9. TRADE AND OTHER RECEIVABLES


2019

2018


£

£

Other receivables

75,389

66,192

Other taxes

14,629

24,327

Prepayment

2,074

4,325


92,092

94,844

There are no receivables that are past due but not impaired at the year-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 2019 are in sterling and held at floating interest rates.


2019

2018


£

£

Cash and cash equivalents

32,800

458,209

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

11. INVENTORY


2019

2018


£

£

Work in progress

4,481,230

7,792,611

12. TRADE AND OTHER PAYABLES


2019

2018


£

£

Trade payables

21,602

82,145

Accruals

411,990

278,468

PAYE and other taxes

6,149

6,288

Other payables

2,462

27,354


442,203

394,255

13. BORROWINGS


2019

2018


£

£

Directors' loans

2,693,103

3,167,818

Other loans

1,580,000

1,700,000

Bank and other loans (less than 1 year)

2,502,462

3,108,510


6,775,565

7,976,328

Included in Directors’ loans is the sum of £300,000 (2018: £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 (2018: 12% per annum).

Included in Directors’ loans is the sum of £nil (2018: £697,161) drawn down from a £835,000 loan facility advanced by Lloyds Bank and which is linked to the Speldhurst development. The loan was made in the name of A Johnson as the Speldhurst property is held in his name, and bears interest at 5.2% above base rate per annum. During the yar the loan was repaid.

The remaining balance is disclosed in note 16.

Included in other loans is £980,000 (2018: £1,100,000) advanced by Mr G Howard (son-in-law of Mr C C Johnson) to the company at a rate of 10% per annum (2018: 10%pa). £600,000 (2018: £600,000) has been advanced by C Rowe, an employee of the group, at a rate of 10% per annum.

Lloyds Bank hold a legal charge over land at Wellesley Road, Sheerness, Kent, together with charges over two term life policies on two of the Directors. Bridgeco holds a legal charge on the site known as Saxons, Speldhurst, Kent and Ratesetter holds a legal change on the site known as Burnside, Tunbridge Wells, Kent and Alexander Stables, Hildenborough, Kent.

The bank borrowings are repayable as follows:


2019

2018


£

£

On demand or within one year

2,502,462

3,082,010

In the second year

0

0

In the third to fifth years inclusive

​-

​-

After five years

0

0


2,502,462

3,082,010

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

2,502,462

3,082,010

Amount due for settlement after 12 months

0

0

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

Bank Loans - 7.18% (2017: 4.23%)

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 (2018: £nil) was paid to Mr C C Johnson. The rate of interest on the loan is 5% opa (2018: 5% pa). Interest of £36,000 (2018: £36,000) was paid to Mr J Dubois at the rate of 12% pa (2018: 12% pa).


See note 5 for details of interest capitalised as part of the value of inventory.

7. (LOSS)/PROFIT PER ORDINARY SHARE

The calculation of (loss)/profit per ordinary share is based on the following profits/(losses) and number of shares:


2019

2018


£

£

(Loss) for the year

(2,296,422)

(424,903)



Weighted average number of shares for basic (loss) per share

425,190,380

425,190,380

Weighted average number of shares for diluted (loss) per share

425,190,380

425,190,380

(LOSS) PER ORDINARY SHARE:



Basic

(0.54)p

(0.10)p

Diluted

(0.54)p

(0.10)p

8. PROPERTY PLANT AND EQUIPMENT

Fixtures and fittings

2019

2018


£

£

Cost



At 1 April

6205

5,467

Additions

0

738

At 31 March

6205

​6205

Depreciation



At 1 April

4126

3,679

Charge for the year

740

447

At 31 March

4,886

4,126




Net book value at 31 March

1339

2079

Annual report & consolidated financial statements 2019

Page 2

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