Standard Fuel Oils Limited - Limited company accounts 20.1

REGISTERED NUMBER: 07555993 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 March 2021

for

Standard Fuel Oils Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Statement of 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:

M D Goodwin

M F Goodwin

N J Goodwin

G C Goodwin

REGISTERED OFFICE:

Gores Road

Knowsley Industrial Estate

Liverpool

L33 7XS

REGISTERED NUMBER:

07555993 (England and Wales)

AUDITORS:

SB&P

Chartered Accountants & Statutory Auditors

Oriel House

2/8 Oriel Road

Bootle

Merseyside

L20 7EP

The directors present their strategic report for the year ended 31 March 2021.

REVIEW OF BUSINESS

The principal activity of the company is the wholesale and retail distribution of domestic, agricultural and commercial fuel oils and lubricants.

The directors are pleased with the performance of the business for the year. Sales volumes were approximately 137 million litres, an increase of 43 million litres. This was once again managed through a combination of organic growth with existing customers, being awarded new supply contracts & emerging into new markets.

We continue to prioritise long term customer contracts as opposed to spot work which affords stability and mitigates against the risks of what can be considered a seasonal industry. Oil prices were suppressed for the most part of the year as a result of falling demand across the country, only recovering in Q4 this year. This fall in oil price impacted our turnover, but not volume.

PRINCIPAL RISKS AND UNCERTAINTIES

Without mitigation the business could be exposed to a number of risks.

Credit Risk: The company operates a strict credit control policy with the majority of our debt insured. 2020/21 saw a second consecutive year of being paid a low claims bonus from our underwriters.

Environmental Risk: Standard Fuel Oils are exposed to environmental risks due to the nature of the products it delivers. The company places significant emphasis on compliance ensuring that best practice is incorporated into its key processes. Our insurance policies remain effective enough to mitigate the risk of any unseen events.

Liquidity Risk: The company continues to hold significant cash balances and has no long term intention to move away from a policy of doing otherwise.

Competition: Fuel distribution is a highly competitive market, and although a significant amount of consolidation has taken place over the last decade, competition is still deemed to be the main force of regulation. We employ a dedicated and experienced sales team and have control over our own storage and logistics operation.

Major Disruption: The company has a disaster recovery plan which is reviewed on an ongoing basis.

COVID-19: The company has been relatively unaffected by the pandemic, and have not claimed any government assistance in the way of grants or loans. Neither have we had to make claims from the governments furlough scheme. Fuel deliveries were classed as an essential service and remain unaffected. We have very little exposure to the travel, retail, leisure & hospitality industries.

FINANCIAL PERFORMANCE

Our standout KPI continues to be our consistent turnover growth. This increased by 26.9% Year on year. Net profit increased by £1,214,673 and this is reflective in a rise in Shareholders funds of £3,869,907.

FUTURE DEVELOPMENTS

Despite the ongoing coronavirus pandemic, the company has maintained strong growth, adding to both its workforce and fleet. We are due to take delivery of an additional 4 road tankers by the end of the calendar year. Demand for oil products has recovered to pre pandemic levels (with the exception of aviation fuel) and we continue to bring on new customers on a regular basis. The business is forecast to deliver approximately 160 million litres of mixed fuels during the 2021/21 financial year, an increase of 23 million litres.

The business will continue to invest in sustainable & renewable fuels with trials already underway with some of our contracted customers who will be switching from traditional hydrocarbons to drop in replacements such as HVO (Hydrotreated Vegetable Oil)

IMPACT OF BREXIT

All of our products are purchased in sterling, and the majority of our invoices are raised in the same currency. The directors do not believe that Brexit will impact upon sales, and due to our experience of operating within a commodity market that regularly sees huge fluctuations in the cost price of oil, we believe that any of the risks associated with Brexit can be managed effectively and efficiently.

ON BEHALF OF THE BOARD:

N J Goodwin - Director

19 July 2021

The directors present their report with the financial statements of the company for the year ended 31 March 2021.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of provision of fuels.

DIVIDENDS

Interim dividends per share were paid as follows:

29,000

- 21 April 2020

300,000

- 22 September 2020

250,000

- 20 November 2020

250,000

- 16 December 2020

14,500

- 18 February 2021

843,500

The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 March 2021 will be £ 843,500 .

DIRECTORS

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

M D Goodwin

M F Goodwin

N J Goodwin

G C Goodwin

DISCLOSURE IN THE STRATEGIC REPORT

Items required under Schedule 7 to be disclosed in the directors' report can be found in the Strategic Report in accordance with Section 414C(11) of the Companies Act 2006.

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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

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

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

N J Goodwin - Director

19 July 2021

Opinion

We have audited the financial statements of Standard Fuel Oils Limited (the 'company') for the year ended 31 March 2021 which comprise the Statement of 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 31 March 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

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 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 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 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 four, 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).

In identifying and assessing risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

-

We obtained an understanding of the legal and regulatory frameworks applicable to the Company and the sector in which it operates. We determined that the following laws and regulations were most significant: the Companies Act 2006, UK corporate tax laws, UK employment laws and UK health and safety regulations.

-

We obtained an understanding of how the Company is complying with those legal and regulatory frameworks by making enquiries of management, reviewing the board meeting minutes, reviewing the Company's accident book, reviewing the schedule of ongoing and potential claims against the Company including those notified to their insurers, and reviewing the legal costs incurred in the year and enquiring with management to the circumstances around these legal costs.

-

We assessed the susceptibility of the Company's financial statements to materiality misstatement, including how fraud might occur. Audit procedures performed by the audit engagement team included:

-

identifying the controls that management has in place to prevent and detect fraud;

-

challenging assumptions and judgements made by management in its significant accounting estimates;

-

auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business;

-

assessing the extent of compliance with the relevant laws and regulations.

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.

Suzanne Draper FCCA ACA (Senior Statutory Auditor)

for and on behalf of SB&P

Chartered Accountants & Statutory Auditors

Oriel House

2/8 Oriel Road

Bootle

Merseyside

L20 7EP

19 July 2021

TURNOVER

3

93,515,920

73,713,952

Cost of sales

84,928,778

67,395,771

GROSS PROFIT

8,587,142

6,318,181

Administrative expenses

2,669,932

2,087,566

OPERATING PROFIT

5

5,917,210

4,230,615

Interest receivable and similar income

13,876

44,540

5,931,086

4,275,155

Interest payable and similar expenses

6

17,957

21,180

PROFIT BEFORE TAXATION

5,913,129

4,253,975

Tax on profit

7

1,199,698

755,241

PROFIT FOR THE FINANCIAL YEAR

4,713,431

3,498,734

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

4,713,431

3,498,734

FIXED ASSETS

Tangible assets

9

1,464,316

1,380,453

CURRENT ASSETS

Stocks

10

310,921

158,819

Debtors

11

11,043,960

8,910,658

Cash at bank

13,732,871

7,393,637

25,087,752

16,463,114

CREDITORS

Amounts falling due within one year

12

13,142,576

8,201,696

NET CURRENT ASSETS

11,945,176

8,261,418

TOTAL ASSETS LESS CURRENT LIABILITIES

13,409,492

9,641,871

CREDITORS

Amounts falling due after more than one year

13

(258,112

)

(462,119

)

PROVISIONS FOR LIABILITIES

16

(249,173

)

(147,476

)

NET ASSETS

12,902,207

9,032,276

CAPITAL AND RESERVES

Called up share capital

17

100

100

Retained earnings

18

12,902,107

9,032,176

SHAREHOLDERS' FUNDS

12,902,207

9,032,276

The financial statements were approved by the Board of Directors and authorised for issue on 19 July 2021 and were signed on its behalf by:

N J Goodwin - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2019

100

6,362,442

6,362,542

Changes in equity

Dividends

-

(829,000

)

(829,000

)

Total comprehensive income

-

3,498,734

3,498,734

Balance at 31 March 2020

100

9,032,176

9,032,276

Changes in equity

Dividends

-

(843,500

)

(843,500

)

Total comprehensive income

-

4,713,431

4,713,431

Balance at 31 March 2021

100

12,902,107

12,902,207

Cash flows from operating activities

Cash generated from operations

1

8,932,221

3,969,431

Interest element of hire purchase payments paid

(17,957

)

(21,180

)

Tax paid

(1,025,000

)

(534,999

)

Net cash from operating activities

7,889,264

3,413,252

Cash flows from investing activities

Purchase of tangible fixed assets

(481,472

)

(301,282

)

Sale of tangible fixed assets

34,149

-

Interest received

13,876

44,540

Net cash from investing activities

(433,447

)

(256,742

)

Cash flows from financing activities

Capital repayments in year

(273,083

)

(227,774

)

Amount introduced by directors

-

(8,000

)

Amount withdrawn by directors

-

(964,779

)

Equity dividends paid

(843,500

)

(29,000

)

Net cash from financing activities

(1,116,583

)

(1,229,553

)

Increase in cash and cash equivalents

6,339,234

1,926,957

Cash and cash equivalents at beginning of year

2

7,393,637

5,466,680

Cash and cash equivalents at end of year

2

13,732,871

7,393,637

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

31.3.21

31.3.20

£

£

Profit before taxation

5,913,129

4,253,975

Depreciation charges

369,500

229,856

(Profit)/loss on disposal of fixed assets

(6,039

)

3,772

Finance costs

17,957

21,180

Finance income

(13,876

)

(44,540

)

6,280,671

4,464,243

(Increase)/decrease in stocks

(152,102

)

197,069

Increase in trade and other debtors

(2,133,302

)

(2,345,040

)

Increase in trade and other creditors

4,936,954

1,653,159

Cash generated from operations

8,932,221

3,969,431

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 31 March 2021

31.3.21

1.4.20

£

£

Cash and cash equivalents

13,732,871

7,393,637

Year ended 31 March 2020

31.3.20

1.4.19

£

£

Cash and cash equivalents

7,393,637

5,466,680

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.20

Cash flow

At 31.3.21

£

£

£

Net cash

Cash at bank

7,393,637

6,339,234

13,732,871

7,393,637

6,339,234

13,732,871

Debt

Finance leases

(736,531

)

273,083

(463,448

)

(736,531

)

273,083

(463,448

)

Total

6,657,106

6,612,317

13,269,423

1.	STATUTORY INFORMATION

Standard Fuel Oils 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.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates

In the application of the company'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 the revision and future periods where the revision affects both current and future periods.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes for the sale of goods. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.

Tangible fixed assets

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

Plant and machinery

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulative depreciation and any accumulative impairment losses. Cost includes costs directly attributable to making the asset capable or operating as intended.

Stocks

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

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Employee benefits

The company operates a defined contribution plan for the benefit of its employees. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

31.3.21

31.3.20

£

£

Sale of goods

93,515,920

73,713,952

93,515,920

73,713,952

4.	EMPLOYEES AND DIRECTORS

31.3.21

31.3.20

£

£

Wages and salaries

1,205,568

957,942

Social security costs

124,185

101,728

Other pension costs

114,757

27,886

1,444,510

1,087,556

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

31.3.21

31.3.20

Directors

3

3

Administration

4

4

Distribution

17

11

Marketing

2

2

Sales

6

7

32

27

31.3.21

31.3.20

£

£

Directors' remuneration

70,242

68,680

Directors' pension contributions to money purchase schemes

70,582

9,508

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

3

3

5.	OPERATING PROFIT

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

31.3.21

31.3.20

£

£

Other operating leases

28,018

32,048

Depreciation - owned assets

142,454

47,344

Depreciation - assets on hire purchase contracts

227,045

182,512

(Profit)/loss on disposal of fixed assets

(6,039

)

3,772

Auditors remuneration

8,250

8,250

Foreign exchange differences

(27,308

)

10,874

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.3.21

31.3.20

£

£

Hire purchase

17,957

21,180

7.

TAXATION

Analysis of the tax charge

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

31.3.21

31.3.20

£

£

Current tax:

UK corporation tax

1,096,353

739,968

Corporation tax under/(over)

provision

(1,186

)

18,033

Corporation Tax Interest

2,834

1,268

Total current tax

1,098,001

759,269

Deferred tax

101,697

(4,028

)

Tax on profit

1,199,698

755,241

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:

31.3.21

31.3.20

£

£

Profit before tax

5,913,129

4,253,975

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

1,123,495

808,255

Effects of:

Expenses not deductible for tax purposes

1,732

4,183

Income not taxable for tax purposes

(1,147

)

-

Capital allowances in excess of depreciation

(27,727

)

(72,469

)

Deferred taxation

101,697

(4,028

)

Tax Interest

2,834

1,267

Tax under/(over) provision

(1,186

)

18,033

Total tax charge

1,199,698

755,241

8.

DIVIDENDS

31.3.21

31.3.20

£

£

A Share shares of £1 each

Interim

843,500

829,000