Annual Report & Accounts 2026
51
OUR FINANCIALS
CONSOLIDATED STATEMENT OF CASH FLOWS
YEAR ENDED 31 JANUARY 2026
Note
2026 £
2026 £
Cash flows from operating activities
Profit before tax
14,671,612
11,684,999
Adjustments Depreciation and amortisation
5
691,074
823,681
Share-based payments
5
851,320
780,662
Revaluation of investment
16
(184,388)
–
Finance income
7
(3,196,726)
(1,966,246)
Financing costs
7
788,676
855,043
13,621,568
12,178,139
Working capital adjustments
Increase in trade and other receivables
(4,462,033)
(3,131,196)
Increase in trade and other payables
4,139,102
2,202,651
Increase in provisions
178,595
254,290
Cash generated from operations
13,477,232
11,503,884
Interest paid
(684,708)
(767,002)
Interest portion of lease repayments
(103,968)
(88,041)
Corporation taxes paid
(3,675,873)
(4,404,523)
Cash generated from operating activities
9,012,683
6,244,318
Cash flows from/(used in) investing activities
Interest received
3,196,726
1,966,246
Purchases of property, plant and equipment
(85,068)
(772,373)
Net cash generated by investing activities
3,111,658
1,193,873
Cash flows from financing activities
Proceeds from issue of ordinary shares
249
223
Lease repayments
(490,878)
(210,445)
Dividends paid in year
24
(11,576,800)
(5,907,869)
Net cash used in financing activities
(12,067,429)
(6,118,091)
Net increase in cash and cash equivalents
23
56,912
1,320,100
Cash at 1 February
23
9,687,172
8,367,072
Cash at 31 January
23
9,744,084
9,687,172
OUR FINANCIALS
CONSOLIDATED STATEMENT OF CASH FLOWS
YEAR ENDED 31 JANUARY 2026
Note
2026 £
2026 £
Cash flows from operating activities
Profit before tax
14,671,612
11,684,999
Adjustments Depreciation and amortisation
5
691,074
823,681
Share-based payments
5
851,320
780,662
Revaluation of investment
16
(184,388)
–
Finance income
7
(3,196,726)
(1,966,246)
Financing costs
7
788,676
855,043
13,621,568
12,178,139
Working capital adjustments
Increase in trade and other receivables
(4,462,033)
(3,131,196)
Increase in trade and other payables
4,139,102
2,202,651
Increase in provisions
178,595
254,290
Cash generated from operations
13,477,232
11,503,884
Interest paid
(684,708)
(767,002)
Interest portion of lease repayments
(103,968)
(88,041)
Corporation taxes paid
(3,675,873)
(4,404,523)
Cash generated from operating activities
9,012,683
6,244,318
Cash flows from/(used in) investing activities
Interest received
3,196,726
1,966,246
Purchases of property, plant and equipment
(85,068)
(772,373)
Net cash generated by investing activities
3,111,658
1,193,873
Cash flows from financing activities
Proceeds from issue of ordinary shares
249
223
Lease repayments
(490,878)
(210,445)
Dividends paid in year
24
(11,576,800)
(5,907,869)
Net cash used in financing activities
(12,067,429)
(6,118,091)
Net increase in cash and cash equivalents
23
56,912
1,320,100
Cash at 1 February
23
9,687,172
8,367,072
Cash at 31 January
23
9,744,084
9,687,172