ANNUAL REPORT 2019

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 1 9 2019 2018 £ £ Cash flows from operating activities (5,032) 720,681 Surplus/(Deficit) for the financial year Adjustments for: Amortisation of grants received (270,882) (270,882) Depreciation of tangible assets 708,338 638,961 Interest paid 335,596 304,806 Interest received (2,333) (8,998) Taxation charge 25,663 187,579 (Increase) / decrease in stocks (6,184) 22,703 (Increase) in debtors (796,115) (251,116) (Decrease) in creditors (85,719) (429,057) Corporation tax paid (114,353) (36,790) Net cash generated from operating activities (211,021) 877,887 Cash flows from investing activities Purchase of tangible fixed assets (352,370) (3,182,536) Interest received 2,333 8,998 Net cash from investing activities (350,037) (3,173,538) Cash flows from financing activities Issue / cancellation of ordinary shares (30) 27 New loans received 216,081 2,303,779 Repayment of loans (407,104) (449,182) Repayment of / new finance leases 35,502 - Interest paid (335,596) (304,806) Net cash used in financing activities (491,147) 1,549,818 Net increase/(decrease) in cash and cash equivalents (1,052,205) (745,833) Cash and cash equivalents at the beginning of year 1,370,577 2,116,410 Cash and cash equivalents at the end of year 318,372 1,370,577 Cash and cash equivalents at the end of year comprise: Cash at bank and in hand 318,372 1,370,577 318,372 1,370,577 The notes on pages 40 to 47 form part of these financial statements.