Penzance Leisure Limited - Limited company accounts 20.1

REGISTERED NUMBER: 04351391 (England and Wales)

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

PENZANCE LEISURE LIMITED

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

4

Income Statement

8

Other Comprehensive Income

9

Statement of Financial Position

10

Statement of Changes in Equity

11

Notes to the Financial Statements

12

DIRECTORS:

P A Would

A N Duck

REGISTERED OFFICE:

The Stables

Duxbury Park

Duxbury Hall Road

Chorley

PR7 4AT

REGISTERED NUMBER:

04351391 (England and Wales)

AUDITORS:

Fairhurst

Statutory Auditor

Chartered Accountants

Douglas Bank House

Wigan Lane

Wigan

Lancashire

WN1 2TB

BANKERS:

Barclays Bank PLC

1 Churchill Place

London

E14 5HP

The directors present their report with the financial statements of the company for the year ended 31 December 2021.

PRINCIPAL ACTIVITY

The principal activity of the company is to operate the leisure facility under a PFI contract.

REVIEW OF BUSINESS

The loss for the year, after tax, amounted to £73,407 (2020: profit of £66,199).

A dividend of £3,419 (2020: £129,062) was paid during the year.

DIRECTORS

P A Would has held office during the whole of the period from 1 January 2021 to the date of this report.

Other changes in directors holding office are as follows:

D J Harding - resigned 1 March 2021

A N Duck - appointed 1 March 2021

GOING CONCERN

The financial statements have been prepared on a going concern basis because the company is continuing to operate in accordance with the financial model of the PFI contract. This indicates that the company will continue as a going concern until the cessation of the contract on 31st August 2036.

QUALIFYING THIRD PARTY INDEMNITY PROVISIONS

The company has provided qualifying third party indemnity provisions in respect of the board of directors which were in force during the year and at the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing 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). 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.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in the Directors Reports may differ from legislation in other jurisdictions.

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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

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

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

A N Duck - Director

28 June 2022

Opinion

We have audited the financial statements of Penzance Leisure Limited (the 'company') for the year ended 31 December 2021 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity 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 2021 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.

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 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Directors has 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in 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, 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 prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page two, 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 a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Extent to which the audit was considered capable of detecting irregularities including fraud

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and addressing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

-

The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

-

We obtained an understanding of laws and regulations that affect the company, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on its operations. Key laws and regulations that we have identified included Companies Act 2006, Tax legislation, data protection, employment, environmental and health & safety legislation.

-

We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, reviewing minutes of meetings and inspecting legal correspondence.

In assessing the susceptibility of the company's financial statements to material misstatement, including obtaining and understanding of how fraud might occur;

-

We gained an understanding of the controls that management have in place to prevent and detect fraud. We enquired of management about any instances of fraud that had taken place during the year.

To address the risk of fraud through management bias and override of controls;

-

We performed analytical procedures to identify any unusual or unexpected relationships;

-

We tested journal entries to identify unusual transactions; and

-

We assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias.

Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Jane Dennis BA(Hons) FCA (Senior Statutory Auditor)

for and on behalf of Fairhurst

Statutory Auditor

Chartered Accountants

Douglas Bank House

Wigan Lane

Wigan

Lancashire

WN1 2TB

28 June 2022

TURNOVER

1,461,630

1,450,309

Administrative expenses

995,983

959,838

OPERATING PROFIT

5

465,647

490,471

Income from fixed asset investments

89,001

89,001

Interest receivable and similar income

57

1,095

89,058

90,096

554,705

580,567

Interest payable and similar expenses

7

399,851

418,923

PROFIT BEFORE TAXATION

154,854

161,644

Tax on profit

8

228,261

95,445

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(73,407

)

66,199

(LOSS)/PROFIT FOR THE YEAR

(73,407

)

66,199

OTHER COMPREHENSIVE INCOME

Cash flow hedge

669,591

(183,886

)

Income tax relating to other comprehensive income

(30,335

)

76,948

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

639,256

(106,938

)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

565,849

(40,739

)

FIXED ASSETS

Tangible assets

9

3,835,181

4,081,271

Investments

10

741,673

741,673

4,576,854

4,822,944

CURRENT ASSETS

Debtors

11

1,897,459

1,888,808

Cash at bank

946,466

944,861

2,843,925

2,833,669

CREDITORS

Amounts falling due within one year

12

1,110,475

1,016,152

NET CURRENT ASSETS

1,733,450

1,817,517

TOTAL ASSETS LESS CURRENT LIABILITIES

6,310,304

6,640,461

CREDITORS

Amounts falling due after more than one year

13

(6,999,872

)

(7,941,602

)

PROVISIONS FOR LIABILITIES

15

(49,143

)

-

NET LIABILITIES

(738,711

)

(1,301,141

)

CAPITAL AND RESERVES

Called up share capital

16

320,000

320,000

Cash flow hedge reserves

17

(1,211,085

)

(1,850,341

)

Profit and loss account

17

152,374

229,200

SHAREHOLDERS' FUNDS

(738,711

)

(1,301,141

)

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 28 June 2022 and were signed on its behalf by:

A N Duck - Director

Called up

Profit

Cash flow

share

and loss

hedge

Total

capital

account

reserves

equity

£

£

£

£

Balance at 1 January 2020

320,000

282,961

(1,734,301

)

(1,131,340

)

Changes in equity

Dividends

-

(129,062

)

-

(129,062

)

Total comprehensive income

-

75,301

(116,040

)

(40,739

)

Balance at 31 December 2020

320,000

229,200

(1,850,341

)

(1,301,141

)

Changes in equity

Dividends

-

(3,419

)

-

(3,419

)

Total comprehensive income

-

(73,407

)

639,256

565,849

Balance at 31 December 2021

320,000

152,374

(1,211,085

)

(738,711

)

1.	GENERAL INFORMATION

Penzance Leisure Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention except for the modification to a fair value basis for certain financial instruments as specified in the accounting policies below, and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland for smaller entities and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

Going concern

The financial statements have been prepared on a going concern basis notwithstanding the deficiency of net assets because the company is continuing to operate in accordance with the financial model of the PFI contract. This indicates that the company will continue to operate until the cessation of the contract on 31st August 2036.

On this basis and having considered the company's budget and cash flow forecasts, the directors consider that the company has adequate resources to continue in operational existence for the foreseeable futures, being a period of not less than 12 months from the date of approval of these financial statements, and therefore adopt the going concern basis in preparing the accounts.

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured, Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all the following conditions are satisfied:

i.

the amount of revenue can be measured reliably;

ii.

it is probable that the Company will receive the consideration due under the contract;

iii.

the stage of completion of the contract at the end of the contract can be measured reliably; and

iv.

the costs incurred and the costs to complete the contract can be reliably measured.

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight line method.

Depreciation is provided on the following basis:

Buildings

- straight line over the remaining project life

Fixtures & fittings

- 6 years straight line

Start up costs

- straight line over the remaining project life

The assets residual values, useful lives and depreciation method are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

Financial instruments

The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangement entered into.

A financial liability exists where there is a contractual obligation to deliver cash or another financial asset to another entity, or to exchange financial assets or financial liabilities under potentially unfavourable conditions. In addition, contracts which result in the entity delivering a variable number of its own equity instruments are financial liabilities. Shares containing such obligations are classified as financial liabilities.

An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Dividends and distributions relating to equity instruments are debited directly to reserves.

Financial instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash, or other consideration, expected to be paid or received.

Financial instruments that constitute a financing transaction are measured, initially and subsequently, at the present value of the future payment discounted at a market rate of interest for a similar debt instrument.

Finance costs are charged to the profit and loss over the term of the debt using the effective interest rate method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss.

Financial assets and liabilities are offset and the net amount is reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

The company holds derivative financial instruments in the form of interest rate swaps. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in the profit and loss as appropriate, unless they are included in a hedging arrangement.

The company applies hedge accounting for transactions entered into to manage the risk of variability in cash flows due to changes in interest rates. Interest rate swaps are held to manage the exposure to variability in forecast interest payment on bank borrowings due to changes in LIBOR and are designated as cash flow hedges.

Changes in the fair values of derivatives designated as cash flow hedges, and which are effective, are recognised directly in equity. Any ineffectiveness in the hedging relationship (being the excess of the cumulative change in the fair value of the hedging instrument since the inception of the hedge over the cumulative change in the fair value of the hedged item since inception of the hedge) is recognised in profit and loss.

The gain or loss recognised in other comprehensive income is reclassified to the profit and loss account when the hedge relationship ends. Hedge accounting is discounted when the hedging instrument expires, no longer meets the hedging criteria, the forecast transaction is no longer highly probable, the hedged debt instrument is de recognised or the hedging instrument is terminated.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

3.	CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include:

Management have reviewed future trading and cashflow forecasts and consider that the company will have sufficient funds to meet all liabilities as they fall due.

Financial instruments are recognised at fair value in the accounts. Management estimates the fair value of the financial instruments with reference to third party valuations provided by the issuing party and relevant external information in respect of the instrument.

4.	EMPLOYEES AND DIRECTORS

The company has no employees other than its directors. The company paid £16,437 (2020 - £16,244) to Equitix Leisure Limited in respect of Directors Fees.

5.	OPERATING PROFIT

The operating profit is stated after charging:

2021

2020

£

£

Depreciation - owned assets

392,093

373,749

6.	AUDITORS' REMUNERATION

Fees payable to the company's auditor for the audit of the company's annual financial statements totalled £3,928 (2020: £3,928).

Fees payable to the company's auditor for corporate tax services totalled £1,187 (2020 : £1,187).

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

2021

2020

£

£

Bank loan interest

309,241

326,168

Deferred arrangement costs

14,169

14,169

Subordinate loan interest

76,441

78,586

399,851

418,923

8.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2021

2020

£

£

Current tax:

UK corporation tax

55,174

59,758

Group relief payable

65,658

-

Adjustment re prior periods

-

14,241

Total current tax

120,832

73,999

Deferred tax

107,429

21,446

Tax on profit

228,261

95,445

UK corporation tax has been charged at 19% (2020 - 19%).

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:

2021

2020

£

£

Profit before tax

154,854

161,644

Profit multiplied by the standard rate of corporation tax in the UK of 19% (2020 - 19%)

29,422

30,712

Effects of:

Income not taxable for tax purposes

(16,910

)

(16,910

)

Depreciation in excess of capital allowances

48,067

45,124

Adjustments to deferred tax charge in respect of previous periods

(6,657

)

22,278

Prior year adjustment re corporation tax

-

14,241

Group relief

65,658

-

Adjustment in deferred tax rate

108,681

-

Total tax charge

228,261

95,445

Tax effects relating to effects of other comprehensive income

2021

Gross

Tax

Net

£

£

£

Cash flow hedge

669,591

(30,335

)

639,256

2020

Gross

Tax

Net

£

£

£

Cash flow hedge

(183,886

)

76,948

(106,938

)

The tax charge on the change in fair value of the cash flow hedge for 2021 of £30,335 (2020: £76,948) consists of a credit of £167,398 (2020: charge of £34,938) in relation to the movement in the year and charge of £137,062 (2020 £42,010) due to the change in the tax rate applied to the opening position from 19% to 25% (2020 17% to 19%).

9.	TANGIBLE FIXED ASSETS

Fixtures

Start up

and

Buildings

costs

fittings

Totals

£

£

£

£

COST

At 1 January 2021

6,111,614

1,848,268

780,348

8,740,230

Additions

146,003

-

-

146,003

At 31 December 2021

6,257,617

1,848,268

780,348

8,886,233

DEPRECIATION

At 1 January 2021

2,991,397

887,214

780,348

4,658,959

Charge for year

334,430

57,663

-

392,093

At 31 December 2021

3,325,827

944,877

780,348

5,051,052

NET BOOK VALUE

At 31 December 2021

2,931,790

903,391

-

3,835,181

At 31 December 2020

3,120,217

961,054

-

4,081,271

Finance costs are included in tangible fixed assets to the value of £201,990 (2020: £215,762).

10.	FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:

2021

2020

£

£

Investment in preference share

741,673

741,673

The investment represents 741,673 12% non-redeemable £1 preference shares in Leisureplan Projects Finance Limited. These shares do not entitle the holder to attend or vote at general meetings of Leisureplan Projects Finance Limited.

11.

DEBTORS

2021

2020

£

£

Amounts falling due within one year:

Trade debtors

16,615

-

Amounts owed by group undertakings

1,570,847

1,481,846

Other debtors

163,403

160,173

Deferred tax asset

-

88,621

1,750,865

1,730,640

Amounts falling due after more than one year:

Other debtors

146,594

158,168

Aggregate amounts

1,897,459

1,888,808

12.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans (see note 14)

241,552

295,661

Subordinate loan (see note 14)

26,841

24,182

Trade creditors

143,246

83,670

Tax

114,933

59,758

Social security and other taxes

16,474

63,862

Accruals and deferred income

567,429

489,019

1,110,475

1,016,152

13.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans (see note 14)

4,832,344

5,073,897

Subordinate loan (see note 14)

552,748

583,334

Financial instruments

1,614,780

2,284,371

6,999,872

7,941,602

Amounts falling due in more than five years:

Repayable by instalments

Bank loans

3,654,849

4,064,226

Subordinated loan

384,722

434,774

4,039,571

4,499,000