Thomas Holdings Group - Limited company accounts 20.1

REGISTERED NUMBER: 07658001 (England and Wales)

Thomas Holdings (North West) Limited

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 May 2021

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

6

Report of the Independent Auditors

7

Consolidated Statement of Comprehensive Income

10

Consolidated Balance Sheet

11

Company Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Company Statement of Changes in Equity

14

Consolidated Cash Flow Statement

15

Notes to the Consolidated Cash Flow Statement

16

Notes to the Consolidated Financial Statements

17

DIRECTORS:

Mr W L Thomas

Mrs S E Thomas

Miss L L Thomas

SECRETARY:

Mrs S E Thomas

REGISTERED OFFICE:

Tai Hirion

Llwybr-hir

Caerwys

Holywell

Flintshire

CH7 5BL

REGISTERED NUMBER:

07658001 (England and Wales)

AUDITORS:

Salisbury & Company Business Solutions Limited

Statutory Auditors

Chartered Accountants

Irish Square

Upper Denbigh Road

St Asaph

Denbighshire

LL17 0RN

The directors present their strategic report of the company and the group for the year ended 31 May 2021.

PRINCIPAL ACTIVITIES

The principal activity of Thomas Group of Companies is the hire of Plant (operated or non-operated), Repair and maintenance of plant, Hire and Sale of small tools and plant, GPS positioning equipment fitted to Construction Plant and Civil Engineering / Groundworks.

REVIEW OF BUSINESS

During the year, the group again saw significant increases in plant hire activity, as a result of continued expansion of hire fleet, with plant hire turnover increasing 42% on the prior year. The group also saw a 40% increase in contracting work. The consolidated group results show an increase in total group turnover of 40% to £55m. Group gross margins were consistent with the previous year.

EBITDA reached in excess of £17.5m (£12.1m previous year), with net profit increasing to over £5m (£1.67m previous year).

The group continued to invest heavily in plant and machinery during the year, with net acquisitions of £46.8m. This was as a result of both strategic expansion, and a constant refreshment of fleet, and saw the overall net book value of plant increase by 49% on the prior year.

The overall net asset position of the company continued to strengthen with overall group net assets now standing at £18.9m.

The main impact of the Covid-19 pandemic hit the prior year, with restrictions having little impact on the year to 31st May 2021.

Key Performance Indicators

The key indicators within the group relate to:

Indicator

2021

2020

Definition, calculation and analysis

Growth in turnover (%)

45%

20%

Turnover growth is expressed as a percentage. The growth is as a result of increased fleet and activities.

Hire fleet utilisation

53%

53%

Utilisation is expressed as a percentage of overall machines hired to customers, averaged over the year. The results are consistent with historical trends between 50-53%.

Loan to value

78%

76%

LTV is expressed as a percentage of asset secured lending against tangible assets. The increase is due to the investment made in the year to increase fleet size.

PRINCIPAL RISKS AND UNCERTAINTIES

As is the nature of the industry, there is always an inherent risk. However, the group aims to minimise it's exposure by a diversification of activity and a spread amongst customers, reducing reliance on any one area. The group implements regular credit control to further minimise exposure to financial risk.

The majority of the groups borrowings are at a fixed rate, meaning exposure to a rise in interest rates is minimal.

The future order book for the company remains strong, with £19.8m contracting work secured over the next 12 months, and the plant hire division continues to expand providing optimism for continued growth in future years.

External factors include the economic environment, however this appears to be strong with large numbers of high value projects both in progress and being planned for the future, as evidenced by the contracting forward order book.

The group has minimal exposure to foreign currencies.

SECTION 172(1) STATEMENT

Under section 172 of the UK Companies Act 2006 (Section 172) directors must act in the way that they consider to be in good faith, would be most likely to promote success of their company. In doing so, our directors must have regard to stakeholders and other matters set out in S172. The information presented below comprises the section 172 statement, which describes how directors have had regard to the matters when performing their duties.

Employees

Employees are informed of information on matters of concern to them through various forms of communication with senior management. The form of communication will be dependent on the scale and importance of the information being disseminated and examples of this include firmwide communication by email, conference calls and attaching notices to boards in communal areas at our depots.

Employees are consulted on a regular basis through team and one-to-one meetings and risk assessment / method statement creation. All directors and senior management directly engage with employees and employ an open-door policy. This provides employees with an opportunity to ask questions or raise any concerns as they see fit and ensures employee engagement remains at the forefront of the business.

Customers

The Thomas Group of Companies continues to focus on the quality of its overall service to customers with account managers appointed to deliver to our major accounts.

Suppliers

Our suppliers are fundamental to the quality of our service offering and ensuring that as a business we meet the high standards of conduct we set ourselves.

HEALTH, SAFETY & ENVIRONMENT

Thomas Plant Hire Ltd operates under ISO 45001 audited by NQA to certify Thomas Plant Hire Ltd with UKAS accreditation.

Thomas Group of Companies have been proud to enter a period of growth, both in offerings to Clients and winning major contracts across the business. We fully support our Managing Directors goal of a Quality focused company and we have maintained our UKAS Accredited quality standard (IOS 9001).

Thomas Groups Health and Safety Strategy has ensured that no workplace COVID 19 infections occurred and stringent hire / Off hire cleansing of plant and equipment supported this. We continued to work throughout the Pandemic as our Clients are involved with major infrastructure projects and housebuilding schemes.

We have upgraded our FORS accreditation to Silver, demonstrating the goal of ensuring the safety of other road users from our HGV fleet and reducing fuel use by addressing driver behaviours (Idling, driving style, route planning).

Within the past 12 months, Thomas Group of companies has embarked on the first steps to driving a behavioural based safety culture and in support of this have two senior managers who are trained for dealing with mental health issues. Our risk assessment process has changed and control measures are now communicated far more effectively whilst removing unnecessary wording to safety critical documentation.

The apprenticeship scheme started less than 4 months ago has demonstrated the benefit of developing operatives from an early point and to date we have four apprentices on our pilot scheme, with more to follow.

Given the COVID 19 lock downs, competency cards for operatives have been difficult to maintain in the original format, and we have noted our clients current requirements that give no "grace" to catch up with training. At an early stage, we carried out the following:

1. Skills gap analysis carried out to identify team competence

2. In house training was completed to allow people to work beyond their external competence expiry whilst training could be provided.

3. The newly appointed training coordinator has ensured that all courses / touch screen tests / health surveillance / medicals have been booked, communicated and feedback to senior management is provided.

4. SB Skills were appointed to run the apprenticeship scheme from a training provider point.

5. Mentors were identified for apprentices to work alongside.

6. CP Assessments were brought in to carry out COVID secure plant assessments / training and guidance and so far, over 60 assessments have been carried out.

Monthly management meetings are held and the minutes recorded to identify any risk to the business, demonstrate the key performance indicators and to feedback on the internal audit process to ensure continued compliance with our integrated ISO H&S, Quality and Environmental standards.

Human Resources

As in previous years, our focus during this reporting period continued to be the recruitment, retention and development of talent within the Group.

Systems

We are continuing to significantly invest in our Information Technology Infrastructure and Systems.

This includes methods for recording real time fuel usage and performance of both fleet and plant & equipment.

CORPORATE GOVERNANCE

Thomas Group defines corporate governance to include its management structure and supporting functions and systems which are implemented through an established framework of policies, procedures and processes that ensure effective business outcomes. Strategies to review and improve organizational effectiveness are also in place to ensure effective resource allocation and quality business and customer support services.

Key challenges include attracting skilled staff, effectively equipping depot staff and regulatory compliance; and ensuring continuous improvement at a time of significant change within the utilities and construction sectors.

STREAMLINED ENERGY AND CARBON REPORTING

As part of our sustainability plan, Thomas Plant Hire holds UKAS accreditation for ISO 14001. We have trialled electric powered plant for construction site and are currently running a Hybrid Kobelco 21 tonne excavator that we have found to be extremely compatible with the usual work requirements, whilst using 2/3 less fuel than anticipated (trial is still ongoing).

We are establishing our carbon footprint and following on from that will aim to reduce the footprint and demonstrate this in a quantifiable manner.

We monitor fuel use and performance through Scania Fleet Management Portal.

2021 Energyuse in kWh

2021 Greenhouse gas emissions in CO2e (0.429 kgs per kWH Source: Carbon Fund)

2021 Turnoverin £'000

Intensity ratio (Greenhouse gas emission per £1,000of Turnover)

Purchased electricity

549,088.00

235,558.75

55,092

4.3

Transport fuel(1 Gallon = 48.88 kWh)

3,842,596.30

1,648,473.81

55,092

29.9

Total

4,391,684.30

1,884,032.56

55,092

34.3

ON BEHALF OF THE BOARD:

Mr W L Thomas - Director

10 November 2021

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

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of plant hire, contracting services, plant repairs, and sale of new and used plant.

DIVIDENDS

No dividends will be distributed for the year ended 31 May 2021.

DIRECTORS

Mr W L Thomas has held office during the whole of the period from 1 June 2020 to the date of this report.

Other changes in directors holding office are as follows:

Mrs S E Thomas - appointed 19 January 2021

Miss L L Thomas - appointed 18 January 2021

DONATIONS

During the year the group made donations to charitable organisations totalling £6,141 (2020: £8,110).

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Salisbury & Company Business Solutions Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr W L Thomas - Director

10 November 2021

Opinion

We have audited the financial statements of Thomas Holdings (North West) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 May 2021 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 May 2021 and of the group's 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 group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page six, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are

appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the

company's internal control.

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

- Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Report of the Auditors to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Report of the Auditors. However, future events or conditions may cause the company to cease to continue as a going concern.

- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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.

Aled Roberts FCA (Senior Statutory Auditor)

for and on behalf of Salisbury & Company Business Solutions Limited

Statutory Auditors

Chartered Accountants

Irish Square

Upper Denbigh Road

St Asaph

Denbighshire

LL17 0RN

10 November 2021

TURNOVER

55,091,880

38,050,996

Cost of sales

(35,428,688

)

(24,014,486

)

GROSS PROFIT

19,663,192

14,036,510

Administrative expenses

(13,163,616

)

(11,221,318

)

6,499,576

2,815,192

Other operating income

203,422

26,900

OPERATING PROFIT

4

6,702,998

2,842,092

Interest payable and similar expenses

5

(1,649,616

)

(1,279,703

)

PROFIT BEFORE TAXATION

5,053,382

1,562,389

Tax on profit

6

(3,331,465

)

111,839

PROFIT FOR THE FINANCIAL YEAR

1,721,917

1,674,228

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,721,917

1,674,228

Profit attributable to:

Owners of the parent

1,721,917

1,674,228

Total comprehensive income attributable to:

Owners of the parent

1,721,917

1,674,228

FIXED ASSETS

Intangible assets

8

1,242,058

1,323,000

Tangible assets

9

89,409,093

60,017,460

Investments

10

-

-

Investment property

11

95,761

80,762

90,746,912

61,421,222

CURRENT ASSETS

Stocks

12

5,601,546

1,997,063

Debtors

13

16,115,966

7,215,703

Cash at bank

509,670

1,369,784

22,227,182

10,582,550

CREDITORS

Amounts falling due within one year

14

35,196,923

17,246,535

NET CURRENT LIABILITIES

(12,969,741

)

(6,663,985

)

TOTAL ASSETS LESS CURRENT LIABILITIES

77,777,171

54,757,237

CREDITORS

Amounts falling due after more than one year

15

(55,628,670

)

(37,779,431

)

PROVISIONS FOR LIABILITIES

19

(5,848,614

)

(2,399,836

)

NET ASSETS

16,299,887

14,577,970

CAPITAL AND RESERVES

Called up share capital

20

2

2

Share premium

21

3,999,999

3,999,999

Retained earnings

21

12,299,886

10,577,969

SHAREHOLDERS' FUNDS

16,299,887

14,577,970

The financial statements were approved by the Board of Directors and authorised for issue on 10 November 2021 and were signed on its behalf by:

Mr W L Thomas - Director

FIXED ASSETS

Intangible assets

8

-

-

Tangible assets

9

87,282,845

58,656,780

Investments

10

5,931,703

5,931,303

Investment property

11

95,761

80,762

93,310,309

64,668,845

CURRENT ASSETS

Debtors

13

2,113,809

262,095

Cash at bank

-

555,098

2,113,809

817,193

CREDITORS

Amounts falling due within one year

14

22,678,736

13,640,903

NET CURRENT LIABILITIES

(20,564,927

)

(12,823,710

)

TOTAL ASSETS LESS CURRENT LIABILITIES

72,745,382

51,845,135

CREDITORS

Amounts falling due after more than one year

15

(55,274,795

)

(37,444,102

)

PROVISIONS FOR LIABILITIES

19

(5,676,675

)

(2,161,882

)

NET ASSETS

11,793,912

12,239,151

CAPITAL AND RESERVES

Called up share capital

20

2

2

Share premium

21

3,999,999

3,999,999

Retained earnings

21

7,793,911

8,239,150

SHAREHOLDERS' FUNDS

11,793,912

12,239,151

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

(445,239

)

357,396

The financial statements were approved by the Board of Directors and authorised for issue on 10 November 2021 and were signed on its behalf by:

Mr W L Thomas - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 June 2019

2

8,903,741

3,999,999

12,903,742

Changes in equity

Total comprehensive income

-

1,674,228

-

1,674,228

Balance at 31 May 2020

2

10,577,969

3,999,999

14,577,970

Changes in equity

Total comprehensive income

-

1,721,917

-

1,721,917

Balance at 31 May 2021

2

12,299,886

3,999,999

16,299,887

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 June 2019

2

7,881,754

3,999,999

11,881,755

Changes in equity

Total comprehensive income

-

357,396

-

357,396

Balance at 31 May 2020

2

8,239,150

3,999,999

12,239,151

Changes in equity

Total comprehensive income

-

(445,239

)

-

(445,239

)

Balance at 31 May 2021

2

7,793,911

3,999,999

11,793,912

Cash flows from operating activities

Cash generated from operations

1

16,327,131

10,009,155

Interest paid

-

(25,018

)

Interest element of hire purchase payments paid

(1,649,616

)

(1,254,685

)

Tax paid

(7,405

)

(34,772

)

Net cash from operating activities

14,670,110

8,694,680

Cash flows from investing activities

Purchase of tangible fixed assets

(46,784,619

)

(14,926,717

)

Purchase of investment property

(14,999

)

-

Sale of tangible fixed assets

6,961,989

11,285,032

Net cash from investing activities

(39,837,629

)

(3,641,685

)

Cash flows from financing activities

New loans in year

40,705,965

13,335,638

Capital repayments in year

(16,389,560

)

(16,161,598

)

Amount withdrawn by directors

(9,000

)

(463,171

)

Net cash from financing activities

24,307,405

(3,289,131

)

(Decrease)/increase in cash and cash equivalents

(860,114

)

1,763,864

Cash and cash equivalents at beginning of year

2

1,369,784

(394,080

)

Cash and cash equivalents at end of year

2

509,670

1,369,784

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

2021

2020

£

£

Profit before taxation

5,053,382

1,562,389

Depreciation charges

11,320,328

9,623,084

Profit on disposal of fixed assets

(808,389

)

(543,909

)

Finance costs

1,649,616

1,279,703

17,214,937

11,921,267

(Increase)/decrease in stocks

(3,604,483

)

1,122,373

(Increase)/decrease in trade and other debtors

(6,243,902

)

49,767

Increase/(decrease) in trade and other creditors

8,960,579

(3,084,252

)

Cash generated from operations

16,327,131

10,009,155

2.	CASH AND CASH EQUIVALENTS

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

Year ended 31 May 2021

31/5/21

1/6/20

£

£

Cash and cash equivalents

509,670

1,369,784

Year ended 31 May 2020

31/5/20

1/6/19

£

£

Cash and cash equivalents

1,369,784

786

Bank overdrafts

-

(394,866

)

1,369,784

(394,080

)

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1/6/20

Cash flow

At 31/5/21

£

£

£

Net cash

Cash at bank and in hand

1,369,784

(860,114

)

509,670

1,369,784

(860,114

)

509,670

Debt

Finance leases

(45,827,638

)

(24,638,534

)

(70,466,172

)

Debts falling due within 1 year

(133,221

)

(540,696

)

(673,917

)

Debts falling due after 1 year

(3,633,993

)

862,825

(2,771,168

)

(49,594,852

)

(24,316,405

)

(73,911,257

)

Total

(48,225,068

)

(25,176,519

)

(73,401,587

)