Annual report & consolidated financial statements 2020
Page 4
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Financial liabilities |
|
|
|
|
|
|
Total £ |
Due within 1 year £ |
Due within 1- |
Due over 5 years £ |
|
Trade payables |
545,382 |
545,382 |
|
|
|
Borrowings - |
3,471,511 |
|
3,471,511 |
|
|
Borrowings - |
1,479,373 |
555,000 |
|
924,373 |
|
Borrowings - |
1,180,000 |
|
1,180,000 |
|
|
Total |
6,676,266 |
1,100,382 |
2,651,511 |
924,373 |
20. EXCEPTIONAL ITEM
Management have performed a review of the assets of its trading subsidiaries. This assessment concluded that the land options in TR+ should be written down to zero. Consequently, inventory valued at £ 432,268 (2019: £ 1,850,364) less potential deferred tax of nil (2019: £ 291,045) has been written off in the financial statements. Within TNH the sum of £ 163,184 has been written off which related to costs incurred to date on a site where planning permission has not been achieved despite several submission attempts and finally this was taken to appeal where this was also turned down.
Derivative financial Instruments
The Group does not currently use derivative financial instruments as hedging is not considered necessary. Should the Group identify a requirement for the future use of such financial instruments, a comprehensive set of policies and systems as approved by the Directors will be implemented.
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21. NET DEBT RECONCILIATION |
|||
|
|
|
|
|
|
|
|
2020 |
2019 |
|
|
|
£ |
£ |
|
Cash at bank |
|
27969 |
32,800 |
|
Cash and cash equivalents |
|
27969 |
32,800 |
|
Borrowing repayable within one year (including overdrafts) |
|
(6,130,884) |
(6,775,565) |
|
Net debt |
|
(6,102,915) |
(6,742,765) |
|
|
|
|
|
|
|
Cash and liquid investments |
Gross borrowings with a fixed interest rate |
Total cash and liquid investments |
|
|
£ |
£ |
£ |
|
Net debt as at 1 April 2018 |
458,209 |
(7,976,328) |
(7,518,119) |
|
Cash flows |
(425,409) |
1,200,763 |
(775,354) |
|
Net debt as at 31 March 2019 |
32,800 |
(6775,565) |
(6,742,765) |
|
Cash flows |
(4,831) |
644,681 |
(639,850) |
|
Net debt as at 31 March 2020 |
27,969 |
(6,130,884) |
(6,102,915) |
22. SUBSEQUENT EVENTS
Events subsequent to the year end that provide additional information about the Group’s position at the reporting date and are adjusting events are reflected in the financial statements. Events subsequent to the year end that are not adjusting events are disclosed in the notes when material.
Authorities were granted on 27 March 2020 to allot up to £2,000,000 nominal of shares; those authorities were replaced on 13 July 2020 by authorities to allot up to £593,750 nominal of shares. On 14 July 2020 937,500,000 ordinary shares of 0.01p were issued, raising £750,000 before costs.
| Auditors report |
| Accounting policies |
| Accounting policies |