REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 28 February 2023 |
for |
Dynamic Retail Ltd |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 28 February 2023 |
for |
Dynamic Retail Ltd |
Dynamic Retail Ltd (Registered number: SC181161) |
Contents of the Financial Statements |
for the Year Ended 28 February 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 4 |
Profit and Loss Account | 7 |
Other Comprehensive Income | 8 |
Balance Sheet | 9 |
Statement of Changes in Equity | 10 |
Cash Flow Statement | 11 |
Notes to the Financial Statements | 12 |
Dynamic Retail Ltd |
Company Information |
for the Year Ended 28 February 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
2 Stewart Street |
Milngavie |
Glasgow |
G62 6BW |
Dynamic Retail Ltd (Registered number: SC181161) |
Strategic Report |
for the Year Ended 28 February 2023 |
The directors present their strategic report for the year ended 28 February 2023. |
REVIEW OF BUSINESS |
The directors consider that the trading performance of the company during the year was above satisfactory and are confident of a continued strong performance in the coming year. Turnover increased by 12% compared to the previous year. The gross profit margin increased to 25.8% from 23.2%. |
The operating profit for the year ended 28 February 2023 was £1,029,136 which is an increase of 23.5% on the previous year. |
The accounts show a loss before taxation of £1,277,909 but this is stated after an exceptional item of £2,305,407, representing the release of a loan to a company under common control. |
PRINCIPAL RISKS AND UNCERTAINTIES |
Competitive pressure has continued to increase in the food retailing industry with the major multiples and discounters continuing to fight for their market share. Home deliveries and 'click and collect' services are continuing to become more popular and an essential part of the food retail offer. |
Although not directly exposed to interest rate risk, the company continues to monitor the impact that rising interest rates and inflation will have on the wider economy. |
KEY PERFORMANCE INDICATORS |
The directors use several KPIs to manage and measure the financial performance of the company including monitoring weekly sales, gross profit margins and customer count by branch. |
ON BEHALF OF THE BOARD: |
Dynamic Retail Ltd (Registered number: SC181161) |
Report of the Directors |
for the Year Ended 28 February 2023 |
The directors present their report with the financial statements of the company for the year ended 28 February 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of licenced grocers. |
DIVIDENDS |
No dividends will be distributed for the year ended 28 February 2023. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 March 2022 to the date of this report. |
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, Bell Barr & Company, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Dynamic Retail Ltd |
Opinion |
We have audited the financial statements of Dynamic Retail Ltd (the 'company') for the year ended 28 February 2023 which comprise the Profit and Loss Account, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 28 February 2023 and of its loss for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the 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. |
Report of the Independent Auditors to the Members of |
Dynamic Retail Ltd |
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. |
Report of the Independent Auditors to the Members of |
Dynamic Retail Ltd |
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 design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. |
Based on our understanding and accumulated knowledge of the Company and the sector in which it operates we considered the risk of acts by the Company which were contrary to applicable laws and regulations, including fraud, and whether such actions or non-compliance might have a material effect on the financial statements. These laws and regulations included but were not limited to local licencing regulations, HMRC legislation and the Companies Act 2006. |
We evaluated management incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management bias and override of controls. |
Our audit procedures included, but were not limited to: |
- Agreement of the financial statement balances and disclosures to underlying supporting documentation; |
- Revenue year end cut-off procedures; |
- Identifying and testing journal entries; |
- Discussion with management, including consideration of known of suspected instances of non-compliance with laws and regulation and fraud; |
- Obtaining an understanding of the control environment in monitoring compliance with laws and regulations. |
Because of the inherent limitations of an audit, there is a risk that we will not prevent all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk increases the more than compliance with laws and regulations 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. |
for and on behalf of |
2 Stewart Street |
Milngavie |
Glasgow |
G62 6BW |
Dynamic Retail Ltd (Registered number: SC181161) |
Profit and Loss Account |
for the Year Ended 28 February 2023 |
28.2.23 | 28.2.22 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
952,615 | 749,692 |
Other operating income |
OPERATING PROFIT | 4 |
Loan write off | 5 |
(1,276,271 | ) | 833,644 |
Interest payable and similar expenses | 6 |
(LOSS)/PROFIT BEFORE TAXATION | ( |
) |
Tax on (loss)/profit | 7 |
(LOSS)/PROFIT FOR THE FINANCIAL YEAR |
( |
) |
Dynamic Retail Ltd (Registered number: SC181161) |
Other Comprehensive Income |
for the Year Ended 28 February 2023 |
28.2.23 | 28.2.22 |
Notes | £ | £ |
(LOSS)/PROFIT FOR THE YEAR | ( |
) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
) |
Dynamic Retail Ltd (Registered number: SC181161) |
Balance Sheet |
28 February 2023 |
28.2.23 | 28.2.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
Tangible assets | 9 |
CURRENT ASSETS |
Stocks | 10 |
Debtors | 11 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
13 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 16 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 17 |
Retained earnings | 18 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Dynamic Retail Ltd (Registered number: SC181161) |
Statement of Changes in Equity |
for the Year Ended 28 February 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 March 2021 |
Changes in equity |
Total comprehensive income | - |
Balance at 28 February 2022 |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 28 February 2023 |
Dynamic Retail Ltd (Registered number: SC181161) |
Cash Flow Statement |
for the Year Ended 28 February 2023 |
28.2.23 | 28.2.22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 22 | ( |
) |
Interest paid | ( |
) |
Interest element of finance lease payments paid |
( |
) |
( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Purchase of intangible fixed assets | ( |
) | ( |
) |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Loan repayments in year | ( |
) | ( |
) |
Capital repayments in year | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
(Decrease)/increase in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
23 |
1,629,622 |
Cash and cash equivalents at end of year | 23 | 911,497 | 2,048,197 |
Dynamic Retail Ltd (Registered number: SC181161) |
Notes to the Financial Statements |
for the Year Ended 28 February 2023 |
1. | STATUTORY INFORMATION |
Dynamic Retail Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The directors have reviewed the company's operating costs for the next twelve months, and the sources of funds available, and are satisfied that the company is a going concern. |
Turnover |
Income from the sale of goods is recognised when the customer has delivered goods to the customer, the customer has accepted the products and collectability of payment for the goods is relatively assured. |
Goodwill |
Goodwill arises from the acquisition of several businesses between 2014 and 2022 and is being amortised over 10 years. |
Tangible fixed assets |
Long leasehold | - |
Plant and machinery | - |
Fixtures and fittings | - |
Computer equipment | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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. |
Dynamic Retail Ltd (Registered number: SC181161) |
Notes to the Financial Statements - continued |
for the Year Ended 28 February 2023 |
2. | ACCOUNTING POLICIES - continued |
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 |
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. |
Cash at bank and on hand |
Cash at bank and in hand included cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the account. |
3. | EMPLOYEES AND DIRECTORS |
28.2.23 | 28.2.22 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
28.2.23 | 28.2.22 |
Shop | 133 | 119 |
Head office | 8 | 8 |
28.2.23 | 28.2.22 |
£ | £ |
Directors' remuneration |
Dynamic Retail Ltd (Registered number: SC181161) |
Notes to the Financial Statements - continued |
for the Year Ended 28 February 2023 |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
28.2.23 | 28.2.22 |
£ | £ |
Hire of plant and machinery |
Other operating leases |
Depreciation - owned assets |
Loss on disposal of fixed assets |
Goodwill amortisation |
Auditors' remuneration |
Government grants | ( |
) |
5. | EXCEPTIONAL ITEMS |
28.2.23 | 28.2.22 |
£ | £ |
Loan write off | ( |
) |
This represents the release of a loan that Dynamic Retail Ltd had previously advanced to a connected company. |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
28.2.23 | 28.2.22 |
£ | £ |
Bank interest |
Hire purchase and finance lease |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the loss for the year was as follows: |
28.2.23 | 28.2.22 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax |
Tax on (loss)/profit |
Dynamic Retail Ltd (Registered number: SC181161) |
Notes to the Financial Statements - continued |
for the Year Ended 28 February 2023 |
7. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
28.2.23 | 28.2.22 |
£ | £ |
(Loss)/profit before tax | ( |
) |
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of |
( |
) |
Effects of: |
Expenses not deductible for tax purposes |
Depreciation in excess of capital allowances |
Loan write off | 438,027 | - |
Impact of increasing deferred tax rate to 25% | 39,289 | - |
Total tax charge | 245,264 | 160,671 |
8. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 March 2022 |
Additions |
At 28 February 2023 |
AMORTISATION |
At 1 March 2022 |
Amortisation for year |
At 28 February 2023 |
NET BOOK VALUE |
At 28 February 2023 |
At 28 February 2022 |
Dynamic Retail Ltd (Registered number: SC181161) |
Notes to the Financial Statements - continued |
for the Year Ended 28 February 2023 |
9. | TANGIBLE FIXED ASSETS |
Fixtures |
Long | Plant and | and |
leasehold | machinery | fittings |
£ | £ | £ |
COST |
At 1 March 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 28 February 2023 |
DEPRECIATION |
At 1 March 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 28 February 2023 |
NET BOOK VALUE |
At 28 February 2023 |
At 28 February 2022 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 March 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 28 February 2023 |
DEPRECIATION |
At 1 March 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 28 February 2023 |
NET BOOK VALUE |
At 28 February 2023 |
At 28 February 2022 |
10. | STOCKS |
28.2.23 | 28.2.22 |
£ | £ |
Stocks |
Dynamic Retail Ltd (Registered number: SC181161) |
Notes to the Financial Statements - continued |
for the Year Ended 28 February 2023 |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
28.2.23 | 28.2.22 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
28.2.23 | 28.2.22 |
£ | £ |
Other loans (see note 14) |
Finance leases (see note 15) |
Trade creditors |
Social security and other taxes |
Other creditors |
Accrued expenses |
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
28.2.23 | 28.2.22 |
£ | £ |
Other loans (see note 14) |
Finance leases (see note 15) |
14. | LOANS |
Other loans |
28.02.22 | 28.02.21 |
£ | £ |
Payable within one year | 4,824 | 4,824 |
Payable after one year | 19,698 | 24,522 |
24,522 | 29,346 |
The loan is from Energy Savings Trust under the Resource Efficient Scotland SME Loan Scheme. The loan is not secured and is interest free. |
Dynamic Retail Ltd (Registered number: SC181161) |
Notes to the Financial Statements - continued |
for the Year Ended 28 February 2023 |
15. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Finance leases |
28.2.23 | 28.2.22 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable operating | leases |
28.2.23 | 28.2.22 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
16. | PROVISIONS FOR LIABILITIES |
28.2.23 | 28.2.22 |
£ | £ |
Deferred tax | 163,703 | 125,020 |
Deferred |
tax |
£ |
Balance at 1 March 2022 |
Provided during year |
Balance at 28 February 2023 |
17. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 28.2.23 | 28.2.22 |
value: | £ | £ |
Ordinary | 1 | 2 | 2 |
18. | RESERVES |
Retained |
earnings |
£ |
At 1 March 2022 |
Deficit for the year | ( |
) |
At 28 February 2023 |
Dynamic Retail Ltd (Registered number: SC181161) |
Notes to the Financial Statements - continued |
for the Year Ended 28 February 2023 |
19. | PENSION COMMITMENTS |
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. |
20. | RELATED PARTY DISCLOSURES |
During the year the company paid rent of £47,500 to a company under the control of one of the directors. |
At the beginning of the year the company was owed £140,000 from a company under the control of the directors. A further £2,165,407 was advanced during the year and the total balance of £2,305,407 was released on 28 February 2023. The loan was interest free and carried no fixed repayment terms. |
21. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |
The company is a wholly owned subsidiary of Scotfresh Group Ltd, a company registered in Scotland. Copies of the Group accounts may be obtained from Scotfresh Group Ltd, 1598 Dumbarton Road, Glasgow. |
22. | RECONCILIATION OF (LOSS)/PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM OPERATIONS |
28.2.23 | 28.2.22 |
£ | £ |
(Loss)/profit for the financial year | ( |
) |
Depreciation charges |
Loss on disposal of fixed assets |
Finance costs | 1,638 | 24,189 |
Taxation |
(911,933 | ) | 1,053,123 |
Increase in stocks | ( |
) | ( |
) |
Decrease/(increase) in trade and other debtors | ( |
) |
Increase in trade and other creditors |
Cash generated from operations | ( |
) |
23. | 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 28 February 2023 |
28.2.23 | 1.3.22 |
£ | £ |
Cash and cash equivalents | 911,497 | 2,048,197 |
Year ended 28 February 2022 |
28.2.22 | 1.3.21 |
£ | £ |
Cash and cash equivalents | 2,048,197 | 1,629,622 |
Dynamic Retail Ltd (Registered number: SC181161) |
Notes to the Financial Statements - continued |
for the Year Ended 28 February 2023 |
24. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.3.22 | Cash flow | At 28.2.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 2,048,197 | (1,136,700 | ) | 911,497 |
2,048,197 | ( |
) | 911,497 |
Debt |
Finance leases | (35,845 | ) | 30,277 | (5,568 | ) |
Debts falling due within 1 year | (4,824 | ) | - | (4,824 | ) |
Debts falling due after 1 year | (19,698 | ) | 4,824 | (14,874 | ) |
(60,367 | ) | 35,101 | (25,266 | ) |
Total | 1,987,830 | (1,101,599 | ) | 886,231 |