REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
FOR |
The Birchman Group Limited |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
FOR |
The Birchman Group Limited |
The Birchman Group Limited (Registered number: 04656447) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 December 2022 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 4 |
Income Statement | 6 |
Other Comprehensive Income | 7 |
Statement of Financial Position | 8 |
Statement of Changes in Equity | 9 |
Statement of Cash Flows | 10 |
Notes to the Financial Statements | 11 |
The Birchman Group Limited |
COMPANY INFORMATION |
for the Year Ended 31 December 2022 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors and Chartered Accountants |
Units SCF 1 & 2 |
Western International Market |
Hayes Road |
Southall |
Middlesex |
UB2 5XJ |
The Birchman Group Limited (Registered number: 04656447) |
STRATEGIC REPORT |
for the Year Ended 31 December 2022 |
The directors present their Strategic Report as required by the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 Chapter 4A Section 414A, as updated in Companies, Partnerships and Groups (Accounts and Non-Financial Reporting) 2016 for the year ended 31 December 2022. |
REVIEW OF BUSINESS |
The principal activities of the group continue to be management and IT consultancy and software sales. The business is principally related to services around Digital Transformation, Business Change, Solution Implementation, Managed Services, Continuous Business Improvement, and sales of SAP software. |
The business continued to strengthen its market position in 2022, and overall, the directors are satisfied with the performance of the group. Throughout the year, the group continued to maintain and build on the relationships with its existing customer base whilst also adding significant new customers. |
A close relationship with SAP is essential as the group continues as a leading Value-Added Reseller (VAR) of their software licences and cloud services in the UK. During 2021 the group became a member of United VARs and this membership has strengthened the group's relationship with SAP and provided additional revenue. |
Consulting services revenue remained steady and has shown significant growth potential as customers move to the latest version of ERP software (SAP S/4HANA), and customers increase investment in digital transformation. The group's focus on technology business change and transformation continues to support new consulting service engagements. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The global economic challenges arising from the situation in Ukraine and the increasing rate of inflation continue to present challenges for the group and its customers. However, the group continues to be agile and competitive as a business. |
Despite the wider economic disruption caused by the challenges above, the directors believe that the business is well protected for the medium and long-term. |
The group has annuity revenue from a wide range of customers for both managed services and software licences. |
The business is modestly exposed to fluctuations in the exchange rate with the US dollar. However, a hedge is created by ensuring that any external costs related directly to a revenue contract in US dollars are in the same currency. |
RESULTS AND KEY PERFORMANCE INDICATORS |
Revenues for the year to 31 December 2022 were £1,927,438 (2021: £2,205,462) and the profit for the year before taxation amounted to £6,208,853 (2021: £3,567,983). The group finished the year with net assets of £4,655,953 (2021: £2,981,993). |
The directors have a number of key performance indicators by which they measure the ongoing activities of the group. These measures include revenue, gross margin, operating margin, cash balances, aged receivables, staff utilisation and customer service level agreements. |
The group companies maintain a balance of permanent employees and external partners to ensure that the business is both adaptable to accommodate growth and flexible in terms of cost base. The resource mix allows the directors to manage any fluctuations in revenue, should they occur. |
FUTURE DEVELOPMENTS |
The directors expect the business to continue to be profitable in 2023. |
The business is well-placed to support the following industry trends and continue to grow: |
- Companies' strategy to become more agile through digital transformation. |
- Companies' IT strategy to move to cloud services, adopt new innovations and increase protection from cyber security threats. |
- For the SAP install base, the move from legacy SAP ERP to SAP S/4HANA. |
- Strong outlook for SAP S/4HANA Public Cloud as customers replace alternative legacy ERP solutions with SAP ERP and growing mid-market companies choose SAP ERP. |
- Companies' demand for continuous business improvement through process and solution optimisation, automation and the adoption of best practices. |
ON BEHALF OF THE BOARD: |
The Birchman Group Limited (Registered number: 04656447) |
REPORT OF THE DIRECTORS |
for the Year Ended 31 December 2022 |
The directors present their report with the financial statements of the company for the year ended 31 December 2022. |
DIVIDENDS |
The total distribution of dividends for the year ended 31 December 2022 will be £ 4,379,317. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2022 to the date of this report. |
Other changes in directors holding office are as follows: |
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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and 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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, Cooper Dawn Jerrom Limited, 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 |
THE BIRCHMAN GROUP LIMITED |
Opinion |
We have audited the financial statements of The Birchman Group Limited (the 'company') for the year ended 31 December 2022 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows 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 31 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
THE BIRCHMAN GROUP LIMITED |
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 plan our audit procedures thoroughly prior to conducting fieldwork which includes data analytic techniques, sampling income and expenditure transactions, reviewing classes of transactions in the balance sheet in accordance with audit methodology as well as making enquiries with senior management and directors. Additional audit procedures are undertaken if we come across information that is inconsistent or we are unable to corroborate the information that we have been provided. |
There will be inherent limitations within an audit assignment and there could be a risk that we will not be able to identify irregularities which could lead to a material mis-statement on the financial statements or non-compliance with laws or regulations. There is an increased risk, in that the more compliance with a law or regulations are removed from events and transactions reflected within the financial statements, will result in ourselves being less likely to become aware of instances of non-compliance. There is a much greater risk of irregularities occurring due to fraud rather than error as fraud involves an act of deliberate concealment, forgery, collusion, omissions or misrepresentations. |
We have reviewed the entity's internal controls that directors and senior management oversee on a day-to-day basis, the strong internal controls implemented would be effective in allowing the detection of irregularities on a timely basis. |
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 |
Statutory Auditors and Chartered Accountants |
Units SCF 1 & 2 |
Western International Market |
Hayes Road |
Southall |
Middlesex |
UB2 5XJ |
The Birchman Group Limited (Registered number: 04656447) |
INCOME STATEMENT |
for the Year Ended 31 December 2022 |
31.12.22 | 31.12.21 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
808,203 | 1,067,965 |
Other operating income |
OPERATING PROFIT |
Income from shares in group undertakings |
PROFIT BEFORE TAXATION | 6 |
Tax on profit | 7 |
PROFIT FOR THE FINANCIAL YEAR |
The Birchman Group Limited (Registered number: 04656447) |
OTHER COMPREHENSIVE INCOME |
for the Year Ended 31 December 2022 |
31.12.22 | 31.12.21 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
The Birchman Group Limited (Registered number: 04656447) |
STATEMENT OF FINANCIAL POSITION |
31 December 2022 |
31.12.22 | 31.12.21 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
Investments | 10 |
CURRENT ASSETS |
Debtors | 11 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 13 |
Share premium | 14 |
Retained earnings | 14 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
The Birchman Group Limited (Registered number: 04656447) |
STATEMENT OF CHANGES IN EQUITY |
for the Year Ended 31 December 2022 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1 January 2021 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 31 December 2021 |
Changes in equity |
Issue of share capital | ( |
) | - | ( |
) |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 31 December 2022 |
The Birchman Group Limited (Registered number: 04656447) |
STATEMENT OF CASH FLOWS |
for the Year Ended 31 December 2022 |
31.12.22 | 31.12.21 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 18 | ( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Dividends received |
Net cash from investing activities |
Cash flows from financing activities |
Amount introduced by directors | - | 434,763 |
Amount withdrawn by directors | - | (889,308 | ) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
(Decrease)/increase in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year | 19 | 23,716 |
Effect of foreign exchange rate changes | 650 | 18 |
Cash and cash equivalents at end of year | 19 | 2,109,666 | 3,147,106 |
The Birchman Group Limited (Registered number: 04656447) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 December 2022 |
1. | STATUTORY INFORMATION |
The Birchman Group Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Computer equipment | - |
Rentals applicable to operating leases, where substantially all the benefit and risk of ownership remain with the lessor, are charged to the profit and loss account on a straight line basis over the lease term. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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. |
Presentation currency |
The presentation currency is £ sterling. The figures in the financial statements are rounded to the nearest £ sterling. |
4. | EMPLOYEES AND DIRECTORS |
31.12.22 | 31.12.21 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
31.12.22 | 31.12.21 |
Directors | 2 | 2 |
Consultants | 6 | 5 |
5. | DIRECTORS' EMOLUMENTS |
31.12.22 | 31.12.21 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
The Birchman Group Limited (Registered number: 04656447) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2022 |
5. | DIRECTORS' EMOLUMENTS - continued |
Information regarding the highest paid director is as follows: |
31.12.22 | 31.12.21 |
£ | £ |
Emoluments etc |
Pension contributions to money purchase schemes |
Accrued pension at 31 December 2022 |
6. | PROFIT BEFORE TAXATION |
The profit is stated after charging/(crediting): |
31.12.22 | 31.12.21 |
£ | £ |
Depreciation - owned assets |
Auditors' remuneration |
Foreign exchange differences | ( |
) | ( |
) |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.12.22 | 31.12.21 |
£ | £ |
Current tax: |
UK corporation tax |
Tax on profit |
UK corporation tax has been charged at 19% (2021 - 19%). |
Reconciliation of total tax charge 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: |
31.12.22 | 31.12.21 |
£ | £ |
Profit before tax |
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 |
Income from shares in group undertakings | (1,026,000 | ) | (475,000 | ) |
Total tax charge | 155,575 | 204,212 |
8. | DIVIDENDS |
The total distribution of dividends for the year ended 31 December 2022 will be £4,379,317.. |
The Birchman Group Limited (Registered number: 04656447) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2022 |
9. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
£ |
COST |
At 1 January 2022 |
and 31 December 2022 |
DEPRECIATION |
At 1 January 2022 |
Charge for year |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
10. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2022 |
and 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
The company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
Registered office: Victorian Wing, Hare Hatch Grange, Bath Road, Hare Hatch, Reading, Berkshire, RG10 9SA |
Nature of business: |
% |
Class of shares: | holding |
31.12.22 | 31.12.21 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.22 | 31.12.21 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Amounts owed by participating interests | 18,660 | - |
Called up share capital not paid |
Prepayments and accrued income |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.22 | 31.12.21 |
£ | £ |
Trade creditors |
Tax |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
The Birchman Group Limited (Registered number: 04656447) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2022 |
13. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.22 | 31.12.21 |
value: | £ | £ |
Ordinary B | £1 | 1 | 1 |
1 | Ordinary C | £1 | 1 | 1 |
1 | Ordinary D | £1 | 1 | 1 |
1 | Ordinary E | £1 | 1 | 1 |
10,500 | Ordinary A | 10p | 1,050 | 1,050 |
1,054 | 1,054 |
The ordinary F share was repurchased by the company on 8 November 2022 and discontinued. |
14. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 January 2022 | 2,980,938 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 31 December 2022 | 4,654,899 |
15. | ULTIMATE PARENT COMPANY |
Birchman ESP Limited is regarded by the directors as being the company's ultimate parent company. |
The registered office for Birchman ESP Limited is located at Units SCF 1 & 2, Western International Market, Hayes Road, Southall, Middlesex, UB2 5XJ. |
16. | RELATED PARTY DISCLOSURES |
17. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |
18. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31.12.22 | 31.12.21 |
£ | £ |
Profit before taxation |
Depreciation charges |
Effect of foreign exchange rate change | (650 | ) | (18 | ) |
Finance income | (5,400,000 | ) | (2,500,000 | ) |
809,191 | 1,068,953 |
(Increase)/decrease in trade and other debtors | ( |
) |
Decrease in trade and other creditors | ( |
) | ( |
) |
Cash generated from operations | ( |
) |
The Birchman Group Limited (Registered number: 04656447) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2022 |
19. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Year ended 31 December 2022 |
31.12.22 | 1.1.22 |
£ | £ |
Cash and cash equivalents | 2,109,666 | 3,147,106 |
Year ended 31 December 2021 |
31.12.21 | 1.1.21 |
£ | £ |
Cash and cash equivalents | 3,147,106 | 23,716 |
20. | ANALYSIS OF CHANGES IN NET FUNDS |
Effect of |
foreign |
exchange |
At 1.1.22 | Cash flow | rate change | At 31.12.22 |
£ | £ | £ | £ |
Net cash |
Cash at bank | 3,147,106 | (1,038,090 | ) | 650 | 2,109,666 |
3,147,106 | ( |
) | 650 | 2,109,666 |
Total | 3,147,106 | (1,038,090 | ) | 650 | 2,109,666 |