Swan Staff Recruitment Limited - Limited company accounts 20.1

REGISTERED NUMBER: 03121740 (England and Wales)

Strategic Report, Report of the Director and

Financial Statements for the Year Ended 31st March 2021

for

Swan Staff Recruitment Limited

Page

Company Information

1

Strategic Report

2

Report of the Director

4

Report of the Independent Auditors

6

Statement of Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Cash Flow Statement

13

Notes to the Cash Flow Statement

14

Notes to the Financial Statements

16

DIRECTOR:

S J Rogers

REGISTERED OFFICE:

Lakeview West

Galleon Boulevard

Crossways Business Park

Dartford

Kent

DA2 6QE

REGISTERED NUMBER:

03121740 (England and Wales)

AUDITORS:

Beak Kemmenoe

Chartered Accountants

& Statutory Auditors

1-3 Manor Road

Chatham

Kent

ME4 6AE

The director presents his strategic report for the year ended 31st March 2021.

REVIEW OF BUSINESS

The strategy of the business during the year continued to focus on an improved mix of revenue streams from its sector. The business has been successful in concentrating on growth in its higher margin activities where its quality of service can be fairly rewarded. The director is pleased to report that the company has seen growth in gross margins of over 4.75% (2020:1%) and expects this to be further improved in the current year.

The company was made aware of a significant discrepancy in the 'formula' used by the invoice discounting provider in February 2020. Subsequent investigations uncovered apparent fraud at a senior level in the accounting function. The necessary action to protect the company has been taken, together with recovery proceedings in conjunction with government agencies which are ongoing.

The above situation resulted in a significant deterioration in the availability of liquidity in the company which the company is slowly recovering from.. The company was supplied with additional external financial management resources as a requirement for the bank's continued support. A cash management plan was prepared and adopted to rectify the 'formula' position with the invoice discounting provider and was successfully implemented. This has continued to provide the necessary funding for the business.

A majority of the work required above was carried out during the first wave of the Covid-19 pandemic effects in 2020. Throughout this period the company continued to trade at reduced levels with the benefit of the Government's support strategies which were vital to the company at that time.

The pandemic, together with the financial impact of the above, forced a change in working practices which has subsequently provided an improved working model for the future; concentrating on strategies to improve the liquidity position. This has proved to be very successful and financially beneficial to the company. The director is confident that this provides the stability for a long term profitable business.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risk to the business is a reduction in support from the key providers of finance. The uncertainty provided by the Covid-19 pandemic has not directly affected the business but has negatively impacted the attitude of funding providers resulting in unpredictable responses. To date these have been successfully managed.

The company continues to utilise the new contract with the invoice discounting provider as its core business of supplying care workers is predictably stable. The bank has maintained their support continuing to provide a managed reduction in the facility. Key suppliers have agreed repayment schedules.

The Government has provided support measures which the company has continued to utilise throughout the pandemic to date.

All these measures and policies are mitigating the principal risks and uncertainties to an acceptable level.

GOING CONCERN

The short-term liquidity funding gap was covered by the company's bank as it unwound. As mentioned in Principal Risks and Uncertainties the company has renewed its contract with the existing invoice discounting provider who have a measure of confidence in the company and the robustness of its accounting function and reporting and there is no reason to expect any reduction in this facility.

HM Revenue & Customs (HMRC) have been presented with an extended Time to Pay arrangement that can be comfortably met by the company within its banking facilities. There has been no indication that this will not continue to be accepted as the company has honoured on time all of the repayments due to date. It has not been possible, due to the constraints of Covid 19 as it affects HMRC, for them to confirm this in writing despite repeated contact by the company.

Most contracts for work have continued and others expanded, including a new major contract which has other opportunities linked to it.

In the light of these positive indicators, the director has prepared the financial statements in this report on a going concern basis.

KEY PERFORMANCE INDICATORS (KPI'S)

The Key Performance Indicator is gross margin which has increased by 3.75% in the year. This is as a result of customer appreciation of the costs involved in providing the level of service that the company supplies. There are increasing compliance cost and performance requirements from customers and the Director is ensuring that new contracts pricing terms adequately cover these.

FUTURE DEVELOPMENTS

The Director anticipates further uncertainty in the sectors that the entity operates in and expects to be able to benefit from its reputation for quality when potential customers review their recruitment and employment arrangements particularly in the care sector. The investment in staff training and engagement, which has proved its value in the last year, continues and will be enhanced as funds become available.

ON BEHALF OF THE BOARD:

S J Rogers - Director

1st July 2021

The director presents his report with the financial statements of the company for the year ended 31st March 2021.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of providing temporary and permanent recruitment services.

DIVIDENDS

An interim dividend of £100,000 was paid on 30th September 2021. The director recommends that no final dividend be paid.

The total distribution of dividends for the year ended 31st March 2021 will be £100,000.

DIRECTORS

S J Rogers has held office during the whole of the period from 1st April 2020 to the date of this report.

Other changes in directors holding office are as follows:

Mrs Z Murray - resigned 6th April 2020

DISCLOSURE IN THE STRATEGIC REPORT

Certain matters required by regulation to be dealt with in the annual report have been included within the Strategic Report, rather than the Directors' Report. These include the review of the business, the principal risks and uncertainties, key performance indicators and future developments commentaries.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 director is 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 he 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.

ON BEHALF OF THE BOARD:

S J Rogers - Director

1st July 2021

Opinion

We have audited the financial statements of Swan Staff Recruitment Limited (the 'company') for the year ended 31st March 2021 which comprise the Statement of 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 31st March 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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, 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 Director 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 Director 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 Director.

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 director's remuneration specified by law are not made; or

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

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

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 identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the recruitment and care sector;

we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, and health and safety legislation;

we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

performed analytical procedures to identify any unusual or unexpected relationships;

tested journal entries to identify unusual transactions;

assessed whether judgements and assumptions made in determining the accounting estimates set out in note 3 were indicative of potential bias; and

investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

agreeing financial statement disclosures to underlying supporting documentation;

reading the minutes of meetings of those charged with governance;

enquiring of management as to actual and potential litigation and claims; and

reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

Ronald Price FCA (Senior Statutory Auditor)

for and on behalf of Beak Kemmenoe

Chartered Accountants

& Statutory Auditors

1-3 Manor Road

Chatham

Kent

ME4 6AE

1st July 2021

TURNOVER

10,452,609

12,858,163

Cost of sales

5,942,427

7,921,063

GROSS PROFIT

4,510,182

4,937,100

Administrative expenses

4,301,896

5,787,918

208,286

(850,818

)

Other operating income

4

511,287

30,652

OPERATING PROFIT/(LOSS)

6

719,573

(820,166

)

Interest receivable and similar income

26,006

21,012

745,579

(799,154

)

Interest payable and similar expenses

7

26,739

59,317

PROFIT/(LOSS) BEFORE TAXATION

718,840

(858,471

)

Tax on profit/(loss)

8

139,463

(159,781

)

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

579,377

(698,690

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

579,377

(698,690

)

FIXED ASSETS

Intangible assets

10

-

-

Tangible assets

11

1,835,931

1,848,975

Investment property

12

669,837

669,837

2,505,768

2,518,812

CURRENT ASSETS

Debtors

13

3,644,709

3,568,719

Cash at bank and in hand

153,886

1,799

3,798,595

3,570,518

CREDITORS

Amounts falling due within one year

14

3,492,251

4,636,283

NET CURRENT ASSETS/(LIABILITIES)

306,344

(1,065,765

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,812,112

1,453,047

CREDITORS

Amounts falling due after more than one year

15

(1,997,688

)

(1,247,987

)

PROVISIONS FOR LIABILITIES

19

(218,045

)

(88,058

)

NET ASSETS

596,379

117,002

CAPITAL AND RESERVES

Called up share capital

20

100

100

Fair value reserve

21

187,465

187,465

Retained earnings

21

408,814

(70,563

)

SHAREHOLDERS' FUNDS

596,379

117,002

The financial statements were approved by the director and authorised for issue on 1st July 2021 and were signed by:

S J Rogers - Director

Called up

Fair

share

Retained

value

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1st April 2019

100

628,127

187,465

815,692

Changes in equity

Total comprehensive income

-

(698,690

)

-

(698,690

)

Balance at 31st March 2020

100

(70,563

)

187,465

117,002

Changes in equity

Dividends

-

(100,000

)

-

(100,000

)

Total comprehensive income

-

579,377

-

579,377

Balance at 31st March 2021

100

408,814

187,465

596,379

Cash flows from operating activities

Cash generated from operations

1

2,857,550

149,303

Interest paid

(23,255

)

(55,536

)

Interest element of hire purchase payments paid

(3,484

)

(3,781

)

Tax paid

-

(61,462

)

Net cash from operating activities

2,830,811

28,524

Cash flows from investing activities

Purchase of tangible fixed assets

(149,898

)

(307,457

)

Purchase of investment property

-

(319,678

)

Sale of tangible fixed assets

6,375

30,958

Sale of investments

-

25,966

Interest received

26,006

21,012

Net cash from investing activities

(117,517

)

(549,199

)

Cash flows from financing activities

New loans in year

250,000

162,500

Loan repayments in year

(236,713

)

(353,776

)

Capital repayments in year

(21,580

)

(197,097

)

Amount introduced by directors

100,000

-

Amount withdrawn by directors

(206,175

)

(280,510

)

Equity dividends paid

(100,000

)

-

Net cash from financing activities

(214,468

)

(668,883

)

Increase/(decrease) in cash and cash equivalents

2,498,826

(1,189,558

)

Cash and cash equivalents at beginning of year

2

(3,538,949

)

(2,349,391

)

Cash and cash equivalents at end of year

2

(1,040,123

)

(3,538,949

)

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

2021

2020

£

£

Profit/(loss) before taxation

718,840

(858,471

)

Depreciation charges

141,635

223,205

Loss on disposal of fixed assets

14,932

27,923

Finance costs

26,739

59,317

Finance income

(26,006

)

(21,012

)

876,140

(569,038

)

Decrease in trade and other debtors

30,185

709,055

Increase in trade and other creditors

1,951,225

9,286

Cash generated from operations

2,857,550

149,303

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 31st March 2021

31.3.21

1.4.20

£

£

Cash and cash equivalents

153,886

1,799

Bank overdrafts

(1,194,009

)

(3,540,748

)

(1,040,123

)

(3,538,949

)

Year ended 31st March 2020

31.3.20

1.4.19

£

£

Cash and cash equivalents

1,799

3,854

Bank overdrafts

(3,540,748

)

(2,353,245

)

(3,538,949

)

(2,349,391

)

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.4.20

Cash flow

At 31.3.21

£

£

£

Net cash

Cash at bank and in hand

1,799

152,087

153,886

Bank overdrafts

(3,540,748

)

2,346,739

(1,194,009

)

(3,538,949

)

2,498,826

(1,040,123

)

Debt

Finance leases

(21,580

)

21,580

-

Debts falling due within 1 year

(226,901

)

51,409

(175,492

)

Debts falling due after 1 year

(446,971

)

(64,696

)

(511,667

)

(695,452

)

8,293

(687,159

)

Total

(4,234,401

)

2,507,119

(1,727,282

)

1.	STATUTORY INFORMATION

Swan Staff Recruitment 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold land and buildings

-

2% on cost of buildings

Plant and machinery

-

on structure and measured usage

Fixtures and fittings

-

20% on cost and 10% on reducing balance

Motor vehicles

-

15% on reducing balance

Office equipment

-

15% on reducing balance & straight line

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Deferred taxation is provided where appropriate.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern

Management forecasts, including cash forecasts for the year ending 31st March 2022 and subsequently have been prepared and reviewed by the Director and are considered by him to be prudent. These forecast a significantly improved trading performance resulting in profits providing funds to improve the Company's liquidity position.

As noted in the Strategic Report the ongoing support of key financial providers, HM Revenue & Customs and suppliers is paramount and there is no indication that this will not be maintained whilst the company builds up its financial strength.

On this basis the Director considers that it is appropriate for the accounts to be prepared on a going concern basis.

4.	OTHER OPERATING INCOME

2021

2020

£

£

Rents receivable

35,677

28,410

Government grants

475,610

2,242

511,287

30,652

The company has received grants from the government in relation to the Coronavirus Jobs Retention Scheme in order to assist in keeping staff employed during the current pandemic.

5.	EMPLOYEES AND DIRECTORS

2021

2020

£

£

Wages and salaries

2,370,957

3,139,713

Social security costs

164,273

247,898

Other pension costs

43,047

56,103

2,578,277

3,443,714

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

2021

2020

Directors

1

2

Administrative

41

42

Productive

41

70

83

114

2021

2020

£

£

Directors' remuneration

9,917

133,269

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

1

3

6.	OPERATING PROFIT/(LOSS)

The operating profit (2020 - operating loss) is stated after charging:

2021

2020

£

£

Hire of plant and machinery

25,240

25,281

Depreciation - owned assets

133,899

153,189

Depreciation - assets on hire purchase contracts

7,736

35,016

Loss on disposal of fixed assets

14,932

27,923

Goodwill amortisation

-

35,000

Auditors' remuneration

17,000

18,000

Auditors' remuneration for non audit work

1,000

750

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

2021

2020

£

£

Bank loan interest

23,255

55,536

Hire purchase interest

3,484

3,781

26,739

59,317