Equip4work Ltd - Limited company accounts 23.2

REGISTERED NUMBER: 05209361 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31st December 2022

for

Equip4work Ltd

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

to

6

Income Statement

7

Other Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Cash Flow Statement

11

Notes to the Cash Flow Statement

12

Notes to the Financial Statements

13

to

19

DIRECTORS:

C J Reilly

S J Andrews

REGISTERED OFFICE:

St Albans Road Industrial Estate

Common Road

Stafford

ST16 3DR

REGISTERED NUMBER:

05209361 (England and Wales)

AUDITORS:

Farries, Kirk and McVean

Chartered Accountants

Statutory Auditors

Dumfries Enterprise Park

Heathhall

Dumfries

DUMFRIESSHIRE

DG1 3SJ

The directors present their strategic report for the year ended 31st December 2022.

Equip4work Ltd, also trading as Office Furniture Online, offer a large range of office furniture and industrial products for sale via the internet, to businesses of all sizes, local government, schools and universities throughout the UK.

REVIEW OF BUSINESS

The company had another challenging year, adapting to changes instigated in 2021. Import of goods continues to be more complex and costly since Brexit and changes in customer profile since Covid and the growth of working from home have offered challenges also. Turnover for the year dropped to £38.2m (2021 - £48.0m). Gross profits have dropped from £14.4m to £11.5m but gross profit percentage rose from 30.0% to 30.05%. The company returned a profit before tax of £600,967, up from last year's loss of £6,229 but expects to return to better profits next year following extensive restructuring.

Key Performance Indicators (KPI's)

Given the straightforward nature of the business, the directors are of the opinion that there are no additional KPI's other than the measures of turnover and net profit reported above that are necessary for an understanding of the development, performance or position of the business.

PRINCIPAL RISKS AND UNCERTAINTIES

The management of the business and the execution of the company strategy are subject to a number of risks. These include competition from national and international competitors, currency fluctuation and product availability. The management team monitor these risks and plan whatever action is needed to deal with them.

Financial risk management

The company's operations expose it to little in the way of financial risk. However, financial risk does exist in the form of credit risk. The company has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the company.

Credit risk

The company has implemented policies that require appropriate credit checks on potential customers before sales are made. The amount of exposure to any individual is subject to a limit which can only be reassessed by a director.

ON BEHALF OF THE BOARD:

C J Reilly - Director

26th January 2023

The directors present their report with the financial statements of the company for the year ended 31st December 2022.

DIVIDENDS

No dividends will be distributed for the year ended 31st December 2022.

DIRECTORS

C J Reilly has held office during the whole of the period from 1st January 2022 to the date of this report.

Other changes in directors holding office are as follows:

M R S Taylor - resigned 26th January 2022

L Bolscho - resigned 1st July 2022

S J Andrews - appointed 1st July 2022

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;

-	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, Farries, Kirk and McVean, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

C J Reilly - Director

26th January 2023

Opinion

We have audited the financial statements of Equip4work Ltd (the 'company') for the year ended 31st December 2022 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 31st December 2022 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 three, 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:

- we have assessed the susceptibility of the company's financial statements to material misstatement as being low risk. The parent group put a focus on controls to address potential fraud and extensive staff training is undertaken to recognise attempted fraud at an early stage. We tested a sample of payments to determine whether they had been appropriately authorised and found no errors in our sample.

- the nature of the company's activities are not significantly regulated. We have assessed the main regulations around the company's activities as being those concerning data protection.

- we have discussed the legal and regulatory framework the company operates under with the directors and with representatives of the parent group. This has enabled us to gain an understanding of those applicable to the company and the procedures they operate to ensure compliance.

- we have obtained an understanding of the company's policies and procedures on fraud risk through two way communication with the management and have no knowledge of any actual, suspected or alleged fraud.

- the Senior Statutory Auditor is satisfied that the engagement audit staff were competent to and capable of recognising non-compliance with laws and regulation. No details of any non-compliance were communicated to us and no such potential instances were noted during the audit process.

- the company is a UK subsidiary of a German owned group. We have communicated with group level officials to obtain a clear understanding of the group position.

We have reached these conclusions following enquiries made of those charged with governance and senior staff and following audit testing procedures and review of financial statements.

We do not believe the Covid-19 pandemic has significantly impacted the risk of detecting irregularities, including fraud.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation

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.

Mr Rodney Palmer, BA, CA (Senior Statutory Auditor)

for and on behalf of Farries, Kirk and McVean

Chartered Accountants

Statutory Auditors

Dumfries Enterprise Park

Heathhall

Dumfries

DUMFRIESSHIRE

DG1 3SJ

26th January 2023

TURNOVER

3

38,218,277

47,965,960

Cost of sales

(26,732,353

)

(33,568,547

)

GROSS PROFIT

11,485,924

14,397,413

Administrative expenses

(10,779,515

)

(14,384,411

)

706,409

13,002

Other operating income

174

-

OPERATING PROFIT

5

706,583

13,002

Interest receivable and similar income

-

81

706,583

13,083

Interest payable and similar expenses

6

(105,616

)

(19,312

)

PROFIT/(LOSS) BEFORE TAXATION

600,967

(6,229

)

Tax on profit/(loss)

7

(103,807

)

37,222

PROFIT FOR THE FINANCIAL YEAR

497,160

30,993

PROFIT FOR THE YEAR

497,160

30,993

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

497,160

30,993

FIXED ASSETS

Intangible assets

9

15,980

30,492

Tangible assets

10

1,038,790

1,154,874

1,054,770

1,185,366

CURRENT ASSETS

Stocks

11

5,477,617

10,140,650

Debtors

12

2,292,909

2,699,009

Cash at bank and in hand

622,555

240,926

8,393,081

13,080,585

CREDITORS

Amounts falling due within one year

13

(6,586,959

)

(11,902,219

)

NET CURRENT ASSETS

1,806,122

1,178,366

TOTAL ASSETS LESS CURRENT LIABILITIES

2,860,892

2,363,732

CAPITAL AND RESERVES

Called up share capital

16

1,026

1,026

Retained earnings

17

2,859,866

2,362,706

SHAREHOLDERS' FUNDS

2,860,892

2,363,732

The financial statements were approved by the Board of Directors and authorised for issue on 26th January 2023 and were signed on its behalf by:

C J Reilly - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1st January 2021

1,026

7,431,713

7,432,739

Changes in equity

Dividends

-

(5,100,000

)

(5,100,000

)

Total comprehensive income

-

30,993

30,993

Balance at 31st December 2021

1,026

2,362,706

2,363,732

Changes in equity

Total comprehensive income

-

497,160

497,160

Balance at 31st December 2022

1,026

2,859,866

2,860,892

Cash flows from operating activities

Cash generated from operations

1

4,933,955

(5,653,738

)

Interest paid

(105,616

)

(19,312

)

Tax paid

(115,200

)

(25,047

)

Net cash from operating activities

4,713,139

(5,698,097

)

Cash flows from investing activities

Purchase of tangible fixed assets

(36,258

)

(73,308

)

Funds advanced to group undertakings

(4,295,252

)

-

Funds advanced by group undertakings

-

10,822,638

Interest received

-

81

Net cash from investing activities

(4,331,510

)

10,749,411

Cash flows from financing activities

Equity dividends paid

-

(5,100,000

)

Net cash from financing activities

-

(5,100,000

)

Increase/(decrease) in cash and cash equivalents

381,629

(48,686

)

Cash and cash equivalents at beginning of year

2

240,926

289,612

Cash and cash equivalents at end of year

2

622,555

240,926

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

2022

2021

£

£

Profit/(loss) before taxation

600,967

(6,229

)

Depreciation charges

166,854

181,860

Finance costs

105,616

19,312

Finance income

-

(81

)

873,437

194,862

Decrease/(increase) in stocks

4,663,033

(6,399,325

)

Decrease in trade and other debtors

417,493

1,007,462

Decrease in trade and other creditors

(1,020,008

)

(456,737

)

Cash generated from operations

4,933,955

(5,653,738

)

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 December 2022

31.12.22

1.1.22

£

£

Cash and cash equivalents

622,555

240,926

Year ended 31st December 2021

31.12.21

1.1.21

£

£

Cash and cash equivalents

240,926

289,612

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.22

Cash flow

At 31.12.22

£

£

£

Net cash

Cash at bank and in hand

240,926

381,629

622,555

240,926

381,629

622,555

Total

240,926

381,629

622,555

1.	STATUTORY INFORMATION

The company is a private company, limited by share capital, incorporated in England.

The address of its registered office is:

St Albans Road Industrial Estate

Common Road

Stafford

ST16 3DR

The company operates from the head office:

Solway House

Dumfries Enterprise Park

Heathhall

Dumfries

DG1 3SJ

The financial statements cover only the individual entity and are presented in 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.

Going Concern

The financial statements have been prepared on a going concern basis. During and since the year end the company has continued to trade profitably, with appropriate precautions in place, throughout the Covid-19 pandemic. The directors have examined the management accounts and are satisfied that the pandemic has created no material uncertainties in relation to going concern of the company.

Significant judgements and estimates

The company makes provision against bad debt and makes estimates in the area of depreciation charges and impairment of fixed assets. However, neither is considered to be a 'key' estimate in accounting terms.

Turnover

Turnover comprises revenue recognised by the company in respect of sales of office furniture and similar items processed before close of business on the last working day of the year, excluding value added tax. Some internet orders are paid for in advance and are recognised at point of order. Credit sales however are only recognised at point of despatch of goods.

Intangible fixed assets

Intangible fixed assets represent capitalised software and website development costs. Amortisation is provided at 33% on cost in order to write off the assets over their estimated useful lives.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Freehold property

-

1% on cost

Plant and machinery

-

25% on cost

Office equipment

-

25% on cost

Computer equipment

-

33% on cost

Amounts written off each asset over the estimated useful life represent cost less residual value.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Stocks are valued using the First In First Out (F.I.F.O.) method.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

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.

Impairment reviews

The directors regularly review both tangible and intangible fixed assets for potential impairment.

Provisions

The directors also regularly consider the need to make any provisions against debts or stock and make provision when considered appropriate.

Financial instruments

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for the sale of services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price and represent the full value of the services charged to customers.

Trade Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date they are presented as non current liabilities.

Share Capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3.

TURNOVER

The turnover and profit (2021 - loss) before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2022

2021

£

£

Sale of Goods

38,218,277

47,965,960

38,218,277

47,965,960

4.	EMPLOYEES AND DIRECTORS

2022

2021

£

£

Wages and salaries

1,911,844

2,057,068

Social security costs

175,822

192,164

Other pension costs

46,975

45,762

2,134,641

2,294,994

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

2022

2021

Directors

1

1

Direct Staff

63

77

64

78

2022

2021

£

£

Directors' remuneration

88,235

155,476

Compensation to director for loss of office

12,500

-

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

Money purchase schemes

1

1

5.	OPERATING PROFIT

The operating profit is stated after charging:

2022

2021

£

£

Other operating leases

283,126

299,852

Depreciation - owned assets

152,342

145,823

Software amortisation

1,209

4,266

Website amortisation

13,303

31,772

Auditors' remuneration

13,000

10,500

Foreign exchange differences

126,670

136,902

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2022

2021

£

£

Interest payable

105,616

19,312

7.

TAXATION

Analysis of the tax charge/(credit)

The tax charge/(credit) on the profit for the year was as follows:

2022

2021

£

£

Current tax:

UK corporation tax

132,266

867

Corporation tax interest & penalties

(4,299

)

718

Total current tax

127,967

1,585

Deferred tax

(24,160

)

(38,807

)

Tax on profit/(loss)

103,807

(37,222

)

UK corporation tax has been charged at 19% (2021 - 19%).

Reconciliation of total tax charge/(credit) included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2022

2021

£

£

Profit/(loss) before tax

600,967

(6,229

)

Profit/(loss) multiplied by the standard rate of corporation tax in the UK of 19% (2021 - 19%)

114,184

(1,184

)

Effects of:

Expenses not deductible for tax purposes

9,067

269

Depreciation in excess of capital allowances

9,614

1,782

Adjustments to tax charge in respect of previous periods

(599

)

-

Deferred taxation

(24,160

)

(38,807

)

Corporation tax interest

(4,299

)

718

Total tax charge/(credit)

103,807

(37,222

)

From 1 April 2023 the UK Corporation Tax will rise to 25% for companies with profits exceeding £250,000, as reduced for number of associated companies.

8.

DIVIDENDS

2022

2021

£

£

Ordinary shares of £1 each

Interim

-

5,100,000

9.	INTANGIBLE FIXED ASSETS

Software

Website

Totals

£

£

£

COST

At 1st January 2022

and 31st December 2022

56,879

309,423

366,302

AMORTISATION

At 1st January 2022

55,670

280,140

335,810

Amortisation for year

1,209

13,303

14,512

At 31st December 2022

56,879

293,443

350,322

NET BOOK VALUE

At 31st December 2022

-

15,980

15,980

At 31st December 2021

1,209

29,283

30,492

10.	TANGIBLE FIXED ASSETS

Freehold

Plant and

Office

Computer

property

machinery

equipment

equipment

Totals

£

£

£

£

£

COST

At 1st January 2022

967,520

471,385

75,196

259,585

1,773,686

Additions

-

6,255

4,800

25,203

36,258

At 31st December 2022

967,520

477,640

79,996

284,788

1,809,944

DEPRECIATION

At 1st January 2022

65,308

343,542

35,149

174,813

618,812

Charge for year

9,675

62,024

19,399

61,244

152,342

At 31st December 2022

74,983

405,566

54,548

236,057

771,154

NET BOOK VALUE

At 31st December 2022

892,537

72,074

25,448

48,731

1,038,790

At 31st December 2021

902,212

127,843

40,047

84,772

1,154,874

11.

STOCKS

2022

2021

£

£

Stocks

5,477,617

10,140,650

12.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

1,356,551

2,144,485

Other debtors

474,596

57,534

Tax

91,366

104,133

Deferred tax asset

62,967

38,807

Prepayments

307,429

354,050

2,292,909

2,699,009