9. TRADE AND OTHER RECEIVABLES

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 2014 are in sterling and held at floating interest rates.

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

11. INVENTORY

12. TRADE AND OTHER PAYABLES

13. BORROWINGS

Included in other loans, all bearing interest at 10%-12% per annum, is the sum of £300,000 (2012: £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:

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

Bank Loans - 8.41% (2013: 5.1%)

All of the Director’s loan is repayable after more than 1 year. Interest of £100,000 was paid at the rate of 5% pa as from 1 April 2013 (2013: nil).

14. SHARE CAPITAL

     Authorised share capital

On 16 July 2013 Trafalgar New Homes plc issued 14,000,000 ordinary shares for cash at £0.02 per share.

15. SHARE PREMIUM ACCOUNT

16. RELATED PARTY TRANSACTIONS

Mr C C Johnson holds 81.8% (2013: 87.15%) of the total issued share capital of the Group.

In the prior year, the Directors agreed to sell a small number of completed properties to Mr C C Johnson and his Pension Fund for an aggregate consideration of £760,000. There have been no such similar arrangements in the current year.

In the previous year, four properties were also sold to an independent third party to whom Mr J Dubois provided an indirect loan of nil (2013: £275,000) in connection with these purchases, for an aggregate consideration of £nil (2013: £972,000).

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

Mr Johnson’s Loan was interest-free except that £2,000,000 bore interest at 5% pa from 1st April 2013. Mr Dubois’s Loan, which is from his Pension Fund of which he is the sole beneficiary, was at 12% pa interest (2013: 15% 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 £90,000 (2013: £100,000).

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.

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