Smythe House Limited - Limited company accounts 20.1

REGISTERED NUMBER: 07088807 (England and Wales)

SMYTHE HOUSE LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH NOVEMBER 2020

Page

Company Information

1

Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

6

Profit and Loss Account

8

Other Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

14

DIRECTORS:

E A Galwey

S H Galwey

SECRETARY:

Mrs J L Galwey

REGISTERED OFFICE:

Broad House

The Broadway

Hatfield

Hertfordshire

AL9 5BG

REGISTERED NUMBER:

07088807 (England and Wales)

AUDITORS:

Keelings Limited

Statutory Auditors, Chartered Tax Advisers

and Chartered Certified Accountants

Broad House

The Broadway

Old Hatfield

Herts

AL9 5BG

BANKERS:

HSBC

60 Queen Victoria Street

London

EC4N 4TR

The directors present their strategic report for the year ended 30th November 2020.

REVIEW OF BUSINESS

Smythe House Limited is an independent and privately owned specialised provider of financial advisory and wealth management services to professional clients and corporate finance services to small and medium sized enterprises.

Since 31st August 2012, the company has been authorised and permitted by the UK Financial Conduct Authority (FCA) to provide financial advice to clients who are capable of being classified as "professional clients" under the rules of the FCA. The company also undertakes corporate finance and certain other investment business.

The results for the company show a pre-tax profit of £165,121 (2019 - £183,057) for the year and turnover of £264,148 (2019 - £278,968).

PRINCIPAL RISKS AND UNCERTAINTIES

The management of the business and execution of the company's strategy are subject to a number of risks.

The key business risks and uncertainties affecting the company are considered to relate to investment risk (being the potential for poor performance on the investment opportunities on which the company advises), reputational risk (being a failure to deliver a high standard of service or a failure to comply with the company's regulatory or legal obligations), the speed at which the company can acquire new clients and the company's ability to react and adapt to an evolving regulatory environment.

The other main risks the company face are operational, credit and liquidity.

KEY PERFORMANCE INDICATORS

Given the uncomplicated nature of the business, the company's director is of the opinion that analysis using key performance indicators is not necessary for an understanding of the development, performance or position of the business.

FUTURE DEVELOPMENTS

The company expects to continue to benefit in the future from rules impacting the regulation of the financial services industry in the UK introduced by the FCA with effect from 1st January 2013 known as the Retail Distribution Review (RDR). The company's business model and strategy has been specifically designed with RDR in mind and the company is expected to attract an increasing number of new clients in the coming year.

In addition, the company sees significant scope to continue to expand its corporate finance activities in the coming year and will pursue a number of commercial arrangements with other market participants to establish an increased capacity to originate and execute corporate finance business.

FINANCIAL RISK MANAGEMENT

The main financial risks faced by the company are considered to be investment risks, reputational risk, liquidity risk, operational risk and credit risk. These risks and the company's approach to dealing with them are described below:

Investment risk is the potential for poor performance on the investment opportunities on which the company advises. This risk is manage with the establishment of a robust investment advisory process which includes understanding each customer's aptitude to risk and in detail, their financial requirements and investment needs and also with continuous research and analysis on the areas the company coves under it's advisory and placing services and the recruitment and retention of highly talented investment specialists who embrace our investment approach.

Reputational risk is the risk of being perceived to be a failure to comply with regulatory and legal obligations or failure to deliver minimum standards of service and product quality to customers. The company manages this risk by training employees to identify and manage reputational risks as well as carefully screening advisors to ensure the quality of analysis and customer service is in line with the company's offering and also by ensuring customers understand the methodology of the company's process and having a clear long-term plan. To alleviate non-compliance, the company have set out documented controls and procedures as well as appoints external compliance consultants to perform compliance reviews.

Liquidity risk is the possibility that the company will encounter difficulty in meeting its obligations associated with its financial liabilities. The company controls liquidity risk by maintaining easily realisable liquid assets and monitoring actual cash flows.

Operational risk is the risk of direct and indirect loss resulting from inadequate or failed internal processes, people and systems, or from external parties. The company's approach to mitigate this risk includes continual reviewing and upgrading of internal controls and procedures, including robust policies and procedures in respect of regulatory compliance, anti-money laundering and finance. In addition, regular maintenance and updating of IT systems and recruiting, retaining and motivating high quality professionals.

Credit risk is the risk that a party will default on a financial agreement such as fees due and deposits held with UK authorised banks. The risk is abated by performing credit checks and completing due diligence checks at the outset of entering into material contracts, which include agreeing to contractual fee arrangements and monitoring payments against agreed payment arrangements in addition to periodic monitoring of the financial strength of the credit institution. It is however not exposed to credit and counterparty risk to customers as there are no transactional counterparty risk as the company provides advising and placing services, plus all transactions are settled through counterparties and accounts are held with clearing and executing brokers where applicable.

The company is also not exposed to market risk as the company provides investment advisory and placing services and does not carry any significant amount assets or liabilities. Only significant changes in interest rate of greater than 200bps, will result in changes in fair value, thus impacting the overall financial position of the company.

CAPITAL MANAGEMENT

The company’s approach to calculating its own internal capital requirements has been to take the minimum capital required regulatory purposes as the starting point, assess whether this is sufficient to cover its own evaluation of risk, and then identify other risks and assess prudent levels of capital to meet them.

Capital levels are set with reference to the shareholder’s funds and these are adjusted to reflect risk and liquidity. Shareholders' funds do not include any amount that may constitute a commitment or liability to any party other than a distribution to the equity shareholder.

The company manages capital to ensure it will be able to continue as a going concern while aiming to

maximise the return to stakeholders. The capital structure of the company consists of equity attributable to equity holders of the company, comprising issued capital, reserves and retained earnings as disclosed in the Balance Sheet.

The company is subject to the Financial Conduct Authority's imposed capital requirements, of which it complied with during the year.

GOING CONCERN

The company has modelled the impact of COVID-19 on the business and has determined that there are no significant issues regarding the pandemic. The human and business impact of the COVID-19 pandemic continues to unfold globally and the business continues to assess the going concern basis.

ON BEHALF OF THE BOARD:

E A Galwey - Director

24th March 2021

The directors present their report with the financial statements of the company for the year ended 30th November 2020.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the provision of financial and wealth management advisory services to professional clients.

DIVIDENDS

The total distribution of dividends for the year ended 30th November 2020 was £124,550 (2019 - £145,829).

FUTURE DEVELOPMENTS

The company's future developments in the business are included in the strategic report.

DIRECTORS

The directors shown below have held office during the whole of the period from 1st December 2019 to the date of this report.

E A Galwey

S H Galwey

DISCLOSURE IN THE STRATEGIC REPORT

Any risks deemed to be material have been covered by the strategic report.

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

ON BEHALF OF THE BOARD:

E A Galwey - Director

24th March 2021

Opinion

We have audited the financial statements of Smythe House Limited (the 'company') for the year ended 30th November 2020 which comprise the Profit and Loss Account, 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 30th November 2020 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.

The directors have considered the impact of the COVID-19 pandemic as part of the company's going concern analysis including the impact of both reduced sales and cost saving strategies and concluded that no significant material uncertainty exists regarding the company's ability to continue as going concern.

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 five, 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.

Domenico Maurello (Senior Statutory Auditor)

for and on behalf of Keelings Limited

Statutory Auditors, Chartered Tax Advisers

and Chartered Certified Accountants

Broad House

The Broadway

Old Hatfield

Herts

AL9 5BG

24th March 2021

TURNOVER

264,148

278,968

Administrative expenses

104,518

99,105

159,630

179,863

Other operating income

5,490

40,984

OPERATING PROFIT

4

165,120

220,847

Interest receivable and similar income

1

40

165,121

220,887

Investment in unlisted shares

5

-

37,716

165,121

183,171

Interest payable and similar expenses

6

-

114

PROFIT BEFORE TAXATION

165,121

183,057

Tax on profit

7

31,739

35,183

PROFIT FOR THE FINANCIAL YEAR

133,382

147,874

PROFIT FOR THE YEAR

133,382

147,874

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

133,382

147,874

FIXED ASSETS

Tangible assets

9

187

279

CURRENT ASSETS

Debtors

10

99,617

98,282

Cash at bank

28,606

7,331

128,223

105,613

CREDITORS

Amounts falling due within one year

11

71,466

57,780

NET CURRENT ASSETS

56,757

47,833

TOTAL ASSETS LESS CURRENT LIABILITIES

56,944

48,112

CAPITAL AND RESERVES

Called up share capital

12

2,000

2,000

Share premium

13

24,750

24,750

Retained earnings

13

30,194

21,362

SHAREHOLDERS' FUNDS

56,944

48,112

The financial statements were approved by the Board of Directors and authorised for issue on 24th March 2021 and were signed on its behalf by:

E A Galwey - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1st December 2018

2,000

19,317

24,750

46,067

Changes in equity

Dividends

-

(145,829

)

-

(145,829

)

Total comprehensive income

-

147,874

-

147,874

Balance at 30th November 2019

2,000

21,362

24,750

48,112

Changes in equity

Dividends

-

(124,550

)

-

(124,550

)

Total comprehensive income

-

133,382

-

133,382

Balance at 30th November 2020

2,000

30,194

24,750

56,944

Cash flows from operating activities

Cash generated from operations

1

180,759

83,909

Interest paid

-

(114

)

Tax paid

(35,232

)

(41,345

)

Net cash from operating activities

145,527

42,450

Cash flows from investing activities

Sale of fixed asset investments

-

86,368

Interest received

1

40

Net cash from investing activities

1

86,408

Cash flows from financing activities

Amount withdrawn by directors

297

(545

)

Equity dividends paid

(124,550

)

(145,829

)

Net cash from financing activities

(124,253

)

(146,374

)

Increase/(decrease) in cash and cash equivalents

21,275

(17,516

)

Cash and cash equivalents at beginning of year

2

7,331

24,847

Cash and cash equivalents at end of year

2

28,606

7,331

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

2020

2019

£

£

Profit before taxation

165,121

183,057

Depreciation charges

92

136

Profit on disposal of fixed assets

-

(40,984

)

Impairment of fixed asset investments

-

37,716

Finance costs

-

114

Finance income

(1

)

(40

)

165,212

179,999

Increase in trade and other debtors

(1,335

)

(89,859

)

Increase/(decrease) in trade and other creditors

16,882

(6,231

)

Cash generated from operations

180,759

83,909

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 30th November 2020

30.11.20

1.12.19

£

£

Cash and cash equivalents

28,606

7,331

Year ended 30th November 2019

30.11.19

1.12.18

£

£

Cash and cash equivalents

7,331

24,847

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.12.19

Cash flow

At 30.11.20

£

£

£

Net cash

Cash at bank

7,331

21,275

28,606

7,331

21,275

28,606

Total

7,331

21,275

28,606

1.	STATUTORY INFORMATION

Smythe House 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.

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.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion, there are no significant judgements or key sources of estimation uncertainty.

Turnover

Turnover represents net revenues from services and commissions receivable, excluding value added tax. Revenue from membership fees is recognised over the period of subscription or renewal, and commissions receivable on the basis of statement entitlements.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Depreciation of fixed assets has been provided to reduce the cost of the assets to realisation over their expected useful lives at the following rates per annum:

Computer equipment : 33% on reducing balance.

Government grants

Income from Government grants, whether capital or revenue grants, is recognised when the company has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably.

Financial instruments

The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, 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 the Profit and Loss Account.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet 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.

Cash and cash equivalents

Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less. For the purpose of the consolidated cash flow statement, cash and cash equivalents consist of cash and cash equivalents as defined above, net of outstanding bank overdrafts.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

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.

3.	EMPLOYEES AND DIRECTORS

2020

2019

£

£

Wages and salaries

16,840

29,439

Other pension costs

7,200

5,400

24,040

34,839

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

2020

2019

Administration

2

2

2020

2019

£

£

Directors' remuneration

8,732

8,552

Directors' pension contributions to money purchase schemes

4,800

3,600

4.	OPERATING PROFIT

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

2020

2019

£

£

Other operating leases

846

1,278

Depreciation - owned assets

92

136

Profit on disposal of fixed assets

-

(40,984

)

Auditors' remuneration

2,500

2,500

Auditors' remuneration for non audit work

5,290

5,780

5.	INVESTMENT IN UNLISTED SHARES

2020

2019

£

£

Share impairment

-

37,716

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2020

2019

£

£

Interest on late paid tax

-

114

7.

TAXATION

Analysis of the tax charge

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

2020

2019

£

£

Current tax:

UK corporation tax

31,739

35,183

Tax on profit

31,739

35,183

UK corporation tax has been charged at 19% .

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:

2020

2019

£

£

Profit before tax

165,121

183,057

Profit multiplied by the standard rate of corporation tax in the UK of 19% (2019 - 19%)

31,373

34,781

Effects of:

Expenses not deductible for tax purposes

366

402

Total tax charge

31,739

35,183

8.

DIVIDENDS

2020

2019

£

£

Ordinary shares of £1 each

Interim

124,550

145,829

9.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1st December 2019

and 30th November 2020

6,529

DEPRECIATION

At 1st December 2019

6,250

Charge for year

92

At 30th November 2020

6,342

NET BOOK VALUE

At 30th November 2020

187

At 30th November 2019

279

10.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

10,134

8,235

Other debtors

89,367

86,367

Prepayments & accrued income

116

3,680

99,617

98,282

11.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

20,461

84

Corporation tax

31,739

35,232

Social security and other taxes

586

-

VAT

4,637

9,077

Directors' current accounts

367

70

Deferred Income

6,176

2,000

Other creditors and accruals

7,500

7,500

Prepaid membership fees

-

3,817

71,466

57,780

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

2,000

Ordinary

£1

2,000

2,000

13.

RESERVES

Retained

Share

earnings

premium

Totals

£

£

£

At 1st December 2019

21,362

24,750

46,112

Profit for the year

133,382

133,382

Dividends

(124,550

)

(124,550

)

At 30th November 2020

30,194

24,750

54,944

14.	RELATED PARTY DISCLOSURES

During the year, total dividends of £123,100 (2019: £139,770) were paid to the directors.

At the balance sheet date, the company owed E A Galwey, a director of the company, £367 (2019: £70). The loan attracts no interest and is repayable on demand.

15.	GOVERNMENT GRANT

2020

2019

£

£

Government grant - Job Retention Scheme

5,490

-

The Government put together a package of temporary measures to support businesses through this period of disruption caused by the Coronavirus pandemic. The company was eligible for Job Retention Scheme grants and received a total of £5,490 during the period ended 30th November 2020.