9. TRADE AND OTHER RECEIVABLES

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 2017 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 is the sum of £300,000 (2016: £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 (2016: 12% per annum).

Included in Directors’ loans is the sum of £521,455 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.

The remaining balance of Directors’ loans is due to C Johnson (see note 16).

Included in other loans is £1,100,000 (2016: £800,000) advanced by Mr G Howard (son-in-law of Mr C C Johnson) to the company at a rate of 10% per annum (2016: 10%pa). The remaining balance of £600,000 (£2016: £nil) has been advanced by Christine Rowe, an employee of the group, at a rate of 10% per annum.

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 - 4.39% (2016: 5.33%)

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 (2016: £nil) was paid to Mr C C Johnson. The rate of interest on the loan is 5% opa (2016: 5% pa). Interest of £36,000 (2016: £36,000) was paid to Mr J Dubois at the rate of 12% pa (2016: 12% pa).

14. SHARE CAPITAL

     Authorised share capital

15. SHARE PREMIUM ACCOUNT

16. RELATED PARTY TRANSACTIONS

Mr C C Johnson holds 78.4% (2016: 78.4%) of the total issued share capital of the Group.

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

Mr Johnson’s Loan bore interest during the year at 5% (2016: 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 (2016: 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).

The development at Speldhurst was acquired in the name of A Johnson (Director) and is held in trust by him on behalf of the Group, together with a Lloyds Bank loan facility for up to £835,000 connected to this development which has been drawn down through A Johnson as to £521,455, the details of which are disclosed in Note 13.

17. SHARE OPTIONS AND WARRANTS

There are no share options or warrants.

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

Page 2

For page 3, click HERE

For Page 1, click HERE