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Financial Statements
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Contents
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Page
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Officers and professional advisers
|
1
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Strategic report
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2
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Directors' report
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3
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Independent auditor's report to the members
|
5
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Consolidated income statement
|
8
|
Consolidated statement of comprehensive income
|
9
|
Consolidated statement of financial position
|
10
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Company statement of financial position
|
11
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Consolidated statement of changes in equity
|
12
|
Company statement of changes in equity
|
13
|
Consolidated statement of cash flows
|
14
|
Notes to the financial statements
|
15
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Company detailed income statement
|
28
|
Notes to the company detailed income statement
|
29
|
|
Officers and Professional Advisers
|
The board of directors
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|
|
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Registered office
|
|
|
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Auditor
|
|
Chartered Accountants & statutory auditor
|
|
Lyndhurst
|
|
1 Cranmer Street
|
|
Long Eaton
|
|
Nottingham
|
|
NG10 1NJ
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|
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Strategic Report
|
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Director
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Registered office:
|
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Directors' Report
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Director
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Registered office:
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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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Lyndhurst
|
1 Cranmer Street
|
Long Eaton
|
Nottingham
|
NG10 1NJ
|
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Consolidated Income Statement
|
2020
|
2019
|
||
Note
|
£
|
£
|
|
Turnover
|
4
|
|
|
Cost of sales
|
|
|
------------
|
------------
|
|
Gross profit
|
|
|
Administrative expenses
|
|
|
|
Other operating income
|
5
|
|
|
------------
|
------------
|
||
Operating profit
|
6
|
|
|
Income from other fixed asset investments
|
10
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|
|
Other interest receivable and similar income
|
11
|
|
|
Interest payable and similar expenses
|
12
|
|
|
------------
|
------------
|
||
Profit before taxation
|
|
|
|
Tax on profit
|
13
|
|
|
---------
|
---------
|
||
Profit for the financial year
|
|
|
|
---------
|
---------
|
||
The owners of the parent company
|
|
|
Non-controlling interests
|
|
|
---------
|
---------
|
|
|
|
|
---------
|
---------
|
|
|
Consolidated Statement of Comprehensive Income
|
2020
|
2019
|
|
£
|
£
|
|
Profit for the financial year
|
|
|
---------
|
---------
|
|
Other comprehensive income for the year
|
–
|
–
|
---------
|
---------
|
|
Total comprehensive income for the year
|
|
|
---------
|
---------
|
|
The owners of the parent company
|
|
|
Non-controlling interests
|
|
|
---------
|
---------
|
|
|
|
|
---------
|
---------
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|
|
Consolidated Statement of Financial Position
|
2020
|
2019
|
|
Note
|
£
|
£
|
Tangible assets
|
15
|
|
|
Investments
|
16
|
|
|
------------
|
------------
|
||
|
|
||
Stocks
|
17
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|
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Debtors
|
18
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|
|
Cash at bank and in hand
|
|
|
|
------------
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------------
|
||
|
|
||
Creditors: amounts falling due within one year
|
19
|
|
|
------------
|
------------
|
||
Net current assets
|
|
|
|
------------
|
------------
|
||
Total assets less current liabilities
|
|
|
|
Creditors: amounts falling due after more than one year
|
20
|
|
|
Provisions
|
22
|
|
|
------------
|
------------
|
||
Net assets
|
|
|
|
------------
|
------------
|
||
Called up share capital
|
25
|
|
|
Profit and loss account
|
|
|
|
------------
|
------------
|
||
Equity attributable to the owners of the parent company
|
|
|
|
Non-controlling interests
|
|
|
------------
|
------------
|
|
|
|
|
------------
|
------------
|
|
|
Director
|
|
Company Statement of Financial Position
|
2020
|
2019
|
|
Note
|
£
|
£
|
Tangible assets
|
15
|
|
|
Investments
|
16
|
|
|
------------
|
------------
|
||
|
|
||
Debtors
|
18
|
|
|
Cash at bank and in hand
|
|
|
|
------------
|
------------
|
||
|
|
||
Creditors: amounts falling due within one year
|
19
|
|
|
------------
|
------------
|
||
Net current assets
|
|
|
|
------------
|
------------
|
||
Total assets less current liabilities
|
|
|
|
Provisions
|
22
|
|
|
------------
|
------------
|
||
Net assets
|
|
|
|
------------
|
------------
|
||
Called up share capital
|
25
|
|
|
Profit and loss account
|
|
|
|
------------
|
------------
|
||
Shareholders funds
|
|
|
|
------------
|
------------
|
||
|
Director
|
|
Consolidated Statement of Changes in Equity
|
Called up share capital
|
Profit and loss account
|
Equity attributable to the owners of the parent company
|
Non-controlling interests
|
Total
|
|||
£
|
£
|
£
|
£
|
£
|
|||
At 1 March 2018
|
|
|
|
|
|
||
Profit for the year
|
|
|
|
|
|||
Other comprehensive income for the year:
|
|||||||
Dilution of group reserves
|
–
|
(
|
(
|
|
–
|
||
----
|
------------
|
------------
|
--------
|
------------
|
|||
Total comprehensive income for the year
|
–
|
|
|
|
|
||
Dividends paid and payable
|
14
|
–
|
(
|
(
|
(
|
(
|
|
----
|
------------
|
------------
|
--------
|
------------
|
|||
Total investments by and distributions to owners
|
–
|
(
|
(
|
(
|
(
|
||
At 28 February 2019
|
|
|
|
|
|
||
Profit for the year
|
|
|
|
|
|||
----
|
------------
|
------------
|
--------
|
------------
|
|||
Total comprehensive income for the year
|
–
|
|
|
|
|
||
Dividends paid and payable
|
14
|
–
|
(
|
(
|
(
|
(
|
|
----
|
--------
|
--------
|
--------
|
--------
|
|||
Total investments by and distributions to owners
|
–
|
(
|
(
|
(
|
(
|
||
----
|
------------
|
------------
|
--------
|
------------
|
|||
At 29 February 2020
|
|
|
|
|
|
||
----
|
------------
|
------------
|
--------
|
------------
|
|||
|
Company Statement of Changes in Equity
|
Called up share capital
|
Profit and loss account
|
Total
|
||
£
|
£
|
£
|
||
At 1 March 2018
|
|
|
|
|
Profit for the year
|
|
|
||
----
|
------------
|
------------
|
||
Total comprehensive income for the year
|
–
|
|
|
|
Dividends paid and payable
|
14
|
–
|
(
|
(
|
----
|
------------
|
------------
|
||
Total investments by and distributions to owners
|
–
|
(
|
(
|
|
At 28 February 2019
|
|
|
|
|
Profit for the year
|
|
|
||
----
|
------------
|
------------
|
||
Total comprehensive income for the year
|
–
|
|
|
|
Dividends paid and payable
|
14
|
–
|
(
|
(
|
----
|
--------
|
--------
|
||
Total investments by and distributions to owners
|
–
|
(
|
(
|
|
----
|
------------
|
------------
|
||
At 29 February 2020
|
|
|
|
|
----
|
------------
|
------------
|
||
|
Consolidated Statement of Cash Flows
|
2020
|
2019
|
|
£
|
£
|
|
Profit for the financial year
|
|
|
Adjustments for:
|
||
Depreciation of tangible assets
|
|
|
Income from other fixed asset investments
|
(
|
(
|
Other interest receivable and similar income
|
(54,813)
|
(83,429)
|
Interest payable and similar expenses
|
|
|
Gains on disposal of tangible assets
|
(
|
(
|
Tax on profit
|
|
|
Accrued expenses
|
|
|
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
|
|
|
Purchases of other investments
|
–
|
(
|
Proceeds from sale of other investments
|
|
|
---------
|
---------
|
|
Net cash used in investing activities
|
(
|
(
|
---------
|
---------
|
|
Payments of finance lease liabilities
|
(
|
|
Dividends paid
|
(
|
(
|
---------
|
---------
|
|
Net cash used in financing activities
|
(
|
(
|
---------
|
---------
|
|
Net increase/(decrease) in cash and cash equivalents
|
|
(
|
Cash and cash equivalents at beginning of year
|
1,074,725
|
1,613,882
|
------------
|
------------
|
|
Cash and cash equivalents at end of year
|
|
|
------------
|
------------
|
|
|
Notes to the Financial Statements
|
Freehold property
|
-
|
|
|
Plant and machinery
|
-
|
|
|
Fixtures and fittings
|
-
|
|
|
Motor vehicles
|
-
|
|
|
2020
|
2019
|
|
£
|
£
|
|
Rendering of services
|
|
|
Construction contracts
|
|
|
Rent received
|
|
|
------------
|
------------
|
|
|
|
|
------------
|
------------
|
|
2020
|
2019
|
|
£
|
£
|
|
Other operating income
|
|
|
-------
|
-------
|
|
2020
|
2019
|
|
£
|
£
|
|
Depreciation of tangible assets
|
|
|
Gains on disposal of tangible assets
|
(
|
(
|
Impairment of trade debtors
|
28,595
|
2,292
|
Operating lease rentals
|
|
|
---------
|
---------
|
|
2020
|
2019
|
|
£
|
£
|
|
Fees payable for the audit of the financial statements
|
|
|
-------
|
-------
|
|
2020
|
2019
|
|
No.
|
No.
|
|
Production staff
|
|
|
Administrative staff
|
|
|
----
|
----
|
|
|
|
|
----
|
----
|
|
2020
|
2019
|
|
£
|
£
|
|
Wages and salaries
|
|
|
Social security costs
|
|
|
Other pension costs
|
|
|
------------
|
------------
|
|
|
|
|
------------
|
------------
|
|
2020
|
2019
|
|
£
|
£
|
|
Remuneration
|
|
|
---------
|
---------
|
|
2020
|
2019
|
|
£
|
£
|
|
(Gain)/loss on disposal of other fixed asset investments
|
17,297
|
15,599
|
--------
|
--------
|
|
2020
|
2019
|
|
£
|
£
|
|
Interest on bank deposits
|
|
|
Gain on financial instruments
|
|
|
Other interest receivable and similar income
|
–
|
|
--------
|
--------
|
|
|
|
|
--------
|
--------
|
|
2020
|
2019
|
|
£
|
£
|
|
Interest on obligations under finance leases and hire purchase contracts
|
|
|
Loss on financial instruments
|
19,167
|
17,078
|
--------
|
--------
|
|
|
|
|
--------
|
--------
|
|
2020
|
2019
|
|
£
|
£
|
|
UK current tax expense
|
|
|
Origination and reversal of timing differences
|
(
|
|
---------
|
--------
|
|
Tax on profit
|
|
|
---------
|
--------
|
|
2020
|
2019
|
|
£
|
£
|
|
Profit on ordinary activities before taxation
|
|
|
---------
|
---------
|
|
Profit on ordinary activities by rate of tax
|
|
|
Effect of expenses not deductible for tax purposes
|
|
|
Unrealised profit on investments
|
(
|
|
---------
|
---------
|
|
Tax on profit
|
|
|
---------
|
---------
|
|
2020
|
2019
|
|
£
|
£
|
|
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
|
|
|
--------
|
--------
|
|
Group
|
Freehold property
|
Plant and machinery
|
Fixtures and fittings
|
Motor vehicles
|
Total
|
£
|
£
|
£
|
£
|
£
|
|
Cost
|
|||||
At 1 March 2019
|
|
|
|
|
|
Additions
|
–
|
–
|
|
|
|
Disposals
|
–
|
(
|
(
|
(
|
(
|
------------
|
---------
|
--------
|
---------
|
------------
|
|
At 29 February 2020
|
|
|
|
|
|
------------
|
---------
|
--------
|
---------
|
------------
|
|
Depreciation
|
|||||
At 1 March 2019
|
|
|
|
|
|
Charge for the year
|
|
|
|
|
|
Disposals
|
–
|
(
|
(
|
(
|
(
|
------------
|
---------
|
--------
|
---------
|
------------
|
|
At 29 February 2020
|
|
|
|
|
|
------------
|
---------
|
--------
|
---------
|
------------
|
|
Carrying amount
|
|||||
At 29 February 2020
|
|
|
|
|
|
------------
|
---------
|
--------
|
---------
|
------------
|
|
At 28 February 2019
|
|
|
|
|
|
------------
|
---------
|
--------
|
---------
|
------------
|
|
Company
|
Freehold property
|
Plant and machinery
|
Fixtures and fittings
|
Motor vehicles
|
Total
|
£
|
£
|
£
|
£
|
£
|
|
Cost
|
|||||
At 1 March 2019
|
|
|
|
|
|
Additions
|
–
|
–
|
|
|
|
Disposals
|
–
|
(
|
(
|
(
|
(
|
------------
|
--------
|
--------
|
---------
|
------------
|
|
At 29 February 2020
|
|
|
|
|
|
------------
|
--------
|
--------
|
---------
|
------------
|
|
Depreciation
|
|||||
At 1 March 2019
|
|
|
|
|
|
Charge for the year
|
|
|
|
|
|
Disposals
|
–
|
(
|
(
|
(
|
(
|
------------
|
--------
|
--------
|
---------
|
------------
|
|
At 29 February 2020
|
|
|
|
|
|
------------
|
--------
|
--------
|
---------
|
------------
|
|
Carrying amount
|
|||||
At 29 February 2020
|
|
|
|
|
|
------------
|
--------
|
--------
|
---------
|
------------
|
|
At 28 February 2019
|
|
|
|
|
|
------------
|
--------
|
--------
|
---------
|
------------
|
|
Group
|
Plant and machinery
|
£
|
|
At 29 February 2020
|
|
--------
|
|
At 28 February 2019
|
–
|
--------
|
|
Group
|
Other investments other than loans
|
£
|
|
Cost
|
|
At 1 March 2019
|
|
Other movements
|
|
---------
|
|
At 29 February 2020
|
|
---------
|
|
Impairment
|
|
At 1 March 2019 and 29 February 2020
|
–
|
---------
|
|
Carrying amount
|
|
At 29 February 2020
|
|
---------
|
|
At 28 February 2019
|
|
---------
|
|
Company
|
Shares in group undertakings
|
Other investments other than loans
|
Total
|
£
|
£
|
£
|
|
Cost
|
|||
At 1 March 2019
|
|
|
|
Disposals
|
(
|
–
|
(
|
Other movements
|
–
|
|
|
----
|
---------
|
---------
|
|
At 29 February 2020
|
|
|
|
----
|
---------
|
---------
|
|
Impairment
|
|||
At 1 March 2019 and 29 February 2020
|
–
|
–
|
–
|
----
|
---------
|
---------
|
|
Carrying amount
|
|||
At 29 February 2020
|
|
|
|
----
|
---------
|
---------
|
|
At 28 February 2019
|
|
|
|
----
|
---------
|
---------
|
|
Registered office
|
Class of share
|
Percentage of shares held
|
|
Subsidiary undertakings
|
|||
|
Units 11 & 12
|
Ordinary and non-voting
|
85
|
Cromford Road Industrial Estate
|
|||
Langley Mill
|
|||
Nottingham
|
|||
NG16 4FL
|
|||
|
Lyndhurst
|
Ordinary
|
60
|
1 Cranmer Street
|
|||
Long Eaton
|
|||
Nottingham
|
|||
NG10 1NJ
|
|||
Group
|
Company
|
|||
2020
|
2019
|
2020
|
2019
|
|
£
|
£
|
£
|
£
|
|
Raw materials and consumables
|
|
|
–
|
–
|
---------
|
---------
|
----
|
----
|
|
Group
|
Company
|
|||
2020
|
2019
|
2020
|
2019
|
|
£
|
£
|
£
|
£
|
|
Trade debtors
|
|
|
|
|
Amounts owed by group undertakings
|
–
|
–
|
|
|
Amounts owed by customers on construction contracts
|
|
|
–
|
–
|
Prepayments and accrued income
|
|
|
|
|
Other debtors
|
|
|
|
|
------------
|
------------
|
---------
|
------------
|
|
|
|
|
|
|
------------
|
------------
|
---------
|
------------
|
|
Group
|
Company
|
|||
2020
|
2019
|
2020
|
2019
|
|
£
|
£
|
£
|
£
|
|
Trade debtors
|
|
|
–
|
–
|
---------
|
---------
|
----
|
----
|
|
Group
|
Company
|
|||
2020
|
2019
|
2020
|
2019
|
|
£
|
£
|
£
|
£
|
|
Trade creditors
|
|
|
|
|
Accruals and deferred income
|
|
|
|
|
Corporation tax
|
|
|
|
|
Social security and other taxes
|
|
|
–
|
–
|
Obligations under finance leases and hire purchase contracts
|
|
|
–
|
–
|
Other creditors
|
|
|
–
|
–
|
---------
|
---------
|
--------
|
--------
|
|
|
|
|
|
|
---------
|
---------
|
--------
|
--------
|
|
Group
|
Company
|
|||
2020
|
2019
|
2020
|
2019
|
|
£
|
£
|
£
|
£
|
|
Obligations under finance leases and hire purchase contracts
|
|
|
–
|
–
|
--------
|
--------
|
----
|
----
|
|
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 23)
|
£
|
|
At 1 March 2019
|
|
Additions
|
(
|
--------
|
|
At 29 February 2020
|
|
--------
|
|
Company
|
Deferred tax (note 23)
|
£
|
|
At 1 March 2019
|
|
Additions
|
(
|
--------
|
|
At 29 February 2020
|
|
--------
|
|
Group
|
Company
|
|||
2020
|
2019
|
2020
|
2019
|
|
£
|
£
|
£
|
£
|
|
Included in provisions (note 22)
|
|
|
|
|
--------
|
--------
|
--------
|
--------
|
|
Group
|
Company
|
|||
2020
|
2019
|
2020
|
2019
|
|
£
|
£
|
£
|
£
|
|
Accelerated capital allowances
|
|
|
|
|
--------
|
--------
|
--------
|
--------
|
|
2020
|
2019
|
|||
No.
|
£
|
No.
|
£
|
|
|
|
98
|
|
98
|
|
|
1
|
|
1
|
|
|
1
|
|
1
|
----
|
----
|
----
|
----
|
|
|
100
|
|
100
|
|
----
|
----
|
----
|
----
|
|
At 1 Mar 2019
|
Cash flows
|
At 29 Feb 2020
|
|
£
|
£
|
£
|
|
Cash at bank and in hand
|
|
775,954
|
|
Debt due within one year
|
(8,007)
|
(430)
|
(8,437)
|
Debt due after one year
|
(22,672)
|
8,535
|
(14,137)
|
------------
|
---------
|
------------
|
|
|
|
|
|
------------
|
---------
|
------------
|
|
|
Management Information
|
|
Company Detailed Income Statement
|
2020
|
2019
|
|
£
|
£
|
|
Sales
|
109,064
|
105,807
|
Rent received
|
119,130
|
120,911
|
---------
|
---------
|
|
|
|
|
---------
|
---------
|
|
Gross profit
|
|
|
Administrative expenses
|
240,679
|
167,016
|
Other operating income
|
42,652
|
40,194
|
---------
|
---------
|
|
Operating profit
|
|
|
Income from shares in group undertakings
|
93,280
|
59,214
|
Income from other fixed asset investments
|
17,297
|
15,599
|
Other interest receivable and similar income
|
42,066
|
83,374
|
Interest payable and similar expenses
|
(19,167)
|
(17,078)
|
---------
|
---------
|
|
Profit before taxation
|
163,643
|
241,005
|
---------
|
---------
|
|
|
Notes to the Company Detailed Income Statement
|
2020
|
2019
|
|
£
|
£
|
|
Rates and water
|
11,604
|
11,157
|
Light and heat
|
5,618
|
3,639
|
Insurance
|
2,591
|
3,056
|
Repairs and maintenance (allowable)
|
74,275
|
44,033
|
Motor expenses
|
797
|
411
|
Telephone
|
1,188
|
605
|
Printing postage and stationery
|
2,091
|
2,166
|
Charitable donations (allowable)
|
4,000
|
850
|
General expenses (allowable)
|
–
|
6
|
Subscriptions
|
631
|
463
|
Rent management fees
|
12,949
|
10,285
|
Accountancy fees
|
8,663
|
8,843
|
Auditors remuneration
|
1,500
|
1,500
|
Depreciation of tangible assets
|
124,081
|
103,914
|
(Gain)/loss on disposal of tangible assets
|
(9,491)
|
(24,118)
|
Bank charges
|
182
|
206
|
---------
|
---------
|
|
240,679
|
167,016
|
|
---------
|
---------
|
|
Management charges receivable
|
35,056
|
33,807
|
Other operating income
|
7,596
|
6,387
|
--------
|
--------
|
|
42,652
|
40,194
|
|
--------
|
--------
|
|
Dividends from group undertakings
|
93,280
|
59,214
|
--------
|
--------
|
|
(Gain)/loss on disposal of other fixed asset investments
|
17,297
|
15,599
|
--------
|
--------
|
|
Interest on bank deposits
|
10,345
|
10,225
|
Gain on financial instruments
|
31,721
|
73,149
|
--------
|
--------
|
|
42,066
|
83,374
|
|
--------
|
--------
|
|
Loss on financial instruments
|
19,167
|
17,078
|
--------
|
--------
|
|