Stokes Group Limited - Limited company accounts 20.1

REGISTERED NUMBER: 02567976 (England and Wales)

REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH DECEMBER 2019

FOR

STOKES GROUP LIMITED

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

3

Income Statement

5

Statement of Financial Position

6

Notes to the Financial Statements

7

DIRECTORS:

M Rabanal Nunez

J Telleria Basanez

SECRETARY:

L K Seville

REGISTERED OFFICE:

Newport House

Newport Road

Stafford

ST16 1DA

REGISTERED NUMBER:

02567976 (England and Wales)

SENIOR STATUTORY AUDITOR:

Matthew Adam Bailey

AUDITORS:

Howards Limited

Chartered Certified Accountants

Statutory Auditors

Newport House

Newport Road

Stafford

Staffordshire

ST16 1DA

The directors present their report with the financial statements of the company for the year ended 30th December 2019.

CESSATION OF TRADING

The company ceased trading on 30th November 2019.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the manufacture of forgings and provision of

general engineering services.

DIRECTORS

The directors who have held office during the period from 31st December 2018 to the date of this report are as follows:

P G Morgan - resigned 30th November 2019

M Rabanal Nunez - appointed 28th May 2019

J Telleria Basanez - appointed 28th May 2019

H H Luthra - resigned 30th September 2019

J Curras - resigned 31st May 2019

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing 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;

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, Howards Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small

companies.

ON BEHALF OF THE BOARD:

L K Seville - Secretary

17th December 2020

Opinion

We have audited the financial statements of Stokes Group Limited (the 'company') for the year ended

30th December 2019 which comprise the Income Statement, Statement of Financial Position 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 30th December 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 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Directors has 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 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; or

-	the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page two, 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.

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional

scepticism throughout the audit. We also:

-

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

-	Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.

-	Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

-

Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Report of the Auditors to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Report of the Auditors. However, future events or conditions may cause the company to cease to continue as a going concern.

-	Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of

the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our

audit.

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.

Matthew Adam Bailey (Senior Statutory Auditor)

for and on behalf of Howards Limited

Chartered Certified Accountants

Statutory Auditors

Newport House

Newport Road

Stafford

Staffordshire

ST16 1DA

17th December 2020

TURNOVER

5,336,381

7,874,214

Cost of sales

5,194,401

6,402,337

GROSS PROFIT

141,980

1,471,877

Administrative expenses

1,310,460

1,961,075

(1,168,480

)

(489,198

)

Other operating income

-

1,416

OPERATING LOSS

5

(1,168,480

)

(487,782

)

Exceptional Items

6

1,169,595

(4,656,484

)

1,115

(5,144,266

)

Interest payable and similar expenses

1,115

410,243

LOSS BEFORE TAXATION

-

(5,554,509

)

Tax on loss

-

-

LOSS FOR THE FINANCIAL YEAR

-

(5,554,509

)

FIXED ASSETS

Intangible assets

7

-

-

Tangible assets

8

374,968

1,093,470

Investments

9

-

2

374,968

1,093,472

CURRENT ASSETS

Stocks

-

2,344,957

Debtors

10

64,921

1,050,613

Prepayments and accrued income

-

53,992

Cash at bank and in hand

969,523

1,357,285

1,034,444

4,806,847

CREDITORS

Amounts falling due within one year

11

221,792

4,356,598

NET CURRENT ASSETS

812,652

450,249

TOTAL ASSETS LESS CURRENT LIABILITIES

1,187,620

1,543,721

CREDITORS

Amounts falling due after more than one year

12

1,174,793

1,530,894

NET ASSETS

12,827

12,827

CAPITAL AND RESERVES

Called up share capital

13,832,931

13,832,931

Share premium

6,903,196

6,903,196

Capital redemption reserve

41,268

41,268

Retained earnings

(20,764,568

)

(20,764,568

)

SHAREHOLDERS' FUNDS

12,827

12,827

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 17th December 2020 and were signed on its behalf by:

M Rabanal Nunez - Director

1.	STATUTORY INFORMATION

Stokes Group Limited is a private company, limited by shares, registered in England and Wales. The company's

registered number is 02567976 and the registered office address is Newport House, Newport Road, Stafford

ST16 1DA. The company has ceased trading and the principal place of business address was 34 Cochrane

Road, Holly Hall, Dudley, West Midlands, United Kingdom.

The principal activity of the company is that of the manufacturing of forgings and general engineering.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Functional currency

The financial statements are prepared in sterling (£). The functional currency of the company is sterling (£).

Going concern

The directors issued a notice on 17 October 2018 stating the intention of the company to close the business and

after an extended closure period it ceased trading on the 30 November 2019 and therefore is no longer a going

concern. Provisions have been made in respect of contracts which have become onerous at the reporting date

and for the future costs of closing the business which were committed at the reporting date. The directors do not

consider that any other adjustments are necessary.

Preparation of consolidated financial statements

The financial statements contain information about Stokes Group Limited as an individual company and do not

contain consolidated financial information as the parent of a group. The company is exempt under Section 400

of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its

subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent,

CIE Automotive S.A., Alameda Mazarredo 69, 8 48009 Bilbao (Vizcaya), Espana.

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 require management to make significant judgements and estimates. The

items included in the financial statements where these judgements and estimates have been made include:

Stock provision

At each reporting date, stocks are assessed for impairment. Management uses their judgement in assessing

whether stocks are impaired and how much impairment loss to record, based on their knowledge of trading

conditions in the market and past experience.

Bad debt provision

A specific provision is made at each period end date based on management knowledge of the customer base

Useful economic life of fixed assets

The useful economic life of fixed assets used in the production process is an estimate significant to the financial

statements. Management regularly reviews the lives of assets and their residual values in line with business

development.

Classification of dies and tooling

The Company recognises these items as stock due to the maintenance processes that are used to return the

dilapidated dies and tooling back to a new condition. The Company decided that due to the processes involved,

and the length of the life of the tooling, holding these assets as current assets was more appropriate than

recognising them elsewhere in the Statement of Financial Position.

Recoverability of deferred tax assets

Management estimation is required to determine the amount of deferred tax assets that can be recognised,

based upon likely timing and level of future taxable profits together with an assessment of the effect of future tax

planning strategies.

Turnover

Turnover comprises revenue recognised by the Company in respect of goods and services supplied during the

year, exclusive of Value Added Tax and trade discounts. Turnover is recognised on the delivery of products to

customers.

Goodwill

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the

identifiable assets and liabilities. It is amortised to the Statement of Comprehensive Income over its estimated

economic life.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Land and buildings

-

2% on cost

Plant and machinery etc

-

33% on cost, 10% on cost and Equally over the lease term

Investments in subsidiaries

Investments in subsidiary undertakings are measured at cost less accumulated impairment

Stocks

Stocks and work in progress are valued at the lower of cost and net reaslisable value. Cost is determined on a

"first in first out" basis after making due allowance for obsolete and slow-moving stocks. Cost includes all direct

costs and an appropriate proportion of fixed and variable overheads.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial

assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third

parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period

for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is

recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an

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

interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss

is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference

between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the

company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when

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

or to realise the asset and settle the liability simultaneously.

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 statement of financial position date.

Deferred tax

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

statement of financial position 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

statement of financial position 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets.

Assets acquired by finance lease are depreciated over the shorter or the lease term and heir useful lives. Assets

acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially

all of the benefits and risks of ownership are assumed by the Company. Obligations under such agreements are

included in creditors net of the finance charge allocated to future periods. The finance element of the rental

payment is charged to the Statement of Comprehensive Income so as to produce a constant periodic rate of

charge on the net obligation outstanding in each period,

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.

Provisions

Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a

result of a past event, it is probable that the company will be required to settle the obligation and the amount of

the obligation can be reliably estimated.

Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting

date.

Impairment of non financial assets

At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and

equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an

indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the

higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If

the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an

impairment loss is recognised immediately in profit or loss.

Inventories are also assessed for impairment at each reporting date. The carrying amount of each item of

inventory, or group of similar items, is compared with its selling price less costs to complete and sell. If an item of

inventory or group of similar items is impaired, its carrying amount is reduced to selling price less costs to

complete and sell, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is

increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been

determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A

reversal of an impairment loss is recognised immediately in profit or loss.

Goodwill

Goodwill relates to the subsidiary undertakings which were acquired by the company. The goodwill was being

amortised over it's estimated useful life however is now fully impaired.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 27 (2018 - NIL ) .

5.	OPERATING LOSS

The operating loss is stated after charging:

Period

1.1.18

Year Ended

to

30.12.19

30.12.18

£

£

Depreciation - owned assets

56,869

281,236

6.	EXCEPTIONAL ITEMS

Following the decision of the company's owners, Mahindra CIE Automotive Limited, in November 2018 to close

the UK operations expected future cost of £4,656,484 were included in the financial statements last year. This

year the directors have reviewed the closure provision and have adjusted their estimates of anticipated losses

associated with the dissolution of the company by £1,169,596.

The effect on the results reported in these financial statements following the adjustment to these costs, which

includes those related to non trading events, is to remove the loss reported from £1,082,867 before the

inclusion of these adjustments. The effect on the Balance Sheet is to increase the net assets to £12,827 from a

net liabilities position of £1,070,040 before inclusion of these adjustments.

The directors consider the company is no longer a going concern and therefore have made the adjustments they

consider necessary, as described in note 3 of these financial statements.

7.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 31st December 2018

440,792

Disposals

(440,792

)

At 30th December 2019

-

AMORTISATION

At 31st December 2018

440,792

Eliminated on disposal

(440,792

)

At 30th December 2019

-

NET BOOK VALUE

At 30th December 2019

-

At 30th December 2018

-

8.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 31st December 2018

512,684

5,398,015

5,910,699

Disposals

-

(4,153,632

)

(4,153,632

)

At 30th December 2019

512,684

1,244,383

1,757,067

DEPRECIATION

At 31st December 2018

163,335

4,653,894

4,817,229

Charge for year

4,359

75,747

80,106

Eliminated on disposal

-

(3,601,965

)

(3,601,965

)

Impairments

-

86,729

86,729

At 30th December 2019

167,694

1,214,405

1,382,099

NET BOOK VALUE

At 30th December 2019

344,990

29,978

374,968

At 30th December 2018

349,349

744,121

1,093,470

Fixed assets, included in the above, which are held under finance leases are as follows:

Plant and

machinery

etc

£

COST

At 31st December 2018

543,738

Disposals

(543,738

)

At 30th December 2019

-

DEPRECIATION

At 31st December 2018

395,912

Charge for year

23,237

Eliminated on disposal

(419,149

)

At 30th December 2019

-

NET BOOK VALUE

At 30th December 2019

-

At 30th December 2018

147,826

9.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 31st December 2018

2

Disposals

(2

)

At 30th December 2019

-

NET BOOK VALUE

At 30th December 2019

-

At 30th December 2018

2

10.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

-

1,050,613

Other debtors

64,921

-

64,921

1,050,613

11.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Finance leases

-

54,481

Trade creditors

7,426

1,523,626

Amounts owed to group undertakings

-

2

Taxation and social security

89,500

99,522

Other creditors

124,866

2,678,967

221,792

4,356,598

12.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Finance leases

-

44,175

Other creditors

1,174,793

1,486,719

1,174,793

1,530,894

13.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Finance leases

-

98,656

Finance lease liabilities are secured against the assets to which they relate.

14.	FINANCIAL INSTRUMENTS

2019

2018

£

£

Financial Assets

Cash and cash equivalents

969,523

1,357,285

Financial assets measured at amortised cost

64,921

1,050,613

1,034,444

2,407,898

2019

2018

£

£

Financial Liabilities

Financial liabilities measured at amortised cost

(221,792

)

(1,851,698

)

Financial assets measured at amortised cost comprise of trade debtors.

Financial liabilities measured at amortised cost comprise amounts owed to group companies, trade creditors,

accruals, net obligations under finance lease and hire purchase contracts and other creditors.

15.	OTHER FINANCIAL COMMITMENTS

At 30 December 2019 the Company had total future operating lease commitments of £3,002 (2018: £187,340) of

which £3,002 (2018:£157,041) is due within one year