The directors present the strategic report for the year ended 31 March 2026.
The Group delivered turnover of £15.4m (£16.7m in FY25) and loss before tax was £5.6m (£3.9m in FY25).
The Group traded profitably on an underlaying EBITDA basis with shareholder interest costs, amortisation and impairments causing the loss before tax.
The Group continues to hold position as a UK market leader, supplying to pharmaceutical research and development, academic research, and other sectors.
The market outlook remains positive, supported with investment in new products to diversify its product portfolio as we pursue various growth initiatives.
The key risks to the business include:
Supply chain risks
The Group mitigates these risks by increasing stock holdings of relevant components as well as seeking alternative supplies or arranging suitable substitute products.
General input cost increases
Increased cost of raw materials, particularly metals and energy, are increasing manufacturing costs. This is being mitigated through careful procurement and product redesigns to maintain quality, whilst identifying product cost down opportunities. This could be sourcing cheaper materials or continuously improving the manufacturing process without impacting on product quality.
Other financial risks that the business is exposed to include:
Liquidity risk
The Group continues to mitigate liquidity risk by managing the cash generation of its operations with strong focus on cash collection and regular, detailed forecasting.
The Group financial statements have been prepared on a going concern basis.
In adopting the going concern basis, the directors have assessed the Group's ability to continue in operational existence for a period of at least twelve months from the date of approval of the financial statements. This assessment included consideration of the Group's forecast trading performance, cash flow projections, available funding facilities and the principal risks and uncertainties facing the Group.
The Group's existing borrowing facilities are provided by Apera and remain available until 5 August 2027, extending beyond the period covered by the directors' going concern assessment. The directors have reviewed forecast compliance with the terms of these facilities and the Group's anticipated liquidity requirements throughout the assessment period.
The directors have also considered management's plans to refinance the Group's borrowing arrangements ahead of their maturity. The directors are satisfied that sufficient time remains to pursue refinancing options prior to the maturity of the existing facilities.
Having considered the Group's forecasts, available funding arrangements and the actions available to management, the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future.
Foreign Currency risk
Most transactions are conducted in GBP, but some transactions are made in EUR and USD. As the Group is exposed to exchange rate fluctuations, currency rates changes are monitored to minimise the effect on business performance.
Credit risk
The Group has policies aimed at minimising its exposure to credit losses and ensures that deferred payment terms are only granted to customers who demonstrate an appropriate payment history and satisfy credit worthiness procedures.
The Group maintains a strategic value creation plan which is used at the Board level to track various initiatives, including commercial business opportunities, enhancement of operations, ESG initiatives, and M&A opportunities. This is reviewed periodically at Board meetings and responsibilities for initiatives are assigned to the respective individuals who are responsible for reporting back to the Board on progress on each initiative.
On the 3 April 2026, the Group acquired 100% of the share capital of Laboratory Specialise Services (UK) Limited who are a Glasgow based leading supplier of fume cupboards, fume extract systems and laboratory furniture products throughout Scotland and hold a prominent position in the academic and life science markets. The Breeze board feel this is an excellent fit and will complement the group by enabling geographical and market expansion while growing its product portfolio.
The core KPIs tracked by the management team include revenue, gross margin, operating profit before exceptional costs and cashflow. These can be found in the Statement of Comprehensive Income on page 8 and the Group Statement of Cash Flows on page 13, together with the comparisons against prior year. The Board also tracks these monthly through the use of monthly management accounts.
On behalf of the board
The directors present their annual report and financial statements for the year ended 31 March 2026.
The results for the year are set out on page 8.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company 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 group and parent company, and of the profit or loss of 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 United Kingdom 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 group and parent company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent 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 group and parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report has been prepared in accordance with the provisions applicable to groups and companies entitled to the exemptions of the small companies regime.
We have audited the financial statements of Breeze Acquisitions Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2026 which comprise the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group 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 Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
Basis for 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 group's and parent 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
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
The information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Laws and regulations of direct significance in the context of the group and parent company include The Companies Act 2006 and UK Tax legislation.
Audit response to risks identified
We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of group and parent company financial statement disclosures. We reviewed the parent company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the parent company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.
During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.
As group auditors, our assessment of matters relating to non-compliance with laws or regulations and fraud differed at group and component level according to their particular circumstances. Our communications included a request to identify instances of non-compliance with laws and regulations and fraud that could give rise to a material misstatement of the group financial statements in addition to our risk assessment.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
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 parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
As permitted by section 408 of the Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £934,720 (2025 - £1,162,363 loss).
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
Breeze Acquisitions Limited (“the company”) is a private company limited by shares incorporated in England and Wales. The registered office is .
The group consists of Breeze Acquisitions Limited and all of its subsidiaries.
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.
The 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 for parent company information presented within the consolidated financial statements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
These consolidated financial statements are the first consolidated financial statements prepared by the Group. Comparative information has been prepared on a consistent basis but was not previously presented or audited at a consolidated level.
The consolidated group financial statements consist of the financial statements of the parent company Breeze Acquisitions Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 March 2026. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
The Group financial statements have been prepared on a going concern basis.
In adopting the going concern basis, the directors have assessed the Group's ability to continue in operational existence for a period of at least twelve months from the date of approval of the financial statements. This assessment included consideration of the Group's forecast trading performance, cash flow projections, available funding facilities and the principal risks and uncertainties facing the Group.
The Group's existing borrowing facilities are provided by Apera and remain available until 5 August 2027, extending beyond the period covered by the directors' going concern assessment. The directors have reviewed forecast compliance with the terms of these facilities and the Group's anticipated liquidity requirements throughout the assessment period.
The directors have also considered management's plans to refinance the Group's borrowing arrangements ahead of their maturity. The directors are satisfied that sufficient time remains to pursue refinancing options prior to the maturity of the existing facilities.
Having considered the Group's forecasts, available funding arrangements and the actions available to management, the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements have been prepared on the going concern basis.
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Turnover from the sale of goods is either recognised on a percentage of completion method in line with the requirements for construction contracts, or on dispatch of the item once the significant risks and rewards of ownership have passed to the buyer.
Service turnover is recognised as those services are provided to customers.
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
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 recognised in the income statement.
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
At each reporting period end date, the group 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.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
The group 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.
Financial instruments are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and 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, which include debtors, 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.
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.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group 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.
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 group after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans 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 payments 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 creditors 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
The tax expense represents the sum of the tax currently payable and deferred 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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
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 if, and only if, there is 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.
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 fixed 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.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
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.
In the application of the group’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.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Goodwill arising on consolidation represents the excess of the fair value of the consideration given for a business over the fair value of identifiable assets acquired and liabilities assumed at the date of acquisition. Amortisation is calculated annually based on the useful economic life which has been identified as ten years. This timeframe has been selected based on the lifespan of the group's products, the customer relationships nurtured by the group, and the potential for technological developments. Goodwill is disclosed in Note 12.
Turnover is recognised on sales of goods on a percentage of completion method (as required for construction contracts under FRS 102). Sales invoices are normally raised in arrears (and as such accrued income is recognised) but are sometimes be raised in advance of completing the project (and deferred income is recognised). Accrued income totalled £998,594 (2025: £503,789) at the year-end; deferred income totalled £1,712,522 (2025: £1,505,975).
Where a project straddles a month end an estimate of the stage of completion is made by the production manager and the finance team make a provision for accrued income. Where a contract is partially complete at the year-end, the percentage completion is estimated based on stock used on the contract and labour costs compared to the overall anticipated costs of the contract.
The group provides standard warranty coverage on certain products for up to 3 years, providing labour and parts as needed to repair products during the warranty period. A provision for estimated warranty costs is made each year and is based on a percentage of annual turnover of sales of goods. The provision is disclosed in Note 22.
The carrying value of the Group's investment in Contained Air Solutions Limited represents a significant accounting estimate and source of estimation uncertainty. During the year, indicators of impairment were identified following trading performance being below budgeted expectations and, accordingly, management performed an impairment assessment in accordance with FRS 102 Section 27.
The recoverable amount of the investment was determined using a value in use model based on discounted future cash flows. Any forward looking model requires judgement in relation to forecast revenue growth, operating margins, discount rates and terminal valuation assumptions.
Cash flow projections were derived from the current year budget and forecasts to 31 March 2031 based on a probability weighted project pipeline. Based on the assessment performed, the recoverable amount exceeded the carrying value of the investment and therefore no impairment provision was recognised.
Changes in key assumptions modelled could result in an impairment, such as a reduction in terminal value of 25%, or an increase in the discount rate from 20.5% to 26.5%. The directors have considered various sensitivities and have determined that no impairment provision is merited.
The audit fee for the Group is borne by its subsidiary, Contained Air Solutions Limited.
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
The directors and key management personnel are considered to be the same so no further disclosure has been made in relation to key management personnel remuneration.
The actual (credit)/charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:
Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:
More information on impairment movements in the prior year is given in note 11.
Details of the company's subsidiaries at 31 March 2026 are as follows:
Registered office addresses:
Amercare Holdings Limited was dissolved on 21 October 2025.
The bank loan is secured by fixed and floating charges over the assets and undertakings of the group. The bank loan is repayable in full on 5 August 2027. Annual interest is charged on a quarterly basis at the Sterling Overnight Index Average ('SONIA') plus a variable margin, which at the year end was 8.25%.
Loans from related parties represent loan notes held by the ultimate controlling party and key management personnel. These loan notes are unsecured and repayable in full on 5 August 2031. Annual interest is charged at 15% and compounds on 31 March each year.
Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
The deferred tax liability is expected to reverse during the next 12 months.
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
On 3 April 2026, Breeze Acquisitions Limited acquired 100% of the share capital of Laboratory Specialist Services (UK) Limited.
Prior period restatement
During the year the directors identified an error in the classification of cash flows within the Group Statement of Cash Flows and the Cash Generated From Group Operations disclosure note for the year ended 31 March 2025.
Interest charged on convertible loan notes of £2,624,338 was incorrectly presented as interest paid within the Group Statement of Cash Flows. As this interest was accrued and not settled in cash, it should not have been included as a cash outflow. Consequently, cash generated from operations was overstated by £2,624,338.
The comparative information has been restated to correct these errors. The correction has no impact on profit for the year, net assets, total cash flows or shareholders' funds.