9. TRADE AND OTHER RECEIVABLES

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.

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 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:

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:

8. PROPERTY PLANT AND EQUIPMENT

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