Barlow Properties Limited - Limited company accounts 20.1

REGISTERED NUMBER: 02687043 (England and Wales)

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021

FOR

BARLOW PROPERTIES LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Consolidated Income Statement

8

Consolidated Other Comprehensive Income

9

Consolidated Balance Sheet

10

Company Balance Sheet

11

Consolidated Statement of Changes in Equity

12

Company Statement of Changes in Equity

13

Consolidated Cash Flow Statement

14

Notes to the Consolidated Cash Flow Statement

15

Notes to the Consolidated Financial Statements

16

DIRECTORS:

H R J Leman

R J W Leman

SECRETARY:

Mrs G M Leman

REGISTERED OFFICE:

Units 1-5 Barlow Road

Aldermans Green

Coventry

CV2 2LD

REGISTERED NUMBER:

02687043 (England and Wales)

AUDITORS:

Flint & Thompson

Statutory Auditors

2-6 Manor Square

Solihull

West Midlands

B91 3PX

The directors present their strategic report of the company and the group for the year ended 30 September 2021.

REVIEW OF BUSINESS

The directors are pleased to report another satisfactory year despite the impact of Covid-19. The main subsidiary, Cumberland Meat Packers Limited has continued to build on the achievements from previous years and has seen an increase in turnover and net assets. Despite the slight reduction in gross profit margin the company has continued to be profitable.

The directors acknowledge that trading conditions remain challenging but remain optimistic about the prospects for the forthcoming year. Generally the results are considered to be very encouraging and reflect the effort of the directors and staff during the year.

PRINCIPAL RISKS AND UNCERTAINTIES

The directors believe that the principal risks and uncertainties facing the group remain similar to those in the previous period:

- Price volatility of beef supplies

- Exposure to new legislation and regulatory requirements

- Recruitment and retention of a skilled workforce

- The continuing effects on the economy of the global pandemic Covid-19

These risks are mitigated by ensuring training is offered to staff, a competitive employment package and good relationships are maintained with key suppliers and customers.

KEY PERFORMANCE INDICATORS

The board regularly monitor the management information available to them and use a number of key performance indicators to enable them to do this. These include:

- Sales within a period

- Gross margin

- Wages costs

- Working capital movements

This year has seen:

- An increase in turnover of 16.5% on the previous year

- A decrease in gross profit by £104k to £2.8m and a decrease in gross margin achieved from 11.7% to 9.7%

- An increase in administrative costs by £203k

- A decrease of £307k in profit before tax

- An overall increase in net assets of £447k and a £928k increase in net current assets

ON BEHALF OF THE BOARD:

H R J Leman - Director

20 April 2022

The directors present their report with the financial statements of the company and the group for the year ended 30 September 2021.

DIVIDENDS

An interim dividend of £2.76 per share was paid on 30 September 2021. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 30 September 2021 will be £ 276,000 .

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

The directors shown below have held office during the whole of the period from 1 October 2020 to the date of this report.

H R J Leman

R J W Leman

CHARITABLE DONATIONS AND EXPENDITURE

Charitable donations of £1,875 (2020: £10,747)

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information.

AUDITORS

The auditors, Flint & Thompson, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

H R J Leman - Director

20 April 2022

Opinion

We have audited the financial statements of Barlow Properties Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2021 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 30 September 2021 and of the group's 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 group 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

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group 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 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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent 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 group or the parent 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.

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

We identify and assess risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

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 as follows:

- discussion with directors and management of the nature of the industry, control environment and business performance;

- results of our enquiries of management about their own identification and assessment of the risks of irregularities;

- any matters we have identified having reviewed the group's procedures for complying with laws and regulations and whether they were aware of any instances of non-compliance. The key laws we considered in this context included the Companies Act 2006, taxation legislation, data protection and health and safety legislation.

We assessed the susceptibility of the group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:

- reviewing balance sheet control accounts to ensure properly reconciled;

- addressing the risks of fraud through management override of controls by performing journal entry testing;

- performing analytical procedures to identify any unusual or unexpected relationships that may include risks of material misstatement due to fraud;

- enquiring with management concerning actual and potential litigation claims

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

Peter Georgiades BA FCA (Senior Statutory Auditor)

for and on behalf of Flint & Thompson

Statutory Auditors

2-6 Manor Square

Solihull

West Midlands

B91 3PX

20 April 2022

TURNOVER

29,507,426

25,329,183

Cost of sales

26,652,747

22,370,407

GROSS PROFIT

2,854,679

2,958,776

Administrative expenses

1,807,853

1,604,534

1,046,826

1,354,242

Other operating income

2,500

2,500

OPERATING PROFIT

4

1,049,326

1,356,742

Interest payable and similar expenses

5

9,521

9,880

PROFIT BEFORE TAXATION

1,039,805

1,346,862

Tax on profit

6

272,859

181,123

PROFIT FOR THE FINANCIAL YEAR

766,946

1,165,739

Profit attributable to:

Owners of the parent

766,946

1,165,739

PROFIT FOR THE YEAR

766,946

1,165,739

OTHER COMPREHENSIVE INCOME

Revaluation reserve

(14,892

)

(23,029

)

Income tax relating to other comprehensive income

(29,000

)

4,000

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

(43,892

)

(19,029

)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

723,054

1,146,710

Total comprehensive income attributable to:

Owners of the parent

723,054

1,146,710

FIXED ASSETS

Intangible assets

9

720,000

900,000

Tangible assets

10

2,774,894

3,098,413

Investments

11

-

-

3,494,894

3,998,413

CURRENT ASSETS

Stocks

12

602,967

668,201

Debtors

13

5,128,762

4,018,471

Cash at bank and in hand

941,241

577,752

6,672,970

5,264,424

CREDITORS

Amounts falling due within one year

14

2,367,997

1,887,879

NET CURRENT ASSETS

4,304,973

3,376,545

TOTAL ASSETS LESS CURRENT LIABILITIES

7,799,867

7,374,958

CREDITORS

Amounts falling due after more than one year

15

(217,684

)

(268,829

)

PROVISIONS FOR LIABILITIES

20

(255,000

)

(226,000

)

NET ASSETS

7,327,183

6,880,129

CAPITAL AND RESERVES

Called up share capital

21

1,000,000

1,000,000

Share premium

22

4,000,100

4,000,100

Revaluation reserve

22

504,411

548,303

Retained earnings

22

1,822,672

1,331,726

SHAREHOLDERS' FUNDS

7,327,183

6,880,129

The financial statements were approved by the Board of Directors and authorised for issue on 20 April 2022 and were signed on its behalf by:

H R J Leman - Director

FIXED ASSETS

Intangible assets

9

-

-

Tangible assets

10

907,109

926,309

Investments

11

5,000,000

5,000,000

5,907,109

5,926,309

CURRENT ASSETS

Debtors

13

564,710

558,820

Cash at bank

51,306

31,500

616,016

590,320

CREDITORS

Amounts falling due within one year

14

25,436

20,126

NET CURRENT ASSETS

590,580

570,194

TOTAL ASSETS LESS CURRENT LIABILITIES

6,497,689

6,496,503

PROVISIONS FOR LIABILITIES

20

137,000

108,000

NET ASSETS

6,360,689

6,388,503

CAPITAL AND RESERVES

Called up share capital

21

1,000,000

1,000,000

Share premium

4,000,100

4,000,100

Revaluation reserve

504,411

548,303

Retained earnings

856,178

840,100

SHAREHOLDERS' FUNDS

6,360,689

6,388,503

Company's profit for the financial year

292,078

599,335

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 20 April 2022 and were signed on its behalf by:

H R J Leman - Director

Called up

share

Retained

Share

Revaluation

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 October 2019

1,000,000

765,987

4,000,100

567,332

6,333,419

Changes in equity

Dividends

-

(600,000

)

-

-

(600,000

)

Total comprehensive income

-

1,165,739

-

(19,029

)

1,146,710

Balance at 30 September 2020

1,000,000

1,331,726

4,000,100

548,303

6,880,129

Changes in equity

Dividends

-

(276,000

)

-

-

(276,000

)

Total comprehensive income

-

766,946

-

(43,892

)

723,054

Balance at 30 September 2021

1,000,000

1,822,672

4,000,100

504,411

7,327,183

Called up

share

Retained

Share

Revaluation

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 October 2019

1,000,000

840,765

4,000,100

567,332

6,408,197

Changes in equity

Dividends

-

(600,000

)

-

-

(600,000

)

Total comprehensive income

-

599,335

-

(19,029

)

580,306

Balance at 30 September 2020

1,000,000

840,100

4,000,100

548,303

6,388,503

Changes in equity

Dividends

-

(276,000

)

-

-

(276,000

)

Total comprehensive income

-

292,078

-

(43,892

)

248,186

Balance at 30 September 2021

1,000,000

856,178

4,000,100

504,411

6,360,689

Cash flows from operating activities

Cash generated from operations

1

941,169

1,481,098

Interest paid

(7,071

)

(9,707

)

Interest element of hire purchase payments paid

(2,450

)

(173

)

Tax paid

(261,264

)

(495,535

)

Net cash from operating activities

670,384

975,683

Cash flows from investing activities

Purchase of tangible fixed assets

(122,191

)

(531,599

)

Net cash from investing activities

(122,191

)

(531,599

)

Cash flows from financing activities

Loan repayments in year

(80,800

)

(86,140

)

Capital repayments in year

63,630

(4,320

)

Amount introduced by directors

108,466

145,191

Equity dividends paid

(276,000

)

(600,000

)

Net cash from financing activities

(184,704

)

(545,269

)

Increase/(decrease) in cash and cash equivalents

363,489

(101,185

)

Cash and cash equivalents at beginning of year

2

577,752

678,937

Cash and cash equivalents at end of year

2

941,241

577,752

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

2021

2020

£

£

Profit before taxation

1,039,805

1,346,862

Depreciation charges

617,266

408,043

Loss on disposal of fixed assets

8,444

-

Gain on revaluation of fixed assets

(14,892

)

(23,029

)

Decrease in deferred income

2,500

2,500

Government grants

(2,500

)

(2,500

)

Finance costs

9,521

9,880

1,660,144

1,741,756

Decrease/(increase) in stocks

65,234

(222,829

)

Increase in trade and other debtors

(1,110,291

)

(183,087

)

Increase in trade and other creditors

326,082

145,258

Cash generated from operations

941,169

1,481,098

2.	CASH AND CASH EQUIVALENTS

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

Year ended 30 September 2021

30.9.21

1.10.20

£

£

Cash and cash equivalents

941,241

577,752

Year ended 30 September 2020

30.9.20

1.10.19

£

£

Cash and cash equivalents

577,752

678,937

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.10.20

Cash flow

At 30.9.21

£

£

£

Net cash

Cash at bank and in hand

577,752

363,489

941,241

577,752

363,489

941,241

Debt

Finance leases

(14,400

)

(63,630

)

(78,030

)

Debts falling due within 1 year

(84,000

)

-

(84,000

)

Debts falling due after 1 year

(258,749

)

80,800

(177,949

)

(357,149

)

17,170

(339,979

)

Total

220,603

380,659

601,262

1.	STATUTORY INFORMATION

Barlow Properties 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 General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 (FRS102) "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, modified by the revaluation of certain assets and to include certain items at fair value, where required by FRS 102.

Barlow Properties Limited meets the definition of a qualifying entity under FRS102 and has therefore taken exemption of the disclosure exemptions available to it in respect of its separate financial statements, which are presented alongside the consolidated financial statements. Exemptions have been taken in relation to financial instruments, presentation of a cashflow statement and remuneration of key personnel.

Basis of consolidation

The group financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 September 2021 each year. The results of subsidiaries acquired or sold are consolidated for the periods from or to the date on which control passed.

Business combinations are accounted for under the purchase method. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used in line with those used by the group. All intergroup transactions, balances, income and expenses are eliminated on consolidation.

Under S408 of the Companies Act 2006 the company is exempt from the requirement to present its own profit and loss account.

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.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Significant judgements and estimates

In the application of the group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.

It is the opinion of the directors that there are no material estimates or judgements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from the sales of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on despatch of goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Goodwill

Goodwill arising on the acquisition of subsidiary undertakings and businesses, representing any excess of the fair value of the consideration given over the fair value of the identifiable assets and liabilities acquired, is capitalised and written off on a straight line basis over its useful economic life, which is ten years. Provision is made for any impairment.

Tangible fixed assets

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

Long leasehold

-

Straight line over 20 years and 2% per annum of cost

Plant and machinery

-

10% per annum of cost

Fixtures and fittings

-

10% per annum of cost

Motor vehicles

-

20% per annum of cost

Freehold land and buildings are carried at their revalued amounts, being fair value at the date of valuation less subsequent depreciation and impairment losses. Any accumulated depreciation at the date of revaluation is eliminated against the gross carrying amount of the asset and the net amount is restated to the revalued amount of the asset

Any revaluation increase in the carrying amounts of land and buildings is recognised in other comprehensive income and included in a revaluation reserve in equity, except to the extent that it reverses a revaluation decrease of the same asset previously recognised in the profit and loss, in which case the increase is credited to profit or loss to the extent of the decrease previously expended. Decreases that offset previous increases of the same asset are charged in other comprehensive income and debited against revaluation reserve in equity; decreases exceeding the balance in revaluation reserve relating to an asset are recognised in profit or loss. Each year the difference between depreciation based on the revalued carrying amount of the asset recognised in profit or loss and depreciation based on the asset's original costs is transferred from revaluation reserve to retained earnings.

Stocks

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

Financial instruments

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally 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 Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.