Nova of London Limited - Limited company accounts 18.2
Nova of London Limited - Limited company accounts 18.2
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2019 |
FOR |
NOVA OF LONDON LIMITED |
NOVA OF LONDON LIMITED (REGISTERED NUMBER: 01497069) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2019 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 4 |
Income Statement | 6 |
Other 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 |
NOVA OF LONDON LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2019 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Certified Accountant |
Registered Auditor |
Sinkot House |
211 Station Road |
Harrow |
HA1 2TP |
NOVA OF LONDON LIMITED (REGISTERED NUMBER: 01497069) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 30 JUNE 2019 |
The directors present their strategic report for the year ended 30 June 2019. |
REVIEW OF BUSINESS |
The results for the year and financial position of the company are as shown in the annexed financial statements. |
The company's turnover decreased by 8.85% from £27,166,136 to £24,761,499 and hence the company's gross profit |
margin decreased to 20.55% this year versus 25.50% last year. The gross profit margin decrease has not fallen |
significantly due to the successful control of costs during the year, whilst being challenging in the current climate. The |
market conditions are expected to continue to be very competitive but the directors are optimistic that the company |
will be able to maintain its current performance and possibly improve upon it in 2020. |
The directors are continuously monitoring the potential risks and uncertainty to the business in order to take the |
necessary mitigating steps to maintain the company's competitive edge. |
ON BEHALF OF THE BOARD: |
NOVA OF LONDON LIMITED (REGISTERED NUMBER: 01497069) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 JUNE 2019 |
The directors present their report with the financial statements of the company for the year ended 30 June 2019. |
DIVIDENDS |
The directors have recommended interim dividends totalling £8,000 per share. No final dividend is proposed. |
DIRECTORS |
The directors during the year under review were: |
The directors holding office at 30 June 2019 did not hold any beneficial interest in the issued share capital of the |
company at 1 July 2018 or 30 June 2019. |
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 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, Sinclair Mckinsley Limited, are deemed re-appointed under section 487(2) of the Companies Act 2006. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
NOVA OF LONDON LIMITED |
Opinion |
We have audited the financial statements of Nova of London Limited (the 'company') for the year ended 30 June 2019 |
which comprise the Income Statement, Other 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 30 June 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
NOVA OF LONDON LIMITED |
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 three, 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. |
for and on behalf of |
Chartered Certified Accountant |
Registered Auditor |
Sinkot House |
211 Station Road |
Harrow |
HA1 2TP |
NOVA OF LONDON LIMITED (REGISTERED NUMBER: 01497069) |
INCOME STATEMENT |
FOR THE YEAR ENDED 30 JUNE 2019 |
2019 | 2018 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
1,495,810 | 3,666,037 |
Other operating income |
OPERATING PROFIT | 6 |
Interest receivable and similar income |
1,911,634 | 3,934,313 |
Interest payable and similar expenses | 8 |
PROFIT BEFORE TAXATION |
Tax on profit | 9 |
PROFIT FOR THE FINANCIAL YEAR |
NOVA OF LONDON LIMITED (REGISTERED NUMBER: 01497069) |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 30 JUNE 2019 |
2019 | 2018 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
NOVA OF LONDON LIMITED (REGISTERED NUMBER: 01497069) |
BALANCE SHEET |
30 JUNE 2019 |
2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 11 |
Investments | 12 |
CURRENT ASSETS |
Stocks | 13 |
Debtors | 14 |
Investments | 15 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 16 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
17 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 20 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 21 |
Retained earnings | 22 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors on |
NOVA OF LONDON LIMITED (REGISTERED NUMBER: 01497069) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 JUNE 2019 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 July 2017 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 June 2018 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 June 2019 |
NOVA OF LONDON LIMITED (REGISTERED NUMBER: 01497069) |
CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 JUNE 2019 |
2019 | 2018 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) | ( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Interest received |
Net cash from investing activities |
Cash flows from financing activities |
Loan repayments in year | ( |
) | ( |
) |
Equity dividends paid | ( |
) | ( |
) |
Current asset investment | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
(Decrease)/increase in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
9,355,747 |
4,714,841 |
Cash and cash equivalents at end of year | 2 |
NOVA OF LONDON LIMITED (REGISTERED NUMBER: 01497069) |
NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 JUNE 2019 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2019 | 2018 |
£ | £ |
Profit before taxation |
Depreciation charges |
Finance costs | 17,895 | 20,804 |
Finance income | (251,124 | ) | (216,859 | ) |
1,739,277 | 3,803,089 |
Increase in stocks | ( |
) | ( |
) |
(Increase)/decrease in trade and other debtors | ( |
) |
Increase in trade and other creditors |
Cash generated from operations |
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 30 June 2019 |
30.6.19 | 1.7.18 |
£ | £ |
Cash and cash equivalents | 7,985,637 | 9,399,849 |
Bank overdrafts | ( |
) | ( |
) |
7,985,628 | 9,355,747 |
Year ended 30 June 2018 |
30.6.18 | 1.7.17 |
£ | £ |
Cash and cash equivalents | 9,399,849 | 4,714,841 |
Bank overdrafts | ( |
) |
9,355,747 | 4,714,841 |
NOVA OF LONDON LIMITED (REGISTERED NUMBER: 01497069) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2019 |
1. | STATUTORY INFORMATION |
Nova of London Limited is a |
company's registered number and registered office address can be found on the Company Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
Tangible fixed assets |
Short leasehold | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
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 Income Statement, 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. |
NOVA OF LONDON LIMITED (REGISTERED NUMBER: 01497069) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2019 |
2. | ACCOUNTING POLICIES - continued |
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. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by geographical market for the year ended 30 June 2018 is given below: |
£ |
UK Sales | 20,968,942 |
EU Sales | 5,115,402 |
Non EU Sales | 1,081,792 |
This analysis is not considered to be applicable to the year ended 30 June 2019. |
4. | EMPLOYEES AND DIRECTORS |
2019 | 2018 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2019 | 2018 |
Selling and distribution | 61 | 58 |
Administration | 7 | 6 |
5. | DIRECTORS' EMOLUMENTS |
2019 | 2018 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The total benefits in kind received by the directors during the year was £23,124 (2018: £20,121). |
NOVA OF LONDON LIMITED (REGISTERED NUMBER: 01497069) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2019 |
6. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2019 | 2018 |
£ | £ |
Depreciation - owned assets |
Auditors' remuneration |
Foreign exchange differences | ( |
) | ( |
) |
Operating lease rentals - land & buildings |
7. | EXCEPTIONAL ITEMS |
2019 | 2018 |
£ | £ |
Bad debts | (195,050 | ) | (172,357 | ) |
8. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2019 | 2018 |
£ | £ |
Bank loan interest |
9. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2019 | 2018 |
£ | £ |
Current tax: |
UK corporation tax |
Corporation tax interest | 2,507 | - |
Total current tax |
Deferred tax | ( |
) | ( |
) |
Tax on profit |
NOVA OF LONDON LIMITED (REGISTERED NUMBER: 01497069) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2019 |
9. | TAXATION - continued |
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: |
2019 | 2018 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2018 - |
Effects of: |
Expenses not deductible for tax purposes |
Depreciation in excess of capital allowances |
capital allowance |
Deferred tax | (510 | ) | (4,298 | ) |
Interest | 2,507 | - |
Total tax charge | 371,673 | 751,060 |
10. | DIVIDENDS |
2019 | 2018 |
£ | £ |
Ordinary shares of £1 each |
Interim |
11. | TANGIBLE FIXED ASSETS |
Improvements |
Short | to | Plant and |
leasehold | property | machinery |
£ | £ | £ |
COST |
At 1 July 2018 |
Additions |
At 30 June 2019 |
DEPRECIATION |
At 1 July 2018 |
Charge for year |
At 30 June 2019 |
NET BOOK VALUE |
At 30 June 2019 | ( |
) |
At 30 June 2018 |
NOVA OF LONDON LIMITED (REGISTERED NUMBER: 01497069) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2019 |
11. | TANGIBLE FIXED ASSETS - continued |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
COST |
At 1 July 2018 |
Additions |
At 30 June 2019 |
DEPRECIATION |
At 1 July 2018 |
Charge for year |
At 30 June 2019 |
NET BOOK VALUE |
At 30 June 2019 |
At 30 June 2018 |
12. | FIXED ASSET INVESTMENTS |
Unlisted |
investments |
£ |
COST |
At 1 July 2018 |
and 30 June 2019 |
NET BOOK VALUE |
At 30 June 2019 |
At 30 June 2018 |
13. | STOCKS |
2019 | 2018 |
£ | £ |
Finished goods and goods for |
resale |
14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments and accrued income |
NOVA OF LONDON LIMITED (REGISTERED NUMBER: 01497069) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2019 |
15. | CURRENT ASSET INVESTMENTS |
2019 | 2018 |
£ | £ |
Unlisted investments | 120,000 | - |
16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Bank loans and overdrafts (see note 18) |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 137,490 | 210,574 |
Other creditors |
Accrued expenses |
17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2019 | 2018 |
£ | £ |
Bank loans (see note 18) |
18. | LOANS |
An analysis of the maturity of loans is given below: |
2019 | 2018 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
NOVA OF LONDON LIMITED (REGISTERED NUMBER: 01497069) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2019 |
19. | SECURED DEBTS |
The following secured debts are included within creditors: |
2019 | 2018 |
£ | £ |
Bank overdrafts |
Bank loans |
The bank borrowings are secured by a charge on the properties owned by the associated company and a cross |
guarantee. The factoring account is secured on trade debtors.. |
20. | PROVISIONS FOR LIABILITIES |
2019 | 2018 |
£ | £ |
Deferred tax | 10,885 | 11,395 |
Deferred |
tax |
£ |
Balance at 1 July 2018 |
Movement | (510 | ) |
Balance at 30 June 2019 |
21. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
22. | RESERVES |
Retained |
earnings |
£ |
At 1 July 2018 |
Profit for the year |
Dividends | ( |
) |
At 30 June 2019 |
NOVA OF LONDON LIMITED (REGISTERED NUMBER: 01497069) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2019 |
23. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
Mr SS Chawla has a beneficial interest in the company and £400,000 (2018: £350,000) was received by way of |
dividends by him and his family. |
Mr SS Chawla had an interest in Silver Shadow Investments Limited, the company in which the fixed asset |
investments of £7,067,614 (2018: £7,067,614) and current asset investments of £nil (2018: £nil) were made. |
The loans are interest bearing at a commercial rate and are repayable within ten years from the balance sheet |
date. Interest receivable in the year was £251,124 (2018: £216,859). |
The company has guaranteed the bank borrowings of Silver Shadow Investments Limited and at the balance |
sheet date the amount due under the guarantee was £515,827 (2018: £650,601). |
The company leases five properties from Silver Shadow Investments Limited at an annual combined rental of |
£488,000 (2018: £428,000) per annum. |
Mr D Chawla, a shareholder, had an outstanding debt of £nil (2018: £nil) at the end of the year. |
24. | CONTROL |
During the year, the company was controlled by the directors. |