SAL Commercials Limited - Limited company accounts 20.1

REGISTERED NUMBER: 04119799 (England and Wales)

SAL Commercials Limited

Strategic Report, Report of the Director and

Financial Statements for the Year Ended 31st December 2021

Page

Company Information

1

Strategic Report

2

Report of the Director

4

Report of the Independent Auditors

6

Income Statement

9

Other Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Notes to the Financial Statements

13

DIRECTOR:

A J Howard

SECRETARY:

Ms C A Howard

REGISTERED OFFICE:

c/o HSH Cold Stores Limited

Birchin Way

Grimsby

Lincolnshire

DN31 2SG

REGISTERED NUMBER:

04119799 (England and Wales)

AUDITORS:

Smailes Goldie

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

East Yorkshire

HU2 8BA

BANKERS:

Natwest Bank

66 Victoria Street

Grimsby

N E Lincs

DN31 1BL

The director presents his strategic report for the year ended 31st December 2021.

REVIEW OF BUSINESS

The key financial performance indicators during the year were as follows:

2021

2020

Change

12 months

13 months

£

£

%

Turnover

6,484,532

6,279,743

+3%

Operating profit

1,668,147

1,767,489

-6%

Profit after tax

1,226,848

1,172,040

+5%

Equity shareholders funds

9,338,170

8,111,322

+15%

The company supplies entirely to the UK. Turnover increased notwithstanding the shorter period of account. Taking the relative periods, operating profit and profit after tax have been more than maintained.

The directors monitor gross profit margins as another key performance indicator and notice a minor reduction in the current year to 24%.

Trade creditors show a decrease in the current year from £560,685 to £529,074.

Shareholder's funds increased by 15% due to retained earnings.

The company has met all its legal requirements throughout the year.

PRINCIPAL RISKS AND UNCERTAINTIES

The company's activities expose it to a number of financial risks including cash flow risk.

Liquidity risk

In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the company utilises available resources with support from close related parties. Effective cash flow forecasting is sufficient to enable the effective provision of resources and any significant cash outflows are adequately budgeted for.

Fuel costs

Due to the high levels of fuel required to run the refrigerated haulage, the directors monitor fuel prices regularly as increases in the price per litre could potentially have a significant effect on net profit. The directors take appropriate steps to mitigate the effect on profitability.

Brexit

Whilst Brexit has not adversely affected levels of trade, it has had an adverse affect on the availability of drivers and consequently the related costs.

FUTURE DEVELOPMENTS

The directors anticipate that the business environment will remain competitive. They believe that the company is in a good position and that the risks that have been identified are being well managed. The directors are confident in the company's ability to maintain and build on the current position.

FINANCIAL INSTRUMENTS

The company has a normal level of exposure to price, credit, liquidity and cash flow risks arising from trading activities which are entirely conducted in sterling. The company does not enter into any formally designated hedging arrangements.

The company has, for a number of years, used invoice discounting to assist working capital.

EVENTS SINCE THE YEAR END

On the 14th September, 2022 the trade and most of the assets and liabilities of the company were hived up to the immediate parent company, HSH Coldstores Limited, at their respective book values and the trade continues in that company. The carrying values of assets and liabilities in these financial statements are therefore unaffected.

ON BEHALF OF THE BOARD:

A J Howard - Director

23rd September 2022

The director presents his report with the financial statements of the company for the year ended 31st December 2021.

DIVIDENDS

No dividends will be distributed for the year ended 31st December 2021.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

A J Howard has held office during the whole of the period from 1st January 2021 to the date of this report.

Other changes in directors holding office are as follows:

Ms C A Howard - resigned 12th January 2021

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 director is 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 he 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, Smailes Goldie, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

A J Howard - Director

23rd September 2022

Opinion

We have audited the financial statements of SAL Commercials Limited (the 'company') for the year ended 31st December 2021 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 31st December 2021 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

As set out in notes 1 and 22 to the accounts, the trade ceased on 14th September, 2022 but for the reasons set out in those notes, the carrying values of assets and liabilities in these financial statements remain unaffected. Our opinion is not modified in this respect.

Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, 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 this gives rise to a material misstatement in the financial statements themselves. 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 Director 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 Director 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 Director.

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 director's remuneration specified by law are not made; or

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

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, tax legislation, data protection, anti-bribery, employment, environmental and health and safety legislation. An understanding of these laws and regulations and the extent of compliance was obtained through discussion with management and inspecting legal and regulatory correspondence.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

-

performed analytical procedures to identify any unusual or unexpected relationships;

-

tested journal entries to identify unusual transactions;

-

assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

-

investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

-

agreeing financial statement disclosures to underlying supporting documentation;

-

reading the minutes of meetings of those charged with governance;

-

enquiring of management as to actual and potential litigation and claims; and

-

reviewing correspondence with relevant regulators and the company's legal advisors.

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.

Ian Lamb FCA CF (Senior Statutory Auditor)

for and on behalf of Smailes Goldie

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

East Yorkshire

HU2 8BA

23rd September 2022

TURNOVER

6,484,532

6,279,743

Cost of sales

4,933,787

4,614,923

GROSS PROFIT

1,550,745

1,664,820

Distribution costs

41,710

41,885

Administrative expenses

1,052,712

1,311,725

1,094,422

1,353,610

456,323

311,210

Other operating income

1,211,824

1,456,279

OPERATING PROFIT

4

1,668,147

1,767,489

Interest payable and similar expenses

5

154,282

319,465

PROFIT BEFORE TAXATION

1,513,865

1,448,024

Tax on profit

6

287,017

275,984

PROFIT FOR THE FINANCIAL YEAR

1,226,848

1,172,040

PROFIT FOR THE YEAR

1,226,848

1,172,040

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,226,848

Prior year adjustment

452,113

TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT

1,624,153

FIXED ASSETS

Tangible assets

7

2,145,326

2,991,169

Investment property

8

13,053,618

13,053,618

15,198,944

16,044,787

CURRENT ASSETS

Stocks

9

57,846

24,365

Debtors

10

3,517,303

3,433,053

Cash at bank

29,847

170,118

3,604,996

3,627,536

CREDITORS

Amounts falling due within one year

11

2,153,880

2,840,142

NET CURRENT ASSETS

1,451,116

787,394

TOTAL ASSETS LESS CURRENT LIABILITIES

16,650,060

16,832,181

CREDITORS

Amounts falling due after more than one year

12

(6,317,441

)

(7,690,731

)

PROVISIONS FOR LIABILITIES

16

(994,449

)

(1,030,128

)

NET ASSETS

9,338,170

8,111,322

CAPITAL AND RESERVES

Called up share capital

17

1,000

1,000

Retained earnings

18

9,337,170

8,110,322

SHAREHOLDERS' FUNDS

9,338,170

8,111,322

The financial statements were approved by the director and authorised for issue on 23rd September 2022 and were signed by:

A J Howard - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1st December 2019

1,000

6,486,169

6,487,169

Prior year adjustment

-

452,113

452,113

As restated

1,000

6,938,282

6,939,282

Changes in equity

Total comprehensive income

-

1,172,040

1,172,040

Balance at 31st December 2020

1,000

8,110,322

8,111,322

Changes in equity

Total comprehensive income

-

1,226,848

1,226,848

Balance at 31st December 2021

1,000

9,337,170

9,338,170

1.	STATUTORY INFORMATION

SAL Commercials 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.

Going concern

See note 22 to the financial statements for a statement regarding the going concern basis and its application to this entity.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of paragraph 3.17(d).

Turnover

The company recognises revenue at the fair value of the consideration received or receivable. Revenue is calculated as the gross sales value which is reduced for volume discounts, rebates and similar discounts and allowances as well as value added tax and other sales taxes. Revenue is measured net of customer returns and credits. Revenue is recognised in accordance with FRS 102, Section 23 Revenue. The company recognises a sale on satisfactory completion of delivery and the point at which the risks and rewards of ownership of the goods pass from the Company to the customer and the Company has no further obligations to the customer.

Tangible fixed assets

All fixed assets are initially recorded at cost. Plant, machinery, fixtures and fittings and motor vehicles are used in the company's principal activity for the production and supply of services or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Plant and Machinery

-

20% on a straight line basis

Fixtures and Fittings

-

Straight line basis over 20 years

Motor Vehicles

-

20% on a straight line basis

Assets obtained under hire purchase contracts are capitalised in the balance sheet. Assets which are held under finance leases are depreciated in the same manner as owned assets. Those held under hire purchase contracts are depreciated over their estimated useful lives or the lease term, whichever is shorter. The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

At each balance sheet date, the directors review the assets to determine whether, or not, there are any indications that tangible fixed assets have suffered impairment losses. If any such indication exists, the recoverable amount of the respective asset is estimated in order to determine the extent of the impairment loss. At each balance sheet date, the directors review the useful lives and residual values of the company's assets and these are revised as necessary. Any revisions to useful lives and residual values are applied prospectively from the date of change. Where the recoverable amount of an asset is estimated to be less than the carrying amount,in the financial statements, the carrying amount is reduced to its recoverable amount by way of an impairment loss which is charged to profit or loss immediately. Impairment losses are reversed when the conditions giving rise to the previously recognised impairment loss cease to exist. In the situation that an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined, net of depreciation charges, had the asset not been subject to impairment in prior years. A reversal of a previously recognised impairment loss is recognised as income immediately.

Investment property

Investment property is shown at the most recent valuation. Any aggregate surplus arising from changes in the fair value is recognised in the revaluation reserve through other comprehensive income. When an impairment loss arises, the deficit is recognised against the revaluation reserve and if the impairment exceeds the revaluation reserve, the deficit is recognised in the profit and loss account.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. At each balance sheet date, the directors undertake a review of its stock to establish if any stock is slow-moving or has become obsolete. Where any write-downs of stock become necessary so as to reduce the value from cost to estimated selling price less costs to complete and sell, such write-downs are recognised as an expense in profit or loss in the period in which the write-down or loss occurs. Where such write-downs subsequently reverse, the amount of any reversal is recognised as a reduction in the amount of the stocks recognised as an expense in the period in which the reversal occurs.

Taxation

Taxation for the year comprises current and deferred tax. The current liability is based on taxable profit for the current or past reporting periods. The entity's taxable profit differed from the profit reported in profit or loss for the year because of items of income in expense which are taxable or deductible in different periods together with items which are beyond the scope fo tax and hence are never taxable or deductible. The entity's liability for current tax is calculated using tax rates which have been enacted or substantively enacted, by the balance sheet date.

Amounts of the current and deferred tax are generally recognised in the profit or loss, except when they relate to items which are recognised in other comprehensive income or equity as the case may be.

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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

Short-term employee benefits are recognised as an expense in the period in which they are incurred. The company operates a defined contribution pension scheme and the obligations for contributions are recognised as an expense in the period they are incurred. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.

Trade and other debtors

Trade and other debtors are initially recognised at the transaction price and subsequently measured using the amortised cost method which uses the effective interest method. At each balance sheet date, the directors asses trade and other debtors for evidence of indicators of impairment and where the directors conclude that amounts in respect of trade and other debtors are not recoverable, a specific bad debt provision is recognised. Trade debtors are not interest-bearing. Where the effects of discounting trade and other debtors is judged to be immaterial, such debtors are stated at cost less impairment losses in respect of bad debts.

Trade and other creditors

Trade and other creditors are initially recognised in the financial statements at transaction price. Trade and other creditors are then subsequently measured at amortised cost using the effective interest method, unless the effects of discounting would be considered immaterial. If the effects of discounting are judged to be immaterial, trade and other creditors are stated at cost. Trade creditors are not interest-bearing.

3.	EMPLOYEES AND DIRECTORS

Period

1.12.19

Year ended

to

31.12.21

31.12.20

£

£

Wages and salaries

2,062,843

1,992,085

Social security costs

183,938

173,251

Other pension costs

41,024

53,058

2,287,805

2,218,394

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

Period

1.12.19

Year ended

to

31.12.21

31.12.20

Average no of employees

50

49

Period

1.12.19

Year ended

to

31.12.21

31.12.20

£

£

Directors' remuneration

-

75,964

Directors' pension contributions to money purchase schemes

-

9,326

4.	OPERATING PROFIT

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

Period

1.12.19

Year ended

to

31.12.21

31.12.20

£

£

Depreciation - owned assets

222,894

179,606

Depreciation - assets on hire purchase contracts

631,000

888,684

Profit on disposal of fixed assets

-

(43,375

)

Auditors' remuneration

10,810

4,500

Auditors' remuneration for non audit work

-

2,036

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

Period

1.12.19

Year ended

to

31.12.21

31.12.20

£

£

Bank interest

914

26,350

Bank loan interest

120,527

139,419

Invoice discounting interest and charges

10,002

19,105

Loan

-

46,667

Hire purchase

22,839

87,924

154,282

319,465

6.

TAXATION

Analysis of the tax charge

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

Period

1.12.19

Year ended

to

31.12.21

31.12.20

£

£

Current tax:

UK corporation tax

322,696

210,492

Deferred tax

(35,679

)

65,492

Tax on profit

287,017

275,984

Reconciliation of total tax charge included in profit and loss

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

Period

1.12.19

Year ended

to

31.12.21

31.12.20

£

£

Profit before tax

1,513,865

1,448,024

Profit multiplied by the standard rate of corporation tax in the UK of 19% (2020 - 19%)

287,634

275,125

Effects of:

Expenses not deductible for tax purposes

(159

)

859

Capital allowances in excess of depreciation

(458

)

-

Total tax charge

287,017

275,984

7.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1st January 2021

20,225

920,497

5,353,854

6,294,576

Additions

2,117

-

5,934

8,051

At 31st December 2021

22,342

920,497

5,359,788

6,302,627

DEPRECIATION

At 1st January 2021

19,055

237,795

3,046,557

3,303,407

Charge for year

1,260

46,025

806,609

853,894

At 31st December 2021

20,315

283,820

3,853,166

4,157,301

NET BOOK VALUE

At 31st December 2021

2,027

636,677

1,506,622

2,145,326

At 31st December 2020

1,170

682,702

2,307,297

2,991,169

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1st January 2021

and 31st December 2021

3,155,000

DEPRECIATION

At 1st January 2021

1,126,901

Charge for year

631,000

At 31st December 2021

1,757,901

NET BOOK VALUE

At 31st December 2021

1,397,099

At 31st December 2020

2,028,099

8.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st January 2021

and 31st December 2021

13,053,618

NET BOOK VALUE

At 31st December 2021

13,053,618

At 31st December 2020

13,053,618

If investment property had not been revalued it would have been included at the following historical cost:

2021

2020

£

£

Cost

20,744,247

20,744,247

Aggregated depreciation

(10,400,201

)

(9,517,468

)

Investment property was valued on an open market basis on 27 August 2019 by PPH Commercial.

The directors believe there has been no significant change in value since the balance sheet date.

9.

STOCKS

2021

2020

£

£

Stocks

57,846

24,365

10.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

1,078,265

1,091,244

Amounts owed by group undertakings

2,082,426

2,060,307

Other debtors

6,492

2,499

Invoice discounting balances

94,285

15,015

Directors' loan accounts

-

1,465

Prepayments and accrued income

255,835

262,523

3,517,303

3,433,053