2020 ANNUAL REPORT

35 FINANCIAL REPORT STATEMENT OF CASH FLOWS F O R T H E Y E A R E ND E D 3 0 S E P T E M B E R 2 0 2 0 2020 2019 £ £ Cash flows from operating activities Surplus/(Deficit) for the financial year 82,715 (5,032) Adjustments for: Amortisation of grants received (271,000) (270,882) Depreciation of tangible assets 729,813 708,338 Interest paid 332,650 335,596 Interest received (2,383) (2,333) Taxation charge 84,310 25,663 (Increase) in stocks (12,707) (6,184) (Increase) in debtors (254,966) (796,115) Increase / (Decrease) in creditors 2,059,561 (85,719) Corporation tax paid 34,127 (114,353) Net cash generated from operating activities 2,782,120 (211,021) Cash flows from investing activities Purchase of tangible fixed assets (194,024) (352,370) Interest received 2,383 2,333 Net cash from investing activities (191,641) (350,037) Cash flows from financing activities Issue / (cancellation) of ordinary shares (224) (30) New loans received - 216,081 Repayment of loans (859,217) (407,104) Repayment of / new finance leases 9,458 35,502 Interest paid (332,650) (335,596) Net cash used in financing activities (1,182,633) (491,147) Net increase/(decrease) in cash and cash equivalents 1,407,846 (1,052,205) Cash and cash equivalents at the beginning of year 318,372 1,370,577 Cash and cash equivalents at the end of year 1,726,218 318,372 Cash and cash equivalents at the end of year comprise: Cash at bank and in hand 1,726,218 318,372 The notes on pages 36 to 43 form part of these financial statements.