REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements |
for the Year Ended 28th February 2023 |
for |
WIMBLEDON ASSET MANAGEMENT LIMITED |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements |
for the Year Ended 28th February 2023 |
for |
WIMBLEDON ASSET MANAGEMENT LIMITED |
WIMBLEDON ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 04373361) |
Contents of the Financial Statements |
for the year ended 28th February 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Statement of Directors' Responsibilities | 4 |
Report of the Independent Auditors | 5 |
Statement of Comprehensive Income | 8 |
Statement of Financial Position | 9 |
Statement of Changes in Equity | 10 |
Statement of Cash Flows | 11 |
Notes to the Financial Statements | 12 |
WIMBLEDON ASSET MANAGEMENT LIMITED |
Company Information |
for the year ended 28th February 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants & Statutory Auditors |
Suffolk House |
George Street |
Croydon |
Surrey |
CR0 0YN |
WIMBLEDON ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 04373361) |
Strategic Report |
for the year ended 28th February 2023 |
The directors present their strategic report for the year ended 28th February 2023. |
REVIEW OF BUSINESS |
The company made a profit before tax of £63,937 for the year (2022 - £67,782), and a profit for the year of £62,788 (2022 - £67,782). These results are consistent with the prior year and in line with the directors expectations. |
As at the year end, the company reports a net asset position of £243,060 (2022 - £180,272). |
PRINCIPAL RISKS AND UNCERTAINTIES |
The firm is exposed to a number of business and operational risks and maintains appropriate oversight and control to mitigate these. |
The directors consider the principal risk to be market risk, and this is mitigated by ensuring client assets are broadly invested on a diversified basis and consistent with their underlying risk profile. The diversified nature of the asset base limits exposure to adverse movements in any one particular asset class. |
The directors maintain oversight of the company's risk management. |
FINANCIAL KEY PERFORMANCE INDICATORS |
The directors constantly monitor a number of key performance indicators to ensure optimal business performance. |
Key performance indicators of the company include revenue and year-on-year change in revenue, profit before tax, and the value of assets under management. |
ON BEHALF OF THE BOARD: |
WIMBLEDON ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 04373361) |
Report of the Directors |
for the year ended 28th February 2023 |
The directors present their report with the financial statements of the company for the year ended 28th February 2023. |
PRINCIPAL ACTIVITY |
The principal activity of Wimbledon Asset Management Limited (the "company") during the year was that of investment management services. |
DIRECTORS |
The directors who served during the year and since the year end were: |
A S Al Awadi |
T Safa |
DISCLOSURE IN THE STRATEGIC REPORT |
The review of business for the year and the principal risks and uncertainties facing the company have been considered in the Strategic Report. |
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, Simpson Wreford & Partners, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
WIMBLEDON ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 04373361) |
Statement of Directors' Responsibilities |
for the year ended 28th February 2023 |
The Directors are responsible for preparing the Group Strategic, 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 and the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
- | and 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 the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
Report of the Independent Auditors to the Members of |
Wimbledon Asset Management Limited |
Opinion |
We have audited the financial statements of Wimbledon Asset Management Limited (the 'company') for the year ended 28th February 2023 which comprise the Statement of 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 28th February 2023 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, the Report of the Directors and the Statement of Directors' Responsibilities, 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 |
Wimbledon Asset Management Limited |
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; or |
- | the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
- | We obtained an understanding of the legal and regulatory framework applicable to the entity and the sector in which it operates, through discussions with management and those charged with governance. We identified the financial reporting framework including but not limited to United Kingdom Generally Accepted Accounting Practice and the Companies Act 2006, Data Protection Act 2018, Bribery Act 2010, tax legislation and the various FCA laws and regulations related to the company's ongoing investment and wealth management services as being of significance in the context of the company and its ongoing activities. |
- | We made enquiries with management and those charged with governance to confirm our understanding that the company continued to comply with the applicable legal and regulatory frameworks, and also to confirm our understanding of the specific policies and procedures enlisted by the company to ensure ongoing compliance. |
- | We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud may occur, and gained an understanding of the company's policies and procedures on fraud risks through discussion with the company's management. |
- | We considered the risk of material misstatement due to fraud as a result of possible management override of controls and improper revenue recognition. In addressing this risk of fraud we have tested the appropriateness of journal entries and other adjustments including a sample of manual journals along with testing revenue recognition and confirming that cut-off is appropriate. |
Report of the Independent Auditors to the Members of |
Wimbledon Asset Management Limited |
- | We communicated those laws and regulations considered relevant to the company, and potential fraud risks to all engagement team members, and consider that the engagement team had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations, and remained alert to any indications of fraud throughout the audit. |
Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants & Statutory Auditors |
Suffolk House |
George Street |
Croydon |
Surrey |
CR0 0YN |
WIMBLEDON ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 04373361) |
Statement of Comprehensive |
Income |
for the year ended 28th February 2023 |
28.2.23 | 28.2.22 |
Notes | £ | £ |
REVENUE |
Administrative expenses |
OPERATING PROFIT and |
PROFIT BEFORE TAXATION |
Tax on profit | 6 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
WIMBLEDON ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 04373361) |
Statement of Financial Position |
28th February 2023 |
28.2.23 | 28.2.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 7 |
CURRENT ASSETS |
Debtors | 8 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Retained earnings | 12 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
WIMBLEDON ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 04373361) |
Statement of Changes in Equity |
for the year ended 28th February 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1st March 2021 | ( |
) |
Changes in equity |
Total comprehensive income | - |
Balance at 28th February 2022 | ( |
) |
Changes in equity |
Total comprehensive income | - |
Balance at 28th February 2023 | ( |
) |
WIMBLEDON ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 04373361) |
Statement of Cash Flows |
for the year ended 28th February 2023 |
28.2.23 | 28.2.22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 15 |
Tax paid | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) |
Net cash from investing activities | ( |
) |
Increase in cash and cash equivalents |
Cash and cash equivalents at beginning of year |
16 |
88,011 |
Cash and cash equivalents at end of year | 16 | 216,249 | 135,950 |
WIMBLEDON ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 04373361) |
Notes to the Financial Statements |
for the year ended 28th February 2023 |
1. | STATUTORY INFORMATION |
The principal activity of the company continued to be that of investment management services. |
Wimbledon Asset Management Limited is a private company, limited by shares, registered in England and Wales. The company's registered office is 14b Homefield Road, Wimbledon, London, SW19 4QF. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies ( see note 3). |
Turnover |
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts and rebates. |
Ongoing management and advisory fees are typically based on a percentage of assets under management, with unbilled amounts accrued at the year or period-end. |
Tangible fixed assets |
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. |
Depreciation is provided on the following basis: |
Computer equipment - 25% straight line |
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 statement of financial position date. |
WIMBLEDON ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 04373361) |
Notes to the Financial Statements - continued |
for the year ended 28th February 2023 |
2. | ACCOUNTING POLICIES - continued |
Foreign currencies |
The company's financial statements are presented in pounds sterling, and rounded to the nearest £. The company's functional currency is US Dollar, and presentational currency is Pound Sterling. |
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. |
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. |
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income except when deferred in other comprehensive income as qualifying cash flow hedges. |
Creditors |
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
Debtors |
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
Cash and cash equivalents |
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than three months. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readliy convertable to known amounts of cash with insignificant risk of change in value. |
In the Statement of Cash Flows, cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management. |
Financial instruments |
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for similar debt instrument and subsequently at amortised cost. |
WIMBLEDON ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 04373361) |
Notes to the Financial Statements - continued |
for the year ended 28th February 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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. |
3. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the statement of financial position date and the amounts reported for revenue and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. There are no key sources of estimation uncertainty. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees, including directors, during the year was 3 (2022 - 3). |
28.2.23 | 28.2.22 |
£ | £ |
Directors' remuneration |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
28.2.23 | 28.2.22 |
£ | £ |
Depreciation - owned assets |
Auditor remuneration |
Auditor remuneration for non audit work |
Foreign exchange differences | ( |
) | ( |
) |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
28.2.23 | 28.2.22 |
£ | £ |
Current tax: |
UK corporation tax |
Tax on profit |
WIMBLEDON ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 04373361) |
Notes to the Financial Statements - continued |
for the year ended 28th February 2023 |
6. | TAXATION - continued |
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: |
28.2.23 | 28.2.22 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2022 - |
Effects of: |
Depreciation in excess of capital allowances | - |
Utilisation of tax losses | ( |
) | ( |
) |
forward |
Other movements | 115 | - |
Total tax charge | 1,149 | - |
7. | PROPERTY, PLANT AND EQUIPMENT |
Computer |
equipment |
£ |
COST |
At 1st March 2022 |
and 28th February 2023 |
DEPRECIATION |
At 1st March 2022 |
Charge for year |
At 28th February 2023 |
NET BOOK VALUE |
At 28th February 2023 |
At 28th February 2022 |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
28.2.23 | 28.2.22 |
£ | £ |
Tax |
VAT |
Prepayments and accrued income |
WIMBLEDON ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 04373361) |
Notes to the Financial Statements - continued |
for the year ended 28th February 2023 |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
28.2.23 | 28.2.22 |
£ | £ |
Tax |
Accruals and deferred income |
10. | FINANCIAL INSTRUMENTS |
28.2.23 | 29.2.22 |
£ | £ |
FINANCIAL ASSETS |
Measured at fair value through profit or loss |
Cash at bank and in hand | 216,249 | 135,950 |
Debt instruments measured at amortised cost |
Accrued income | 30,088 | 35,566 |
246,337 | 171,516 |
FINANCIAL LIABILITIES |
Measured at amortised cost |
Accruals | 4,745 | 4,349 |
4,745 | 4,349 |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 28.2.23 | 28.2.22 |
value: | £ | £ |
Ordinary | 1 | 249,000 | 249,000 |
There are no restrictions on the distribution of dividends and the repayment of capital. |
12. | RESERVES |
Retained |
earnings |
£ |
At 1st March 2022 | ( |
) |
Profit for the year |
At 28th February 2023 | ( |
) |
WIMBLEDON ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 04373361) |
Notes to the Financial Statements - continued |
for the year ended 28th February 2023 |
13. | RELATED PARTY DISCLOSURES |
During the year the company was charged consultancy fees totalling £10,038 by Kuwait Future Logistics Co. (2022 - £8,813), a company under common control. At the balance sheet date, no amount remained outstanding (2022 - £Nil). |
The directors' emoluments have been disclosed in note 4. |
14. | ULTIMATE CONTROLLING PARTY |
No controlling party existed at the balance sheet date. |
15. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
28.2.23 | 28.2.22 |
£ | £ |
Profit before taxation |
Depreciation charges |
64,187 | 68,032 |
Decrease/(increase) in trade and other debtors | ( |
) |
Increase/(decrease) in trade and other creditors | ( |
) |
Cash generated from operations |
16. | 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 28th February 2023 |
28.2.23 | 1.3.22 |
£ | £ |
Cash and cash equivalents | 216,249 | 135,950 |
Year ended 28th February 2022 |
28.2.22 | 1.3.21 |
£ | £ |
Cash and cash equivalents | 135,950 | 88,011 |
17. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.3.22 | Cash flow | At 28.2.23 |
£ | £ | £ |
Net cash |
Cash at bank | 135,950 | 80,299 | 216,249 |
135,950 | 216,249 |
Total | 135,950 | 80,299 | 216,249 |