Megasteel Ltd - Limited company accounts 18.2

REGISTERED NUMBER: 02665353 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 October 2018

for

Megasteel Ltd

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

5

Statement of Comprehensive Income

7

Balance Sheet

8

Statement of Changes in Equity

9

Cash Flow Statement

10

Notes to the Financial Statements

11

DIRECTORS:

N G Roberts

Mrs B B Roberts

REGISTERED OFFICE:

Rodbourne Rail Business Centre

Grange Lane

Malmesbury

Wiltshire

SN16 0ES

REGISTERED NUMBER:

02665353 (England and Wales)

The directors present their strategic report for the year ended 31 October 2018.

REVIEW OF BUSINESS

The principal activity of Megasteel Ltd is the distribution of prestressing wire and strand, a vital product used in the manufacture of

prestressed concrete products and post tensioned concrete structures. Megasteel is the leading supplier of these products in the UK

and we will continue to strengthen this position during the next financial year.

During the past year the company continued to grow strongly increasing both sales and profits. The company remains financially

strong with a highly liquid balance sheet and substantial cash resources.

The market that we sell most of our products into - UK housing - continues to grow year on year but there remain a shortage of

housing. The UK needs many more houses to be built in the next few years and Megasteel is well placed to benefit from this expected

growth.

As I said last year - customers remain the focus of everything we do as a company and we welcome and encourage their feedback to

us on how we are doing as a company. Each year as part of our ISO9001 certification we undertake a customer survey that looks at

our customers perception of how Megasteel is performing in a number of areas. We are pleased that they continue to hold us in high

regard and we will make sure that the excellent service we offer to our customers continues long into the future.

Our suppliers are also of critical importance to the success of our business and I am pleased to report that we have excellent

relationships with all of our suppliers and we have expanded our supply base significantly over the past year. We now buy steel in

many different countries around the world in the past year we have bought steel in Thailand, South Africa, Tunisia, Hungary, Brazil

China, Colombia and Turkey.

The company's directors spend a lot of time visiting and working with our suppliers to maintain and improve on these excellent

relationships.

Finally there has been a lot of talk about BREXIT and the risks that may come with this. Megasteel's position on this is that we

welcome the UK leaving the European Union and taking back control of many of the aspects of the economy and policy that is

currently ceded to the EU.

We would welcome the UK leaving the EU with 'no deal' and, as we trade mostly on WTO rules, we have no fear of this. We hope and

trust that UK politicians will follow through on the promise to leave the EU that was voted for by a majority of UK voters.

We also recognise as a company that there are many politicians and organisations that would like to thwart BREXIT, either watering it

down or making life so difficult and creating so many fear stories that they hope BREXIT can be cancelled.

Whatever the final outcome is Megasteel will continue to thrive and we will make the most of whatever opportunities that will arise.

We believe that the next financial year will be an excellent and exciting one for the company.

If you want know more about the company please visit our website www.megasteel.co.uk and in particular we would encourage you to

look at our news section where you will learn a lot more about what we do!

FINANCIAL KEY PERFORMANCE INDICATORS

2018

2017

Turnover (£)

19,575,876

14,343,053

Gross profit margin (%)

9.95%

10.39%

Profit before tax (£)

1,567,148

1,083,998

PRINCIPAL RISKS AND UNCERTAINTIES

The directors continue to review the risks and uncertainties that the company faces or may potentially be faced with. Measures are put

in place to mitigate these risks and uncertainties and the company's strong and liquid balance sheet puts us in a very strong position.

The biggest risk that we run is that we extend credit to most of our customers, we mitigate this by having a well-managed and

proactive credit control policy. All customers are monitored every month for payment performance and if they are overdue they are

chased to find out why. If a customer is late in paying we will not extend further credit without an understanding of why and a director

will make a decision. Our record of bad debt over many years is excellent and this can be directly attributed to this policy.

ON BEHALF OF THE BOARD:

N G Roberts - Director

22 February 2019

The directors present their report with the financial statements of the company for the year ended 31 October 2018.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of steel buyers and sellers.

DIVIDENDS

The total distribution of dividends for the year ended 31 October 2018 will be £ 170,050 .

DIRECTORS

The directors shown below have held office during the whole of the period from 1 November 2017 to the date of this report.

N G Roberts

Mrs B B Roberts

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in

accordance with 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom

Accounting Standards and applicable law). 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 company and of the profit or loss of the company 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 accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's

transactions and disclose with reasonable accuracy at any time the financial position of the company 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of

which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director

in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of

that information.

AUDITORS

The auditors, MHA Monahans, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

N G Roberts - Director

22 February 2019

Opinion

We have audited the financial statements of Megasteel Ltd (the 'company') for the year ended 31 October 2018 which comprise the

Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the

Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied

in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 October 2018 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our

responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements

section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of

the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in

accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a

basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

-	the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

-

the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and

the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our

report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider

whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or

otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are

required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other

information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we

are required to report that fact. We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not

identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our

opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the

preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the

directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due

to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern,

disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either

intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material

misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is

a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material

misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the

aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial

statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's

website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006.

Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them

in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility

to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we

have formed.

David Iain Black (Senior Statutory Auditor)

for and on behalf of MHA Monahans

Statutory Auditors

Chartered Accountants

14a Forest Gate

Pewsham

Chippenham

Wiltshire

SN15 3RS

27 February 2019

TURNOVER

19,575,876

14,343,053

Cost of sales

17,628,573

12,851,989

GROSS PROFIT

1,947,303

1,491,064

Administrative expenses

389,991

417,813

OPERATING PROFIT

5

1,557,312

1,073,251

Interest receivable and similar income

6

9,836

10,747

PROFIT BEFORE TAXATION

1,567,148

1,083,998

Tax on profit

7

318,721

232,279

PROFIT FOR THE FINANCIAL YEAR

1,248,427

851,719

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,248,427

851,719

FIXED ASSETS

Intangible assets

9

591,654

690,263

Tangible assets

10

-

2,351

591,654

692,614

CURRENT ASSETS

Stocks

11

3,575,067

2,539,840

Debtors

12

4,562,936

3,552,945

Cash at bank

4,146,716

3,601,591

12,284,719

9,694,376

CREDITORS

Amounts falling due within one year

13

5,550,359

4,139,353

NET CURRENT ASSETS

6,734,360

5,555,023

TOTAL ASSETS LESS CURRENT LIABILITIES

7,326,014

6,247,637

CAPITAL AND RESERVES

Called up share capital

15

100

100

Retained earnings

16

7,325,914

6,247,537

SHAREHOLDERS' FUNDS

7,326,014

6,247,637

The financial statements were approved by the Board of Directors on 22 February 2019 and were signed on its behalf by:

N G Roberts - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 November 2016

100

5,395,818

5,395,918

Changes in equity

Total comprehensive income

-

851,719

851,719

Balance at 31 October 2017

100

6,247,537

6,247,637

Changes in equity

Dividends

-

(170,050

)

(170,050

)

Total comprehensive income

-

1,248,427

1,248,427

Balance at 31 October 2018

100

7,325,914

7,326,014

Cash flows from operating activities

Cash generated from operations

19

925,306

130,540

Tax paid

(232,279

)

(294,090

)

Net cash from operating activities

693,027

(163,550

)

Cash flows from investing activities

Sale of tangible fixed assets

-

10,320

Interest received

9,836

10,747

Net cash from investing activities

9,836

21,067

Cash flows from financing activities

Amount introduced by directors

10,371

-

Amount withdrawn by directors

1,941

(23,743

)

Equity dividends paid

(170,050

)

-

Net cash from financing activities

(157,738

)

(23,743

)

Increase/(decrease) in cash and cash equivalents

545,125

(166,226

)

Cash and cash equivalents at beginning of year

20

3,601,591

3,767,817

Cash and cash equivalents at end of year

20

4,146,716

3,601,591

1.	STATUTORY INFORMATION

Megasteel Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number

and registered office address can be found on the Company Information page.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies

have been consistently applied to all the years presented, unless otherwise stated.

Functional and presentation currency

The company's functional and presentation currency is Sterling (£).

Significant judgements and estimates

In the application of the Company's accounting policies, management is required to make judgements,

estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources.

The estimates and underlying assumptions are based on historical experience and other factors that are considered to be

relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are

recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision

and future periods if the revision affects both current and future periods.

There are no key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial

statements:

Turnover

Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for customer returns,

rebates or other similar allowances and is net of value added taxes. Turnover includes revenue earned from the sale of

goods.

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

- the company has transferred to the buyer the significant risks and rewards of ownership of the goods;

- the company retains neither continuing managerial involvement to the degree associated with ownership

nor effective control over the goods sold;

- the amount of revenue can be measured reliably;

- it is probable that the economic benefits associated with the transaction can be measured reliably.

Specifically, revenue from the sale of goods is primarily recognised upon delivery of the goods to the customer.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any

accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

33% on straight line basis

Impairment of assets

At each reporting date, the company reviews the carrying amounts of its property, plant and equipment to determine whether

there is any indication that any items of property, plant and equipment have suffered an impairment loss. If there is an

indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying

amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and

an impairment loss is recognised immediately in the profit and loss.

Stocks

Stock is stated at the lower of cost and estimated selling price less costs to complete and sell. Stock is recognised as an

expense in the period in which the related revenue is recognised.

At the end of each reporting period stock is assessed for impairment. If an item of stock is impaired, the identified stock is

reduced to its selling price less costs to complete and sell and an impairment is recognised in the profit and loss account.

Where a reversal of the impairment is recognised the impairment charge is reversed, up to the original impairment loss, and is

recognised as a credit in the profit and loss account.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income,

except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively

enacted by the balance sheet date.

Taxation

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in

which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted

or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be

recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date.

Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction.

Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are

charged to profit or loss in the period to which they relate.

Financial instruments

The company has chosen to adopt the requirements of sections 11 and 12 of FRS 102 in respect of the measurement and

disclosure of financial instruments.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest

method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In

such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly

liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position,

bank overdrafts are shown within borrowings or current liabilities.

Impairment of financial assets

Financial assets, are assessed for indicators of impairment at the end of each reporting period. Financial assets are

considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the

initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.

For all other financial assets, objective evidence of impairment could include:

- significant financial difficulty of the issuer or counterparty; or

- breach of contract, such as a default or delinquency in interest or principal payments; or

- it becoming probable that the borrower will enter bankruptcy or financial re-organisation; or

- the disappearance of an active market for that financial asset because of financial difficulties.

For certain categories of financial asset, such as trade receivables, assets that are assessed not to be impaired individually

are, in addition, assessed for impairment on a collective basis. Objective evidence of impairment for a portfolio of receivables

could include the company's past experience of collecting payments, an increase in the number of delayed payments in the

portfolio past the average credit period of 30 days, as well as observable changes in national or local economic conditions

that correlate with default on receivables.

For financial assets carried at amortised cost, the amount of the impairment loss recognised is the difference between the

asset's carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original

effective interest rate.

For financial assets carried at cost, the amount of the impairment loss is measured as the difference between the asset's

carrying amount and the present value of the estimated future cash flows discounted at the current market rate of return for a

similar financial asset. Such impairment loss will not be reversed in subsequent periods.

The carrying amount of the financial asset is reduced by the impairment loss directly for all financial assets with the exception

of trade receivables, where the carrying amount is reduced through the use of an allowance account. When a trade receivable

is considered uncollectible, it is written off against the allowance account. Subsequent recoveries of amounts previously

written off are credited against the allowance account. Changes in the carrying amount of the allowance account are

recognised in profit or loss.

For financial assets measured at amortised cost, if, in a subsequent period, the amount of the impairment loss decreases and

the decrease can be related objectively to an event occurring after the impairment was recognised, the previously recognised

impairment loss is reversed through profit or loss to the extent that the carrying amount of the investment at the date the

impairment is reversed does not exceed what the amortised cost would have been had the impairment not been recognised.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective

interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

Related parties

For the purposes of these financial statements, a party is considered to be related to the company if:

(i) the party has the ability, directly or indirectly, through one or more intermediaries, to control the Company or exercise

significant influence over the company in making financial and operating policy decisions, or has joint control over the

company;

(ii) the company and the party are subject to common control;

(iii) the party is an associate of the company or a joint venture in which the company is a venturer;

(iv) the party is a member of key management personnel of the company or the company's parent, or a close family member

of such an individual, or is an entity under the control, joint control or significant influence of such individuals;

(v) the party is a close family member of a party referred to in (i) or is an entity under the control, joint control or significant

influence of such individuals; or

(vi) the party is a post-employment benefit plan which is for the benefit of employees of the company or of any entity that is a

related party of the company.

Close family members of an individual are those family members who may be expected to influence, or be influenced by, that

individual in their dealings with the entity.

Provisions

Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event,

it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made.

Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a

pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The

increase in the provision due to passage of time is recognised as interest expense.

4.	EMPLOYEES AND DIRECTORS

2018

2017

£

£

Wages and salaries

92,250

99,761

Social security costs

1,904

8,096

Other pension costs

80,670

95,148

174,824

203,005

The average number of employees during the year was as follows:

2018

2017

Directors

2

2

Admin

3

3

5

5

2018

2017

£

£

Directors' remuneration

16,000

16,000

Directors' pension contributions to money purchase schemes

80,000

80,000

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

2

2

5.	OPERATING PROFIT

The operating profit is stated after charging:

2018

2017

£

£

Depreciation - owned assets

-

2,255

Loss on disposal of fixed assets

2,351

8,226

Goodwill amortisation

98,609

98,609

Foreign exchange differences

699

11,795

Operating lease payments

7,583

7,500

6.

INTEREST RECEIVABLE AND SIMILAR INCOME

2018

2017

£

£

Deposit account interest

9,836

10,747

7.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2018

2017

£

£

Current tax:

UK corporation tax

318,721

232,279

Tax on profit

318,721

232,279

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2018

2017

£

£

Profit before tax

1,567,148

1,083,998

Profit multiplied by the standard rate of corporation tax in the UK of 19% (2017 - 19.410%)

297,758

210,404

Effects of:

Expenses not deductible for tax purposes

6,113

2,788

Depreciation in excess of capital allowances

14,850

19,087

Total tax charge

318,721

232,279

8.

DIVIDENDS

2018

2017

£

£

Ordinary shares of £1 each

Interim

170,050

-

9.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 November 2017

and 31 October 2018

986,090

AMORTISATION

At 1 November 2017

295,827

Amortisation for year

98,609

At 31 October 2018

394,436

NET BOOK VALUE

At 31 October 2018

591,654

At 31 October 2017

690,263

10.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 November 2017

9,860

Disposals

(9,860

)

At 31 October 2018

-

DEPRECIATION

At 1 November 2017

7,509

Eliminated on disposal

(7,509

)

At 31 October 2018

-

NET BOOK VALUE

At 31 October 2018

-

At 31 October 2017

2,351

11.

STOCKS

2018

2017

£

£

Stocks

3,575,067

2,539,840

12.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

4,215,063

3,536,324

Directors' current accounts

-

10,371

VAT

341,206

-

Prepayments and accrued income

6,667

6,250

4,562,936

3,552,945