IRIS Accounts Production
v18.3.1.65
02473100
Board of Directors
31.3.18
1.4.17
31.3.18
31.3.18
road haulage, storage and allied support services. The group is also involved in farming and property letting through its partnership interest (joint venture). In addition, the group has a 30.6% interest in a related company, J R Stennett (Holdings) Ltd which is principally involved in agricultural plant hire and arable farming.
true
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REGISTERED NUMBER: 02473100 (England and Wales)
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Group Strategic Report, Report of the Directors and
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Audited Consolidated Financial Statements
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for the Year Ended 31 March 2018
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M C Stennett & Sons (Holdings) Limited
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Report of the Directors
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3
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Report of the Independent Auditors
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4
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to
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5
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Consolidated Statement of Comprehensive Income
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6
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Consolidated Balance Sheet
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7
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Consolidated Statement of Changes in Equity
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9
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Company Statement of Changes in Equity
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10
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Consolidated Cash Flow Statement
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11
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Notes to the Consolidated Cash Flow Statement
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12
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Notes to the Consolidated Financial Statements
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13
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to
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27
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DIRECTORS:
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Mr M C Stennett
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SECRETARY:
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Mrs G M Stennett |
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REGISTERED OFFICE:
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The Coach House
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REGISTERED NUMBER:
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02473100 (England and Wales)
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AUDITORS:
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Knights Lowe Limited
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SOLICITORS:
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Ashtons Legal
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The directors present their strategic report of the company and the group for the year ended 31 March 2018.
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PRINCIPAL ACTIVITIES AND REVIEW OF BUSINESS
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The principal activities of the group during the year were those of road haulage, storage and allied support services.
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The group is also involved in farming and property letting through its partnership interest (joint venture). In addition,
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the group has a 30.6% interest in a related company, J R Stennett (Holdings) Ltd which is principally involved in
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agricultural plant hire and arable farming.
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The directors are satisfied with both the trading performance of the company during the year to 31st March 2018 and
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the financial position as at that date given the trading conditions.
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The group's gross profit shows an improved gross profit margin of 8.5% (2017 : 7.9%).
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Elsewhere within the group, gross profit on farming activities has increased with 18.7% being achieved compared to a
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margin of 11.7% in 2017. Net income from lettings has increased by 41.9% in the year showing significiant growth in
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The group has remained profitable and it has achieved a modest post-tax return on capital employed of 2.5%
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(2017:2.6%) which the directors consider is satisfactory in difficult market conditions.
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PRINCIPAL RISKS AND UNCERTAINTIES
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The group's financial and commercial risks are kept under regular review by the directors and senior management.
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Policies are in place to ensure such risks are minimised primarily through safe working practices, regular risk
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assessments and the maintenance and regular review of commercial insurance cover.
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The directors aim to continue the trend to growth, in particular growing the group's capital value and where
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appropriate, extending and rationalising investments consistent with overall business objectives.
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Mr M C Stennett - Director
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The directors present their report with the financial statements of the company and the group for the year ended
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No dividends are proposed in respect of the year to 31 March 2018 and none have been paid in the year.
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The directors shown below have held office during the whole of the period from 1 April 2017 to the date of this report.
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STATEMENT OF DIRECTORS' RESPONSIBILITIES
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The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial
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statements in accordance with applicable law and regulations.
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Company law requires the directors to prepare financial statements for each financial year. Under that law the
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directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted
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Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard
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102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors
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must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of
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affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial
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statements, the directors are required to:
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-
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select suitable accounting policies and then apply them consistently;
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-
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make judgements and accounting estimates that are reasonable and prudent;
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-
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company
will continue in business.
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The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the
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company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the
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company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006.
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They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable
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steps for the prevention and detection of fraud and other irregularities.
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
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So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies
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Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to
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have taken as a director in order to make himself or herself aware of any relevant audit information and to establish
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that the group's auditors are aware of that information.
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The auditors, Knights Lowe Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.
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Mr M C Stennett - Director
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We have audited the financial statements of M C Stennett & Sons (Holdings) Limited (the 'parent company') and its
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subsidiaries (the 'group') for the year ended 31 March 2018 which comprise the Consolidated Statement of
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Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in
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Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated
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Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The
|
financial reporting framework that has been applied in their preparation is applicable law and United Kingdom
|
Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the
|
UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
|
In our opinion the financial statements:
|
-
|
give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2018 and of
the group's profit for the year then ended;
|
-
|
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
|
-
|
have been prepared in accordance with the requirements of the Companies Act 2006.
|
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law.
|
Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the
|
financial statements section of our report. We are independent of the group in accordance with the ethical
|
requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard,
|
and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the
|
audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
|
Conclusions relating to going concern
|
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to
|
-
|
the directors' use of the going concern basis of accounting in the preparation of the financial statements is not
appropriate; or
|
-
|
the directors have not disclosed in the financial statements any identified material uncertainties that may cast
significant doubt about the group's ability to continue to adopt the going concern basis of accounting for a period of
at least twelve months from the date when the financial statements are authorised for issue.
|
The directors are responsible for the other information. The other information comprises the information in the Group
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Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the
|
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise
|
explicitly stated in our report, we do not express any form of assurance conclusion thereon.
|
In connection with our audit of the financial statements, our responsibility is to read the other information and, in
|
doing so, consider whether the other information is materially inconsistent with the financial statements or our
|
knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material
|
inconsistencies or apparent material misstatements, we are required to determine whether there is a material
|
misstatement in the financial statements or a material misstatement of the other information. If, based on the work
|
we have performed, we conclude that there is a material misstatement of this other information, we are required to
|
report that fact. We have nothing to report in this regard.
|
Opinion on other matters prescribed by the Companies Act 2006
|
In our opinion, based on the work undertaken in the course of the audit:
|
-
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the information given in the Group Strategic Report and the Report of the Directors for the financial year for which
the financial statements are prepared is consistent with the financial statements; and
|
-
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the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal
requirements.
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Matters on which we are required to report by exception
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In the light of the knowledge and understanding of the group and the parent company and its environment obtained in
|
the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of
|
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to
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-
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adequate accounting records have not been kept by the parent company, or returns adequate for our audit have
not been received from branches not visited by us; or
|
-
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the parent company financial statements are not in agreement with the accounting records and returns; or
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-
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certain disclosures of directors' remuneration specified by law are not made; or
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-
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we have not received all the information and explanations we require for our audit.
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Responsibilities of directors
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As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are
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responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view,
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and for such internal control as the directors determine necessary to enable the preparation of financial statements
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that are free from material misstatement, whether due to fraud or error.
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In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's
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ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
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concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease
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operations, or have no realistic alternative but to do so.
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Auditors' responsibilities for the audit of the financial statements
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Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
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material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion.
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Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with
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ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and
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are considered material if, individually or in the aggregate, they could reasonably be expected to influence the
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economic decisions of users taken on the basis of these financial statements.
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A further description of our responsibilities for the audit of the financial statements is located on the Financial
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Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the
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This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the
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Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those
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matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent
|
permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's
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members as a body, for our audit work, for this report, or for the opinions we have formed.
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James Knights BSc ACA (Senior Statutory Auditor)
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for and on behalf of
Knights Lowe Limited |
TURNOVER
|
7,043,467
|
|
6,132,505
|
|
|
Cost of sales
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6,442,157
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|
5,646,716
|
|
|
GROSS PROFIT
|
601,310
|
|
485,789
|
|
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Administrative expenses
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555,054
|
|
477,528
|
|
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Other operating income
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28,211
|
|
22,220
|
|
|
OPERATING PROFIT
|
4
|
74,467
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|
30,481
|
|
|
Income from interest in associated
undertakings
|
5
|
3,551
|
|
37,325
|
|
|
Income from other participating interests
|
6
|
128,800
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|
43,287
|
|
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Interest receivable and similar income
|
3,088
|
|
5,239
|
|
|
Gain/loss on revaluation of investment
property
|
-
|
|
30,000
|
|
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Interest payable and similar expenses
|
7
|
4,844
|
|
3,631
|
|
|
PROFIT BEFORE TAXATION
|
205,062
|
|
142,701
|
|
|
Tax on profit
|
8
|
58,243
|
|
(1,464
|
) |
|
PROFIT FOR THE FINANCIAL YEAR
|
146,819
|
|
144,165
|
|
|
OTHER COMPREHENSIVE INCOME
|
-
|
|
-
|
|
|
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR
|
146,819
|
|
144,165
|
|
|
Owners of the parent
|
146,819
|
|
144,165
|
|
|
Total comprehensive income attributable to:
|
Owners of the parent
|
146,819
|
|
144,165
|
|
|
Tangible assets
|
10
|
1,784,666
|
|
1,753,479
|
|
|
|
Interest in joint venture
|
3,176,693
|
|
3,027,463
|
|
|
|
Interest in associate
|
433,385
|
|
429,834
|
|
|
Investment property
|
12
|
250,000
|
|
250,000
|
|
|
Debtors
|
14
|
1,297,972
|
|
1,130,263
|
|
|
Cash at bank and in hand
|
166,713
|
|
139,536
|
|
|
Amounts falling due within one year
|
15
|
1,070,210
|
|
996,349
|
|
|
NET CURRENT ASSETS
|
486,985
|
|
343,584
|
|
|
TOTAL ASSETS LESS CURRENT LIABILITIES
|
6,131,729
|
|
5,804,360
|
|
|
Amounts falling due after more than one
year
|
16
|
(156,886
|
) |
-
|
|
|
PROVISIONS FOR LIABILITIES
|
20
|
(179,464
|
) |
(155,800
|
) |
|
NET ASSETS
|
5,795,379
|
|
5,648,560
|
|
|
Called up share capital
|
21
|
1,000
|
|
1,000
|
|
|
Share premium
|
208,072
|
|
208,072
|
|
|
Fair value reserve
|
104,204
|
|
104,204
|
|
|
Retained earnings
|
5,482,103
|
|
5,335,284
|
|
|
SHAREHOLDERS' FUNDS
|
5,795,379
|
|
5,648,560
|
|
|
The financial statements were approved by the Board of Directors on 19 December 2018 and were signed on its behalf
|
Mr M C Stennett - Director
|
Tangible assets
|
10
|
122 |
|
144 |
|
|
Investments
|
11
|
3,596,350
|
|
3,447,120
|
|
|
Investment property
|
12
|
250,000
|
|
250,000
|
|
|
Cash at bank
|
1,665
|
|
10,684
|
|
|
Amounts falling due within one year
|
15
|
660,903
|
|
657,808
|
|
|
NET CURRENT LIABILITIES
|
(659,238
|
) |
(647,124
|
) |
|
TOTAL ASSETS LESS CURRENT LIABILITIES
|
3,187,234
|
|
3,050,140
|
|
|
PROVISIONS FOR LIABILITIES
|
20
|
5,700
|
|
5,700
|
|
|
NET ASSETS
|
3,181,534
|
|
3,044,440
|
|
|
Called up share capital
|
21
|
1,000
|
|
1,000
|
|
|
Merger reserve
|
258,482
|
|
258,482
|
|
|
Fair value reserve
|
104,204
|
|
104,204
|
|
|
Retained earnings
|
2,817,848 |
|
2,680,754 |
|
|
SHAREHOLDERS' FUNDS
|
3,181,534
|
|
3,044,440
|
|
|
Company's profit for the financial year
|
137,094
|
|
59,674
|
|
|
The financial statements were approved by the Board of Directors on
19 December 2018 and were signed on its behalf
by:
|
Mr M C Stennett - Director
|
|
share
|
|
Retained
|
|
Share
|
|
value
|
|
Total
|
|
capital
|
|
earnings
|
|
premium
|
|
reserve
|
|
equity
|
Balance at 1 April 2016
|
1,000
|
|
5,295,323
|
|
208,072
|
|
-
|
|
5,504,395
|
|
|
Total comprehensive income
|
-
|
|
144,165
|
|
-
|
|
-
|
|
144,165
|
|
|
Transfer between reserves
|
-
|
|
(104,204
|
) |
-
|
|
104,204
|
|
-
|
|
|
Balance at 31 March 2017
|
1,000
|
|
5,335,284
|
|
208,072
|
|
104,204
|
|
5,648,560
|
|
|
Total comprehensive income
|
-
|
|
146,819
|
|
-
|
|
-
|
|
146,819
|
|
|
Balance at 31 March 2018
|
1,000
|
|
5,482,103
|
|
208,072
|
|
104,204
|
|
5,795,379
|
|
|
|
share
|
|
Retained
|
|
Merger
|
|
value
|
|
Total
|
|
capital
|
|
earnings
|
|
reserve
|
|
reserve
|
|
equity
|
Balance at 1 April 2016
|
1,000
|
|
2,725,284
|
|
258,482
|
|
-
|
|
2,984,766
|
|
|
Total comprehensive income
|
-
|
|
59,674
|
|
-
|
|
-
|
|
59,674
|
|
|
Transfer between reserves
|
-
|
|
(104,204 |
) |
- |
|
104,204 |
|
- |
|
|
Balance at 31 March 2017
|
1,000 |
|
2,680,754 |
|
258,482
|
|
104,204 |
|
3,044,440 |
|
|
Total comprehensive income
|
-
|
|
137,094
|
|
-
|
|
-
|
|
137,094
|
|
|
Balance at 31 March 2018
|
1,000 |
|
2,817,848 |
|
258,482
|
|
104,204 |
|
3,181,534 |
|
|
Cash flows from operating activities
|
Cash generated from operations
|
1
|
247,482
|
|
307,847
|
|
|
Interest paid
|
(4,291
|
) |
(3,552
|
) |
|
Interest element of hire purchase payments
paid
|
(553
|
) |
(79
|
) |
|
Net cash from operating activities
|
206,701
|
|
304,216
|
|
|
Cash flows from investing activities
|
Purchase of tangible fixed assets
|
(643,012
|
) |
(287,837
|
) |
|
Purchase of fixed asset investments
|
-
|
|
(1
|
) |
|
Sale of tangible fixed assets
|
242,686
|
|
35,887
|
|
|
Interest received
|
3,088
|
|
5,239
|
|
|
Net cash from investing activities
|
(397,238
|
) |
(246,712
|
) |
|
Cash flows from financing activities
|
New loans in year
|
241,964
|
|
-
|
|
|
Capital repayments in year
|
(6,452
|
) |
(7,652
|
) |
|
Amount introduced by directors
|
14,750
|
|
-
|
|
|
Amount withdrawn by directors
|
-
|
|
(14,750
|
) |
|
Loans (to)/from participating interests
|
(20,430
|
) |
(300,000
|
) |
|
Net cash from financing activities
|
229,832
|
|
(322,402
|
) |
|
Increase/(decrease) in cash and cash equivalents
|
39,295
|
|
(264,898
|
) |
|
Cash and cash equivalents at beginning of
year
|
2
|
75,344
|
|
340,242
|
|
|
Cash and cash equivalents at end of year
|
2
|
114,639
|
|
75,344
|
|
|
1.
|
RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
|
|
Profit before taxation
|
205,062
|
|
142,701
|
|
|
|
Depreciation charges
|
418,150
|
|
478,253
|
|
|
|
Profit on disposal of fixed assets
|
(49,011
|
) |
(22,356
|
) |
|
|
Gain on revaluation of fixed assets
|
-
|
|
(30,000
|
) |
|
|
Paid by non-group interests
|
-
|
|
257
|
|
|
|
Finance costs
|
4,844
|
|
3,631
|
|
|
|
Finance income
|
(135,439
|
) |
(85,851
|
) |
|
|
Increase in stocks
|
(22,376
|
) |
(23,254
|
) |
|
|
Increase in trade and other debtors
|
(182,459
|
) |
(239,337
|
) |
|
|
Increase in trade and other creditors
|
8,711
|
|
83,803
|
|
|
|
Cash generated from operations
|
247,482
|
|
307,847
|
|
|
2.
|
CASH AND CASH EQUIVALENTS
|
|
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of
|
|
these Balance Sheet amounts:
|
|
Cash and cash equivalents
|
166,713
|
|
139,536
|
|
|
|
Bank overdrafts
|
(52,074
|
) |
(64,192
|
) |
|
|
Cash and cash equivalents
|
139,536
|
|
389,884
|
|
|
|
Bank overdrafts
|
(64,192
|
) |
(49,642
|
) |
|
3.
|
MATERIAL TRANSACTIONS NOT RESULTING IN A MOVEMENT OF CASH
|
|
The Group's share of profits from Genevieve Farms of £128,800 (2017: £43,287) was accounted for by way of
|
|
an addition to the Genevieve Farms fixed asset investment account.
|
|
M C Stennett & Sons (Holdings) Limited is a
private company, limited by shares , registered in England and
|
|
Wales. The company's registered number and registered office address can be found on the General
|
|
The presentation currency of the financial statements is the Pound Sterling (£).
|
|
Basis of preparing the financial statements
|
|
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets. |
|
The presentation currency is Pound Sterling (£).
|
|
The financial statements contain information about M C Stennett & Sons (Holdings) Ltd as a group and are
|
|
prepared in accordance with FRS 102 and drawn up to 31 March each year. The results of subsidiaries acquired
|
|
or sold are consolidated from or to the date control passes to or from the group.
|
|
The groups interest in its associate and joint venture is accounted for under the equity accounting method in
|
|
accordance with FRS 102 section 14 (Associates) and section 15 (Joint Ventures).
|
|
Significant judgements and estimates
|
|
In the application of the group's accounting policies, which are described below, the directors are required to
|
|
make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not
|
|
readily apparent from other sources. The estimates and associated assumptions are based on historical
|
|
experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
|
|
The estimated and underlying assumptions are reviewed on an ongoing basis. Revision to accounting estimates
|
|
are recognised in the period in which the estimate is revised if revision affects only that period, or in the period
|
|
of the revision and future periods if the revision affects both current and future periods.
|
|
Critical judgements and key sources of estimation uncertainty in applying the group's accounting policies
|
|
The following are critical judgements including those involving estimations, that the directors have made in the
|
|
process of applying the group's accounting policies and that have the most significant effect on the amounts
|
|
recognised in the financial statements.
|
|
Depreciation of tangible fixed assets
|
|
Tangible fixed assets are recognised at cost and depreciated on the basis appropriate to charge to the profit
|
|
and loss the economic consumption of those assets during the accounting period. The charge is calculated as
|
|
described below and is based on the directors knowledge of the reduction in the residual value of tractor units
|
|
and trailers on average over the investment cycle of each class of asset. The rates of depreciation are kept
|
|
under review such that assets are written down to residual value at the end of the economic lives of the assets.
|
|
Revaluation of investment properties
|
|
The group holds an investment property at fair value, with changes in fair value being recognised in the profit
|
|
ad loss account. The Directors have determined fair value based on the expected open market value for the
|
|
location and nature of the property comparable to other known sales or potential sales in the region.
|
|
Turnover and revenue recognition
|
|
Turnover represents the total value, excluding value added tax, of services provided to customers which fall
|
|
within the company's ordinary activities.
|
|
Haulage income is recognised upon completion of the underlying work. Work in progress at the accounting date
|
|
is insignificant and no allowance is made.
|
|
Storage income is recognised in accordance with the terms of the underlying contracts. Where contracts
|
|
straddle the accounting date income is neither accrued nor deferred unless the amounts are material in
|
|
relation to total storage income. Where amounts are material, income is accrued or deferred so as to recognise
|
|
revenue on a constant basis over the contract period.
|
|
Tangible assets with a useful economic life of over two years held for the company's trade are capitalised at
|
|
cost and depreciated in accordance with the policy below. An annual impairment review is completed for all
|
|
material tangible fixed assets and provision is made where economic value is deemed to be permanently less
|
|
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful
|
|
Leasehold improvements
|
|
- 10 - 25% on cost
|
|
|
|
Plant and machinery
|
|
- 10 - 33% on cost
|
|
|
|
Motor vehicles
|
|
- 20 - 25% on reducing balance
|
|
|
|
Depreciation is not provided on specific assets where residual value is greater than depreciated cost.
|
|
Investment property and other fixed asset investments
|
|
In accordance with section 16 of FRS 102, investment property held to earn rental income and/or capital
|
|
appreciation is included in the balance sheet at fair value where such value can be measured reliably without
|
|
undue cost or effort on an ongoing basis. Fair value adjustments are taken to the profit and loss account. In
|
|
that no depreciation is charged, this is a departure from the requirements of the Companies Act 2006. In the
|
|
directors opinion to charge depreciation (a measure of consumption) would not produce a true and fair view
|
|
given that the property is held for investment and, it is considered the amount of the charge is not material in
|
|
the context of the group financial statements.
|
|
The group's other participating interest, the partnership interest in Genevieve Farms, is stated at cost plus the
|
|
accumulated share of profits and losses since acquisition and, from 2017 onwards loan account movements on
|
|
the basis that the loans to the Partnership are now considered to be equity in nature. The former current asset
|
|
loan amount brought forward has been reclassified and transferred to the holding value of the investment.
|
|
Comparative figures have been amended on a consistent basis . This treatment is in accordance with the
|
|
requirements of Financial Reporting Standard 102 (equity method). The profit share usually forms a material
|
|
part of the group's income on which it is taxed. The profit share and tax charge are included in the group's
|
|
profit and loss account so as to produce a revenue statement showing a true and fair view.
|
|
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and
|
|
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of
|
|
Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income
|
|
Current or deferred taxation assets and liabilities are not discounted.
|
|
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or
|
|
substantively enacted by the balance sheet date.
|
|
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the
|
|
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from
|
|
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws
|
|
that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal
|
|
of the timing difference.
|
|
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that
|
|
they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
|
|
Hire purchase and leasing commitments
|
|
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet and
|
|
depreciated over their estimated useful lives. Obligations under such agreements are included in creditors net
|
|
of the finance charge allocated to future periods. The finance element of the rental payment is charged to the
|
|
profit and loss account so as to produce constant periodic rates of charge on the net obligations outstanding in
|
|
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the
|
|
Pension costs and other post-retirement benefits
|
|
The group makes contributions to a defined contribution scheme on behalf of its employees. The assets of the
|
|
scheme are held independently from those of the group. The pension costs charged in the financial statements
|
|
represent the contributions payable by the group during the year.
|
|
Financial assets and financial liabilities are recognised in accordance with FRS 102 when the group becomes a
|
|
party to the contractual provisions of the instrument.
|
|
Currently all financial liabilities are basic financial instruments as defined by section 11 of FRS 102 which are
|
|
recognised at amortised cost.
|
3.
|
EMPLOYEES AND DIRECTORS
|
|
Transport, storage and support services
|
|
51
|
|
48
|
|
|
|
Management and administration
|
|
12
|
|
12
|
|
|
|
Directors' remuneration
|
13,885
|
|
14,879
|
|
|
|
Directors' pension contributions to money purchase schemes
|
139
|
|
148
|
|
|
|
The number of directors to whom retirement benefits were accruing was as follows:
|
|
Money purchase schemes
|
1
|
|
1
|
|
|
|
The operating profit is stated after charging/(crediting):
|
|
Operating lease rentals -
|
|
plant and machinery
|
367,215
|
|
154,444
|
|
|
|
Depreciation - owned assets
|
413,220
|
|
478,253
|
|
|
|
Depreciation - assets on hire purchase contracts
|
4,930
|
|
-
|
|
|
|
Profit on disposal of fixed assets
|
(49,011
|
) |
(22,356
|
) |
|
|
Auditors' remuneration
|
12,711
|
|
15,581
|
|
|
|
Other non- audit services
|
3,429
|
|
4,345
|
|
|
5.
|
INCOME FROM INTEREST IN ASSOCIATED UNDERTAKINGS
|
|
Interest in associate undertakings
|
3,551
|
|
37,325
|
|
|
|
The Group has an interest of 30.6% in the net profits / (losses) of its associate, J. R. Stennett (Holdings) Ltd.
|
6.
|
INCOME FROM OTHER PARTICIPATING INTERESTS
|
|
|
Share of profit from Genevieve
|
|
The Group had an interest of 45% of the residual profits / (losses) of its joint venture, Genevieve Farms (2017:
|
|
50%). There was a first charge on profits received of £40,000 in the year (2017 : £40,000).
|
7.
|
INTEREST PAYABLE AND SIMILAR EXPENSES
|
|
|
Interest on overdue taxation
|
115
|
|
-
|
|
|
|
Hire purchase interest
|
553
|
|
79
|
|
|
|
Analysis of the tax charge/(credit)
|
|
The tax charge/(credit) on the profit for the year was as follows:
|
|
UK corporation tax
|
34,579
|
|
35,936
|
|
|
|
Deferred tax
|
23,664
|
|
(37,400
|
) |
|
|
Tax on profit
|
58,243
|
|
(1,464
|
) |
|
|
UK corporation tax has been charged at 19% (2017 - 20%).
|
|
Reconciliation of total tax charge/(credit) included in profit and loss
|
|
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is
|
|
Profit before tax
|
205,062
|
|
142,701
|
|
|
|
Profit multiplied by the standard rate of corporation tax in the UK of
19
%
(2017 -
20
%)
|
38,962
|
|
28,540
|
|
|
|
Expenses not deductible for tax purposes
|
185
|
|
635
|
|
|
|
Depreciation in excess of capital allowances
|
6,519
|
|
6,220
|
|
|
|
Utilisation of tax losses
|
-
|
|
(2,264
|
) |
|
|
Deferred Tax
|
23,664 |
|
(29,000 |
) |
|
|
Joint venture and associate interest profit adjustment
|
(1,775 |
) |
(3,595 |
) |
|
|
Unrealised gains on investment property
|
- |
|
(2,000 |
) |
|
|
Profit on disposal of assets not taxable
|
(9,312 |
) |
- |
|
|
|
Total tax charge/(credit)
|
58,243 |
|
(1,464 |
) |
|
9.
|
INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME
|
|
As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent
|
|
company is not presented as part of these financial statements.
|
10.
|
TANGIBLE FIXED ASSETS
|
|
Leasehold
|
|
Plant and
|
|
and
|
|
Motor
|
|
|
improvements
|
|
machinery
|
|
fittings
|
|
vehicles
|
|
Totals
|
|
At 1 April 2017
|
791,171
|
|
986,574
|
|
1,895
|
|
4,276,881
|
|
6,056,521
|
|
|
|
Additions
|
-
|
|
2,560
|
|
-
|
|
640,452
|
|
643,012
|
|
|
|
Disposals
|
-
|
|
(394,602
|
) |
-
|
|
(407,089
|
) |
(801,691
|
) |
|
|
At 31 March 2018
|
791,171
|
|
594,532
|
|
1,895
|
|
4,510,244
|
|
5,897,842
|
|
|
|
At 1 April 2017
|
725,757
|
|
868,310
|
|
1,751
|
|
2,707,224
|
|
4,303,042
|
|
|
|
Charge for year
|
19,755
|
|
13,944
|
|
22
|
|
384,429
|
|
418,150
|
|
|
|
Eliminated on disposal
|
-
|
|
(327,703
|
) |
-
|
|
(280,313
|
) |
(608,016
|
) |
|
|
At 31 March 2018
|
745,512
|
|
554,551
|
|
1,773
|
|
2,811,340
|
|
4,113,176
|
|
|
|
At 31 March 2018
|
45,659
|
|
39,981
|
|
122
|
|
1,698,904
|
|
1,784,666
|
|
|
|
At 31 March 2017
|
65,414 |
|
118,264 |
|
144 |
|
1,569,657 |
|
1,753,479 |
|
|
|
Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
|
11.
|
FIXED ASSET INVESTMENTS
|
|
At 1 April 2017
|
3,027,463
|
|
429,834
|
|
3,457,297
|
|
|
|
Additions
|
149,230
|
|
3,551
|
|
152,781
|
|
|
|
At 31 March 2018
|
3,176,693
|
|
433,385
|
|
3,610,078
|
|
|
|
At 31 March 2018
|
3,176,693
|
|
433,385
|
|
3,610,078
|
|
|
|
At 31 March 2017
|
3,027,463
|
|
429,834
|
|
3,457,297
|
|
|
|
The interest in the group's associate company comprises:
|
|
Interest in net assets of Associate at 31 March 2018
|
|
498,200
|
|
494,649
|
|
|
|
Negative goodwill on acquisition of Associate
|
|
(64,815
|
) |
(64,815
|
) |
|
|
Net book value at 31 March 2018
|
|
433,385
|
|
429,834
|
|
|
|
Cost of acquisition
|
|
160,175
|
|
160,175
|
|
|
|
Share of unrealised gain on property revaluation
|
|
58,725
|
|
58,725
|
|
|
|
Post-acquisition profits
|
|
214,485
|
|
210,934
|
|
|
|
Negative goodwill will be released to the profit and loss account when the underlying assets are realised.
|
|
Shares in
|
|
Interest
|
|
in other
|
|
|
undertakings
|
|
associate
|
|
interests
|
|
Totals
|
|
At 1 April 2017
|
259,482
|
|
160,175
|
|
3,027,463 |
|
3,447,120 |
|
|
|
Additions
|
-
|
|
-
|
|
149,230 |
|
149,230 |
|
|
|
At 31 March 2018
|
259,482
|
|
160,175
|
|
3,176,693 |
|
3,596,350 |
|
|
|
At 31 March 2018
|
259,482
|
|
160,175
|
|
3,176,693 |
|
3,596,350 |
|
|
|
At 31 March 2017
|
259,482
|
|
160,175
|
|
3,027,463 |
|
3,447,120 |
|
|
|
The group or the company's investments at the Balance Sheet date in the share capital of companies include
|
|
M C Stennett & Sons Limited
|
|
Registered office: The Coach House, Park Farm, Fornham St Genevieve, Bury St Edmunds, Suffolk IP28 6TS |
|
Nature of business:
Road haulage and storage |
|
Aggregate capital and reserves
|
2,600,115
|
|
2,593,943
|
|
|
|
Profit for the year
|
46,172
|
|
47,166
|
|
|
|
J R Stennett (Holdings) Limited
|
|
Registered office: The Coach House, Park Farm, Fornham St Genevieve, Bury St Edmunds, Suffolk IP28 6TS |
|
Nature of business:
Non-trading holding company |
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Aggregate capital and reserves
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497,006
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497,006
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Other participating interest
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Interest in other participating interests comprises a 45% (2017: 50%) share in residual profits/(losses) in
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Genevieve Farms, a farming partnership based at Park Farm, Fornham St Genevieve, Bury St Edmunds, Suffolk.
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The aggregate capital and the results of this undertaking for the last relevant financial year are as follows:
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Capital as at 31st March 2018
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13,149,244
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10,049,701
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|
|
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(Loss)/Profit for the year to 31st March 2018
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376,666
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|
98,452
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and 31 March 2018
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250,000
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Fair value at 31 March 2018 is represented by:
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and 31 March 2018
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250,000
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Fair value at 31 March 2018 is represented by:
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If the investment property had not been revalued it would have been included at the following historical cost:
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Investment property was valued on an open market basis on 31 March 2018 by the directors .
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Stocks - fuel and spares
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92,510
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70,134
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14.
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DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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|
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Trade debtors
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1,244,231
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1,073,032
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|
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Amounts owed by participating interests
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155
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155
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Other debtors
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1,085
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5,178
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|
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Prepayments and accrued income
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52,501
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36,653
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15.
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CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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|
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Bank loans and overdrafts (see note 17)
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52,074
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64,192
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|
-
|
|
-
|
|
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Hire purchase contracts (see note 18)
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78,626
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|
-
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|
-
|
|
-
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|
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Trade creditors
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316,246
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326,611
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|
410
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|
-
|
|
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Amounts owed to group undertakings
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-
|
|
-
|
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331,836
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337,546
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|
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Amounts owed to participating interests
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304,920
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304,920
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304,920 |
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304,920 |
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Corporation tax
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34,578
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35,936
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21,582
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13,187
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|
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Social security and other taxes
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150,877
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139,568
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|
-
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|
-
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Other creditors
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195
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|
798
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|
-
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-
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Payroll control
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(112
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) |
(112
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) |
- |
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- |
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Pension contributions
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555
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|
533
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|
- |
|
- |
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Accruals and deferred income
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132,251
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123,903
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2,155
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2,155
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1,070,210
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996,349
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660,903
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657,808
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16.
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CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
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Hire purchase contracts (see note 18)
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156,886
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-
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An analysis of the maturity of loans is given below:
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Amounts falling due within one year or on
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Bank overdrafts
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52,074
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64,192
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Minimum lease payments fall due as follows:
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Net obligations repayable:
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Between one and five years
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156,886
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-
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Non-cancellable operating
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Within one year
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114,478
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114,478
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Between one and five years
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47,914
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114,466
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The following secured debts are included within creditors:
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Bank overdrafts
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52,074
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64,192
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Hire purchase contracts
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235,512
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|
-
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The bank overdraft facility is secured by a personal guarantee given by Mr M C Stennett for £175,000.
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Finance lease and hire purchase creditors are secured on the underlying tangible fixed assets.
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20.
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PROVISIONS FOR LIABILITIES
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Accelerated capital allowances
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Other timing differences
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5,700
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5,700
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5,700 |
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5,700 |
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Accelerated capital allowances
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173,764
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150,100
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|
- |
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- |
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179,464
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155,800
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|
5,700 |
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5,700 |
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Balance at 1 April 2017
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155,800
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Provided during year
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23,664
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Balance at 31 March 2018
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179,464
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Balance at 1 April 2017
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5,700
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Balance at 31 March 2018
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5,700
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21.
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CALLED UP SHARE CAPITAL
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Allotted, issued and fully paid:
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Number:
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Class:
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Nominal
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2018
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2017
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|
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1,000
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ordinary
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£1
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1,000 |
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1,000 |
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The group makes contributions to an employees pension scheme. The amount payable to the scheme at the
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year end was £827 (2017: £533).
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Contracted but not provided for in the
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financial statements
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268,890
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71,600
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24.
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DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
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The following advances and credits to a director subsisted during the years ended 31 March 2018 and
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Balance outstanding at start of year
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14,750
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|
-
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Amounts advanced
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-
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14,750
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Amounts repaid
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(14,750
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) |
-
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Balance outstanding at end of year
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-
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14,750
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Interest was charged by the Group to the director in respect of this loan at 2.5%.
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25.
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RELATED PARTY DISCLOSURES
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The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The
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Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party
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transactions with wholly owned subsidiaries within the group.
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Transactions between group entities which have been eliminated on consolidation are not disclosed within the
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Bank borrowings are secured by a director's personal guarantee of £175,000.
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Entities over which the entity has control, joint control or significant influence
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Purchases
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128,871
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106,830
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Amount due from related party
|
258,673
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27,957
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Amount due to related party
|
344,233
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|
308,933
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26.
|
ULTIMATE CONTROLLING PARTY
|
|
Mr M C Stennett controls the group by virtue of his majority shareholding.
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