Annual report & consolidated financial statements 2023
Page 5
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19. NET DEBT RECONCILIATION |
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|
|
|
|
|
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Cash at bank |
|
17148 |
12,753 |
|
Cash and cash equivalents |
|
17148 |
12,753 |
|
Borrowing repayable (including overdrafts) |
|
(4,447,914) |
(3,924,724) |
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Net debt |
|
(4,430,766) |
(3,911,971) |
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|
|
|
|
|
|
Cash and liquid investments |
Gross borrowings with a fixed interest rate |
Total cash and liquid investments |
|
|
£ |
£ |
£ |
|
Net debt as at 1 April 2021 |
246,193 |
(4,818,488) |
(4,572,295) |
|
Cash flows |
(233,440) |
893,764 |
660,324 |
|
Net debt as at 31 March 2022 |
12,753 |
(3,924,724) |
(3,911,971) |
|
Cash flows |
4,395 |
(523,190) |
(518,795) |
|
Net debt as at 31 March 2023 |
17,148 |
(4,447,914) |
(4,430,766) |
20. SUBSEQUENT EVENTS
Events following the year-
Following the year end, the Group accepted an offer on Orchard House of £940,000 less costs of sale, with the proceeds being used to clear the outstanding loan owed to Paragon Mortgages of £698,060 , a partial loan repayment of £176,000 being made to Mr G Howard, payment of creditors of £53,189.
On 18 August , the Company issued 125,000,000 new ordinary shares of 0.1p fully paid up in cash at 0.1p per share under a placing raising £125,000 before expenses.