... depreciation charged on the company's fixed assets, profit and loss obtained from the disposal of equipment and motor vehicle during the period and the changes in working capital. In 2002, 49% of funds from operations were used to increase working capital while in 2003, the working capital increased by using approximately 57%. 2. Taxes Paid: Since there were no deferred taxes, the balance owed at the beginning of the year plus the taxes charged for the current year, less the balance at the end of the year was used to derive the amount paid. The amount paid in 2002 was £0.762 million while £1.114 million was paid in 2003. Please see accompanying excel document. 3. Dividends paid, the company had taken a position to pay dividend half way through each financial year, This is accounted for in calculating the preference dividends paid each year and its treatment is explained in Note 3 ...

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