John Chorley & Company Limited - Limited company accounts 18.2

REGISTERED NUMBER: 00197534 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 March 2019

for

John Chorley & Company Limited

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 Cash Flow Statement

11

Notes to the Financial Statements

12

DIRECTORS:

J B Caldwell

T A Shanahan

N E Caldwell

SECRETARY:

C J Thomson

REGISTERED OFFICE:

Dallam Lane

Warrington

Cheshire

WA2 7PZ

REGISTERED NUMBER:

00197534 (England and Wales)

SENIOR STATUTORY AUDITOR:

David Watkinson BA FCA

AUDITORS:

Watkinson Black

Chartered Accountants

Statutory Auditor

1st Floor, 264 Manchester Road

Warrington

Cheshire

WA1 3RB

The directors present their strategic report for the year ended 31 March 2019.

REVIEW OF BUSINESS

The economic climate continues to impact on trade and margins. There has been an increase in turnover of 6.11% as a

result increased sales volumes.

Gross profit margins though have been reduced as a result of the commodity price change's and the uncertainty of the

economic climate and the customer demands.

The directors continue to monitor the markets and respond to any changes in these conditions and take appropriate

action to protect the company.

The companies processing capabilities of drilling, shot blasting and painting is firmly established and the directors are

confident that these services will continue to present further opportunities in the coming years.

Key Performance Indicators

The directors monitor progress with reference to the following key performance indicators:

2019

2018

Definition and method of calculation

Gross Profit as a % of turnover

13.10%

16.98%

Profit before administration and exceptional costs.

Operating Profit as a % of turnover

2.65%

3.84%

Earnings before interest receivable and interest payable.

Liquidity ratio

1.20

1.21

Current Assets divided by current liabilities

PRINCIPAL RISKS AND UNCERTAINTIES

The following are the principal risks identified by the directors and the measures taken to address them.

People

The retention and recruitment of staff is a key challenge for the business. Defined recruitment and retention policies

exist centrally and are managed to ensure the company is competitive and attracts the best candidates.

Health & Safety

The company has further enhanced the attention it gives to health and safety investing heavily to ensure performance

remains excellent in this critical area.

Performance

The company is continually reviewing procedures and systems to ensure the work performed is of the highest quality.

This is underlined by the company's ISO accreditation in relevant areas.

Financial

The company's principal financial liabilities are trade creditors and trade accruals. The company's principal financial

assets are bank balances, stock and trade debtors.

The financial liabilities and assets are controlled by the directors to ensure sufficient funds are available for the company

to meet its business needs. The financial liabilities and assets are stated at fair value and after allowance for doubtful

receivables.

ON BEHALF OF THE BOARD:

T A Shanahan - Director

20 November 2019

The directors present their report with the financial statements of the company for the year ended 31 March 2019.

PRINCIPAL ACTIVITIES

The principal activities of the company in the year under review were those of steel stockholders and the manufacture of

other fabricated metal products.

DIVIDENDS

The total distribution of dividends for the year ended 31 March 2019 will be £ 252,000 .

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2018 to the date of this report.

J B Caldwell

T A Shanahan

N E Caldwell

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;

-	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 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 ought to have taken

as a director in order to make himself aware of any relevant audit information and to establish that the company's

auditors are aware of that information.

AUDITORS

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

ON BEHALF OF THE BOARD:

T A Shanahan - Director

20 November 2019

Opinion

We have audited the financial statements of John Chorley & Company Limited (the 'company') for the year ended

31 March 2019 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in

Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 March 2019 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.

Opinions 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 Watkinson BA FCA (Senior Statutory Auditor)

for and on behalf of Watkinson Black

Chartered Accountants

Statutory Auditor

1st Floor, 264 Manchester Road

Warrington

Cheshire

WA1 3RB

20 November 2019

TURNOVER

3

16,284,934

15,347,631

Cost of sales

(14,151,193

)

(12,742,211

)

GROSS PROFIT

2,133,741

2,605,420

Administrative expenses

(1,702,385

)

(2,016,720

)

OPERATING PROFIT

5

431,356

588,700

Interest payable and similar expenses

6

(12,691

)

(22,436

)

PROFIT BEFORE TAXATION

418,665

566,264

Tax on profit

7

(102,788

)

(119,919

)

PROFIT FOR THE FINANCIAL YEAR

315,877

446,345

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

315,877

446,345

FIXED ASSETS

Tangible assets

9

790,544

960,897

CURRENT ASSETS

Stocks

10

2,605,849

2,910,924

Debtors

11

3,780,174

3,814,652

Cash at bank and in hand

62,398

92,897

6,448,421

6,818,473

CREDITORS

Amounts falling due within one year

12

(5,145,391

)

(5,630,001

)

NET CURRENT ASSETS

1,303,030

1,188,472

TOTAL ASSETS LESS CURRENT LIABILITIES

2,093,574

2,149,369

CREDITORS

Amounts falling due after more than one year

13

-

(132,000

)

PROVISIONS FOR LIABILITIES

17

(87,126

)

(74,798

)

NET ASSETS

2,006,448

1,942,571

CAPITAL AND RESERVES

Called up share capital

18

8,000

8,000

Retained earnings

19

1,998,448

1,934,571

SHAREHOLDERS' FUNDS

2,006,448

1,942,571

The financial statements were approved by the Board of Directors on 20 November 2019 and were signed on its behalf by:

J B Caldwell - Director

T A Shanahan - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2017

8,000

1,700,226

1,708,226

Changes in equity

Dividends

-

(212,000

)

(212,000

)

Total comprehensive income

-

446,345

446,345

Balance at 31 March 2018

8,000

1,934,571

1,942,571

Changes in equity

Dividends

-

(252,000

)

(252,000

)

Total comprehensive income

-

315,877

315,877

Balance at 31 March 2019

8,000

1,998,448

2,006,448

Cash flows from operating activities

Cash generated from operations

1

583,571

773,536

Interest paid

(12,691

)

(22,436

)

Tax paid

(145,234

)

(161,663

)

Net cash from operating activities

425,646

589,437

Cash flows from investing activities

Purchase of tangible fixed assets

(68,357

)

(158,368

)

Sale of tangible fixed assets

35,553

19,650

Net cash from investing activities

(32,804

)

(138,718

)

Cash flows from financing activities

Loan repayments in year

(171,341

)

(174,150

)

Equity dividends paid

(252,000

)

(212,000

)

Net cash from financing activities

(423,341

)

(386,150

)

(Decrease)/increase in cash and cash equivalents

(30,499

)

64,569

Cash and cash equivalents at beginning of year

2

92,897

28,328

Cash and cash equivalents at end of year

2

62,398

92,897

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.3.19

31.3.18

£

£

Profit before taxation

418,665

566,264

Depreciation charges

217,927

325,305

Profit on disposal of fixed assets

(14,770

)

(12,992

)

Decrease in group undertakings

(163,500

)

123,500

Finance costs

12,691

22,436

471,013

1,024,513

Decrease in stocks

305,075

599,370

Decrease in trade and other debtors

34,478

444,656

Decrease in trade and other creditors

(226,995

)

(1,295,003

)

Cash generated from operations

583,571

773,536

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these

Balance Sheet amounts:

Year ended 31 March 2019

31.3.19

1.4.18

£

£

Cash and cash equivalents

62,398

92,897

Year ended 31 March 2018

31.3.18

1.4.17

£

£

Cash and cash equivalents

92,897

28,328

1.	STATUTORY INFORMATION

John Chorley & Company Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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. The financial statements have been prepared under the historical cost convention.

Monetary amounts in these financial statements are rounded to the nearest £.

The principal accounting policies adopted are set out below.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates

Preparation of the financial statements requires management to make significant judgements and estimates.

The directors have considered key assumptions concerning the future and other key sources of estimation and

uncertainty at the end of the reporting period and do not consider there are any areas where there is a material

risk of adjustment to the carrying amounts of assets and liabilities within the next financial year.

Turnover

Revenue from the sale of goods shall be recognised when all the following conditions have been satisfied:

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

- the entity retains neither continuing managerial involvement to the degree usually 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 will flow to the entity;

- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from the sale of goods is generally recognised when they are handed over to the transport firms which,

under the terms of current contracts, mark the time when the above risks and rewards are transferred.

Revenue is not recognised if its recoverability is considered to be uncertain.

Revenue is stated net of discounts, allowances, rebates and returns, and does not include the proceeds from the

disposal of raw materials and scrap.

Revenue includes also minor cost connected with the sales process, such as certification ,recoveries of cost of

transport, packaging, insurances etc

Tangible fixed assets

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment

losses.

Depreciation is calculated to write down the cost less estimated residual value of all tangible fixed assets,

other than freehold land, over their expected useful lives at the following rates:

Plant and machinery - 10% to 25% Straight line

Motor Vehicles - 25% Straight line

Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets

to determine whether there is any indication that those assets have suffered an impairment loss. If any such

indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the

impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the

company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the

estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current

market assessments of the time value of money and the risks specific to the asset for which the estimates of future

cash flows have been adjusted.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

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.

Deferred tax

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.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are

required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are

received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to

terminate the employment of an employee or to provide termination benefits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with bank,

other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12

'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company

becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is

a legally enforcible right to set off the recognised amounts and there is an intention to settle on a net basis or to

realise the net asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction

price including transaction costs and are subsequently carried at amortised costs using the effective interest

method unless the arrangement constitutes a financing transaction, where the transaction is measured at the

present value of the future receipts discounted at a market rate of interest. Financial assets classified as

receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint

ventures, are initially measured at fair value, which is normally the transaction price. Such assets are

subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that

investments in equity instruments that are not publically traded and whose fair values cannot be measured

reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit or loss, are assessed for indicators of

impairment at each reporting end date.

Financial assets are impaired where 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 have been affected. If

an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of

the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is

recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are

settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership

to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has

transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual

arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of

the company after deducting all of its liabilities. Basic financial liabilities, including creditors, bank loans, loans

from fellow group companies and preference shares that are classified as debt, are initially recognised at

transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is

measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities

classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of

business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or

less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction

price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or

cancelled.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of

the company.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are

required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement

is recognised in the period in which the employee's services are received. Termination benefits are recognised

immediately as an expense when the company is demonstrably committed to terminate the employment of an

employee or to provide termination benefits

Provisions

A provision is recognised in the balance sheet when the company has a constructive or legal obligation as a result

of a past event and it is probable that an outflow of economic benefit will be required to settle the obligation.

Provisions are recognised at their discounted net present value.

3.

TURNOVER

The turnover and profit before taxation are attributable to the principal activities of the company.

An analysis of turnover by class of business is given below:

31.3.19

31.3.18

£

£

Sales of goods

16,284,934

15,347,631

16,284,934

15,347,631

An analysis of turnover by geographical market is given below:

31.3.19

31.3.18

£

£

United Kingdom

16,284,934

15,347,631

16,284,934

15,347,631

4.	EMPLOYEES AND DIRECTORS

31.3.19

31.3.18

£

£

Wages and salaries

1,655,396

1,642,889

Social security costs

159,015

161,518

Other pension costs

59,487

66,998

1,873,898

1,871,405

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

31.3.19

31.3.18

Director

1

1

Administration and office

14

15

Warehouse and distribution

49

48

64

64

31.3.19

31.3.18

£

£

Directors' remuneration

131,442

231,639

Directors' pension contributions to money purchase schemes

240

19,168

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

Money purchase schemes

1

1

5.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.3.19

31.3.18

£

£

Hire of plant and machinery

38,133

28,999

Other operating leases

109,485

129,992

Depreciation - owned assets

217,927

325,305

Profit on disposal of fixed assets

(14,770

)

(12,992

)

Auditors' remuneration

11,400

12,700