10. 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.

11. CASH AND CASH EQUIVALENTS

All of the group’s cash and cash equivalents at 31 March 2013 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.

12. INVENTORY

13. TRADE AND OTHER PAYABLES

14. BORROWINGS

Included in other loans, all bearing interest at 10%-15% 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.

The bank borrowings are repayable as follows:

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

Bank Loans - 5.1% (2010: 5.1%)

£2,000,000 of the Director’s loan is repayable after more than 1 year while the balance will be repaid in the next few months when cashflow permits. Interest will be payable at the rate of 5% pa as from 1 April 2013 (previously nil).

The other loans bear interest of between 10-15% and are repayable after more than 1 year.

15. SHARE CAPITAL

16. SHARE PREMIUM ACCOUNT

17. RELATED PARTY TRANSACTIONS

Mr C C Johnson holds 87.15% (2012: 87.15%) of the total issued share capital of the Group.

During the 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 (2012: £1,090,000).  

Four properties were also sold to an independent third party to whom Mr J Dubois provided an indirect loan of £275,000 in connection with these purchases, for an aggregate consideration of £972,000 (2012: £nil).

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

Mr Johnson’s Loan was interest-free but will bear 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 15% pa interest (2012: 15% pa), reducing to 12% pa as from 1 April 2013.

18. 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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