Direct Healthcare 24 Limited - Limited company accounts 20.1

REGISTERED NUMBER: 08741677 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 30 September 2021

for

Direct Healthcare 24 Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Income Statement

10

Other Comprehensive Income

11

Balance Sheet

12

Statement of Changes in Equity

13

Cash Flow Statement

14

Notes to the Cash Flow Statement

15

Notes to the Financial Statements

16

DIRECTORS:

C Coyle

N Poturicich

Ms A Coyle

C Walsh

J Anderson

J Couzins

SECRETARY:

C Coyle

REGISTERED OFFICE:

Hygeia House

66-68 College Road

Harrow

Middlesex

HA1 1BE

REGISTERED NUMBER:

08741677 (England and Wales)

AUDITORS:

Sheridan Clarke Ltd

Statutory Auditors

Bridge House

25-27 The Bridge

Wealdstone

Harrow

Middlesex

HA3 5AB

The directors present their strategic report for the year ended 30 September 2021.

REVIEW OF BUSINESS

It has been a very positive year for the company with an increased turnover of £3.5 million which has generated a pre-tax profit increase of £256K. This was due to an investment in R & D and also diversifying into new areas which has improved the year ended 30 September 2021, and this growth is continuing into the year ended 30 September 2022.

The company has diversified into the care and homecare sector, bearing some upfront costs to start developing these areas. This then led to some one-off costs to get the workforce trained and integrated and as mentioned, this is already proving successful in the year ended 30 September 2022. The company has managed to retain its key staff and this is a fantastic achievement and it has also restructured its management systems to help drive the growth plans. The business also improved its productivity during the lockdowns by investing in automation and remote working.

This has made the company's overall customer offering more tailored which has helped it become more productive, reducing overhead costs due to smarter ways of working aside from the one off costs already mentioned. The business formed closer links to its key clients and maximised the associated revenue.

Adequate finance is available to take advantage of business opportunities as they may arise in the future.

Some key financial highlights are as follows:

2021

2020

2019

Turnover

£18.1 million

£14.6 million

£28million

Turnover movement

£3.5 million

£6.6 million

£5.6 million

Gross profit margin

39%

28%

34%

Profit before tax

20%

23%

19%

PRINCIPAL RISKS AND UNCERTAINTIES

The Covid 19 Pandemic was the largest risk faced by the company in the sector in which it operates. Management ensured that both permanent and temporary staff were well supported during this period and as the business operates in a key macro sector, it collaborated closely with its clients to provide the best level of service possible.

With the support of our workforce and closer and deeper client relationships with clients the company has come out of the pandemic in a good position. It has mitigated its risks around Covid by diversifying into providing care to the private sector. This has been more robust than the public sector in using the supply of our workforce during past lockdowns and is likely to continue in any potential future lockdowns. The directors also have risk assessment plans in place for further lockdowns and remote working practices to ensure the business can weather any further Covid 19 impacts.

Another key risk for the business is the challenge of securing new workers to expand and retain its existing workforce to maintain our current position. The directors believe this is linked to the Brexit risk highlighted in our last annual report and is now the second biggest risk to the company looking ahead. As the business is a UK focused company without international clients exposure to Brexit is limited, but in the wider macro environment the retention and sourcing of new workforce is key for our continued growth.

As retaining the workforce is becoming one of the largest risks the company is exposed to, it has put a lot of time into open recruitment days, providing benefits to existing staff with competitive salaries supported by increased margins, mental health wellness support, sourcing new recruiting partners, investing in our hiring process, internal culture, and flexible working practices. The directors as per last year's report have continued to mitigate the lack of temporary labour by automating the company's database and interfaces with its workers to develop a unique selling point for the business.

The introduction of the new IR35 rules in April 2021 is one of the fundamental changes to the recruitment sector and it could have had a major impact on revenues and margins throughout the industry in which the company operates.

The directors have developed very robust systems and internal processes and taken the best possible advice to ensure the company is fully compliant with the changes in IR35 legislation. The company is able to be in an advantageous position compared with its competitors. This work has put the business in a strong position to be not only fully compliant but to develop our robust response as a selling point to work with existing and new clients and turn this risk from a negative to a positive for the profitability of the company.

It is not considered necessary for an understanding of the development, performance, or position of the company's business to comment here on environmental matters, the entity's employees or social, community and human rights issues. However, the company is very much aware and respectful of such matters and takes them in to account when planning and implementing business policy and procedures.

ON BEHALF OF THE BOARD:

C Walsh - Director

31 March 2022

The directors present their report with the financial statements of the company for the year ended 30 September 2021.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of a recruitment agency.

DIVIDENDS

No interim dividend was paid during the year. The directors recommend a final dividend of 42.59 per share.

The total distribution of dividends for the year ended 30 September 2021 will be £ 2,661,795 .

DIRECTORS

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

C Coyle

N Poturicich

Ms A Coyle

C Walsh

Other changes in directors holding office are as follows:

J Anderson - appointed 1 October 2020

J Couzins - appointed 1 October 2020

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the 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). 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;

-	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 transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

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

ON BEHALF OF THE BOARD:

C Walsh - Director

31 March 2022

Opinion

We have audited the financial statements of Direct Healthcare 24 Limited (the 'company') for the year ended 30 September 2021 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 30 September 2021 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

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

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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:

Identifying and responding to risks of material misstatement due to fraud

To identify risks of material misstatement due to fraud ('fraud risks') we assessed events and conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud.

Our risk assessment procedures included:

- Enquiring of directors and inspection of policy documentation at the company's high level policies and procedures to prevent and detect fraud including the company's channel for whistle blowing as well as whether they have knowledge of any actual or alleged fraud.

- Reading board minutes

- Considering remuneration incentive schemes and performance targets

- Using analytical procedures to identify any unusual or unexpected relationships

We communicated identified fraud risks throughout the audit team and remained alert to any indications of fraud throughout the audit.

As required by auditing standards, and taking into account possible pressures to meet profit targets, we performed procedures to address the risk of management override of controls, in particular the risk that management may be in a position to make inappropriate accounting entries.

We did not identify any additional fraud risks.

We performed procedures including identifying journal entries and other adjustments to test based on risk criteria and comparing the identified entries to supporting documentation, these included unusual journals posted to cash and borrowing accounts.

Identifying and responding to risks of material misstatement due to non compliance with laws and regulations.

We identified areas of laws and regulations that could be reasonably expected to have a material effect on the financial statements from more general commercial sector experience and through discussion with the directors and other management (as required by auditing standards) and from inspection of the company's regulatory and legal correspondence and discussed with the directors and other management for policies and procedures regarding compliance with laws and regulations.

We communicated identified laws and regulations throughout our audit team and remained alert to any indications of noncompliance throughout the audit.

The potential effect of these laws and regulations on the financial statements varies considerably.

The company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related parties legislation), distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Whilst the company is subject to many other laws and regulations, we did not identify any others where the consequences of non compliance alone could have a material effect on amounts or disclosures in their financial statements.

Context of the ability of the audit to detect fraud or breaches of law or regulation

Owing 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 may have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.

In addition, as with any audit, there remained a higher risk of non detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing noncompliance or fraud and cannot be expected to detect noncompliance with all laws and regulations.

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

Use of our report

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

Anna Clarke (Senior Statutory Auditor)

for and on behalf of Sheridan Clarke Ltd

Statutory Auditors

Bridge House

25-27 The Bridge

Wealdstone

Harrow

Middlesex

HA3 5AB

31 March 2022

TURNOVER

18,125,220

14,631,064

Cost of sales

11,073,373

8,917,507

GROSS PROFIT

7,051,847

5,713,557

Administrative expenses

3,571,179

2,464,500

3,480,668

3,249,057

Other operating income

3

127,254

101,790

OPERATING PROFIT

5

3,607,922

3,350,847

Interest receivable and similar income

86

1,436

PROFIT BEFORE TAXATION

3,608,008

3,352,283

Tax on profit

6

687,862

639,484

PROFIT FOR THE FINANCIAL YEAR

2,920,146

2,712,799

PROFIT FOR THE YEAR

2,920,146

2,712,799

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

2,920,146

2,712,799

CURRENT ASSETS

Debtors

8

3,546,095

2,900,404

Prepayments and accrued income

58,610

54,567

Cash at bank

1,170,645

735,464

4,775,350

3,690,435

CREDITORS

Amounts falling due within one year

9

2,612,281

1,785,717

NET CURRENT ASSETS

2,163,069

1,904,718

TOTAL ASSETS LESS CURRENT LIABILITIES

2,163,069

1,904,718

CAPITAL AND RESERVES

Called up share capital

13

62,500

62,500

Capital redemption reserve

14

(338,503

)

(338,503

)

Retained earnings

14

2,439,072

2,180,721

SHAREHOLDERS' FUNDS

2,163,069

1,904,718

The financial statements were approved by the Board of Directors and authorised for issue on 31 March 2022 and were signed on its behalf by:

C Walsh - Director

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 October 2019

62,500

1,887,048

(338,503

)

1,611,045

Changes in equity

Dividends

-

(2,419,126

)

-

(2,419,126

)

Total comprehensive income

-

2,712,799

-

2,712,799

Balance at 30 September 2020

62,500

2,180,721

(338,503

)

1,904,718

Changes in equity

Dividends

-

(2,661,795

)

-

(2,661,795

)

Total comprehensive income

-

2,920,146

-

2,920,146

Balance at 30 September 2021

62,500

2,439,072

(338,503

)

2,163,069

Cash flows from operating activities

Cash generated from operations

1

3,411,041

3,065,555

Tax paid

(893,699

)

(324,873

)

Net cash from operating activities

2,517,342

2,740,682

Cash flows from investing activities

Interest received

86

1,436

Net cash from investing activities

86

1,436

Cash flows from financing activities

Increase in group company creditors

(2,851

)

2,851

Increase in group company debtors

(282,465

)

-

Equity dividends paid

(2,661,795

)

(2,419,126

)

Net cash from financing activities

(2,947,111

)

(2,416,275

)

(Decrease)/increase in cash and cash equivalents

(429,683

)

325,843

Cash and cash equivalents at beginning of year

2

735,464

409,621

Cash and cash equivalents at end of year

2

305,781

735,464

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

30.9.21

30.9.20

£

£

Profit before taxation

3,608,008

3,352,283

Depreciation charges

-

319

Loss on disposal of fixed assets

-

1,017

Finance income

(86

)

(1,436

)

3,607,922

3,352,183

Increase in trade and other debtors

(367,269

)

(1,026,335

)

Increase in trade and other creditors

170,388

739,707

Cash generated from operations

3,411,041

3,065,555

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 30 September 2021

30.9.21

1.10.20

£

£

Cash and cash equivalents

1,170,645

735,464

Bank overdrafts

(864,864

)

-

305,781

735,464

Year ended 30 September 2020

30.9.20

1.10.19

£

£

Cash and cash equivalents

735,464

409,621

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.10.20

Cash flow

At 30.9.21

£

£

£

Net cash

Cash at bank

735,464

435,181

1,170,645

Bank overdrafts

-

(864,864

)

(864,864

)

735,464

(429,683

)

305,781

Total

735,464

(429,683

)

305,781

1.	STATUTORY INFORMATION

Direct Healthcare 24 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

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company has the ongoing support of its holding company and other group companies and has continued to be profitable since the year end. The directors believe that the company is able to meet its working capital requirements for a period of at least one year from the approval of these accounts. they therefore consider the company to be a going concern and have prepared accounts on this basis.

Turnover

Turnover comprises the invoiced value of services supplied by the company, net of vat and trade discounts. All revenue is recognised in the Financial Statements as soon as the service has been supplied.

Government grants

Amounts receivable by the company under the Coronavirus Job Retention Scheme are accounted for when received. Income received under this scheme is included within other income in the profit and loss account.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction cost. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and loans are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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 creditors are initially recognised at transaction price.

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.

Taxation

Current tax, including UK Corporation tax is provided at amounts expected to be paid using the tax rates and laws enacted by the Balance Sheet date.

Deferred tax is only provided for when material. The Directors have decided that deferred tax is once again not material this year.

Invoice discounting

The company subscribes to an invoice discounting service but only rarely draw down loans. As and when they do, these amounts would be secured on the trade debtors. On these occasions, discounting charges and interest are charged to the Accounts on a monthly basis to reflect the cost of borrowing.

3.	OTHER OPERATING INCOME

30.9.21

30.9.20

£

£

R&D tax relief

118,377

30,918

Interest on overpaid tax

2,138

-

Government grants

6,739

70,872

127,254

101,790

4.	EMPLOYEES AND DIRECTORS

30.9.21

30.9.20

£

£

Wages and salaries

2,510,293

1,876,049

Social security costs

284,084

210,032

2,794,377

2,086,081

The average number of employees during the year was as follows:

30.9.21

30.9.20

Sales

31

20

Administration

5

5

36

25

30.9.21

30.9.20

£

£

Directors' remuneration

1,202,622

-

Information regarding the highest paid director for the year ended 30 September 2021 is as follows:

30.9.21

£

Emoluments etc

612,259

5.	OPERATING PROFIT

The operating profit is stated after charging:

30.9.21

30.9.20

£

£

Hire of plant and machinery

7,607

3,403

Depreciation - owned assets

-

319

Loss on disposal of fixed assets

-

1,017

Auditors' remuneration

5,000

6,000

6.

TAXATION

Analysis of the tax charge

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

30.9.21

30.9.20

£

£

Current tax:

UK corporation tax

687,862

639,484

Tax on profit

687,862

639,484

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:

30.9.21

30.9.20

£

£

Profit before tax

3,608,008

3,352,283

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

685,522

636,934

Effects of:

Expenses not deductible for tax purposes

2,746

2,518

Income not taxable for tax purposes

(406

)

-

Depreciation in excess of capital allowances

-

32

Total tax charge

687,862

639,484

7.

DIVIDENDS

30.9.21

30.9.20

£

£

Ordinary shares of £1 each

Final

2,661,795

2,419,126

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.21

30.9.20

£

£

Trade debtors

3,228,516

2,895,039

Amounts owed by group undertakings

282,465

-

Other debtors

35,114

5,365

3,546,095

2,900,404

See note 15 for details of Related party debtors.

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.21

30.9.20

£

£

Bank loans and overdrafts (see note 10)

864,864

-

Trade creditors

7,981

4,135

Amounts owed to group undertakings

-

2,851

Tax

287,862

493,699

Social security and other taxes

964,467

901,324

Other creditors

482,107

374,708

Accruals and deferred income

5,000

9,000

2,612,281

1,785,717

See note 15 for details of Related party and group company creditors within Other creditors.

10.

LOANS

An analysis of the maturity of loans is given below:

30.9.21

30.9.20

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

864,864

-

11.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

30.9.21

30.9.20

£

£

Within one year

2,000

-

12.	SECURED DEBTS

The following secured debts are included within creditors:

30.9.21

30.9.20

£

£

Invoice discounting account

864,864

-

There is a fixed and floating charge over the assets of the company in favour of RBS Invoice Finance Limited dated 11 August 2021.

13.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.9.21

30.9.20

value:

£

£

62,500

Ordinary

£1

62,500

62,500