2021 ANNUAL REPORT

39 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 1 2021 2020 £ £ Cash flows from operating activities Surplus for the financial year 1,331,476 82,715 Adjustments for: Amortisation of grants received (278,330) (271,000) Depreciation of tangible assets 742,677 729,813 Interest paid 311,403 332,650 Interest received (1,674) (2,383) Taxation charge 580,023 84,310 (Increase) in stocks (431) (12,707) (Increase) in debtors (27,070) (254,966) Increase in creditors 931,360 2,059,561 Corporation tax (paid) / received (35,551) 34,127 Net cash generated from operating activities 3,553,883 2,782,120 Cash flows from investing activities Purchase of tangible fixed assets (101,711) (194,024) Interest received 1,674 2,383 Net cash from investing activities (100,037) (191,641) Cash flows from financing activities Issue / (cancellation) of ordinary shares 116 (224) New secured loans 2,000,000 - Repayment of loans (919,946) (859,217) Repayment of / new finance leases (31,633) 9,458 Interest paid (311,403) (332,650) Net cash used in financing activities 737,134 (1,182,633) Net increase in cash and cash equivalents 4,190,980 1,407,846 Cash and cash equivalents at the beginning of year 1,726,218 318,372 Cash and cash equivalents at the end of year 5,917,198 1,726,218 Cash and cash equivalents at the end of year comprise: Cash at bank and in hand 5,917,198 1,726,218 The notes on pages 40 to 47 form part of these financial statements.