“Explain it to me?”

Read the annual accounts on www.investegate.co.uk, using the TSCO EPIC code. All publicly available and free. It will explain it to you.

Accounting isn’t difficult: a few rules, three structures to understand (P and L, Cashflow statement and a balance sheet.), and some average arithmetic to interpret it.

Read the accounts backwards though. That is, read the footnotes first for dirty tricks, or clever accountants rule-bending and chicanery, and the first two of three items above should tell you what you need to know. You’ll be bored as an accounting graduate staring out of the window “doing audit” for their first two years but you’ll get it I’m sure.

Accounting isn’t hard. Or you wouldn’t see so
many average IQ dolly birds taking the courses at Uni as you do these days. The clever ones go to the big 4. The really smart ones will work in offshore tax advisory and wealth management. But most of the cattle will be lucky enough to earn a teachers salary before being AI’d out of existence or impregnated by a senior accountant / boss. A high life it is not.