9. TRADE AND OTHER RECEIVABLES

2015

2014


£

£

Other receivables

59,268

2,395,257

Other taxes

18,532

25,451

Prepayment

3,444

4,548


81,244

2,425,257

There are no receivables that are past due but not impaired at the period end, and receivables relate only to customers with no recent history of default. 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 2015 are in sterling and held at floating interest rates.

2015

2014


£

£

Cash and cash equivalents

490,770

1,216,471

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

11. INVENTORY

2015

2014


£

£

Work in progress

1,884,250

5,070,454

12. TRADE AND OTHER PAYABLES

2015

2014


£

£

Trade payables

24,579

60,766

Accruals

20,848

54,848

Tax

2,015

5,478

Other payables

23,335

619,998


70,777

741,090

13. BORROWINGS

2015

2014


£

£

Director’s loans

2,566,961

3,631,410

Other loans

765,000

755,000

Bank and other loans

381,450

4,483,665


3,713,411

8,870,075

Included in other loans, all bearing interest at 10%-12% per annum, is the sum of £300,000 (2014: £300,000) advanced by the DFM Pension Scheme of which Mr J Dubois is the principal beneficiary.

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

The bank borrowings are repayable as follows:

2015

2014


£

£

On demand or within one year

381,450

574,503

In the second year

0

3,909,162

In the third to fifth years inclusive

​-

​-

After five years

381,450

4,483,665




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

381,450

(574,503)

Amount due for settlement after 12 months

0

3,909,162

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

Bank Loans - 4.73% (2014: 8.41%)

All of the Director’s loans are repayable after more than 1 year. All loans are interst 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 (2014: £100,000) was paid to Mr C C Johnson. The rate of interest on the loan is 5% opa (2014: 5% pa). Interest of £36,000 (2014: £36,000) was paid to Mr J Dubois at the rate of 12% pa (2014: 12% pa).


14. SHARE CAPITAL

     Authorised share capital

0

2015

2014


Number

Number

Ordinary shares of 1p each - @ 1 April 2014

228,375,200

214,375,200

Additional shares issued for cash in year

10,000,000

14,000,000


238,375,200

228,375,200

Issued, allotted and fully paid

2015

2014


£

£

Ordinary shares of 1p each

2,383,752

2,283,752

On 10 June 2014 Trafalgar New Homes plc issued 10,000,000 ordinary shares for cash at £0.02 per share.

15. SHARE PREMIUM ACCOUNT

2015

2014


£

£

Balance brought forward

1,075,513

961,128

Premium on issue of new shares

100,000

140,000

Share issue costs

(10,050)

(25,615)

Balance carried forward

1,165,463

1,075,513

16. RELATED PARTY TRANSACTIONS

Mr C C Johnson holds 78.4% (2014: 81.8%) of the total issued share capital of the Group.

Mr C C Johnson is the ultimate controlling party.

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

2015

2014


£

£

C C Johnson



Opening balance

3,631,410

4,035,391

Loan repayments

(1,000,000)

(404,000)

Personal drawings

(64,449)

(99,981)

Interest payable

0

100,000

Balance carried forward

2,566,961

3,631,410




J Dubois - no transactions in the year

​300,000

300,000

Mr Johnson’s Loan bore interest during the year at 5% (2014: 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 (2014: 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 £100,000 (2014: £90,000).


17. CATEGORIES OF FINANCIAL INSTRUMENTS

The group’s financial assets are divided as cash and cash equivalents. The group’s financial liabilities are divided as directors loans, bank loans and other loans.

Loans, cash and cash equivalents and receivables held at amortised cost

Borrowings and trade payables held at amortised cost


2015

2014

2015

2014


£

£

£

£

Financial assets





Cash and cash equivalents

490,770

1,216,471

–

–

Trade receivables

81,244

2,425,257








Financial liabilities





Trade payables



70,777

741,090

Borrowings - directors loans

–

–

2,566,961

3,631,410

Borrowings - bank loan

–

–

381,450

4,483,665

Borrowings - other loans

–

–

765,000

755,000

Total

490,770

1,216,471

3,713,411

8,870,075

Annual report & consolidated financial statements 2015

Page 2

For Page 3, click HERE