Revenue (5yr)
£64,630,654
EBITDA (5yr)
£55,857,960
86.4% margin
EBITDA break-even
Month 1
Min cash
£100,148
funded
Gross margin
99.2%
Revenue vs EBITDA (annual)
Cumulative cash (monthly)
Revenue build-up (monthly)
Activity (monthly)
Annual P&L
| Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | |
|---|---|---|---|---|---|
| Management fees | £402,930 | £2,957,833 | £8,877,909 | £18,451,400 | £32,696,769 |
| Fit-out loan interest | £15,425 | £99,342 | £232,388 | £366,375 | £530,284 |
| Total revenue | £418,355 | £3,057,174 | £9,110,297 | £18,817,774 | £33,227,053 |
| Travel & school support | -£4,600 | -£31,000 | -£79,500 | -£146,000 | -£243,000 |
| Gross profit | £413,755 | £3,026,174 | £9,030,797 | £18,671,774 | £32,984,053 |
| People (incl. on-costs) | -£291,547 | -£903,667 | -£1,448,878 | -£2,076,691 | -£3,132,111 |
| Technology / hosting | -£13,700 | -£25,400 | -£34,300 | -£43,800 | -£59,500 |
| Maintenance | £-0 | £-0 | £-0 | £-0 | £-0 |
| Project build (spread) | £-0 | £-0 | £-0 | £-0 | £-0 |
| Insurance | -£5,000 | -£8,000 | -£12,000 | -£16,000 | -£20,000 |
| Accountancy | -£5,000 | -£8,000 | -£12,000 | -£15,000 | -£18,000 |
| General overheads | -£12,000 | -£10,000 | -£18,000 | -£30,000 | -£50,000 |
| EBITDA | £86,508 | £2,071,107 | £7,505,619 | £16,490,283 | £29,704,442 |
| EBITDA % | 20.7% | 67.7% | 82.4% | 87.6% | 89.4% |
| Depreciation | -£3,583 | -£10,583 | -£20,833 | -£31,167 | -£44,042 |
| One-offs (Y1) | -£25,000 | £-0 | £-0 | £-0 | £-0 |
| Interest payable (facility) | -£7,141 | -£127,334 | -£150,632 | -£73,290 | -£13,120 |
| Corporation tax | -£9,708 | -£483,298 | -£1,833,539 | -£4,096,457 | -£7,411,820 |
| R&D credit | £0 | £0 | £0 | £0 | £0 |
| Net profit | £41,076 | £1,449,893 | £5,500,616 | £12,289,370 | £22,235,460 |
Annual Cash Flow
| Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | |
|---|---|---|---|---|---|
| Receipts (inc VAT) | £502,026 | £3,668,609 | £10,932,357 | £22,581,329 | £39,872,463 |
| Direct costs + fit-out advances (net of recoveries) | -£1,571,237 | -£3,137,013 | -£3,442,892 | -£3,868,642 | -£678,034 |
| Overhead payments | -£41,840 | -£60,080 | -£89,160 | -£122,560 | -£173,000 |
| Net salaries | -£175,933 | -£545,316 | -£874,323 | -£1,253,176 | -£1,890,067 |
| PAYE/NI remitted | -£105,033 | -£338,292 | -£559,484 | -£804,216 | -£1,206,614 |
| One-off payments | -£30,000 | £-0 | £-0 | £-0 | £-0 |
| VAT remitted | -£69,982 | -£587,470 | -£1,783,167 | -£3,706,106 | -£6,555,842 |
| Corporation tax paid | £-0 | -£9,708 | -£483,298 | -£1,833,539 | -£4,096,457 |
| Operating cash flow | -£1,492,000 | -£1,009,269 | £3,700,035 | £10,993,091 | £25,272,449 |
| Capex (laptops) | -£16,200 | -£30,600 | -£41,400 | -£52,200 | -£81,000 |
| Equity raise | £500,000 | £0 | £0 | £0 | £0 |
| Facility drawdown | £1,150,000 | £1,750,000 | £0 | £0 | £0 |
| Facility repayments (interest + principal) | -£36,037 | -£690,967 | -£1,090,506 | -£1,054,469 | -£399,539 |
| Net cash flow | £105,763 | £19,164 | £2,568,129 | £9,886,423 | £24,791,911 |
| Cumulative cash | £105,763 | £124,927 | £2,693,056 | £12,579,479 | £37,371,390 |
Annual Balance Sheet
| Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | |
|---|---|---|---|---|---|
| Assets | |||||
| Cash | £105,763 | £124,927 | £2,693,056 | £12,579,479 | £37,371,390 |
| Trade debtors | £0 | £0 | £0 | £0 | £0 |
| Fit-out loan book | £1,565,717 | £4,665,531 | £8,013,022 | £11,706,464 | £12,092,898 |
| Fixed assets (NBV) | £9,917 | £24,833 | £38,500 | £50,833 | £74,292 |
| Total assets | £1,681,397 | £4,815,291 | £10,744,579 | £24,336,776 | £49,538,580 |
| Liabilities | |||||
| Trade creditors | £0 | £0 | £0 | £0 | £0 |
| PAYE/NI creditor | £10,580 | £30,639 | £45,711 | £65,010 | £100,440 |
| VAT payable / (recoverable) | -£1,071 | £2,914 | £6,147 | £7,936 | £9,905 |
| Corporation tax payable | £9,708 | £483,298 | £1,833,539 | £4,096,457 | £7,411,820 |
| Debt facility outstanding | £1,121,104 | £2,307,471 | £1,367,597 | £386,419 | £0 |
| Total liabilities | £1,140,321 | £2,824,322 | £3,252,994 | £4,555,822 | £7,522,165 |
| Equity | |||||
| Share capital | £500,000 | £500,000 | £500,000 | £500,000 | £500,000 |
| Retained earnings | £41,076 | £1,490,969 | £6,991,585 | £19,280,954 | £41,516,415 |
| Total equity | £541,076 | £1,990,969 | £7,491,585 | £19,780,954 | £42,016,415 |
| Check (A−L−E) | ✓ 0 | ✓ 0 | ✓ 0 | ✓ 0 | ✓ 0 |
Sensitivity - key levers (ranked by final-year EBITDA impact)
| Lever (±10%) | Final EBITDA +10% | Final EBITDA −10% | Min cash +10% | Min cash −10% |
|---|---|---|---|---|
| feePerPupil | +£3,269,677 | −£3,269,677 | +£5,496 | −£296,820 |
| fee13 | +£2,299,466 | −£2,299,466 | +£2,048 | −£240,733 |
| fee45 | +£524,899 | −£524,899 | — | — |
| feeEsc | +£218,034 | −£216,983 | — | — |
| On-costs % | −£43,202 | +£43,202 | +£1,961 | +£6,385 |
| fee615 | — | — | — | — |
| Customer payment lead (±1mo) | — | — | — | −£97,647 |
| COGS payment terms (±30d) | — | — | +£472 | — |
Schools (end)
230
+90 final yr
Pupils funded (end)
6,570
28.6 per school
Revenue growth (final yr)
+77%
Capital deployed
£25,875,000
peak book £14,445,125
Blended fee yield
9.0%
mgmt fees ÷ school income
Schools live (monthly)
Pupils funded (monthly)
Additions per year (schools & pupils)
Capital: advanced vs recovered vs loan book (£k)
Team headcount (FTE, monthly)
ISF revenue per school (£k/yr, avg schools live)
KPIs by year
| Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | |
|---|---|---|---|---|---|
| Portfolio | |||||
| Schools (year end) | 5 | 35 | 80 | 140 | 230 |
| — of which self-funding fit-out | 1.3 | 8.8 | 20.0 | 35.0 | 57.5 |
| New schools added | 5 | 30 | 45 | 60 | 90 |
| Pupils funded (year end) | 108 | 783 | 2,025 | 3,870 | 6,570 |
| New pupils added | 108 | 675 | 1,242 | 1,845 | 2,700 |
| Avg pupils per school | 21.6 | 22.4 | 25.3 | 27.6 | 28.6 |
| Income & growth | |||||
| School LA funding (schools’ money) | £4,477,000 | £32,864,810 | £98,643,435 | £205,248,447 | £364,917,489 |
| ISF management fees | £402,930 | £2,957,833 | £8,877,909 | £18,451,400 | £32,696,769 |
| ISF total revenue (incl. loan interest) | £418,355 | £3,057,174 | £9,110,297 | £18,817,774 | £33,227,053 |
| Revenue growth YoY | — | +631% | +198% | +107% | +77% |
| EBITDA margin | 20.7% | 67.7% | 82.4% | 87.6% | 89.4% |
| Capital efficiency | |||||
| Fit-out advances in year | £1,687,500 | £3,937,500 | £5,625,000 | £7,875,000 | £6,750,000 |
| Capital recovered in year | £121,783 | £837,687 | £2,277,508 | £4,181,558 | £6,363,566 |
| Loan book (year end) | £1,565,717 | £4,665,531 | £8,013,022 | £11,706,464 | £12,092,898 |
| Cash (year end) | £105,763 | £124,927 | £2,693,056 | £12,579,479 | £37,371,390 |
Profit & Loss
| Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | |
|---|---|---|---|---|---|
| Management fees | £402,930 | £2,957,833 | £8,877,909 | £18,451,400 | £32,696,769 |
| Fit-out loan interest | £15,425 | £99,342 | £232,388 | £366,375 | £530,284 |
| Total revenue | £418,355 | £3,057,174 | £9,110,297 | £18,817,774 | £33,227,053 |
| Travel & school support | -£4,600 | -£31,000 | -£79,500 | -£146,000 | -£243,000 |
| Gross profit | £413,755 | £3,026,174 | £9,030,797 | £18,671,774 | £32,984,053 |
| People (incl. on-costs) | -£291,547 | -£903,667 | -£1,448,878 | -£2,076,691 | -£3,132,111 |
| Technology / hosting | -£13,700 | -£25,400 | -£34,300 | -£43,800 | -£59,500 |
| Maintenance | £-0 | £-0 | £-0 | £-0 | £-0 |
| Project build (spread) | £-0 | £-0 | £-0 | £-0 | £-0 |
| Insurance | -£5,000 | -£8,000 | -£12,000 | -£16,000 | -£20,000 |
| Accountancy | -£5,000 | -£8,000 | -£12,000 | -£15,000 | -£18,000 |
| General overheads | -£12,000 | -£10,000 | -£18,000 | -£30,000 | -£50,000 |
| EBITDA | £86,508 | £2,071,107 | £7,505,619 | £16,490,283 | £29,704,442 |
| EBITDA % | 20.7% | 67.7% | 82.4% | 87.6% | 89.4% |
| Depreciation | -£3,583 | -£10,583 | -£20,833 | -£31,167 | -£44,042 |
| One-offs (Y1) | -£25,000 | £-0 | £-0 | £-0 | £-0 |
| Interest payable (facility) | -£7,141 | -£127,334 | -£150,632 | -£73,290 | -£13,120 |
| Corporation tax | -£9,708 | -£483,298 | -£1,833,539 | -£4,096,457 | -£7,411,820 |
| R&D credit | £0 | £0 | £0 | £0 | £0 |
| Net profit | £41,076 | £1,449,893 | £5,500,616 | £12,289,370 | £22,235,460 |
Min cash
£100,148
month 20
Raise needed
£500,000
current: £500,000
Cum cash (end)
£37,371,390
Avg monthly burn
£780,779
cash-negative months
Cash position
Operating cash flow (monthly)
Cash Flow
| Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | |
|---|---|---|---|---|---|
| Receipts (inc VAT) | £502,026 | £3,668,609 | £10,932,357 | £22,581,329 | £39,872,463 |
| Direct costs + fit-out advances (net of recoveries) | -£1,571,237 | -£3,137,013 | -£3,442,892 | -£3,868,642 | -£678,034 |
| Overhead payments | -£41,840 | -£60,080 | -£89,160 | -£122,560 | -£173,000 |
| Net salaries | -£175,933 | -£545,316 | -£874,323 | -£1,253,176 | -£1,890,067 |
| PAYE/NI remitted | -£105,033 | -£338,292 | -£559,484 | -£804,216 | -£1,206,614 |
| One-off payments | -£30,000 | £-0 | £-0 | £-0 | £-0 |
| VAT remitted | -£69,982 | -£587,470 | -£1,783,167 | -£3,706,106 | -£6,555,842 |
| Corporation tax paid | £-0 | -£9,708 | -£483,298 | -£1,833,539 | -£4,096,457 |
| Operating cash flow | -£1,492,000 | -£1,009,269 | £3,700,035 | £10,993,091 | £25,272,449 |
| Capex (laptops) | -£16,200 | -£30,600 | -£41,400 | -£52,200 | -£81,000 |
| Equity raise | £500,000 | £0 | £0 | £0 | £0 |
| Facility drawdown | £1,150,000 | £1,750,000 | £0 | £0 | £0 |
| Facility repayments (interest + principal) | -£36,037 | -£690,967 | -£1,090,506 | -£1,054,469 | -£399,539 |
| Net cash flow | £105,763 | £19,164 | £2,568,129 | £9,886,423 | £24,791,911 |
| Cumulative cash | £105,763 | £124,927 | £2,693,056 | £12,579,479 | £37,371,390 |
Balance Sheet
| Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | |
|---|---|---|---|---|---|
| Assets | |||||
| Cash | £105,763 | £124,927 | £2,693,056 | £12,579,479 | £37,371,390 |
| Trade debtors | £0 | £0 | £0 | £0 | £0 |
| Fit-out loan book | £1,565,717 | £4,665,531 | £8,013,022 | £11,706,464 | £12,092,898 |
| Fixed assets (NBV) | £9,917 | £24,833 | £38,500 | £50,833 | £74,292 |
| Total assets | £1,681,397 | £4,815,291 | £10,744,579 | £24,336,776 | £49,538,580 |
| Liabilities | |||||
| Trade creditors | £0 | £0 | £0 | £0 | £0 |
| PAYE/NI creditor | £10,580 | £30,639 | £45,711 | £65,010 | £100,440 |
| VAT payable / (recoverable) | -£1,071 | £2,914 | £6,147 | £7,936 | £9,905 |
| Corporation tax payable | £9,708 | £483,298 | £1,833,539 | £4,096,457 | £7,411,820 |
| Debt facility outstanding | £1,121,104 | £2,307,471 | £1,367,597 | £386,419 | £0 |
| Total liabilities | £1,140,321 | £2,824,322 | £3,252,994 | £4,555,822 | £7,522,165 |
| Equity | |||||
| Share capital | £500,000 | £500,000 | £500,000 | £500,000 | £500,000 |
| Retained earnings | £41,076 | £1,490,969 | £6,991,585 | £19,280,954 | £41,516,415 |
| Total equity | £541,076 | £1,990,969 | £7,491,585 | £19,780,954 | £42,016,415 |
| Check (A−L−E) | ✓ 0 | ✓ 0 | ✓ 0 | ✓ 0 | ✓ 0 |
Facility
£2,325,000
from month 1
Drawdowns
7
total £2,900,000
Peak outstanding
£2,307,471
99.2% of facility
Total interest
£371,517
over the horizon
Debt-free
Dec 31
Drawdowns (tranches)
| Drawn | Amount | Monthly payment | Final payment | |
|---|---|---|---|---|
| Tranche 1 | Mar 27 | £75,000 | £2,350 | Mar 30 |
| Tranche 2 | Aug 27 | £75,000 | £2,350 | Aug 30 |
| Tranche 3 | Nov 27 | £175,000 | £5,484 | Nov 30 |
| Tranche 4 | Dec 27 | £825,000 | £25,853 | Dec 30 |
| Tranche 5 | Mar 28 | £650,000 | £20,369 | Mar 31 |
| Tranche 6 | Aug 28 | £600,000 | £18,802 | Aug 31 |
| Tranche 7 | Dec 28 | £500,000 | £15,668 | Dec 31 |
Monthly facility schedule
| Jan 27 | Feb 27 | Mar 27 | Apr 27 | May 27 | Jun 27 | Jul 27 | Aug 27 | Sep 27 | Oct 27 | Nov 27 | Dec 27 | Jan 28 | Feb 28 | Mar 28 | Apr 28 | May 28 | Jun 28 | Jul 28 | Aug 28 | Sep 28 | Oct 28 | Nov 28 | Dec 28 | Jan 29 | Feb 29 | Mar 29 | Apr 29 | May 29 | Jun 29 | Jul 29 | Aug 29 | Sep 29 | Oct 29 | Nov 29 | Dec 29 | Jan 30 | Feb 30 | Mar 30 | Apr 30 | May 30 | Jun 30 | Jul 30 | Aug 30 | Sep 30 | Oct 30 | Nov 30 | Dec 30 | Jan 31 | Feb 31 | Mar 31 | Apr 31 | May 31 | Jun 31 | Jul 31 | Aug 31 | Sep 31 | Oct 31 | Nov 31 | Dec 31 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening balance | £0 | £0 | £0 | £75,000 | £73,150 | £71,287 | £69,412 | £67,525 | £140,625 | £136,862 | £133,074 | £304,260 | £1,121,104 | £1,092,542 | £1,063,788 | £1,684,844 | £1,639,670 | £1,594,196 | £1,548,419 | £1,502,336 | £2,055,946 | £1,994,445 | £1,932,534 | £1,870,210 | £2,307,471 | £2,231,979 | £2,155,983 | £2,079,481 | £2,002,469 | £1,924,943 | £1,846,901 | £1,768,338 | £1,689,251 | £1,609,637 | £1,529,493 | £1,448,814 | £1,367,597 | £1,285,839 | £1,203,536 | £1,120,684 | £1,039,630 | £958,036 | £875,897 | £793,212 | £709,974 | £628,533 | £546,548 | £464,016 | £386,419 | £334,156 | £281,545 | £228,584 | £195,637 | £162,472 | £129,085 | £95,475 | £61,642 | £46,385 | £31,026 | £15,564 |
| Drawdown | £0 | £0 | £75,000 | £0 | £0 | £0 | £0 | £75,000 | £0 | £0 | £175,000 | £825,000 | £0 | £0 | £650,000 | £0 | £0 | £0 | £0 | £600,000 | £0 | £0 | £0 | £500,000 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 |
| Interest | £-0 | £-0 | £-0 | -£500 | -£488 | -£475 | -£463 | -£450 | -£937 | -£912 | -£887 | -£2,028 | -£7,474 | -£7,284 | -£7,092 | -£11,232 | -£10,931 | -£10,628 | -£10,323 | -£10,016 | -£13,706 | -£13,296 | -£12,884 | -£12,468 | -£15,383 | -£14,880 | -£14,373 | -£13,863 | -£13,350 | -£12,833 | -£12,313 | -£11,789 | -£11,262 | -£10,731 | -£10,197 | -£9,659 | -£9,117 | -£8,572 | -£8,024 | -£7,471 | -£6,931 | -£6,387 | -£5,839 | -£5,288 | -£4,733 | -£4,190 | -£3,644 | -£3,093 | -£2,576 | -£2,228 | -£1,877 | -£1,524 | -£1,304 | -£1,083 | -£861 | -£637 | -£411 | -£309 | -£207 | -£104 |
| Principal repaid | £-0 | £-0 | £-0 | -£1,850 | -£1,863 | -£1,875 | -£1,887 | -£1,900 | -£3,763 | -£3,788 | -£3,813 | -£8,156 | -£28,563 | -£28,753 | -£28,945 | -£45,173 | -£45,474 | -£45,777 | -£46,083 | -£46,390 | -£61,501 | -£61,911 | -£62,324 | -£62,739 | -£75,492 | -£75,996 | -£76,502 | -£77,012 | -£77,526 | -£78,043 | -£78,563 | -£79,087 | -£79,614 | -£80,145 | -£80,679 | -£81,217 | -£81,758 | -£82,303 | -£82,852 | -£81,054 | -£81,594 | -£82,138 | -£82,686 | -£83,237 | -£81,442 | -£81,985 | -£82,531 | -£77,598 | -£52,263 | -£52,611 | -£52,962 | -£32,946 | -£33,166 | -£33,387 | -£33,609 | -£33,833 | -£15,257 | -£15,359 | -£15,461 | -£15,564 |
| Total service | £-0 | £-0 | £-0 | -£2,350 | -£2,350 | -£2,350 | -£2,350 | -£2,350 | -£4,700 | -£4,700 | -£4,700 | -£10,184 | -£36,037 | -£36,037 | -£36,037 | -£56,405 | -£56,405 | -£56,405 | -£56,405 | -£56,405 | -£75,207 | -£75,207 | -£75,207 | -£75,207 | -£90,875 | -£90,875 | -£90,875 | -£90,875 | -£90,875 | -£90,875 | -£90,875 | -£90,875 | -£90,875 | -£90,875 | -£90,875 | -£90,875 | -£90,875 | -£90,875 | -£90,875 | -£88,525 | -£88,525 | -£88,525 | -£88,525 | -£88,525 | -£86,175 | -£86,175 | -£86,175 | -£80,691 | -£54,839 | -£54,839 | -£54,839 | -£34,470 | -£34,470 | -£34,470 | -£34,470 | -£34,470 | -£15,668 | -£15,668 | -£15,668 | -£15,668 |
| Closing balance | £0 | £0 | £75,000 | £73,150 | £71,287 | £69,412 | £67,525 | £140,625 | £136,862 | £133,074 | £304,260 | £1,121,104 | £1,092,542 | £1,063,788 | £1,684,844 | £1,639,670 | £1,594,196 | £1,548,419 | £1,502,336 | £2,055,946 | £1,994,445 | £1,932,534 | £1,870,210 | £2,307,471 | £2,231,979 | £2,155,983 | £2,079,481 | £2,002,469 | £1,924,943 | £1,846,901 | £1,768,338 | £1,689,251 | £1,609,637 | £1,529,493 | £1,448,814 | £1,367,597 | £1,285,839 | £1,203,536 | £1,120,684 | £1,039,630 | £958,036 | £875,897 | £793,212 | £709,974 | £628,533 | £546,548 | £464,016 | £386,419 | £334,156 | £281,545 | £228,584 | £195,637 | £162,472 | £129,085 | £95,475 | £61,642 | £46,385 | £31,026 | £15,564 | £0 |
Assumptions
| Area | Assumption | Input | Note |
|---|---|---|---|
| Revenue | Termly in advance | Sep / Jan / Apr | School funding (and our fee on it) is recognised and received at each term start — cash timing is exact; P&L is termly-lumpy by design. |
| Revenue | Fee tiers | 8 / 7 / 6 / 5% | By school age: years 1–3, 4–5, 6–15, 16–25. Each tier is a slider. |
| Self-funding | Schools funding own fit-out | 25% of new schools (slider) | No capital contribution from ISF; fee is 6% initially (slider) and later tiers are reduced (slider). Applied pro-rata to each term’s cohort. |
| Capital | Staged contribution | L−3 → L−1 | Head of Centre pre-funded at 1/12 of £103k for each of the 3 months before launch; £25k deposits at L−2; the remainder of the £150k at L−1. Interest-free until launch; repaid as a monthly annuity over the term from the month after launch. All sliders. |
| Staffing | Onboarding team, capacity-driven | hire at capacity (5-day week) | SEN specialist: 1 day/wk per school for months 1–6, ½ day/wk months 7–12, 1 day/month ongoing. Ops: 2 days/wk months 1–6, ½ day/wk months 7–12, then nothing. FTEs = total demand ÷ 5 days, rounded up. See the Calc tab for demand and hire timing. |
| VAT | Fee VAT treatment | standard-rated by default | If fees are agreed outside VAT, set the VAT slider to 0. Loan interest is VAT-exempt in reality; the chassis applies VAT to all revenue — a small, broadly cash-neutral simplification. |
| Team | CEO / Finance start | m1 / m1 | Salary, on-costs, software and laptop from the start month. |
| Team | On-costs | 16% | Employer NI + pension on gross pay; feeds the PAYE/NI creditor. |
| Working capital | Customer terms / COGS terms | 0mo arrears / 0d | Receivables and payables timing. |
| Tax | VAT settlement | quarter-end + 2mo | 1 month + 7 days after each VAT quarter. |
| Funding | Equity raise | £500,000 — month 1 | |
| Funding | Debt facility (rolling) | £2,325,000 from month 1 | Auto-drawdowns keep cash above the buffer; each tranche amortises over 36 months at 8%. Interest hits the P&L below EBITDA. See the Debt Schedule tab. |
Line Item Guide
| Statement | Line item | Explanation |
|---|---|---|
| P&L | Revenue lines | From the SEND School Conversions engine: Management fees, Fit-out loan interest. |
| P&L | Direct costs | From the engine: Travel & school support. |
| P&L | People | 4 founders + capacity-driven onboarding team (SEN specialists and ops hired when at capacity — see Calc tab) + marketing + custom hires; gross plus 16% on-costs. |
| P&L | Project build | Spread evenly across the build period as opex. |
| P&L | Depreciation | Laptops, straight-line over 36 months, below EBITDA. |
| Balance Sheet | Trade debtors | Invoiced revenue not yet received (customer payment lead). |
| Balance Sheet | Fit-out loan book | Outstanding fit-out advances to schools (principal). Advances are cash out, recoveries cash in; only interest hits the P&L. |
| Balance Sheet | PAYE/NI creditor | Withholdings + employer on-costs owed to HMRC, paid the following month. |
| Balance Sheet | VAT payable/(recoverable) | Net VAT, settled quarterly 1 month + 7 days after quarter end. |
Engine drivers & revenue
| Line | Jan 27 | Feb 27 | Mar 27 | Apr 27 | May 27 | Jun 27 | Jul 27 | Aug 27 | Sep 27 | Oct 27 | Nov 27 | Dec 27 | Jan 28 | Feb 28 | Mar 28 | Apr 28 | May 28 | Jun 28 | Jul 28 | Aug 28 | Sep 28 | Oct 28 | Nov 28 | Dec 28 | Jan 29 | Feb 29 | Mar 29 | Apr 29 | May 29 | Jun 29 | Jul 29 | Aug 29 | Sep 29 | Oct 29 | Nov 29 | Dec 29 | Jan 30 | Feb 30 | Mar 30 | Apr 30 | May 30 | Jun 30 | Jul 30 | Aug 30 | Sep 30 | Oct 30 | Nov 30 | Dec 30 | Jan 31 | Feb 31 | Mar 31 | Apr 31 | May 31 | Jun 31 | Jul 31 | Aug 31 | Sep 31 | Oct 31 | Nov 31 | Dec 31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Schools live | 2 | 2 | 2 | 4 | 4 | 4 | 4 | 4 | 5 | 5 | 5 | 5 | 15 | 15 | 15 | 25 | 25 | 25 | 25 | 25 | 35 | 35 | 35 | 35 | 50 | 50 | 50 | 65 | 65 | 65 | 65 | 65 | 80 | 80 | 80 | 80 | 100 | 100 | 100 | 120 | 120 | 120 | 120 | 120 | 140 | 140 | 140 | 140 | 170 | 170 | 170 | 200 | 200 | 200 | 200 | 200 | 230 | 230 | 230 | 230 |
| Schools self-funding (of live) | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 4 | 4 | 4 | 6 | 6 | 6 | 6 | 6 | 9 | 9 | 9 | 9 | 13 | 13 | 13 | 16 | 16 | 16 | 16 | 16 | 20 | 20 | 20 | 20 | 25 | 25 | 25 | 30 | 30 | 30 | 30 | 30 | 35 | 35 | 35 | 35 | 43 | 43 | 43 | 50 | 50 | 50 | 50 | 50 | 58 | 58 | 58 | 58 |
| Pupils funded | 36 | 36 | 36 | 78 | 78 | 78 | 78 | 78 | 108 | 108 | 108 | 108 | 303 | 303 | 303 | 528 | 528 | 528 | 528 | 528 | 783 | 783 | 783 | 783 | 1,158 | 1,158 | 1,158 | 1,572 | 1,572 | 1,572 | 1,572 | 1,572 | 2,025 | 2,025 | 2,025 | 2,025 | 2,610 | 2,610 | 2,610 | 3,225 | 3,225 | 3,225 | 3,225 | 3,225 | 3,870 | 3,870 | 3,870 | 3,870 | 4,725 | 4,725 | 4,725 | 5,625 | 5,625 | 5,625 | 5,625 | 5,625 | 6,570 | 6,570 | 6,570 | 6,570 |
| School LA funding (schools’ money — ISF earns fee % of this) | 726,000 | 0 | 0 | 1,573,000 | 0 | 0 | 0 | 0 | 2,178,000 | 0 | 0 | 0 | 6,110,500 | 0 | 0 | 10,648,000 | 0 | 0 | 0 | 0 | 16,106,310 | 0 | 0 | 0 | 23,820,060 | 0 | 0 | 32,336,040 | 0 | 0 | 0 | 0 | 42,487,335 | 0 | 0 | 0 | 54,761,454 | 0 | 0 | 67,665,015 | 0 | 0 | 0 | 0 | 82,821,978 | 0 | 0 | 0 | 101,119,857 | 0 | 0 | 120,380,783 | 0 | 0 | 0 | 0 | 143,416,849 | 0 | 0 | 0 |
| ISF management fee (termly) | 65,340 | 0 | 0 | 141,570 | 0 | 0 | 0 | 0 | 196,020 | 0 | 0 | 0 | 549,945 | 0 | 0 | 958,320 | 0 | 0 | 0 | 0 | 1,449,568 | 0 | 0 | 0 | 2,143,805 | 0 | 0 | 2,910,244 | 0 | 0 | 0 | 0 | 3,823,860 | 0 | 0 | 0 | 4,924,754 | 0 | 0 | 6,082,298 | 0 | 0 | 0 | 0 | 7,444,348 | 0 | 0 | 0 | 9,071,896 | 0 | 0 | 10,786,118 | 0 | 0 | 0 | 0 | 12,838,755 | 0 | 0 | 0 |
| Fit-out advances paid (£/mo, staged, balance sheet not P&L) | 237,875 | 50,375 | 161,750 | 0 | 0 | 6,438 | 25,188 | 80,875 | 0 | 64,375 | 251,875 | 808,750 | 64,375 | 251,875 | 808,750 | 0 | 0 | 64,375 | 251,875 | 808,750 | 0 | 96,563 | 377,813 | 1,213,125 | 96,563 | 377,813 | 1,213,125 | 0 | 0 | 96,563 | 377,813 | 1,213,125 | 0 | 128,750 | 503,750 | 1,617,500 | 128,750 | 503,750 | 1,617,500 | 0 | 0 | 128,750 | 503,750 | 1,617,500 | 0 | 193,125 | 755,625 | 2,426,250 | 193,125 | 755,625 | 2,426,250 | 0 | 0 | 193,125 | 755,625 | 2,426,250 | 0 | 0 | 0 | 0 |
| Capital recovered (£/mo) | 0 | 5,849 | 5,871 | 5,893 | 11,765 | 11,809 | 11,853 | 11,898 | 11,942 | 14,912 | 14,967 | 15,024 | 15,080 | 44,383 | 44,549 | 44,717 | 74,131 | 74,409 | 74,688 | 74,968 | 75,249 | 104,778 | 105,171 | 105,565 | 105,961 | 150,228 | 150,791 | 151,357 | 195,794 | 196,529 | 197,265 | 198,005 | 198,748 | 243,363 | 244,275 | 245,192 | 246,111 | 298,834 | 299,955 | 301,079 | 354,008 | 355,336 | 356,668 | 358,006 | 359,349 | 415,843 | 417,402 | 418,967 | 420,538 | 476,390 | 478,176 | 479,969 | 536,044 | 538,054 | 540,071 | 542,097 | 544,130 | 600,444 | 602,696 | 604,956 |
| Fit-out loan book (£) | 237,875 | 282,401 | 438,279 | 432,386 | 420,622 | 415,250 | 428,585 | 497,562 | 485,620 | 535,083 | 771,991 | 1,565,717 | 1,615,012 | 1,822,504 | 2,586,705 | 2,541,988 | 2,467,858 | 2,457,824 | 2,635,011 | 3,368,793 | 3,293,544 | 3,285,329 | 3,557,971 | 4,665,531 | 4,656,132 | 4,883,717 | 5,946,050 | 5,794,693 | 5,598,899 | 5,498,933 | 5,679,480 | 6,694,600 | 6,495,852 | 6,381,239 | 6,640,714 | 8,013,022 | 7,895,661 | 8,100,577 | 9,418,123 | 9,117,043 | 8,763,035 | 8,536,449 | 8,683,531 | 9,943,025 | 9,583,676 | 9,360,958 | 9,699,181 | 11,706,464 | 11,479,051 | 11,758,286 | 13,706,360 | 13,226,390 | 12,690,347 | 12,345,418 | 12,560,971 | 14,445,125 | 13,900,995 | 13,300,551 | 12,697,854 | 12,092,898 |
| SEN demand (days/week) | 2.0 | 2.0 | 2.0 | 4.0 | 4.0 | 4.0 | 3.0 | 3.0 | 4.0 | 3.0 | 3.0 | 3.0 | 12.5 | 12.5 | 12.0 | 21.4 | 21.4 | 21.4 | 16.4 | 16.4 | 26.2 | 21.2 | 21.2 | 21.2 | 33.5 | 33.5 | 28.5 | 40.8 | 40.8 | 40.8 | 33.3 | 33.3 | 45.6 | 38.1 | 38.1 | 38.1 | 54.0 | 54.0 | 46.5 | 62.5 | 62.5 | 62.5 | 52.5 | 52.5 | 68.5 | 58.5 | 58.5 | 58.5 | 83.1 | 83.1 | 73.1 | 97.7 | 97.7 | 97.7 | 82.7 | 82.7 | 107.3 | 92.3 | 92.3 | 92.3 |
| SEN specialists (FTE) | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 3 | 3 | 3 | 5 | 5 | 5 | 4 | 4 | 6 | 5 | 5 | 5 | 7 | 7 | 6 | 9 | 9 | 9 | 7 | 7 | 10 | 8 | 8 | 8 | 11 | 11 | 10 | 13 | 13 | 13 | 11 | 11 | 14 | 12 | 12 | 12 | 17 | 17 | 15 | 20 | 20 | 20 | 17 | 17 | 22 | 19 | 19 | 19 |
| Onboarding ops demand (days/week) | 4.0 | 4.0 | 4.0 | 8.0 | 8.0 | 8.0 | 5.0 | 5.0 | 7.0 | 4.0 | 4.0 | 4.0 | 23.0 | 23.0 | 21.5 | 40.5 | 40.5 | 40.5 | 25.5 | 25.5 | 45.0 | 30.0 | 30.0 | 30.0 | 55.0 | 55.0 | 40.0 | 65.0 | 65.0 | 65.0 | 42.5 | 42.5 | 67.5 | 45.0 | 45.0 | 45.0 | 77.5 | 77.5 | 55.0 | 87.5 | 87.5 | 87.5 | 57.5 | 57.5 | 90.0 | 60.0 | 60.0 | 60.0 | 110.0 | 110.0 | 80.0 | 130.0 | 130.0 | 130.0 | 85.0 | 85.0 | 135.0 | 90.0 | 90.0 | 90.0 |
| Onboarding ops (FTE) | 1 | 1 | 1 | 2 | 2 | 2 | 1 | 1 | 2 | 1 | 1 | 1 | 5 | 5 | 5 | 9 | 9 | 9 | 6 | 6 | 9 | 6 | 6 | 6 | 11 | 11 | 8 | 13 | 13 | 13 | 9 | 9 | 14 | 9 | 9 | 9 | 16 | 16 | 11 | 18 | 18 | 18 | 12 | 12 | 18 | 12 | 12 | 12 | 22 | 22 | 16 | 26 | 26 | 26 | 17 | 17 | 27 | 18 | 18 | 18 |
| Management fees | £65,340 | £0 | £0 | £141,570 | £0 | £0 | £0 | £0 | £196,020 | £0 | £0 | £0 | £549,945 | £0 | £0 | £958,320 | £0 | £0 | £0 | £0 | £1,449,568 | £0 | £0 | £0 | £2,143,805 | £0 | £0 | £2,910,244 | £0 | £0 | £0 | £0 | £3,823,860 | £0 | £0 | £0 | £4,924,754 | £0 | £0 | £6,082,298 | £0 | £0 | £0 | £0 | £7,444,348 | £0 | £0 | £0 | £9,071,896 | £0 | £0 | £10,786,118 | £0 | £0 | £0 | £0 | £12,838,755 | £0 | £0 | £0 |
| Fit-out loan interest | £0 | £844 | £822 | £800 | £1,621 | £1,577 | £1,533 | £1,489 | £1,444 | £1,821 | £1,765 | £1,709 | £1,653 | £5,815 | £5,648 | £5,481 | £9,532 | £9,254 | £8,975 | £8,695 | £8,414 | £12,351 | £11,958 | £11,563 | £11,168 | £17,098 | £16,535 | £15,970 | £21,730 | £20,996 | £20,259 | £19,519 | £18,777 | £24,359 | £23,447 | £22,531 | £21,611 | £29,126 | £28,005 | £26,880 | £34,189 | £32,861 | £31,529 | £30,191 | £28,849 | £35,939 | £34,379 | £32,814 | £31,243 | £42,322 | £40,536 | £38,743 | £49,599 | £47,589 | £45,571 | £43,546 | £41,513 | £52,129 | £49,877 | £47,617 |
| TOTAL REVENUE | £65,340 | £844 | £822 | £142,370 | £1,621 | £1,577 | £1,533 | £1,489 | £197,464 | £1,821 | £1,765 | £1,709 | £551,598 | £5,815 | £5,648 | £963,801 | £9,532 | £9,254 | £8,975 | £8,695 | £1,457,982 | £12,351 | £11,958 | £11,563 | £2,154,973 | £17,098 | £16,535 | £2,926,213 | £21,730 | £20,996 | £20,259 | £19,519 | £3,842,637 | £24,359 | £23,447 | £22,531 | £4,946,366 | £29,126 | £28,005 | £6,109,179 | £34,189 | £32,861 | £31,529 | £30,191 | £7,473,196 | £35,939 | £34,379 | £32,814 | £9,103,139 | £42,322 | £40,536 | £10,824,861 | £49,599 | £47,589 | £45,571 | £43,546 | £12,880,268 | £52,129 | £49,877 | £47,617 |
Direct costs
| Line | Jan 27 | Feb 27 | Mar 27 | Apr 27 | May 27 | Jun 27 | Jul 27 | Aug 27 | Sep 27 | Oct 27 | Nov 27 | Dec 27 | Jan 28 | Feb 28 | Mar 28 | Apr 28 | May 28 | Jun 28 | Jul 28 | Aug 28 | Sep 28 | Oct 28 | Nov 28 | Dec 28 | Jan 29 | Feb 29 | Mar 29 | Apr 29 | May 29 | Jun 29 | Jul 29 | Aug 29 | Sep 29 | Oct 29 | Nov 29 | Dec 29 | Jan 30 | Feb 30 | Mar 30 | Apr 30 | May 30 | Jun 30 | Jul 30 | Aug 30 | Sep 30 | Oct 30 | Nov 30 | Dec 30 | Jan 31 | Feb 31 | Mar 31 | Apr 31 | May 31 | Jun 31 | Jul 31 | Aug 31 | Sep 31 | Oct 31 | Nov 31 | Dec 31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Travel & school support | £200 | £200 | £200 | £400 | £400 | £400 | £400 | £400 | £500 | £500 | £500 | £500 | £1,500 | £1,500 | £1,500 | £2,500 | £2,500 | £2,500 | £2,500 | £2,500 | £3,500 | £3,500 | £3,500 | £3,500 | £5,000 | £5,000 | £5,000 | £6,500 | £6,500 | £6,500 | £6,500 | £6,500 | £8,000 | £8,000 | £8,000 | £8,000 | £10,000 | £10,000 | £10,000 | £12,000 | £12,000 | £12,000 | £12,000 | £12,000 | £14,000 | £14,000 | £14,000 | £14,000 | £17,000 | £17,000 | £17,000 | £20,000 | £20,000 | £20,000 | £20,000 | £20,000 | £23,000 | £23,000 | £23,000 | £23,000 |
| TOTAL COGS | £200 | £200 | £200 | £400 | £400 | £400 | £400 | £400 | £500 | £500 | £500 | £500 | £1,500 | £1,500 | £1,500 | £2,500 | £2,500 | £2,500 | £2,500 | £2,500 | £3,500 | £3,500 | £3,500 | £3,500 | £5,000 | £5,000 | £5,000 | £6,500 | £6,500 | £6,500 | £6,500 | £6,500 | £8,000 | £8,000 | £8,000 | £8,000 | £10,000 | £10,000 | £10,000 | £12,000 | £12,000 | £12,000 | £12,000 | £12,000 | £14,000 | £14,000 | £14,000 | £14,000 | £17,000 | £17,000 | £17,000 | £20,000 | £20,000 | £20,000 | £20,000 | £20,000 | £23,000 | £23,000 | £23,000 | £23,000 |
Staffing — who, when and why
| Line | Jan 27 | Feb 27 | Mar 27 | Apr 27 | May 27 | Jun 27 | Jul 27 | Aug 27 | Sep 27 | Oct 27 | Nov 27 | Dec 27 | Jan 28 | Feb 28 | Mar 28 | Apr 28 | May 28 | Jun 28 | Jul 28 | Aug 28 | Sep 28 | Oct 28 | Nov 28 | Dec 28 | Jan 29 | Feb 29 | Mar 29 | Apr 29 | May 29 | Jun 29 | Jul 29 | Aug 29 | Sep 29 | Oct 29 | Nov 29 | Dec 29 | Jan 30 | Feb 30 | Mar 30 | Apr 30 | May 30 | Jun 30 | Jul 30 | Aug 30 | Sep 30 | Oct 30 | Nov 30 | Dec 30 | Jan 31 | Feb 31 | Mar 31 | Apr 31 | May 31 | Jun 31 | Jul 31 | Aug 31 | Sep 31 | Oct 31 | Nov 31 | Dec 31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Founders (FTE) | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 |
| Onboarding ops (FTE — hired at capacity) | 1 | 1 | 1 | 2 | 2 | 2 | 1 | 1 | 2 | 1 | 1 | 1 | 5 | 5 | 5 | 9 | 9 | 9 | 6 | 6 | 9 | 6 | 6 | 6 | 11 | 11 | 8 | 13 | 13 | 13 | 9 | 9 | 14 | 9 | 9 | 9 | 16 | 16 | 11 | 18 | 18 | 18 | 12 | 12 | 18 | 12 | 12 | 12 | 22 | 22 | 16 | 26 | 26 | 26 | 17 | 17 | 27 | 18 | 18 | 18 |
| SEN specialists (FTE — hired at capacity) | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 3 | 3 | 3 | 5 | 5 | 5 | 4 | 4 | 6 | 5 | 5 | 5 | 7 | 7 | 6 | 9 | 9 | 9 | 7 | 7 | 10 | 8 | 8 | 8 | 11 | 11 | 10 | 13 | 13 | 13 | 11 | 11 | 14 | 12 | 12 | 12 | 17 | 17 | 15 | 20 | 20 | 20 | 17 | 17 | 22 | 19 | 19 | 19 |
| Marketing (FTE) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Custom hires (FTE) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| TOTAL FTE | 6 | 6 | 6 | 7 | 7 | 7 | 6 | 6 | 7 | 6 | 6 | 7 | 13 | 13 | 13 | 19 | 19 | 19 | 15 | 15 | 20 | 16 | 16 | 16 | 23 | 23 | 19 | 27 | 27 | 27 | 21 | 21 | 29 | 22 | 22 | 22 | 32 | 32 | 26 | 36 | 36 | 36 | 28 | 28 | 37 | 29 | 29 | 29 | 44 | 44 | 36 | 51 | 51 | 51 | 39 | 39 | 54 | 42 | 42 | 42 |
| Gross pay | £19,667 | £19,667 | £19,667 | £22,667 | £22,667 | £22,667 | £19,667 | £19,667 | £22,667 | £19,667 | £19,667 | £23,000 | £49,783 | £49,783 | £49,783 | £75,877 | £75,877 | £75,877 | £59,740 | £59,740 | £82,743 | £66,607 | £66,607 | £66,607 | £98,664 | £98,664 | £82,043 | £119,174 | £119,174 | £119,174 | £92,298 | £92,298 | £129,430 | £99,371 | £99,371 | £99,371 | £147,154 | £147,154 | £123,478 | £168,280 | £168,280 | £168,280 | £134,041 | £134,041 | £175,565 | £141,326 | £141,326 | £141,326 | £216,848 | £216,848 | £181,582 | £252,864 | £252,864 | £252,864 | £199,965 | £199,965 | £271,248 | £218,349 | £218,349 | £218,349 |
| On-costs | £3,147 | £3,147 | £3,147 | £3,627 | £3,627 | £3,627 | £3,147 | £3,147 | £3,627 | £3,147 | £3,147 | £3,680 | £7,965 | £7,965 | £7,965 | £12,140 | £12,140 | £12,140 | £9,558 | £9,558 | £13,239 | £10,657 | £10,657 | £10,657 | £15,786 | £15,786 | £13,127 | £19,068 | £19,068 | £19,068 | £14,768 | £14,768 | £20,709 | £15,899 | £15,899 | £15,899 | £23,545 | £23,545 | £19,757 | £26,925 | £26,925 | £26,925 | £21,447 | £21,447 | £28,090 | £22,612 | £22,612 | £22,612 | £34,696 | £34,696 | £29,053 | £40,458 | £40,458 | £40,458 | £31,994 | £31,994 | £43,400 | £34,936 | £34,936 | £34,936 |
| People cost | £22,813 | £22,813 | £22,813 | £26,293 | £26,293 | £26,293 | £22,813 | £22,813 | £26,293 | £22,813 | £22,813 | £26,680 | £57,749 | £57,749 | £57,749 | £88,017 | £88,017 | £88,017 | £69,298 | £69,298 | £95,982 | £77,264 | £77,264 | £77,264 | £114,450 | £114,450 | £95,170 | £138,242 | £138,242 | £138,242 | £107,066 | £107,066 | £150,139 | £115,270 | £115,270 | £115,270 | £170,699 | £170,699 | £143,235 | £195,205 | £195,205 | £195,205 | £155,488 | £155,488 | £203,655 | £163,938 | £163,938 | £163,938 | £251,544 | £251,544 | £210,635 | £293,323 | £293,323 | £293,323 | £231,960 | £231,960 | £314,647 | £253,285 | £253,285 | £253,285 |
Overheads
| Line | Jan 27 | Feb 27 | Mar 27 | Apr 27 | May 27 | Jun 27 | Jul 27 | Aug 27 | Sep 27 | Oct 27 | Nov 27 | Dec 27 | Jan 28 | Feb 28 | Mar 28 | Apr 28 | May 28 | Jun 28 | Jul 28 | Aug 28 | Sep 28 | Oct 28 | Nov 28 | Dec 28 | Jan 29 | Feb 29 | Mar 29 | Apr 29 | May 29 | Jun 29 | Jul 29 | Aug 29 | Sep 29 | Oct 29 | Nov 29 | Dec 29 | Jan 30 | Feb 30 | Mar 30 | Apr 30 | May 30 | Jun 30 | Jul 30 | Aug 30 | Sep 30 | Oct 30 | Nov 30 | Dec 30 | Jan 31 | Feb 31 | Mar 31 | Apr 31 | May 31 | Jun 31 | Jul 31 | Aug 31 | Sep 31 | Oct 31 | Nov 31 | Dec 31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Tech/hosting | £1,100 | £1,100 | £1,100 | £1,200 | £1,200 | £1,200 | £1,100 | £1,100 | £1,200 | £1,100 | £1,100 | £1,200 | £1,800 | £1,800 | £1,800 | £2,400 | £2,400 | £2,400 | £2,000 | £2,000 | £2,500 | £2,100 | £2,100 | £2,100 | £2,800 | £2,800 | £2,400 | £3,200 | £3,200 | £3,200 | £2,600 | £2,600 | £3,400 | £2,700 | £2,700 | £2,700 | £3,700 | £3,700 | £3,100 | £4,100 | £4,100 | £4,100 | £3,300 | £3,300 | £4,200 | £3,400 | £3,400 | £3,400 | £4,900 | £4,900 | £4,100 | £5,600 | £5,600 | £5,600 | £4,400 | £4,400 | £5,900 | £4,700 | £4,700 | £4,700 |
| Insurance | £417 | £417 | £417 | £417 | £417 | £417 | £417 | £417 | £417 | £417 | £417 | £417 | £667 | £667 | £667 | £667 | £667 | £667 | £667 | £667 | £667 | £667 | £667 | £667 | £1,000 | £1,000 | £1,000 | £1,000 | £1,000 | £1,000 | £1,000 | £1,000 | £1,000 | £1,000 | £1,000 | £1,000 | £1,333 | £1,333 | £1,333 | £1,333 | £1,333 | £1,333 | £1,333 | £1,333 | £1,333 | £1,333 | £1,333 | £1,333 | £1,667 | £1,667 | £1,667 | £1,667 | £1,667 | £1,667 | £1,667 | £1,667 | £1,667 | £1,667 | £1,667 | £1,667 |
| Accountancy | £417 | £417 | £417 | £417 | £417 | £417 | £417 | £417 | £417 | £417 | £417 | £417 | £667 | £667 | £667 | £667 | £667 | £667 | £667 | £667 | £667 | £667 | £667 | £667 | £1,000 | £1,000 | £1,000 | £1,000 | £1,000 | £1,000 | £1,000 | £1,000 | £1,000 | £1,000 | £1,000 | £1,000 | £1,250 | £1,250 | £1,250 | £1,250 | £1,250 | £1,250 | £1,250 | £1,250 | £1,250 | £1,250 | £1,250 | £1,250 | £1,500 | £1,500 | £1,500 | £1,500 | £1,500 | £1,500 | £1,500 | £1,500 | £1,500 | £1,500 | £1,500 | £1,500 |
| General overheads | £1,000 | £1,000 | £1,000 | £1,000 | £1,000 | £1,000 | £1,000 | £1,000 | £1,000 | £1,000 | £1,000 | £1,000 | £833 | £833 | £833 | £833 | £833 | £833 | £833 | £833 | £833 | £833 | £833 | £833 | £1,500 | £1,500 | £1,500 | £1,500 | £1,500 | £1,500 | £1,500 | £1,500 | £1,500 | £1,500 | £1,500 | £1,500 | £2,500 | £2,500 | £2,500 | £2,500 | £2,500 | £2,500 | £2,500 | £2,500 | £2,500 | £2,500 | £2,500 | £2,500 | £4,167 | £4,167 | £4,167 | £4,167 | £4,167 | £4,167 | £4,167 | £4,167 | £4,167 | £4,167 | £4,167 | £4,167 |
| Build (spread) | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 |
| Maintenance | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 |
| Total opex (incl. people) | £25,747 | £25,747 | £25,747 | £29,327 | £29,327 | £29,327 | £25,747 | £25,747 | £29,327 | £25,747 | £25,747 | £29,713 | £61,715 | £61,715 | £61,715 | £92,584 | £92,584 | £92,584 | £73,465 | £73,465 | £100,649 | £81,530 | £81,530 | £81,530 | £120,750 | £120,750 | £101,070 | £144,942 | £144,942 | £144,942 | £113,166 | £113,166 | £157,039 | £121,470 | £121,470 | £121,470 | £179,482 | £179,482 | £151,418 | £204,388 | £204,388 | £204,388 | £163,871 | £163,871 | £212,939 | £172,422 | £172,422 | £172,422 | £263,777 | £263,777 | £222,069 | £306,256 | £306,256 | £306,256 | £243,693 | £243,693 | £327,881 | £265,318 | £265,318 | £265,318 |
Profit
| Line | Jan 27 | Feb 27 | Mar 27 | Apr 27 | May 27 | Jun 27 | Jul 27 | Aug 27 | Sep 27 | Oct 27 | Nov 27 | Dec 27 | Jan 28 | Feb 28 | Mar 28 | Apr 28 | May 28 | Jun 28 | Jul 28 | Aug 28 | Sep 28 | Oct 28 | Nov 28 | Dec 28 | Jan 29 | Feb 29 | Mar 29 | Apr 29 | May 29 | Jun 29 | Jul 29 | Aug 29 | Sep 29 | Oct 29 | Nov 29 | Dec 29 | Jan 30 | Feb 30 | Mar 30 | Apr 30 | May 30 | Jun 30 | Jul 30 | Aug 30 | Sep 30 | Oct 30 | Nov 30 | Dec 30 | Jan 31 | Feb 31 | Mar 31 | Apr 31 | May 31 | Jun 31 | Jul 31 | Aug 31 | Sep 31 | Oct 31 | Nov 31 | Dec 31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross profit | £65,140 | £644 | £622 | £141,970 | £1,221 | £1,177 | £1,133 | £1,089 | £196,964 | £1,321 | £1,265 | £1,209 | £550,098 | £4,315 | £4,148 | £961,301 | £7,032 | £6,754 | £6,475 | £6,195 | £1,454,482 | £8,851 | £8,458 | £8,063 | £2,149,973 | £12,098 | £11,535 | £2,919,713 | £15,230 | £14,496 | £13,759 | £13,019 | £3,834,637 | £16,359 | £15,447 | £14,531 | £4,936,366 | £19,126 | £18,005 | £6,097,179 | £22,189 | £20,861 | £19,529 | £18,191 | £7,459,196 | £21,939 | £20,379 | £18,814 | £9,086,139 | £25,322 | £23,536 | £10,804,861 | £29,599 | £27,589 | £25,571 | £23,546 | £12,857,268 | £29,129 | £26,877 | £24,617 |
| EBITDA | £39,393 | -£25,103 | -£25,125 | £112,643 | -£28,105 | -£28,149 | -£24,614 | -£24,658 | £167,637 | -£24,426 | -£24,482 | -£28,504 | £488,382 | -£57,400 | -£57,567 | £868,718 | -£85,551 | -£85,829 | -£66,990 | -£67,270 | £1,353,833 | -£72,680 | -£73,073 | -£73,467 | £2,029,223 | -£108,652 | -£89,535 | £2,774,771 | -£129,712 | -£130,446 | -£99,407 | -£100,147 | £3,677,598 | -£105,111 | -£106,023 | -£106,940 | £4,756,884 | -£160,356 | -£133,413 | £5,892,790 | -£182,199 | -£183,527 | -£144,342 | -£145,680 | £7,246,258 | -£150,483 | -£152,042 | -£153,607 | £8,822,362 | -£238,455 | -£198,533 | £10,498,605 | -£276,657 | -£278,667 | -£218,122 | -£220,147 | £12,529,387 | -£236,189 | -£238,441 | -£240,701 |
| Depreciation | -£250 | -£250 | -£250 | -£292 | -£292 | -£292 | -£292 | -£292 | -£333 | -£333 | -£333 | -£375 | -£625 | -£625 | -£625 | -£875 | -£875 | -£875 | -£875 | -£875 | -£1,083 | -£1,083 | -£1,083 | -£1,083 | -£1,375 | -£1,375 | -£1,375 | -£1,708 | -£1,708 | -£1,708 | -£1,708 | -£1,708 | -£2,042 | -£2,042 | -£2,042 | -£2,042 | -£2,208 | -£2,208 | -£2,208 | -£2,583 | -£2,583 | -£2,583 | -£2,583 | -£2,583 | -£2,917 | -£2,917 | -£2,917 | -£2,875 | -£3,250 | -£3,250 | -£3,250 | -£3,625 | -£3,625 | -£3,625 | -£3,625 | -£3,625 | -£4,042 | -£4,042 | -£4,042 | -£4,042 |
| Tax | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | -£9,708 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | -£483,298 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | -£1,833,539 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | -£4,096,457 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | -£7,411,820 |
| R&D credit | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 |
| Net profit | £14,143 | -£25,353 | -£25,375 | £111,851 | -£28,885 | -£28,916 | -£25,368 | -£25,400 | £166,366 | -£25,671 | -£25,702 | -£40,615 | £480,283 | -£65,309 | -£65,284 | £856,611 | -£97,357 | -£97,332 | -£78,187 | -£78,160 | £1,339,044 | -£87,059 | -£87,039 | -£570,316 | £2,012,465 | -£124,906 | -£105,283 | £2,759,199 | -£144,770 | -£144,988 | -£113,428 | -£113,644 | £3,664,295 | -£117,883 | -£118,262 | -£1,952,178 | £4,745,558 | -£171,137 | -£143,645 | £5,882,736 | -£191,713 | -£192,497 | -£152,765 | -£153,551 | £7,238,608 | -£157,590 | -£158,602 | -£4,256,032 | £8,816,536 | -£243,933 | -£203,660 | £10,493,456 | -£281,586 | -£283,375 | -£222,608 | -£224,409 | £12,524,935 | -£240,540 | -£242,689 | -£7,656,666 |
VAT & cash
| Line | Jan 27 | Feb 27 | Mar 27 | Apr 27 | May 27 | Jun 27 | Jul 27 | Aug 27 | Sep 27 | Oct 27 | Nov 27 | Dec 27 | Jan 28 | Feb 28 | Mar 28 | Apr 28 | May 28 | Jun 28 | Jul 28 | Aug 28 | Sep 28 | Oct 28 | Nov 28 | Dec 28 | Jan 29 | Feb 29 | Mar 29 | Apr 29 | May 29 | Jun 29 | Jul 29 | Aug 29 | Sep 29 | Oct 29 | Nov 29 | Dec 29 | Jan 30 | Feb 30 | Mar 30 | Apr 30 | May 30 | Jun 30 | Jul 30 | Aug 30 | Sep 30 | Oct 30 | Nov 30 | Dec 30 | Jan 31 | Feb 31 | Mar 31 | Apr 31 | May 31 | Jun 31 | Jul 31 | Aug 31 | Sep 31 | Oct 31 | Nov 31 | Dec 31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Output VAT | £13,068 | £169 | £164 | £28,474 | £324 | £315 | £307 | £298 | £39,493 | £364 | £353 | £342 | £110,320 | £1,163 | £1,130 | £192,760 | £1,906 | £1,851 | £1,795 | £1,739 | £291,596 | £2,470 | £2,392 | £2,313 | £430,995 | £3,420 | £3,307 | £585,243 | £4,346 | £4,199 | £4,052 | £3,904 | £768,527 | £4,872 | £4,689 | £4,506 | £989,273 | £5,825 | £5,601 | £1,221,836 | £6,838 | £6,572 | £6,306 | £6,038 | £1,494,639 | £7,188 | £6,876 | £6,563 | £1,820,628 | £8,464 | £8,107 | £2,164,972 | £9,920 | £9,518 | £9,114 | £8,709 | £2,576,054 | £10,426 | £9,975 | £9,523 |
| Input VAT | £7,343 | £543 | £543 | £903 | £603 | £603 | £583 | £583 | £923 | £603 | £603 | £923 | £2,760 | £960 | £960 | £3,080 | £1,280 | £1,280 | £1,200 | £1,200 | £3,000 | £1,420 | £1,420 | £1,420 | £4,160 | £2,060 | £1,980 | £4,840 | £2,440 | £2,440 | £2,320 | £2,320 | £5,180 | £2,640 | £2,640 | £2,640 | £6,490 | £3,490 | £3,370 | £6,970 | £3,970 | £3,970 | £3,810 | £3,810 | £7,090 | £4,230 | £4,230 | £4,230 | £10,013 | £5,513 | £5,353 | £10,753 | £6,253 | £6,253 | £6,013 | £6,013 | £11,413 | £6,673 | £6,673 | £6,673 |
| VAT remitted | £0 | £0 | £0 | £0 | £4,971 | £0 | £0 | £27,004 | £0 | £0 | £38,007 | £0 | £0 | -£1,071 | £0 | £0 | £107,932 | £0 | £0 | £190,878 | £0 | £0 | £289,731 | £0 | £0 | £2,914 | £0 | £0 | £429,521 | £0 | £0 | £584,068 | £0 | £0 | £766,663 | £0 | £0 | £6,147 | £0 | £0 | £987,349 | £0 | £0 | £1,220,336 | £0 | £0 | £1,492,273 | £0 | £0 | £7,936 | £0 | £0 | £1,816,319 | £0 | £0 | £2,161,150 | £0 | £0 | £2,570,437 | £0 |
| Receipts | £78,408 | £1,013 | £986 | £170,844 | £1,946 | £1,893 | £1,840 | £1,786 | £236,957 | £2,185 | £2,118 | £2,051 | £661,917 | £6,978 | £6,778 | £1,156,562 | £11,439 | £11,105 | £10,771 | £10,434 | £1,749,579 | £14,821 | £14,349 | £13,876 | £2,585,968 | £20,518 | £19,842 | £3,511,456 | £26,076 | £25,195 | £24,311 | £23,423 | £4,611,164 | £29,231 | £28,136 | £27,037 | £5,935,639 | £34,951 | £33,606 | £7,331,014 | £41,027 | £39,434 | £37,835 | £36,230 | £8,967,836 | £43,127 | £41,255 | £39,377 | £10,923,767 | £50,787 | £48,643 | £12,989,833 | £59,519 | £57,107 | £54,685 | £52,255 | £15,456,321 | £62,554 | £59,852 | £57,140 |
| Cumulative cash | £282,290 | £212,286 | £105,904 | £249,541 | £225,600 | £200,184 | £158,229 | £109,953 | £323,282 | £243,073 | £113,726 | £105,763 | £619,694 | £320,038 | £112,404 | £1,162,116 | £986,984 | £855,354 | £547,944 | £100,148 | £1,735,994 | £1,589,949 | £880,269 | £124,927 | £2,503,754 | £2,075,088 | £826,025 | £4,246,761 | £3,794,352 | £3,674,755 | £3,293,295 | £1,504,668 | £5,575,269 | £5,482,301 | £4,261,314 | £2,693,056 | £8,466,189 | £8,006,229 | £6,455,736 | £13,781,555 | £12,880,357 | £12,837,494 | £12,444,290 | £9,732,484 | £16,911,527 | £16,884,795 | £14,818,727 | £12,579,479 | £23,397,270 | £22,819,756 | £20,604,842 | £33,713,455 | £32,125,719 | £32,160,775 | £31,671,397 | £27,374,172 | £38,910,494 | £39,238,500 | £37,019,953 | £37,371,390 |
| BS check | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |