Company Registration No. 08641995 (England and Wales)
AMPLIFI CAPITAL (U.K.) LIMITED (ALSO KNOWN AS MY COMMUNITY FINANCE)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
AMPLIFI CAPITAL (U.K.) LIMITED (ALSO KNOWN AS MY COMMUNITY FINANCE)
COMPANY INFORMATION
Directors
T Gruber
P Luksan
Y M Tian
J Vicent-Peris
A L R Curcio
C Friedrich
S Pottay
Secretary
G Leask
Company number
08641995
Registered office
30 Churchill Place
London
E14 5RE
England
Auditor
HW Fisher LLP
Acre House
11-15 William Road
London
NW1 3ER
United Kingdom
AMPLIFI CAPITAL (U.K.) LIMITED (ALSO KNOWN AS MY COMMUNITY FINANCE)
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Income statement
9
Statement of comprehensive income
10
Statement of financial position
11
Statement of changes in equity
12
Statement of cash flows
13
Notes to the financial statements
14 - 27
AMPLIFI CAPITAL (U.K.) LIMITED (ALSO KNOWN AS MY COMMUNITY FINANCE)
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 1 -

The directors present the strategic report for the year ended 31 March 2023.

Fair review of the business

Amplifi Capital (U.K.) Limited ("Amplifi”) operates a consumer lending platform which currently offers unsecured personal loans to near prime consumers who find it difficult to access credit from traditional high street banks. Amplifi provides loans direct from its own resources under the REEVO brand as well as providing platform broking services to two of the largest credit unions in the United Kingdom. The platform seeks to build a leading position in consumer finance, currently offering personal loans with a credit card operation being developed. The principal activities of the Company include credit analysis, data analytics, technology and broking services as well as customer service operations.

 

The business environment improved during 2022-23 with the previous disruption caused by COVID-19 largely extinguished. The Ukraine war and resultant macro-economic turmoil followed by increasing interest rates and high inflation are all having an effect on the business. We are carefully monitoring performance outcomes and improving our Risk models following a reduction in disruptions and restrictions related to COVID-19.

 

Despite significant headwinds faced by the Company over the past 12 months impacting our customers and the markets we operate in; we delivered an excellent performance during the year. The results for the year are set out in the Company’s Statement of Comprehensive Income. The Company profit before taxation amounted to £5,532,806 (2022: £1,844,904). No dividend is proposed (2022: £nil).

Principal risks and uncertainties

Risk management is now overseen by Amplifi’s Risk Committee. The Risk Committee has been recently enlarged and is currently meeting on a monthly basis. It now comprises the Amplifi executive Board members, other key executives as well as representation from the parent company Board. The Risk Committee is responsible for the monitoring and controls of compliance with legal and regulatory requirements. These requirements include those of the Financial Conduct Authority (FCA) (which include financial crime, conduct risk and treating customers fairly) and the Information Commissioner's Office (ICO) (Data Protection Act 2018 requirements).

 

There are a number of potential risks and uncertainties which could have a material impact on the Company’s long-term performance:

 

Regulatory Risk - The Company defines this as the risk of failure to comply with regulatory requirements applying to business arrangements and activities.

 

Amplifi is regulated by the Financial Conduct Authority (ref: 718749) by virtue of its consumer credit origination & servicing operations. It is specifically authorised for credit broking and debt administration and trades under the names of REEVO, REEVO MONEY and MY COMMUNITY FINANCE as well as its own name, AMPLIFI.

 

Failure to comply with relevant regulations could result in regulatory censure leading to suspension or termination of the Company’s ability to conduct business and could lead to financial loss. The long on-going success of the business is supported by embracing the regulatory requirements, maintaining a positive and open relationship with the FCA and helping to strengthen the Company’s governance, conduct and accountability.

 

In June 2022, the Financial Conduct Authority (FCA) published final rules and guidance on New Consumer Duty rules comprising:

 

These outcomes relate to:

 

The new rules require firms to consider the needs, characteristics and objectives of their customers – including those with characteristics of vulnerability – and how they behave, at every stage of the customer journey. As well as acting to deliver good customer outcomes, firms will need to understand and evidence whether those outcomes are being met.

AMPLIFI CAPITAL (U.K.) LIMITED (ALSO KNOWN AS MY COMMUNITY FINANCE)
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -

These rules came into force on 31 July 2023 and the Company has undertaken a major review, both internally and externally, of all its policies and procedures during the period since the rules were published to get ready for implementation.

 

Strategic Risk - The Company defines this as the risk that the Company does not devise and implement a business strategy that meets the objectives of its shareholders and other stakeholders.

 

The Company’s strategy is primarily based on the future provision of credit products to consumers, primarily in the near-Prime categories. Changes in economic conditions could impact the ability of the Company to maintain and grow market demand as per its strategic plans. Also, competitors may develop new products which may disrupt the Company’s market share.

 

The Company continually re-evaluates strategy based on periodic evaluation of consumer needs, market demand and the approach to strategy execution. The Company has a Board approved product governance process which considers any key risks and necessary mitigations in respect of new products and requires periodic consideration of the risk profile of existing products.

 

Reputational Risk - The Company defines this as the risk of a fall in market share and customer demand due to reputational reasons.

 

In particular, as part of this strategy, Amplifi strives to maintain a high standard in customer service. Amplifi continually determines the needs and priorities of customers and considers both existing and potential new customers in its decision making. The Company regularly gathers feedback from customers and feeds back to our customer service and operations staff, allowing the business to better understand consumer needs and demands and strengthen our training programs.

 

The Company holds a 4.8 Trustpilot rating across all customers with its established My Community Finance customer base and is seeking to achieve a similar standard as the Reevo own loan book grows.

 

Credit Risk - The Company defines this as the risk of financial losses as a result of the non-recoverability of monies owed to it.

 

The Company’s core credit risk exposure arises from its outstanding loan book receivables from customers. Credit risk on the loan book is primarily managed by the Company’s lending decision systems and credit scoring analysis. These rules and the lending strategies from which they are derived are continually re-evaluated. To the extent that there is no objective evidence that loss has been incurred, the financial losses have been provided for during the financial year as considered necessary.

 

Liquidity Risk - The Company defines this as the risk of failing to meet financial obligations as they fall due. The risk arises from unexpected (in terms of size and timing) cash outflows or expected inflows which fail to materialize. The Company performs prudent liquidity management to ensure it maintains sufficient cash reserves to facilitate its needs.

 

It is within the Company’s operations to monitor the liquidity position on a regular basis and forecasting is used to manage the stability of the projected liquidity changes to ensure it has sufficient cash to meet its projected requirements.

 

Market Risk - The Company defines this as the risk of financial losses from changes in market factors such as foreign exchange rates and interest rate changes. The Company has little exposure to foreign currency movement as its operations are solely based in the United Kingdom. The Company’s primary market risk exposure is to changes in interest rates. The Company, and its parent company, continually evaluate the need to formulate a mitigation strategy and implement hedging strategies from time to time.

 

Operational Risk - The Company defines this as the risk of losses from inadequate or failed processes, systems, people, or from external events. The Company manages this risk by independent overview from the various levels of management, including both the Company and holding company independent directors. In particular we have in place real-time system monitoring to detect performance and security issues and have greatly expanded our team of dedicated and suitably skilled Information Technology and Information Security teams as well as strengthening associated processes throughout the Company.

 

Capital Management - The Company considers its capital to comprise ordinary share capital as well as its accumulated reserves. The objective of the directors of both the Company, and its parent, Amplifi Holding Limited, when managing capital is to safeguard the group’s ability to continue as a going concern in order to provide long-term returns for the shareholders. The Company is not currently subject to any specific externally imposed capital requirements.

 

AMPLIFI CAPITAL (U.K.) LIMITED (ALSO KNOWN AS MY COMMUNITY FINANCE)
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
Development and performance

The results of the Company for the year show an increase in revenue of 82% to £21.81m (2022: £11.99m), and a profit taken to equity of £4.65m (2022: £1.89m). The Company continued to build its balance sheet during the financial year with net assets increasing by 231% to £6.67m (2022: £2.01m).

 

During the year, the Company drew further amounts under its secured loan facility with a resultant increase in borrowing of £14.425m, resulting in a liability as at 31 March 2023 of £30.025m (2022: £15.6m).

 

Following the year-end this facility and liability was repaid in full and replaced with a new secured facility of up to £50m of which £44m has been drawn to the date of this report.

 

Amplifi continues to make significant investments in its technology, risk management, customer service and compliance functions as well as providing capital to the credit union sector.

 

In particular, the Company work force has grown considerably in the year to 31 March 2023. Amplifi understands that attracting, motivating and retaining talent at all levels is vital to the continuing success and growth of the business. The Company invests in its employees through various benefits, health and wellbeing initiatives as well as providing opportunities for advancement and development of their skills.

Key performance indicators

The Company uses key performance indicators to ensure it has the ability to grow the business successfully in the long term. The performance of the main indicators in this reporting period were:

 

Outlook

Our business is focused on the consumer sector. Our services and products suit the UK’s current economic conditions. We enable customers to sensibly structure their personal gearing and our products are attractive in a rising interest rate and inflationary economy. Affordable fixed-rate finance geared in this way enables consumers to better structure their personal borrowing which is often dominated by higher rate credit card lending.

 

The Company aims to continue to trade profitably and as the Company utilises its new funding lines it will gradually increase its broking and lending activity.

On behalf of the board

T Gruber
Director
3 October 2023
AMPLIFI CAPITAL (U.K.) LIMITED (ALSO KNOWN AS MY COMMUNITY FINANCE)
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -

The directors present their annual report and financial statements for the year ended 31 March 2023.

Principal activities

The principal activities of the Company include the provision of financial intermediation services, as well as the provision of short-term loans to small UK businesses. The Company is regulated by the Financial Conduct Authority.

Results and dividends

The results for the year are set out on page 9.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

T Gruber
P Luksan
Y M Tian
J Vicent-Peris
A L R Curcio
C Friedrich
S Pottay
Auditor

The auditor, HW Fisher LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
T Gruber
Director
3 October 2023
AMPLIFI CAPITAL (U.K.) LIMITED (ALSO KNOWN AS MY COMMUNITY FINANCE)
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -

The directors are responsible for preparing the annual report 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:

 

 

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.

AMPLIFI CAPITAL (U.K.) LIMITED (ALSO KNOWN AS MY COMMUNITY FINANCE)
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF AMPLIFI CAPITAL (U.K.) LIMITED (ALSO KNOWN AS MY COMMUNITY FINANCE)
- 6 -
Opinion

We have audited the financial statements of Amplifi Capital (U.K.) Limited (also known as My Community Finance) (the 'company') for the year ended 31 March 2023 which comprise the income statement, the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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:

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 Auditor's 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

AMPLIFI CAPITAL (U.K.) LIMITED (ALSO KNOWN AS MY COMMUNITY FINANCE)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF AMPLIFI CAPITAL (U.K.) LIMITED (ALSO KNOWN AS MY COMMUNITY FINANCE)
- 7 -
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 and the directors' report.

 

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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 is 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.

Auditor's 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 an auditor's report 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 our planning process:

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

AMPLIFI CAPITAL (U.K.) LIMITED (ALSO KNOWN AS MY COMMUNITY FINANCE)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF AMPLIFI CAPITAL (U.K.) LIMITED (ALSO KNOWN AS MY COMMUNITY FINANCE)
- 8 -

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 an auditor's report 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.

Mandy Janes (Senior Statutory Auditor)
For and on behalf of HW Fisher LLP
Chartered Accountants
Statutory Auditor
Acre House
11-15 William Road
London
NW1 3ER
United Kingdom
3 October 2023
AMPLIFI CAPITAL (U.K.) LIMITED (ALSO KNOWN AS MY COMMUNITY FINANCE)
INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023
- 9 -
2023
2022
Notes
£
£
Revenue
3
21,813,724
11,990,660
Cost of sales
(9,707,184)
(6,628,133)
Gross profit
12,106,540
5,362,527
Administrative expenses
(6,648,475)
(3,547,954)
Operating profit
4
5,458,065
1,814,573
Investment income
8
3,543,391
1,948,576
Other finance costs
9
(3,468,650)
(1,918,245)
Profit before taxation
5,532,806
1,844,904
Tax on profit
10
(878,884)
41,954
Profit for the financial year
4,653,922
1,886,858

The income statement has been prepared on the basis that all operations are continuing operations.

AMPLIFI CAPITAL (U.K.) LIMITED (ALSO KNOWN AS MY COMMUNITY FINANCE)
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023
- 10 -
2023
2022
£
£
Profit for the year
4,653,922
1,886,858
Other comprehensive income
-
-
Total comprehensive income for the year
4,653,922
1,886,858
AMPLIFI CAPITAL (U.K.) LIMITED (ALSO KNOWN AS MY COMMUNITY FINANCE)
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2023
31 March 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
11
197,897
217,553
Property, plant and equipment
12
3,807
-
0
Investments
13
24,367,700
16,292,700
24,569,404
16,510,253
Current assets
Trade and other receivables
15
12,117,501
1,702,286
Cash at bank and in hand
4,201,469
1,484,362
16,318,970
3,186,648
Current liabilities
16
(3,894,127)
(1,781,355)
Net current assets
12,424,843
1,405,293
Total assets less current liabilities
36,994,247
17,915,546
Non-current liabilities
17
(30,328,206)
(15,903,427)
Net assets
6,666,041
2,012,119
Equity
Called up share capital
20
1,750,000
1,750,000
Retained earnings
4,916,041
262,119
Total equity
6,666,041
2,012,119
The financial statements were approved by the board of directors and authorised for issue on 3 October 2023 and are signed on its behalf by:
T Gruber
Director
Company Registration No. 08641995
AMPLIFI CAPITAL (U.K.) LIMITED (ALSO KNOWN AS MY COMMUNITY FINANCE)
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 12 -
Share capital
Retained earnings
Total
Notes
£
£
£
Balance at 1 April 2021
1,750,000
(1,624,739)
125,261
Year ended 31 March 2022:
Profit and total comprehensive income for the year
-
1,886,858
1,886,858
Balance at 31 March 2022
1,750,000
262,119
2,012,119
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
4,653,922
4,653,922
Balance at 31 March 2023
1,750,000
4,916,041
6,666,041
AMPLIFI CAPITAL (U.K.) LIMITED (ALSO KNOWN AS MY COMMUNITY FINANCE)
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023
- 13 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
25
(3,632,575)
1,730,697
Interest paid
(3,468,650)
(1,918,245)
Income taxes (paid)/refunded
-
0
66,708
Net cash outflow from operating activities
(7,101,225)
(120,840)
Investing activities
Purchase of intangible assets
(47,073)
(25,650)
Purchase of property, plant and equipment
(5,164)
-
0
Purchase of investments
(8,075,000)
(9,720,000)
Interest received
3,543,391
1,948,576
Net cash used in investing activities
(4,583,846)
(7,797,074)
Financing activities
Increase in borrowings
14,411,883
9,168,118
Repayment of bank loans
(9,705)
(7,906)
Net cash generated from financing activities
14,402,178
9,160,212
Net increase in cash and cash equivalents
2,717,107
1,242,298
Cash and cash equivalents at beginning of year
1,484,362
242,064
Cash and cash equivalents at end of year
4,201,469
1,484,362
AMPLIFI CAPITAL (U.K.) LIMITED (ALSO KNOWN AS MY COMMUNITY FINANCE)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 14 -
1
Accounting policies
Company information

Amplifi Capital (U.K.) Limited (also known as My Community Finance) is a private company limited by shares incorporated in England and Wales. The registered office is 30 Churchill Place, London, E14 5RE, England.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Amplifi Holding Ltd. These consolidated financial statements are publicly available.

1.2
Going concern

The company has been profitable during the year and to present date.true During the year, the company was able to draw down on a loan facility provided by a shareholder of the parent company. Following the year-end, a new facility has been entered into with a third party for amounts up to £50,000,000 of which £44,000,000 has been drawn down to date. The directors believe this provides sufficient cash resources and enables the company to continue trading profitably in the future.

 

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Revenue

Revenue is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business.

 

Revenue is income in respect to sourced loans, paid to the entity as a percentage of the originated loan as an introduction fee. Revenue is recognised according to the period in which the loan was made.

 

Service fees includes underwriting placement fees being commission on investments in deferred shares made by the company, its immediate parent company and a company under common control.

Interest and fee income on trade receivables is calculated on a straight-line method and this is not materially different from the effective interest method. Default fees and any interest are charged to customers when they fail to make a repayment within the agreed terms and such fees and interest are recognised as revenue when these amounts are expected to be recovered.

 

AMPLIFI CAPITAL (U.K.) LIMITED (ALSO KNOWN AS MY COMMUNITY FINANCE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 15 -
1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
20% straight line
Intangible assets under development
Not currently being amortised

The intangible assets under development relate to a credit card platform in development but not yet in use.

1.5
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
20% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Non-current investments

Investments in deferred shares are initially measured at cost and are assessed for impairment at each reporting date, and any impairment losses or reversals of impairment losses are recognised immediately in the profit and loss account.

1.7
Impairment of non-current assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.8
Cash and cash equivalents

Cash and cash equivalents include cash in hand and current balances with banks and similar institutions.

AMPLIFI CAPITAL (U.K.) LIMITED (ALSO KNOWN AS MY COMMUNITY FINANCE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 16 -
1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

The Company classifies its financial assets into the following categories: cash and cash equivalents and trade and other receivables. The classification is determined by management upon recognition, and is based on the purpose for which the financial assets were acquired.

 

Financial assets are recognised in the Company’s Statement of financial position when the Company becomes a party to the contractual provisions of the instrument and are recognised as fair value.

 

Trade and other receivables are classified as loans and receivables and measured at amortised cost using the effective interest method (or straight line as a reasonable approximation thereof), less any impairment. At each balance sheet date, the Company assesses whether its financial assets are impaired. Impairment losses are recognised in the Statement of comprehensive loss where there is objective evidence of impairment.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

AMPLIFI CAPITAL (U.K.) LIMITED (ALSO KNOWN AS MY COMMUNITY FINANCE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 17 -
Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including trade and other payables and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

AMPLIFI CAPITAL (U.K.) LIMITED (ALSO KNOWN AS MY COMMUNITY FINANCE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 18 -
1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.14

Government grants

Government grants, which include amounts received from the Bounce Back Loan Scheme that cover interest and fees payable to the lender, are recognised at the fair value of the grant received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. The income is recognised in other income on a systematic basis over the period in which the associated costs are incurred, using the accrual model.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Deferred remuneration due in more than year

 

Included within other payables due in more than one year is deferred remuneration payable to key management personnel and staff. The amount has been deferred as it is due for payment in June 2024 on the basis that the individual is still employed by the company. The directors have made a judgement that it is probable the employees entitled to this remuneration will be employed by the company in June 2024 therefore the full amount should be provided for.

 

Recoverability of other receivables

 

At the year end the company was owed £3,678,888 (2022: £714,729) included in other receivables due from a company under common control. The directors assess the recoverability of these debts based on the actual and forecast financial results of the company under common control. At the year end the directors consider the amounts included in other receivables to be recoverable.

 

AMPLIFI CAPITAL (U.K.) LIMITED (ALSO KNOWN AS MY COMMUNITY FINANCE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 19 -
3
Revenue

An analysis of the company's revenue is as follows:

2023
2022
£
£
Revenue analysed by class of business
Service fees
696,565
629,582
Brokerage fees
20,516,428
11,314,079
Loan book income
600,731
46,999
21,813,724
11,990,660
2023
2022
£
£
Other significant revenue
Interest income
3,543,391
1,948,576
2023
2022
£
£
Revenue analysed by geographical market
UK
21,813,724
11,990,660
4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
(26)
37
Fees payable to the company's auditor for the audit of the company's financial statements
29,648
30,613
Depreciation of owned property, plant and equipment
1,357
-
0
Amortisation of intangible assets
66,729
64,710
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
29,648
30,613
AMPLIFI CAPITAL (U.K.) LIMITED (ALSO KNOWN AS MY COMMUNITY FINANCE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 20 -
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
73
40

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
4,498,492
2,597,684
Social security costs
567,976
308,743
Pension costs
64,183
33,098
5,130,651
2,939,525
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
637,828
323,250
Company pension contributions to defined contribution schemes
11,191
5,109
649,019
328,359

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2022 - 2).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
211,833
144,000
Company pension contributions to defined contribution schemes
9,870
1,320
8
Investment income
2023
2022
£
£
Interest income
Other interest income
3,543,391
1,948,576
AMPLIFI CAPITAL (U.K.) LIMITED (ALSO KNOWN AS MY COMMUNITY FINANCE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 21 -
9
Finance costs
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
613
772
Other interest on financial liabilities
3,468,037
1,917,473
3,468,650
1,918,245
Disclosed on the income statement as follows:
Other finance costs
3,468,650
1,918,245
AMPLIFI CAPITAL (U.K.) LIMITED (ALSO KNOWN AS MY COMMUNITY FINANCE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 22 -
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
903,638
24,754
Adjustments in respect of prior periods
(24,754)
(66,708)
Total current tax
878,884
(41,954)

The actual charge/(credit) for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
5,532,806
1,844,904
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
1,051,233
350,532
Tax effect of expenses that are not deductible in determining taxable profit
3,446
21
Change in unrecognised deferred tax assets
(147,065)
(325,799)
Adjustments in respect of prior years
(24,754)
(66,708)
Group relief
(3,694)
-
0
Fixed asset differences
(282)
-
0
Tax expense for the year
878,884
(41,954)
11
Intangible fixed assets
Software
Intangible assets under development
Total
£
£
£
Cost
At 1 April 2022
330,412
-
0
330,412
Additions
7,450
39,623
47,073
At 31 March 2023
337,862
39,623
377,485
Amortisation and impairment
At 1 April 2022
112,859
-
0
112,859
Amortisation charged for the year
66,729
-
0
66,729
At 31 March 2023
179,588
-
0
179,588
Carrying amount
At 31 March 2023
158,274
39,623
197,897
At 31 March 2022
217,553
-
0
217,553
AMPLIFI CAPITAL (U.K.) LIMITED (ALSO KNOWN AS MY COMMUNITY FINANCE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 23 -
12
Property, plant and equipment
Fixtures and fittings
£
Cost
At 1 April 2022
5,341
Additions
5,164
At 31 March 2023
10,505
Depreciation and impairment
At 1 April 2022
5,341
Depreciation charged in the year
1,357
At 31 March 2023
6,698
Carrying amount
At 31 March 2023
3,807
At 31 March 2022
-
0
13
Fixed asset investments
2023
2022
£
£
Unlisted investments
24,367,700
16,292,700
Movements in non-current investments
Deferred shares
£
Cost or valuation
At 1 April 2022
16,292,700
Additions
8,075,000
At 31 March 2023
24,367,700
Carrying amount
At 31 March 2023
24,367,700
At 31 March 2022
16,292,700

The company holds £24,367,700 of deferred shares at the year-end date (2022: £16,292,700) with a coupon rate ranging from 13.5% to 18%.

 

Following the year-end, the company have acquired £11,355,000 deferred share investments.

AMPLIFI CAPITAL (U.K.) LIMITED (ALSO KNOWN AS MY COMMUNITY FINANCE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 24 -
14
Significant undertakings

The company also has significant holdings in undertakings which are not consolidated.

 

The investments in the below significant undertakings do not give the company control over voting rights. Furthermore, this assists the undertakings to facilitate their activities, which in turn assists the company with its operations.

 

The direct shareholdings noted below relate to the deferred share class of the significant undertakings and the company has one voting share for each entity:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Brent Shrine Credit Union Limited (t/a My Community Bank)
7th Floor, 30 Churchill Place, Canary Wharf, London, E14 5RE
Deferred Shares
76.00
North Edinburgh and Castle Credit Union Limited (t/a Castle Community Bank)
49 Great Junction Street, Edinburgh, EH6 5HX
Deferred Shares
74.00
The aggregate capital and reserves and the result for the year of significant undertakings noted above was as follows:
Name of undertaking
Profit/(Loss)
Capital and Reserves
£
£
Brent Shrine Credit Union Limited (t/a My Community Bank)
2,801,980
237,928,855
North Edinburgh and Castle Credit Union Limited (t/a Castle Community Bank)
360,326
80,048,157

The above financial results and shareholding percentages are for the year ended 30 September 2022 for both entities.

15
Trade and other receivables
2023
2022
Amounts falling due within one year:
£
£
Trade receivables
6,410,273
605,231
Other receivables
3,678,888
714,729
Prepayments and accrued income
2,028,340
382,326
12,117,501
1,702,286
16
Current liabilities
2023
2022
Notes
£
£
Bank loans
18
10,648
10,648
Trade payables
681,770
205,452
Corporation tax
903,638
24,754
Other taxation and social security
181,477
88,522
Other payables
14,526
8,416
Accruals and deferred income
2,102,068
1,443,563
3,894,127
1,781,355
AMPLIFI CAPITAL (U.K.) LIMITED (ALSO KNOWN AS MY COMMUNITY FINANCE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 25 -
17
Non-current liabilities
2023
2022
Notes
£
£
Bank loans and overdrafts
18
21,741
31,446
Other borrowings
18
30,025,001
15,613,118
Accruals and deferred income
281,464
258,863
30,328,206
15,903,427

During the year, there was a fixed and floating charge over the assets of the company in favour of a shareholder of the parent company for the facility referred to below. Following the year-end, those charges were released and a charge registered in favour of agent and trustee on behalf of a lender containing a fixed charge, floating charge and negative pledge.

 

Other payables relates to facilities A & B amounting to £47,916,614 of which £30,025,001 (2022: £15,613,118) had been drawn down as at the year-end. The base interest rate on Facility A was 10% per annum plus an additional interest rate of 7% per annum, whilst the base interest rate on Facility B was 15% per annum. Following the year-end, £1,500,000 was drawn down on the loan facility in operation at the year-end. The facilities were available to invest in deferred shares in credit unions.

 

Following the year-end, a new loan facility of up to £50,000,000 has been entered into, which comprises a £30,000,000 fixed rate facility at 14.5% and a £20,000,000 accordian facility at a variable rate of 10.5% + SONIA. £44,000,000 has been drawn down on this facility to date, which has been partly used to repay the facilities mentioned above. The facility is available to invest in deferred shares in credit unions.

Amounts included above which fall due after five years are as follows:
Payable by instalments
21,300,001
15,613,118
18
Borrowings
2023
2022
£
£
Bank loans
32,389
42,094
Loans from related parties
30,025,001
15,613,118
30,057,390
15,655,212
Payable within one year
10,648
10,648
Payable after one year
30,046,742
15,644,564
AMPLIFI CAPITAL (U.K.) LIMITED (ALSO KNOWN AS MY COMMUNITY FINANCE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 26 -
19
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
64,183
33,098

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
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,750,000
1,750,000
1,750,000
1,750,000
21
Related party transactions

During the year, the company incurred software costs of £4,758,000 (2022: £3,683,045), recruitment fees and recharged staff expenses of £87,628 (2022: £103,396) which were paid to a company under common control.

 

At the year-end, there was an accrual of £450,000 (2022: £558,000) for software costs owed to a company under common control.

 

At the year-end, the company was owed £3,678,888 (2022: £714,729) from a company under common control, which is included in other receivables. The company received interest of £259,866 (2022: £2,965) during the year on the amounts owed by the company under common control at an interest rate of 10% per annum.

 

As described in the fixed asset investments and significant undertakings notes above, the company holds deferred share investments in Brent Shrine Credit Union Limited (t/a My Community Bank) and North Edinburgh and Castle Credit Union Limited (t/a Castle Community Bank) with 76% and 74% direct ownership of the deferred shares in issue at the year-end, respectively. The company held £24,367,700 of deferred shares in the credit unions at the year-end (2022: £16,292,700) with coupon rate ranging from 13.5% to 18%. During the year, the company received deferred share interest receivable of £3,283,525 (2022: £1,993,850) and underwriting fees of £478,750 (2022: £545,750) on the deferred share investments held. Furthermore, the company received upfront and base brokerage fee income of £19,935,305 (2022: £11,288,244) and enhanced fee income of £529,883 (2022: £nil) from the credit unions in accordance with the service agreements.

 

During the year, the company paid gross salary of £67,837 and £nil consultancy fees (2022: £31,417 gross salary and £48,000 consultancy fee) to a shareholder and spouse of one of the directors.

 

Included in trade payables is an amount of £39 (2022: £nil) owed to a director.

 

22
Events after the reporting date

Following the year end, the Company has entered into a commercial sales agreement with a third party whereby the Company sold its then loan book portfolio (£6,355,465 of the trade receivables balance). The Company continues to sell loans it originates to the third party and retains responsibility to administer the resultant loan book in a servicing capacity. Consideration receivable in respect of a sale of loan comprises the principal and accrued interest. Servicing fees are charged periodically, and the Company will have a participation interest in the success of the loan book.

 

AMPLIFI CAPITAL (U.K.) LIMITED (ALSO KNOWN AS MY COMMUNITY FINANCE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 27 -
23
Ultimate controlling party

The immediate parent company is Amplifi Holding Ltd, a company incorporated in the United Kingdom with registered office at 30 Churchill Place, London, E14 5RE, England.

 

The ultimate controlling party is CL V Ventures Offshore LLC, a limited liability company registered in Delaware, USA.

 

The results the company are included in the consolidated financial statements of Amplifi Holding Ltd, which are publicly available from Companies House.

 

24
Analysis of changes in net debt
1 April 2022
Cash flows
31 March 2023
£
£
£
Cash at bank and in hand
1,484,362
2,717,107
4,201,469
Borrowings excluding overdrafts
(15,655,212)
(14,402,178)
(30,057,390)
(14,170,850)
(11,685,071)
(25,855,921)
25
Cash (absorbed by)/generated from operations
2023
2022
£
£
Profit for the year after tax
4,653,922
1,886,858
Adjustments for:
Taxation charged/(credited)
878,884
(41,954)
Finance costs
3,468,650
1,918,245
Investment income
(3,543,391)
(1,948,576)
Amortisation and impairment of intangible assets
66,729
64,710
Depreciation and impairment of property, plant and equipment
1,357
-
0
Movements in working capital:
Increase in trade and other receivables
(10,415,215)
(1,012,936)
Increase in trade and other payables
1,256,489
864,350
Cash (absorbed by)/generated from operations
(3,632,575)
1,730,697
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