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).

Within Directors’ loans is the sum of £240,000 provided by Mr C C Johnson for a deposit on an option which was not taken up.

The remaining balance is disclosed in note 17.

Included in other loans is £650,000 (2018: £980,000) advanced by Mr G Howard (son-in-law of Mr C C Johnson) to the company at a rate of 10% per annum (2019: 10%pa). £530,000 (2019: £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.

Mrs S Johnson, wife of Mr C C Johnson has a legal charge relating to her loan of £380,000 to Selmat.

Selmat has also granted to Paragon Mortgages, legal charges over the freehold property at Hlldenborough and leasehold properties of one of the three flats purchased in the year at Burnside. These mortgages are interest only, for a term of 7 years with a fixed interest rate for the first 5 years.

The bank borrowings are repayable as follows:

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

Bank Loans - 2.03% (2019: 7.18%)

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 (2019: £nil) was paid to Mr C C Johnson. The rate of interest on the loan is 5% pa (2019: 5% pa). Interest of £36,000 (2019: £36,000) was paid to Mr J Dubois at the rate of 12% pa (2019: 12% pa).

7. (LOSS) 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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9. INVESTMENT PROPERTY

10. TRADE AND OTHER RECEIVABLES

The Directors consider there has been no change in the valuation since purchase of the properties in August 2019 and therefore the property remains in the accounts aas at 31 March 2020 at £1,975,000.00

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.

11. CASH AND CASH EQUIVALENTS

All of the group’s cash and cash equivalents at 31 March 2020 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

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

13. TRADE AND OTHER PAYABLES

14. BORROWINGS