BOARD:

J Ireland - Director

21 April 2021

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2020.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2020.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2020 to the date of this report.

D H Barford

J Chapman

S R Hutchinson

C R Hutchinson

J Ireland

S Jones

Other changes in directors holding office are as follows:

M C Jones - resigned 31 August 2020

C A Warner - resigned 31 May 2020

R J Smith - appointed 1 April 2020

CHARITABLE DONATIONS AND EXPENDITURE

Donations made during the year totalled to £410.

EMPLOYEES

The board recognises that employees need to understand and contribute to the broad objectives of the business and seeks to develop good relations with employees through regular communications and consultation. Selection for employment and promotion is based on the objective assessment of ability and experience and the group is committed to ensuring that its workplaces are free from unlawful discrimination of any sort. The group strives to ensure that its policies and practices provide equal opportunities for all existing or potential staff irrespective of gender, race, ethnic origin, colour, religion, physical disability, marital status, sexual orientation or age. Every effort is made to retrain and support employees who become disabled while working with the group. The group is committed to employee training and development at all levels of the organisation and endeavour to contribute to the industry's future skills base by an extensive recruitment and training programme for apprentices and graduate trainees.

The company believes in clear channels of communication with all our team members and these include:

Communications meetings come in various forms, firstly Progress & Prospects; held twice a year the first run by the Senior Management team of the business for all team members, and the second run by the venue General Manager for their team. All team members are encouraged to attend and do where there are given an update by the Directors or General Managers of what has happened in the last months, plans for the future and successes in the business. Secondly Wy-b-Head meetings; held bi-monthly in the venues and headed up by the General Manager or MD for Central Support team members, these are meetings where representatives from each department across the business attend and get updates on the business from the relevant Manager and bring questions to the forum from team members which are answered. Thirdly Departmental Meetings; these are held in all departments across the business on a monthly basis.

Regular one to ones for the majority of team members are held by their line managers as well as the annual appraisal scheme which is a two way discussion, with individuals asked their opinions first. There is an upward appraisal section too.

Anonymous suggestion scheme - suggestions are sent in by anonymous email (via website for anonymity) or by paper in sealed envelopes, a recognition scheme is being put together to support any suggestions put in to practice across the business.

Team Member surveys including The Sunday Times Best Companies to Work for and Best Places to Work in Hospitality.

There is a monthly newsletter which is sent to all team members via our online noticeboard, and Wybohub - a Facebook page which all team members who use Facebook are encouraged to join, team members can post updates on here as we well as HR keeping the team updated on anything of interest as well both inside and outside the business.

There is a company intranet which holds a plethora of information as well as notice boards in each centre. The company runs a team challenge bonus scheme, which is awarded for exceeding customer service targets

HR have an open door policy with individuals regularly popping in. There is a company handbook, containing all the rules and policies, updated at least annually, and available on the intranet and HR system.

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, Norton Lewis & Co., will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

J Ireland - Director

21 April 2021

Opinion

We have audited the financial statements of Wyboston Lakes Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2020 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 December 2020 and of the group's 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.

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, 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.

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:

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.

We consider that our procedures are highly capable of detecting irregularities, including fraud. The engagement team collectively have the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations.

During the planning of the audit, discussions were held with key entity staff to ensure;

- an understanding of the legal and regulatory framework,

- the entity's policies and procedures on compliance with laws and regulations,

- the entity's policies and procedures on fraud risk including knowledge of any actual, suspected or alleged fraud.

Audit procedures to detect material misstatements in respect of irregularities are outlined below:

- Enquiry of management, those charged with governance and the entity’s solicitors around actual and potential litigation and claims.

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness.

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.

Giles Cohen (Senior Statutory Auditor)

for and on behalf of Norton Lewis & Co.

6th Floor

Charles House

108-110 Finchley Road

London

NW3 5JJ

26 April 2021

Note:

Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

TURNOVER

3

8,603,158

21,915,828

Cost of sales

5,362,021

9,758,036

GROSS PROFIT

3,241,137

12,157,792

Administrative expenses

6,704,374

9,305,747

(3,463,237

)

2,852,045

Other operating income

2,247,777

-

OPERATING (LOSS)/PROFIT

5

(1,215,460

)

2,852,045

Interest receivable and similar income

4,632

16,224

(1,210,828

)

2,868,269

Interest payable and similar expenses

7

1,209

27,490

(LOSS)/PROFIT BEFORE TAXATION

(1,212,037

)

2,840,779

Tax on (loss)/profit

8

118,177

237,540

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(1,330,214

)

2,603,239

(Loss)/profit attributable to:

Owners of the parent

(1,330,214

)

2,603,239

(LOSS)/PROFIT FOR THE YEAR

(1,330,214

)

2,603,239

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(1,330,214

)

2,603,239

Total comprehensive income attributable to:

Owners of the parent

(1,330,214

)

2,603,239

FIXED ASSETS

Tangible assets

10

33,547,159

33,247,950

Investments

11

-

-

33,547,159

33,247,950

CURRENT ASSETS

Stocks

12

3,269,729

3,390,453

Debtors

13

2,734,453

3,120,116

Cash at bank and in hand

7,278,822

4,483,089

13,283,004

10,993,658

CREDITORS

Amounts falling due within one year

14

3,684,327

4,835,727

NET CURRENT ASSETS

9,598,677

6,157,931

TOTAL ASSETS LESS CURRENT LIABILITIES

43,145,836

39,405,881

CREDITORS

Amounts falling due after more than one year

15

(5,106,406

)

(154,413

)

PROVISIONS FOR LIABILITIES

18

(1,522,115

)

(1,403,939

)

NET ASSETS

36,517,315

37,847,529

CAPITAL AND RESERVES

Called up share capital

19

50,000

50,000

Share premium

20

7,369

7,369

Capital redemption reserve

20

2,631

2,631

Retained earnings

20

36,457,315

37,787,529

SHAREHOLDERS' FUNDS

36,517,315

37,847,529

The financial statements were approved by the Board of Directors and authorised for issue on 21 April 2021 and were signed on its behalf by:

J Ireland - Director

FIXED ASSETS

Tangible assets

10

33,547,159

33,247,950

Investments

11

2,500

2,500

33,549,659

33,250,450

CURRENT ASSETS

Stocks

12

3,269,729

3,390,453

Debtors

13

2,734,453

3,120,116

Cash at bank and in hand

7,278,822

4,483,089

13,283,004

10,993,658

CREDITORS

Amounts falling due within one year

14

5,424,135

6,575,535

NET CURRENT ASSETS

7,858,869

4,418,123

TOTAL ASSETS LESS CURRENT LIABILITIES

41,408,528

37,668,573

CREDITORS

Amounts falling due after more than one year

15

(5,106,406

)

(154,413

)

PROVISIONS FOR LIABILITIES

18

(1,522,115

)

(1,403,939

)

NET ASSETS

34,780,007

36,110,221

CAPITAL AND RESERVES

Called up share capital

19

50,000

50,000

Share premium

20

7,369

7,369

Capital redemption reserve

20

2,631

2,631

Retained earnings

20

34,720,007

36,050,221

SHAREHOLDERS' FUNDS

34,780,007

36,110,221

Company's (loss)/profit for the financial year

(1,330,214

)

2,603,239

The financial statements were approved by the Board of Directors and authorised for issue on 21 April 2021 and were signed on its behalf by:

S R Hutchinson - Director

Called up

Capital

share

Retained

Share

redemption

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 January 2019

50,000

35,184,290

7,369

2,631

35,244,290

Changes in equity

Total comprehensive income

-

2,603,239

-

-

2,603,239

Balance at 31 December 2019

50,000

37,787,529

7,369

2,631

37,847,529

Changes in equity

Total comprehensive income

-

(1,330,214

)

-

-

(1,330,214

)

Balance at 31 December 2020

50,000

36,457,315

7,369

2,631

36,517,315

Called up

Capital

share

Retained

Share

redemption

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 January 2019

50,000

33,446,982

7,369

2,631

33,506,982

Changes in equity

Total comprehensive income

-

2,603,239

-

-

2,603,239

Balance at 31 December 2019

50,000

36,050,221

7,369

2,631

36,110,221

Changes in equity

Total comprehensive loss

-

(1,330,214

)

-

-

(1,330,214

)

Balance at 31 December 2020

50,000

34,720,007

7,369

2,631

34,780,007

Cash flows from operating activities

Cash generated from operations

1

(749,001

)

4,373,869

Interest paid

(1,209

)

(27,490

)

Tax paid

(228,000

)

(172,650

)

Net cash from operating activities

(978,210

)

4,173,729

Cash flows from investing activities

Purchase of tangible fixed assets

(1,198,001

)

(2,254,002

)

Sale of tangible fixed assets

15,319

-

Interest received

4,632

16,224

Net cash from investing activities

(1,178,050

)

(2,237,778

)

Cash flows from financing activities

New loans in year

5,000,000

-

Capital repayments in year

(48,007

)

(69,039

)

Net cash from financing activities

4,951,993

(69,039

)

Increase in cash and cash equivalents

2,795,733

1,866,912

Cash and cash equivalents at beginning of year

2

4,483,089

2,616,177

Cash and cash equivalents at end of year

2

7,278,822

4,483,089

1.	RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.12.20

31.12.19

£

£

(Loss)/profit before taxation

(1,212,037

)

2,840,779

Depreciation charges

898,794

960,949

Profit on disposal of fixed assets

(15,319

)

-

Finance costs

1,209

27,490

Finance income

(4,632

)

(16,224

)

(331,985

)

3,812,994

Decrease in stocks

120,724

836,155

Decrease/(increase) in trade and other debtors

385,660

(1,102,473

)

(Decrease)/increase in trade and other creditors

(923,400

)

827,193

Cash generated from operations

(749,001

)

4,373,869

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2020

31.12.20

1.1.20

£

£

Cash and cash equivalents

7,278,822

4,483,089

Year ended 31 December 2019

31.12.19

1.1.19

£

£

Cash and cash equivalents

4,483,089

2,616,177

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.20

Cash flow

At 31.12.20

£

£

£

Net cash

Cash at bank and in hand

4,483,089

2,795,733

7,278,822

4,483,089

2,795,733

7,278,822

Debt

Finance leases

(218,256

)

48,007

(170,249

)

Debts falling due after 1 year

-

(5,000,000

)

(5,000,000

)

(218,256

)

(4,951,993

)

(5,170,249

)

Total

4,264,833

(2,156,260

)

2,108,573