Parsons Nationwide Distribution Ltd - Period Ending 2015-03-31

Registration number: 3746821

Parsons Nationwide Distribution Ltd

Annual Report and Financial Statements

for the Year Ended 31 March 2015
 

Redwoods
2 Clyst Works,
Clyst Road, Topsham
Exeter
EX3 0DB

Parsons Nationwide Distribution Ltd
Contents

Company Information 1

Strategic Report 2

Director's Report 3

Statement of Director's Responsibilities 4

Independent Auditor's Report 5 to 6

Profit and Loss Account 7

Balance Sheet 8

Cash Flow Statement 9 to 10

Notes to the Financial Statements 11 to 20

Parsons Nationwide Distribution Ltd
Company Information

Director

Mrs NA Hoskin

Company secretary

Mr K A Hoskin

Registered office

2 Clyst Works, Clyst Road, Topsham Exeter EX3 0DB

Solicitors

Gilbert Stephens 15-17 Southernhay East Exeter EX1 1QE

Bankers

Barclays Bank PLC 3 Bedford Street Exeter EX1 1LX

Auditors

Redwoods 2 Clyst Works, Clyst Road, Topsham Exeter EX3 0DB

Page 1

Parsons Nationwide Distribution Ltd
Strategic Report for the Year Ended 31 March 2015

The director presents her strategic report for the year ended 31 March 2015.

Business review

Fair review of the business

The company uses relatively simple key performance indicators in line with the company's overall size and non-complex nature.

The company's key financial and other performance indicators during the year were as follows:

	Unit	2015	2014
Turnover	£K	6,230	5,519
Net Profit	£K	151	132
Fuel - % of turnover	%	28	33
Commercial Vehicles	No.	57	51
Commercial Trailers	No.	49	47

Principal risks and uncertainties

National and regional economic conditions
The haulage industry is very sensitive to the volatility of the general economic climate, and business activity in general.

Fuel prices
The company is sensitive to movements in fuel prices, as this represents a high proportion of operating costs, and prices are volatile.

Bad debts
The company is at risk from bad debts as it is customary to offer credit terms to customers.

Approved by the Board on 10 November 2015 and signed on its behalf by:

.........................................
Mrs NA Hoskin
Director

Page 2

Parsons Nationwide Distribution Ltd
Director's Report for the Year Ended 31 March 2015

The director presents her report and the financial statements for the year ended 31 March 2015.

Director of the company

The director who held office during the year was as follows:

Mrs NA Hoskin

Financial instruments

Objectives and policies

The company is aware of the financial risks it faces and reacts to these as appropriate. The company aims to maintain and increase its current customer base.

Price risk, credit risk, liquidity risk and cash flow risk

The company reduces its exposure to price risk by efficient routing and payload management, together with maintaining good relationships with its customers and suppliers.

The company reduces its exposure to bad debts by allocating staff resources to regularly monitor and follow up due debts.

The company reduces liquidity and cashflow risk by its policy of profit retention.

Disclosure of information to the auditor

The director has taken steps that she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the company's auditor is aware of that information. The director confirms that there is no relevant information that she knows of and which she knows the auditor is unaware of.

Approved by the Board on 10 November 2015 and signed on its behalf by:

.........................................
Mrs NA Hoskin
Director

Page 3

Parsons Nationwide Distribution Ltd
Statement of Director's Responsibilities

The director is responsible for preparing the Annual Report 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

she 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 apply them consistently;
•
make judgements and accounting estimates that are reasonable and prudent
; and
•
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

her

to ensure that the financial statements comply with the Companies Act 2006.

She 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.

Page 4

Independent Auditor's Report to the Members of
Parsons Nationwide Distribution Ltd (the corresponding figures are unaudited)

We have audited the financial statements of Parsons Nationwide Distribution Ltd for the year ended 31 March 2015, set out on pages 7 to 20. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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 an auditor’s report 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.

Respective responsibilities of directors and auditor

As explained more fully in the Statement of Director's Responsibilities (set out on page 4), the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board’s (APB’s) Ethical Standards for Auditors.

Scope of the audit of the financial statements

An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the company’s circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the Annual Report and Financial Statements to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.

Opinion on the financial statements

In our opinion the financial statements:
•
give a true and fair view of the state of the company's affairs as at

31 March 2015

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.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion the information given in the Strategic Report and Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements.

Page 5

Independent Auditor's Report to the Members of
Parsons Nationwide Distribution Ltd (the corresponding figures are unaudited)

 ......... continued

Matters on which we are required to report by exception

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.

......................................
John Redwood (Senior Statutory Auditor)
For and on behalf of Redwoods, Statutory Auditor

2 Clyst Works,
Clyst Road, Topsham
Exeter
EX3 0DB

10 November 2015

Page 6

Parsons Nationwide Distribution Ltd
Profit and Loss Account for the Year Ended 31 March 2015
(the corresponding figures are unaudited)

		Note			2015 £			2014 £
Turnover		2			6,230,064			5,519,787
Cost of sales					(4,923,766)			(4,423,337)
Gross profit					1,306,298			1,096,450
Administrative expenses					(993,904)			(813,420)
Operating profit		3			312,394			283,030
Income from other fixed asset investments					1,500			1,000
Interest payable and similar charges		7			(124,127)			(117,716)
Profit on ordinary activities before taxation					189,767			166,314
Tax on profit on ordinary activities		8			(38,729)			(34,043)
Profit for the financial year		17			151,038			132,271

Turnover and operating profit derive wholly from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

The notes on pages 11 to 20 form an integral part of these financial statements.
Page 7

Parsons Nationwide Distribution Ltd
(Registration number: 3746821)
Balance Sheet at 31 March 2015
(the corresponding figures are unaudited)

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets		9			2,970,965			2,473,490
Investments		10			6,250			6,250
					2,977,215			2,479,740
Current assets
Stocks		11			15,093			13,900
Debtors		12			1,308,569			1,057,573
Cash at bank and in hand					224			165
					1,323,886			1,071,638
Creditors: Amounts falling due within one year		13			(2,158,408)			(1,828,860)
Net current liabilities					(834,522)			(757,222)
Total assets less current liabilities					2,142,693			1,722,518
Creditors: Amounts falling due after more than one year		14			(1,373,386)			(1,142,978)
Provisions for liabilities		15			(160,408)			(121,679)
Net assets					608,899			457,861
Capital and reserves
Called up share capital		16			100			100
Profit and loss account		17			608,799			457,761
Shareholders' funds		18			608,899			457,861

Approved and authorised for issue by the director on 10 November 2015

.........................................
Mrs NA Hoskin
Director

The notes on pages 11 to 20 form an integral part of these financial statements.
Page 8

Parsons Nationwide Distribution Ltd
Cash Flow Statement for the Year Ended 31 March 2015
(the corresponding figures are unaudited)

Reconciliation of operating profit to net cash flow from operating activities

		2015 £			2014 £
Operating profit		312,394			283,030
Depreciation, amortisation and impairment charges		524,779			435,682
Loss on disposal of fixed assets		9,458			9,734
(Increase)/decrease in stocks		(1,193)			768
Increase in debtors		(250,996)			(88,466)
Increase in creditors		119,842			20,287
Net cash inflow from operating activities		714,284			661,035

Cash flow statement

		2015 £			2014 £
Net cash inflow from operating activities		714,284			661,035
Returns on investments and servicing of finance
HP and finance lease interest		(78,702)			(73,895)
Interest paid		(45,425)			(43,821)
Dividends received		1,500			1,000
		(122,627)			(116,716)
Capital expenditure and financial investment
Purchase of tangible fixed assets		(166,330)			(139,018)
Sale of tangible fixed assets		89,700			172,900
		(76,630)			33,882
Net cash inflow before management of liquid resources and financing		515,027			578,201
Financing
Repayment of capital element of finance leases and HP contracts		(528,169)			(496,880)
(Decrease)/increase in cash		(13,142)			81,321

The notes on pages 11 to 20 form an integral part of these financial statements.
Page 9

Parsons Nationwide Distribution Ltd
Cash Flow Statement for the Year Ended 31 March 2015
(the corresponding figures are unaudited)
 ......... continued

Reconciliation of net cash flow to movement in net debt

		Note			2015 £			2014 £
(Decrease)/increase in cash					(13,142)			81,321
Cash outflow from repayment of capital element of finance leases and hire purchase contracts					528,169			496,880
Change in net debt resulting from cash flows		21			515,027			578,201
New finance leases					(955,082)			(901,833)
Movement in net debt		21			(440,055)			(323,632)
Net debt at 1 April		21			(1,883,799)			(1,560,167)
Net debt at 31 March		21			(2,323,854)			(1,883,799)

The notes on pages 11 to 20 form an integral part of these financial statements.
Page 10

Parsons Nationwide Distribution Ltd
Notes to the Financial Statements for the Year Ended 31 March 2015
(the corresponding figures are unaudited)
......... continued

1	Accounting policies

Basis of preparation

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

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation has been apportioned pro rate in respect of all acquisitions and disposals during the period. Depreciation is provided at rates calculated to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

The company has adopted a policy of writing off items of Plant and Machinery over 12 years old.

Asset class	Depreciation method and rate
Land and buildings long leasehold	2% straight line basis
Plant and machinery	15/20% reducing balance basis
Fleet number plates	Nil
Commercial vehicles and trailers	15/20% reducing balance basis

Fixed asset investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

Stocks, work in progress and long-term contracts

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by FRS19. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Page 11

Parsons Nationwide Distribution Ltd
Notes to the Financial Statements for the Year Ended 31 March 2015
(the corresponding figures are unaudited)
......... continued

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Discounting of debts

The company discounts its debts and the gross debtors have been included in the balance sheet. Advances on discounted debts have been included in current liabilities.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2

Turnover

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

		2015 £			2014 £
Haulage work		3,749,179			3,518,482

Storage charges and rental		74,689			80,889

Pallet network		2,406,196			1,920,416

		6,230,064			5,519,787

3	Operating profit

Operating profit is stated after charging:

		2015 £			2014 £
Operating leases - other assets		10,325			20,566
Auditor's remuneration - The audit of the company's annual accounts		2,500			-
Loss on sale of tangible fixed assets		9,458			9,734
Depreciation of owned assets		524,779			435,682

Page 12

Parsons Nationwide Distribution Ltd
Notes to the Financial Statements for the Year Ended 31 March 2015
(the corresponding figures are unaudited)
......... continued

4	Auditor's remuneration

		2015 £			2014 £
Audit of the financial statements		2,500			-
Other fees to auditors
Other services		6,400			6,100
		8,900			6,100

5	Particulars of employees

The average number of persons employed by the company (including the director) during the year, analysed by category was as follows:

		2015 No.			2014 No.
Administration and support		8			9
Distribution		46			46
Other departments		6			5
		60			60

The aggregate payroll costs were as follows:

		2015 £			2014 £
Wages and salaries		1,549,285			1,351,480
Social security costs		129,282			118,664
Staff pensions		223			-
		1,678,790			1,470,144

6	Director's remuneration

The director's remuneration for the year was as follows:

		2015 £			2014 £
Remuneration (including benefits in kind)		-			2,395

Page 13

Parsons Nationwide Distribution Ltd
Notes to the Financial Statements for the Year Ended 31 March 2015
(the corresponding figures are unaudited)
......... continued

7	Interest payable and similar charges

		2015 £			2014 £
Interest on bank borrowings		9,363			10,405
Other interest payable		446			-
Finance charges		114,318			107,311
		124,127			117,716

8

Taxation

Tax on profit on ordinary activities

		2015 £			2014 £
Deferred tax
Origination and reversal of timing differences		38,729			34,043

Factors affecting current tax charge for the year

Tax on profit on ordinary activities for the year is lower than (2014 - lower than) the standard rate of corporation tax in the UK of 20% (2014 - 20%).

The differences are reconciled below:

		2015 £			2014 £
Profit on ordinary activities before taxation		189,767			166,314
Corporation tax at standard rate		37,953			33,263
Capital allowances more than depreciation/amortisation		(67,866)			(30,635)
Expenses not deductable for tax purposes		147			2,000
Dividends from UK Companies		(300)			(200)
Tax loss arising in year		30,066			-
Utilising brought forward losses		-			(4,428)
Total current tax		-			-

Page 14

Parsons Nationwide Distribution Ltd
Notes to the Financial Statements for the Year Ended 31 March 2015
(the corresponding figures are unaudited)
......... continued

9.1	Tangible fixed assets

		Long leasehold land and buildlings £			Plant and machinery £			Fleet number plates £			Commercial vehicles and trailers £			Total £
Cost or valuation
At 1 April 2014		231,922			221,137			19,584			4,056,033			4,528,676
Additions		-			883			2,775			1,117,754			1,121,412
Disposals		-			(91,556)			-			(400,758)			(492,314)
At 31 March 2015		231,922			130,464			22,359			4,773,029			5,157,774
Depreciation
At 1 April 2014		59,729			170,408			-			1,825,049			2,055,186
Charge for the year		4,638			5,511			-			514,630			524,779
Eliminated on disposals		-			(72,198)			-			(320,958)			(393,156)
At 31 March 2015		64,367			103,721			-			2,018,721			2,186,809
Net book value
At 31 March 2015		167,555			26,743			22,359			2,754,308			2,970,965
At 31 March 2014		172,193			50,729			19,584			2,230,984			2,473,490

Leased assets

Included within the net book value of tangible fixed assets is £2,352,962 (2014 - £1,791,732) in respect of assets held under finance leases and similar hire purchase contracts. Depreciation for the year on these assets was £412,660 (2014 - £302,582).

10	Investments held as fixed assets

		2015 £			2014 £
Other investments		6,250			6,250

Page 15

Parsons Nationwide Distribution Ltd
Notes to the Financial Statements for the Year Ended 31 March 2015
(the corresponding figures are unaudited)
......... continued

Other investments

		Unlisted investments £			Total £
Cost
At 1 April 2014		6,250			6,250
At 31 March 2015		6,250			6,250
Net book value
At 31 March 2015		6,250			6,250
At 31 March 2014		6,250			6,250

11

Stocks

		2015 £			2014 £
Stocks		15,093			13,900

12

Debtors

		2015 £			2014 £
Trade debtors		1,264,673			1,025,907
Other debtors		11,356			9,873
Prepayments and accrued income		32,540			21,793
		1,308,569			1,057,573

Trade debtors have been shown gross at the balance sheet date. These include debts subject to discounting of £1,058,866 (2014 - £850,429).

Page 16

Parsons Nationwide Distribution Ltd
Notes to the Financial Statements for the Year Ended 31 March 2015
(the corresponding figures are unaudited)
......... continued

13	Creditors: Amounts falling due within one year

		2015 £			2014 £
Trade creditors		204,207			165,982
Bank loans and overdrafts		425,558			412,357
Obligations under finance lease and hire purchase contracts		601,511			454,221
Other taxes and social security		157,640			178,841
Other creditors		697,742			569,842
Directors' current accounts		30,000			15,000
Accruals and deferred income		41,750			32,617
		2,158,408			1,828,860

Creditors amounts falling due within one year includes the following liabilities, on which security has been given by the company:

		2015 £			2014 £
Secured creditors due within one year		1,089,327			962,003

The bank overdraft is secured by a company debenture and a limited personal guarantee given by the director.

Advances on discounted debts are secured using the company's debtors.
 

14	Creditors: Amounts falling due after more than one year

		2015 £			2014 £
Obligations under finance lease and hire purchase contracts		1,297,009			1,017,386
Directors' current accounts		76,377			125,592
		1,373,386			1,142,978

Included in the creditors are the following amounts due after more than five years:

		2015 £			2014 £
After more than five years not by instalments		-			65,592
		-			65,592

Page 17

Parsons Nationwide Distribution Ltd
Notes to the Financial Statements for the Year Ended 31 March 2015
(the corresponding figures are unaudited)
......... continued

Obligations under finance leases and HP contracts Amounts repayable:

		2015 £			2014 £
In one year or less on demand		601,511			454,221
Between one and two years		517,420			398,833
Between two and five years		779,589			618,553
		1,898,520			1,471,607

15	Provisions

		Deferred tax £			Total £
At 1 April 2014		121,679			121,679
Charged to the profit and loss account		38,729			38,729
At 31 March 2015		160,408			160,408

Analysis of deferred tax

		2015 £			2014 £
Difference between accumulated depreciation and amortisation and capital allowances		160,408			121,679

16	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary shares of £1 each		100			100			100			100

Page 18

Parsons Nationwide Distribution Ltd
Notes to the Financial Statements for the Year Ended 31 March 2015
(the corresponding figures are unaudited)
......... continued

17

Reserves

		Profit and loss account £			Total £
At 1 April 2014		457,761			457,761
Profit for the year		151,038			151,038
At 31 March 2015		608,799			608,799

18	Reconciliation of movement in shareholders' funds

		2015 £			2014 £
Profit attributable to the members of the company		151,038			132,271
Net addition to shareholders' funds		151,038			132,271
Shareholders' funds at 1 April		457,861			325,590
Shareholders' funds at 31 March		608,899			457,861

19	Pension schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £223 (2014 - £nil).

Contributions totalling £380 (2014 - £nil) were payable to the scheme at the end of the year and are included in creditors.

20	Commitments

Operating lease commitments

As at 31 March 2015 the company had annual commitments under non-cancellable operating leases as follows:

Operating leases which expire:

		2015 £			2014 £
Other
Within one year		5,196			5,196
Within two and five years		4,524			4,524
Over five years		3,636			-
		13,356			9,720

Page 19

Parsons Nationwide Distribution Ltd
Notes to the Financial Statements for the Year Ended 31 March 2015
(the corresponding figures are unaudited)
......... continued

21	Analysis of net debt

	At 1 April 2014 £	Cash flow £	Other non-cash changes £	At 31 March 2015 £
Cash at bank and in hand	165	59	-	224
Bank overdraft	(412,357)	(13,201)	-	(425,558)
	(412,192)	(13,142)	-	(425,334)
Finance leases and hire purchase contracts	(1,471,607)	528,169	(955,082)	(1,898,520)
Net debt	(1,883,799)	515,027	(955,082)	(2,323,854)

22	Related party transactions

Other related party transactions

During the year the company made the following related party transactions:

Mrs N A Hoskin (The company director) The companys operational base is Aylesbeare Common Business Park, Aylesbeare, Devon. The land and buildings are owned personally by the director. No rent or service charge has been paid by the company. At the balance sheet date the amount due to Mrs N A Hoskin was £nil (2014 - £nil).

Mrs N A Hoskin (The company director) The directors loan account has been included as a long term liability as this is unlikely to be repaid in full in the immediate future. Provision has been made for partial repayment within twelve months of £30,000 (2014 - £15,000) and partial repayment after twelve months of £76,377 (2014 - £125,592) . At the balance sheet date the amount due to Mrs N A Hoskin was £106,377 (2014 - £140,592).

The Hoskin Farm Partnership (Mrs N A Hoskin, the company director, is a partner in the above) During the year the company has recharged shared costs totalling £118,676 (2014 - £128,063). At the balance sheet date the amount due from The Hoskin Farm Partnership was £11,765 (2014 - £13,968).

The Hoskin Farm Partnership (Mrs N A Hoskin, the company director, is a partner in the above) During the year the company has purchased goods and services totalling £6,973 (2014 - £2,925). At the balance sheet date the amount due to The Hoskin Farm Partnership was £1,325 (2014 - £1,195).

Cat & Fiddle (Leisure) Ltd (Mrs N A Hoskin, the company director, is a director/shareholder of the above) During the year the company has purchased services totalling £2,395 (2014 - £nil). At the balance sheet date the amount due to Cat & Fiddle (Leisure) Ltd was £nil (2014 - £nil).

23

Control

The company is controlled by the director who owns 100% of the called up share capital.

Page 20