6. EMPLOYEES AND DIRECTORS’ REMUNERATION

12. SHARE CAPITAL

      Authorised share capital

9. DEBTORS

There are no retirement benefits accruing to any of the Directors.

£4,994 (2019: £4,994) was paid to Mr Norman Lott for his professional services.

Additional directors remuneration of £45,000 (2019: £60,000) was paid to a director through subsidiary entities.

7. INVESTMENTS

The company owns the following undertakings, all of which are incorporated in the United Kingdom and have their registered offices at Chequers Barn, Chequers Hill, Bough Beech, Edenbridge, Kent, TN8 7PD

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

11.  FINANCIAL INSTRUMENTS

Page 2

8. IMPAIRMENT

The investment carried in the Plc entity financial statements reflects the entity’s control over TNH, Oakhurst and Borough Green, TR+ and Selmat.

There has been minimal trading in Oakhurst and Borough Green and both entities now hold no inventory.

Development continues in TNH and there have been sales of two properties in the year and the transfer of four properties to Selmat, however due to the factors laid out in the Operations review, there has been some erosion of the margins that had been anticipated at the start of the year.

Management have performed a review of the assets and liabilities of the underlying subsidiaries which form the value of the investment.

In performing this assessment TR+ have been re-assessed. At the time of approval of the financial statements there is no confirmed planning permission on these land options.

Where the ‘real’ net asset value is in excess of the carrying value of the investment in the Plc entity statement of financial position, there is no indication of impairment.

Due to the uncertainties and timing of developments it has been agreed by management not to include any future anticipated profits of developments in their assessment. Therefore the net asset value of the underlying investments does not support the Group’s carrying value of investments in TNH, Oakhurst, Borough Green and TR+.

Management have concluded that an impairment of the investments is prudent and that these will be written down to zero.

Deferred shares do not entitle the holder to receive notice of and to attend or vote at any general meeting of the Company or to receive dividends or other distributions. Upon winding up or dissolution of the Company the holders of deferred shares shall be entitled to receive an amount equal to the nominal amount paid up thereon, but only after holders of Ordinary shares have received £ 100,000 per Ordinary Share. Holders of deferred shares are not entitled to any further rights of participation of the assets of the Company. The company has the right to purchase the deferred Shares in issue at any time for no consideration.

Issued, allotted and fully paid

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