9. TRADE AND OTHER RECEIVABLES


2016

2015


£

£

Other receivables

425,515

59,268

Other taxes

4,786

18,532

Prepayment

6,303

3,444


436,604

81,244

There are no receivables that are past due but not impaired at the period end. There are no provisions for irrecoverable debt included in the balances above.

10. CASH AND CASH EQUIVALENTS

All of the group’s cash and cash equivalents at 31 March 2016 are in sterling and held at floating interest rates.


2016

2015


£

£

Cash and cash equivalents

278,406

490,770

The Directors consider that the carrying amount of cash and cash equivalents approximates to their fair value.

11. INVENTORY


2016

2015


£

£

Work in progress

2,275,546

1,884,250

12. TRADE AND OTHER PAYABLES


2016

2015


£

£

Trade payables

93,328

24,579

Accruals

54,513

20,848

Tax

2,050

2,015

Other payables

2,258

23,335


152,149

70,777

13. BORROWINGS


2016

2015


£

£

Director’s loans

2,121,924

2,566,961

Other loans

1,100,000

765,000

Bank and other loans

741,266

381,450


3,963,190

3,713,411

Included in other loans is the sum of £300,000 (2015: £300,000) advanced by the DFM Pension Scheme of which Mr J Dubois is the principal beneficiary. This loan bears interest at 12% per annum (2015: 12% per annum).

C C Johnson is a named guarantor on the loan included within bank loans.

The bank borrowings are repayable as follows:


2016

2015


£

£

On demand or within one year

741,266

381,450

In the second year

0

0

In the third to fifth years inclusive

​-

​-

After five years

741,266

381,450




Less amount due for settlement within 12 months (included in current liabilities)

741,266

381,450

Amount due for settlement after 12 months

0

0

The weighted average interest rates paid on the bank loans were as follows:

Bank Loans - 5.33% (2015: 4.73%)

All of the Director’s loans are repayable after more than 1 year. All loans are interest bearing and charged accordingly. However Mr C C Johnson has waived his right to interest in the year and as a result interest of nil (2015: £nil) was paid to Mr C C Johnson. The rate of interest on the loan is 5% opa (2015: 5% pa). Interest of £36,000 (2015: £36,000) was paid to Mr J Dubois at the rate of 12% pa (2015: 12% pa).


14. SHARE CAPITAL

     Authorised share capital

0

2016

2015


Number

Number

Ordinary shares of 1p each - @ 1 April 2015

238,375,190

228,375,190

Additional shares issued for cash in year

0

10,000,000


238,375,190

238,375,190

Issued, allotted and fully paid

2016

2015


£

£

Ordinary shares of 1p each

2,383,752

2,383,752


15. SHARE PREMIUM ACCOUNT


2016

2015


£

£

Balance brought forward

1,165,463

1,075,513

Premium on issue of new shares

0

100,000

Share issue costs

0

(10,050)

Balance carried forward

1,165,463

1,165,463

16. RELATED PARTY TRANSACTIONS

Mr C C Johnson holds 78.4% (2015: 78.4%) of the total issued share capital of the Group.

The following working capital loans have been provided by the Directors:


2016

2015


£

£

C C Johnson



Opening balance

2,566,961

3,631,410

Loan repayments

(421,255)

(1,000,000)

Personal drawings

(23,782)

(64,449)

Interest payable

0

0

Balance carried forward

2,121,924

2,566,961




J Dubois

​300,000

300,000

Mr Johnson’s Loan bore interest during the year at 5% (2015: 5% pa), however he has chosen to forego the interest in the year. Mr Dubois’s Loan, which is from his Pension Fund of which he is the sole beneficiary, was at 12% pa interest (2015: 12% pa).

Mrs L C Howard (daughter of Mr C C Johnson) has provided a loan to the company at a rate of 10% per annum of £nil (2015: £100,000).

Mr G Howard (son-in-law of Mr C C Johnson) has provided a loan to the company at a rate of 10% per annum of £800,000 (2015:nil).

During the year, the Directors agreed to sell 11 Oakhurst Park Gardens, Hildenborough Kent to Mr C C Johnson for a consideration of £525,000 (2015: £nil) being the market value.


17. SHARE OPTIONS AND WARRANTS

There are no share options or warrants.

Annual report & consolidated financial statements 2016

Page 2

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