Results and Dividends

The results for the period are set out here.

The Directors do not recommend the payment of a final dividend for the period.

Directors

The following directors have held office since 1 April 2011: -

CC Johnson - appointed 11 November, 2011

A Johnson - appointed 11 November 2011

N lott - appointed 10 April, 2012

J Dubois - appointed 14 June, 2012

A Moore - resigned 30 November 2011

J Reid - resigned 11 November, 2011

R McKendrew - resigned 11 November 2011

Conflicts of interest

Under the articles of association of the company and in accordance with the provisions of the Companies Act 2006, a director must avoid a situation where he has, or can have, a direct or indirect interest that conflicts, or possibly may conflict with the company’s interests. However, the directors may authorise conflicts and potential conflicts, as they deem appropriate. As a safeguard, only directors who have no interest in the matter being considered will be able to take the relevant decision, and the directors will be able to impose limits or conditions when giving authorisation if they think this is appropriate. During the financial period ended 31 March 2012, the directors have authorised no such conflicts or potential conflicts.

Directors’ interests in shares

Directors’ interests in the shares of the Company, including family interests, at 31 March 2012, were as follows:

Shareholdings or other Directors

There have been no changes in the Directors’ shareholdings since the period end.

Other substantial shareholdings

As at 31 July 2012, being the latest practicable date before the issue of these financial statements, the company had been notified of the following shareholdings which constitute 3% or more of the total issued shares of the company.

Financial instruments

The Group’s principal financial instruments comprise cash at bank, bank loans, other loans and various items within current assets and current liabilities that arise directly from its operations. The Directors consider that the key financial risk is liquidity risk. This risk is explained in the section headed Principal Risks and Uncertainties.

Policy on payment of creditors

Although the group does not follow a formal code, the policy is to abide by the payment terms agreed with suppliers whenever it is satisfied that the supplier has provided the goods and services in accordance with the agreed terms and conditions. The total value of trade creditors at 31 March 2012 amounted to £69,057 (2010: £10,316). The average period taken to pay creditors during the period was less than 14 days.

Statement of Directors responsibilities

The Directors are responsible for preparing the Director’s Report and the financial statements in accordance with the applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with International Financial Reporting Standards as adopted by the European Union (1FRSs). Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and of the profit or loss of the Group for that period. In preparing these financial statements, the Directors are required to:

• select suitable accounting policies and then apply them consistently;
• make judgements and estimates that are reasonable and prudent;
• state whether applicable Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Group’s transactions and disclose with reasonable accuracy at any time the financial position of the Group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Provision of information to auditors: Each of the persons who are directors at the time when this Directors’ Report is approved has confirmed that:

• So far as that director is aware, there is no relevant audit information of which the Group’s auditors are unaware; and
• That director has taken all steps that ought to have been taken as a director in order to be aware of any information need by the Group’s auditors in connection with preparing their report and to establish that the Group’s auditors are aware of the information.

AUDITOR. The auditors, Crowe Clark Whitehill LLP, will be proposed for re-appointment in accordance with Section 489 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.   Christopher Johnson, Director. 30 August 2012.