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FOR
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FINANCIAL STATEMENTS
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Contents
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Page
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Officers and professional advisers
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1
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Strategic report
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2
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Directors' report
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4
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Independent auditor's report to the members
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6
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Consolidated statement of comprehensive income
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10
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Consolidated statement of financial position
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11
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Company statement of financial position
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12
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Consolidated statement of changes in equity
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13
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Company statement of changes in equity
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15
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Consolidated statement of cash flows
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16
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Notes to the financial statements
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17
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OFFICERS AND PROFESSIONAL ADVISERS
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The board of directors
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Company secretary
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Registered office
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West Yorkshire
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Auditor
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Chartered Accountants & statutory auditor
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Equitable House
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55 Pellon Lane
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Halifax
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West Yorkshire
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HX1 5SP
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Bankers
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33 Park Row
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Leeds
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West Yorkshire
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LS1 1LD
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Solicitors
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Dean Clough Mills
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The Fire Station
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Dean Clough
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Halifax
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West Yorkshire
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HX3 5AX
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STRATEGIC REPORT
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Director
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DIRECTORS' REPORT
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Director
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF
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(Senior Statutory Auditor)
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For and on behalf of
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Chartered Accountants & statutory auditor
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Equitable House
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55 Pellon Lane
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Halifax
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West Yorkshire
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HX1 5SP
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
|
2020
|
2019
|
||
Note
|
£
|
£
|
|
Turnover
|
4
|
|
|
Cost of sales
|
|
|
-------------
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-------------
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|
Gross profit
|
|
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Distribution costs Distribution Costs
|
|
|
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Administrative expenses
|
|
|
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Other operating income
|
5
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|
–
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------------
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------------
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||
Operating (loss)/profit
|
6
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(
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Income from interests in associates
|
10
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|
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Interest receivable
|
11
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|
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Interest payable
|
12
|
|
|
------------
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------------
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||
Profit before taxation
|
|
|
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Taxation on ordinary activities
|
13
|
(
|
|
--------
|
---------
|
||
Profit for the financial year
|
|
|
|
--------
|
---------
|
||
Foreign currency retranslation
|
|
(
|
---------
|
---------
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|
Total comprehensive income for the year
|
|
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---------
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---------
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION
|
2020
|
2019
|
|||
Note
|
£
|
£
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||
Intangible assets
|
15
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|
|
||
Tangible assets
|
16
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|
|
||
Investments
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17
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||
------------
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------------
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||||
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||||
Stocks
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18
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Debtors
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19
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|
||
Cash at bank and in hand
|
|
|
|||
-------------
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------------
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||||
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||||
Creditors: amounts falling due within one year
|
21
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||
-------------
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------------
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||||
Net current assets
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|
|
|||
------------
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------------
|
||||
Total assets less current liabilities
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|
|
|||
Creditors: amounts falling due after more than one year
|
22
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|
|
||
Taxation including deferred tax
|
24
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|
|
||
------------
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------------
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||||
Net assets
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|
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|||
------------
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------------
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||||
Called up share capital
|
28
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|
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||
Share premium account
|
29
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|
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Capital redemption reserve
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29
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Other reserves
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29
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Profit and loss account
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29
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||
------------
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------------
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||||
Shareholders funds
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|
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|||
------------
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------------
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||||
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COMPANY STATEMENT OF FINANCIAL POSITION
|
2020
|
2019
|
|||
Note
|
£
|
£
|
||
Intangible assets
|
15
|
|
|
||
Tangible assets
|
16
|
|
|
||
Investments
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17
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|
|
||
------------
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------------
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||||
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||||
Debtors
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19
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||
Cash at bank and in hand
|
|
|
|||
------------
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------------
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||||
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|
||||
Creditors: amounts falling due within one year
|
21
|
|
|
||
------------
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------------
|
||||
Net current assets
|
|
|
|||
------------
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------------
|
||||
Total assets less current liabilities
|
|
|
|||
Creditors: amounts falling due after more than one year
|
22
|
|
|
||
Taxation including deferred tax
|
24
|
|
|
||
------------
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------------
|
||||
Net assets
|
|
|
|||
------------
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------------
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||||
Called up share capital
|
28
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|
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||
Profit and loss account
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29
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|
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||
------------
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------------
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Shareholders funds
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|||
------------
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------------
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||||
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
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Called up share capital
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Share premium account
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Capital redemption reserve
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Other reserves
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Profit and loss account
|
Total
|
|||
£
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£
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£
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£
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£
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£
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|||
At 1 January 2019
|
|
|
|
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Profit for the year
|
|
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||||||
Other comprehensive income for the year:
|
||||||||
Foreign currency retranslation
|
–
|
–
|
–
|
(
|
–
|
(
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||
--------
|
--------
|
--------
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---------
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------------
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------------
|
|||
Total comprehensive income for the year
|
–
|
–
|
–
|
(
|
|
|
||
Dividends paid and payable
|
14
|
–
|
–
|
–
|
–
|
(
|
(
|
|
--------
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--------
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--------
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---------
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------------
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------------
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|||
Total investments by and distributions to owners
|
–
|
–
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–
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–
|
(
|
(
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||
At 31 December 2019
|
|
|
|
|
|
|
||
Profit for the year
|
|
|
||||||
Other comprehensive income for the year:
|
||||||||
Foreign currency retranslation
|
–
|
–
|
–
|
|
–
|
|
||
--------
|
--------
|
--------
|
---------
|
------------
|
------------
|
|||
Total comprehensive income for the year
|
–
|
–
|
–
|
|
|
|
||
Dividends paid and payable
|
14
|
–
|
–
|
–
|
–
|
(
|
(
|
|
----
|
----
|
----
|
----
|
---------
|
---------
|
|||
Total investments by and distributions to owners
|
–
|
–
|
–
|
–
|
(
|
(
|
||
--------
|
--------
|
--------
|
------------
|
------------
|
------------
|
|||
At 31 December 2020
|
|
|
|
|
|
|
||
--------
|
--------
|
--------
|
------------
|
------------
|
------------
|
|||
|
COMPANY STATEMENT OF CHANGES IN EQUITY
|
|
COMPANY STATEMENT OF CHANGES IN EQUITY
|
Called up share capital
|
Profit and loss account
|
Total
|
||
£
|
£
|
£
|
||
At 1 January 2019
|
|
|
|
|
Profit for the year
|
|
|
||
--------
|
------------
|
------------
|
||
Total comprehensive income for the year
|
–
|
|
|
|
Dividends paid and payable
|
14
|
–
|
(
|
(
|
--------
|
------------
|
------------
|
||
Total investments by and distributions to owners
|
–
|
(
|
(
|
|
At 31 December 2019
|
|
|
|
|
Profit for the year
|
|
|
||
--------
|
------------
|
------------
|
||
Total comprehensive income for the year
|
–
|
|
|
|
Dividends paid and payable
|
14
|
–
|
(
|
(
|
----
|
---------
|
---------
|
||
Total investments by and distributions to owners
|
–
|
(
|
(
|
|
--------
|
------------
|
------------
|
||
At 31 December 2020
|
|
|
|
|
--------
|
------------
|
------------
|
||
|
CONSOLIDATED STATEMENT OF CASH FLOWS
|
2020
|
2019
|
|
Note
|
£
|
£
|
Profit for the financial year
|
|
|
Adjustments for:
|
||
Depreciation of tangible assets
|
|
|
Amortisation of intangible assets
|
|
|
Government grant income
|
(
|
–
|
(Gain)/loss on financial assets at fair value through profit or loss
|
(16,772)
|
4,486
|
Income from interests in associates
|
(
|
(
|
Interest receivable
|
(
|
(
|
Interest payable
|
113,409
|
|
Loss on disposal of tangible assets
|
|
|
Taxation on ordinary activities
|
(
|
|
Accrued income
|
(
|
(
|
Gains/losses on b/f currency translation
|
236,113
|
(59,431)
|
Changes in:
|
||
Stocks
|
|
(
|
Trade and other debtors
|
(
|
|
Trade and other creditors
|
|
(
|
---------
|
------------
|
|
Cash generated from operations
|
|
|
Interest paid
|
(
|
(
|
Interest received
|
|
|
Tax paid
|
(
|
(
|
---------
|
---------
|
|
Net cash from operating activities
|
|
|
---------
|
---------
|
|
Purchase of tangible assets
|
(
|
(
|
Proceeds from sale of tangible assets
|
–
|
|
Dividends received
|
|
|
---------
|
---------
|
|
Net cash from/(used in) investing activities
|
|
(
|
---------
|
---------
|
|
Proceeds from borrowings
|
|
|
Government grant income
|
|
–
|
Payments of finance lease liabilities
|
(
|
(
|
Dividends paid
|
(
|
(
|
---------
|
---------
|
|
Net cash used in financing activities
|
(
|
(
|
---------
|
---------
|
|
Net decrease in cash and cash equivalents
|
(
|
(
|
|
Cash and cash equivalents at beginning of year
|
1,754,018
|
2,177,285
|
|
------------
|
------------
|
||
Cash and cash equivalents at end of year
|
20
|
|
|
------------
|
------------
|
||
|
NOTES TO THE FINANCIAL STATEMENTS
|
Acquired goodwill
|
-
|
|
|
Buildings
|
-
|
|
|
Plant and machinery
|
-
|
|
|
Fixtures & fittings
|
-
|
20%-25% reducing balance & 3-10 years straight line
|
|
Motor vehicles
|
-
|
25% reducing balance & 3 or 7 years straight line
|
|
2020
|
2019
|
||
£
|
£
|
||
Sale of goods
|
|
|
|
Rendering of services
|
|
|
|
Construction contracts
|
|
|
|
-------------
|
-------------
|
||
|
|
||
-------------
|
-------------
|
||
2020
|
2019
|
||
£
|
£
|
||
United Kingdom
|
|
|
|
Overseas
|
|
|
|
-------------
|
-------------
|
||
|
|
||
-------------
|
-------------
|
||
2020
|
2019
|
||
£
|
£
|
||
Government grant income
|
|
–
|
|
---------
|
----
|
||
2020
|
2019
|
||
£
|
£
|
||
Amortisation of intangible assets
|
|
|
|
Depreciation of tangible assets
|
|
|
|
Loss on disposal of tangible assets
|
|
|
|
Impairment of trade debtors
|
95,881
|
59,492
|
|
Operating lease rentals
|
|
|
|
Foreign exchange differences
|
|
|
|
---------
|
---------
|
||
2020
|
2019
|
||
£
|
£
|
||
Fees payable for the audit of the financial statements
|
|
|
|
--------
|
--------
|
||
Other non-audit services
|
|
|
|
--------
|
--------
|
||
2020
|
2019
|
||
£
|
£
|
||
Fees payable for the audit of the financial statements
|
|
|
|
--------
|
--------
|
||
2020
|
2019
|
||
No.
|
No.
|
||
Production staff
|
|
|
|
Administrative staff
|
|
|
|
Management staff
|
29
|
32
|
|
----
|
----
|
||
|
|
||
----
|
----
|
||
2020
|
2019
|
||
£
|
£
|
||
Wages and salaries
|
|
|
|
Social security costs
|
|
|
|
Other pension costs
|
|
|
|
------------
|
------------
|
||
|
|
||
------------
|
------------
|
||
2020
|
2019
|
||
£
|
£
|
||
Remuneration
|
|
|
|
Company contributions to defined contribution pension plans
|
|
|
|
---------
|
---------
|
||
|
|
||
---------
|
---------
|
||
2020
|
2019
|
|
No.
|
No.
|
|
Defined contribution plans
|
|
|
----
|
----
|
|
2020
|
2019
|
||
£
|
£
|
||
Aggregate remuneration
|
|
|
|
---------
|
---------
|
||
2020
|
2019
|
||
£
|
£
|
||
Dividends from associates
|
225,629
|
139,800
|
|
---------
|
---------
|
||
2020
|
2019
|
||
£
|
£
|
||
Interest on loans and receivables
|
14,031
|
13,926
|
|
Interest on cash and cash equivalents
|
|
–
|
|
Interest receivable from director
|
|
|
|
--------
|
--------
|
||
|
|
||
--------
|
--------
|
||
2020
|
2019
|
||
£
|
£
|
||
Interest on banks loans and overdrafts
|
|
|
|
Interest on obligations under finance leases and hire purchase contracts
|
|
|
|
Other interest payable and similar charges
|
|
|
|
---------
|
--------
|
||
107,809
|
|
||
---------
|
--------
|
||
2020
|
2019
|
||
£
|
£
|
||
UK current tax income
|
(
|
|
|
Adjustments in respect of prior periods
|
(
|
–
|
|
--------
|
--------
|
||
Total UK current tax
|
(
|
|
|
Foreign current tax income
|
|
|
|
--------
|
---------
|
||
Total current tax
|
|
|
|
--------
|
---------
|
||
Origination and reversal of timing differences
|
(
|
|
|
--------
|
---------
|
||
Taxation on ordinary activities
|
(
|
|
|
--------
|
---------
|
||
2020
|
2019
|
||
£
|
£
|
||
Profit on ordinary activities before taxation
|
|
|
|
--------
|
---------
|
||
Profit on ordinary activities by rate of tax
|
|
|
|
Adjustment to tax charge in respect of prior periods
|
(
|
–
|
|
Effect of expenses not deductible for tax purposes
|
|
|
|
Effect of capital allowances and depreciation
|
|
|
|
Effect of revenue exempt from tax
|
(
|
(
|
|
Effect of different UK tax rates on some earnings
|
(19,849)
|
–
|
|
Utilisation of tax losses
|
|
(
|
|
Deferred tax - accelerated capital allowance
|
(
|
|
|
Deferred tax - unused tax losses
|
(14,612)
|
9,141
|
|
Oversea tax difference
|
|
|
|
--------
|
---------
|
||
Tax on profit
|
(
|
|
|
--------
|
---------
|
||
2020
|
2019
|
|
£
|
£
|
|
Dividends on equity shares
|
|
|
---------
|
---------
|
|
2020
|
2019
|
|
£
|
£
|
|
Dividends on equity shares
|
–
|
|
----
|
---------
|
|
Group and company
|
Goodwill
|
£
|
|
Cost
|
|
At 1 January 2020 and 31 December 2020
|
|
--------
|
|
Amortisation
|
|
At 1 January 2020
|
|
Charge for the year
|
|
--------
|
|
At 31 December 2020
|
|
--------
|
|
Carrying amount
|
|
At 31 December 2020
|
|
--------
|
|
At 31 December 2019
|
|
--------
|
|
Group
|
Freehold property
|
Plant and machinery
|
Fixtures and fittings
|
Motor vehicles
|
Total
|
£
|
£
|
£
|
£
|
£
|
|
Cost
|
|||||
At 1 January 2020
|
|
|
|
|
|
Additions
|
|
|
|
|
|
Disposals
|
–
|
(
|
(
|
–
|
(
|
Transfers
|
–
|
|
|
|
|
------------
|
------------
|
------------
|
---------
|
------------
|
|
At 31 December 2020
|
|
|
|
|
|
------------
|
------------
|
------------
|
---------
|
------------
|
|
Depreciation
|
|||||
At 1 January 2020
|
|
|
|
|
|
Charge for the year
|
|
|
|
|
|
Disposals
|
–
|
(
|
(
|
–
|
(
|
Transfers
|
–
|
|
|
|
|
------------
|
------------
|
------------
|
---------
|
------------
|
|
At 31 December 2020
|
|
|
|
|
|
------------
|
------------
|
------------
|
---------
|
------------
|
|
Carrying amount
|
|||||
At 31 December 2020
|
|
|
|
|
|
------------
|
------------
|
------------
|
---------
|
------------
|
|
At 31 December 2019
|
|
|
|
|
|
------------
|
------------
|
------------
|
---------
|
------------
|
|
Company
|
Freehold property
|
Plant and machinery
|
Fixtures and fittings
|
Motor vehicles
|
Total
|
£
|
£
|
£
|
£
|
£
|
|
Cost
|
|||||
At 1 January 2020
|
|
|
|
|
|
Additions
|
–
|
|
|
|
|
Disposals
|
–
|
(
|
(
|
–
|
(
|
------------
|
------------
|
---------
|
---------
|
------------
|
|
At 31 December 2020
|
|
|
|
|
|
------------
|
------------
|
---------
|
---------
|
------------
|
|
Depreciation
|
|||||
At 1 January 2020
|
|
|
|
|
|
Charge for the year
|
–
|
|
|
|
|
Disposals
|
–
|
(
|
(
|
–
|
(
|
------------
|
------------
|
---------
|
---------
|
------------
|
|
At 31 December 2020
|
|
|
|
|
|
------------
|
------------
|
---------
|
---------
|
------------
|
|
Carrying amount
|
|||||
At 31 December 2020
|
|
|
|
|
|
------------
|
------------
|
---------
|
---------
|
------------
|
|
At 31 December 2019
|
|
|
|
|
|
------------
|
------------
|
---------
|
---------
|
------------
|
|
Group and company
|
Plant and machinery
|
Motor vehicles
|
Total
|
£
|
£
|
£
|
|
At 31 December 2020
|
|
|
|
---------
|
--------
|
---------
|
|
At 31 December 2019
|
|
|
|
---------
|
--------
|
---------
|
|
Group
|
Interests in associates
|
£
|
|
Share of net assets/cost
|
|
At 1 January 2020
|
|
Other movements
|
|
---------
|
|
At 31 December 2020
|
|
---------
|
|
Impairment
|
|
At 1 January 2020 and 31 December 2020
|
–
|
---------
|
|
Carrying amount
|
|
At 31 December 2020
|
|
---------
|
|
At 31 December 2019
|
|
---------
|
|
Company
|
Shares in group undertakings
|
Shares in participating interests
|
Total
|
£
|
£
|
£
|
|
Cost
|
|||
At 1 January 2020 and 31 December 2020
|
|
|
|
---------
|
-------
|
---------
|
|
Impairment
|
|||
At 1 January 2020 and 31 December 2020
|
–
|
–
|
–
|
---------
|
-------
|
---------
|
|
Carrying amount
|
|||
At 1 January 2020 and 31 December 2020
|
|
|
|
---------
|
-------
|
---------
|
|
At 31 December 2019
|
|
|
|
---------
|
-------
|
---------
|
|
Class of share
|
Percentage of shares held
|
|
Subsidiary undertakings
|
||
|
Ordinary
|
100
|
|
Ordinary
|
100
|
|
Ordinary
|
100
|
|
Ordinary
|
100
|
|
Ordinary
|
100
|
|
Ordinary
|
100
|
|
Ordinary
|
100
|
Other significant holdings
|
||
LF Ventilation AS
|
Ordinary
|
30
|
FlaktComp Sweden AB
|
Ordinary
|
30
|
Witt India Pvt Ltd
|
Ordinary
|
50
|
§‘Equity method’
|
Capital & reserves
|
Profit/(loss) for the year
|
||
£
|
£
|
£
|
||
LF Ventilation A/S
|
149,652
|
152,046
|
1,262
|
|
FlaktComp Sweden AB
|
162,763
|
163,580
|
151,452
|
|
**Witt India Pvt Ltd, year-end 31/03/2021
|
1,190,048
|
886,661
|
23,619
|
|
Group
|
Company
|
|||
2020
|
2019
|
2020
|
2019
|
|
£
|
£
|
£
|
£
|
|
Raw materials
|
|
|
–
|
–
|
Work in progress
|
|
|
–
|
–
|
------------
|
------------
|
----
|
----
|
|
|
|
–
|
–
|
|
------------
|
------------
|
----
|
----
|
|
Group
|
Company
|
|||
2020
|
2019
|
2020
|
2019
|
|
£
|
£
|
£
|
£
|
|
Trade debtors
|
|
|
–
|
–
|
Amounts owed by group undertakings
|
–
|
–
|
|
|
Prepayments and accrued income
|
|
|
|
|
Corporation tax repayable
|
|
–
|
–
|
–
|
Directors loan account
|
|
|
–
|
–
|
Other debtors
|
|
|
|
|
------------
|
------------
|
------------
|
------------
|
|
|
|
|
|
|
------------
|
------------
|
------------
|
------------
|
|
2020
|
2019
|
|
£
|
£
|
|
Cash at bank and in hand
|
|
|
Bank overdrafts
|
(
|
(
|
------------
|
------------
|
|
|
|
|
------------
|
------------
|
|
Group
|
Company
|
|||
2020
|
2019
|
2020
|
2019
|
|
£
|
£
|
£
|
£
|
|
Bank loans and overdrafts
|
|
|
–
|
|
Trade creditors
|
|
|
|
|
Amounts owed to group undertakings
|
–
|
–
|
|
|
Accruals and deferred income
|
|
|
|
|
Corporation tax
|
|
|
|
|
Social security and other taxes
|
|
|
–
|
–
|
Obligations under finance leases and hire purchase contracts
|
|
|
|
|
Director loan accounts
|
|
|
|
|
Other creditors
|
|
|
–
|
–
|
Other creditors
|
|
|
|
|
------------
|
------------
|
------------
|
---------
|
|
|
|
|
|
|
------------
|
------------
|
------------
|
---------
|
|
Group
|
Company
|
|||
2020
|
2019
|
2020
|
2019
|
|
£
|
£
|
£
|
£
|
|
Bank loans and overdrafts
|
|
–
|
–
|
–
|
Obligations under finance leases and hire purchase contracts
|
|
|
|
|
Director loan accounts
|
|
|
|
|
Other creditors
|
|
|
–
|
–
|
------------
|
------------
|
---------
|
---------
|
|
|
|
|
|
|
------------
|
------------
|
---------
|
---------
|
|
Group
|
Company
|
|||
2020
|
2019
|
2020
|
2019
|
|
£
|
£
|
£
|
£
|
|
Not later than 1 year
|
|
|
|
|
Later than 1 year and not later than 5 years
|
|
|
|
|
---------
|
---------
|
---------
|
---------
|
|
|
|
|
|
|
---------
|
---------
|
---------
|
---------
|
|
Group
|
Deferred tax (note 25)
|
£
|
|
At 1 January 2020
|
|
Additions
|
|
Charge against provision
|
(
|
Utilisation of losses
|
(
|
---------
|
|
At 31 December 2020
|
|
---------
|
|
Company
|
Deferred tax (note 25)
|
£
|
|
At 1 January 2020
|
|
Charge against provision
|
(
|
---------
|
|
At 31 December 2020
|
|
---------
|
|
Group
|
Company
|
|||
2020
|
2019
|
2020
|
2019
|
|
£
|
£
|
£
|
£
|
|
Included in provisions (note 24)
|
|
|
|
|
---------
|
---------
|
---------
|
---------
|
|
Group
|
Company
|
|||
2020
|
2019
|
2020
|
2019
|
|
£
|
£
|
£
|
£
|
|
Accelerated capital allowances
|
|
|
|
|
Unused tax losses
|
(
|
(
|
(
|
(
|
---------
|
---------
|
---------
|
---------
|
|
127,422
|
142,338
|
220,420
|
133,765
|
|
---------
|
---------
|
---------
|
---------
|
|
Group
|
Company
|
|||
2020
|
2019
|
2020
|
2019
|
|
£
|
£
|
£
|
£
|
|
Government grants recognised directly in income
|
27,464
|
–
|
14,688
|
–
|
Government grants released to profit or loss
|
162,465
|
–
|
–
|
–
|
---------
|
----
|
--------
|
----
|
|
|
–
|
|
–
|
|
---------
|
----
|
--------
|
----
|
|
2020
|
2019
|
|||
No.
|
£
|
No.
|
£
|
|
|
|
15,000
|
|
15,000
|
--------
|
--------
|
--------
|
--------
|
|
At 1 Jan 2020
|
Cash flows
|
At 31 Dec 2020
|
|
£
|
£
|
£
|
|
Cash at bank and in hand
|
|
(173,230)
|
|
Bank overdrafts
|
(177,297)
|
130,729
|
(46,568)
|
Debt due within one year
|
(140,734)
|
(30,196)
|
(170,930)
|
Debt due after one year
|
(993,147)
|
(52,449)
|
(1,045,596)
|
------------
|
---------
|
------------
|
|
|
(
|
|
|
------------
|
---------
|
------------
|
|
Group
|
Company
|
|||
2020
|
2019
|
2020
|
2019
|
|
£
|
£
|
£
|
£
|
|
Not later than 1 year
|
|
|
|
|
Later than 1 year and not later than 5 years
|
|
|
|
|
------------
|
------------
|
-------
|
--------
|
|
|
|
|
|
|
------------
|
------------
|
-------
|
--------
|
|
|
NOTES TO THE FINANCIAL STATEMENTS (continued)
|