John Weaver (Contractors) Limited - Period Ending 2016-12-31

Registration number: 00919641

John Weaver (Contractors) Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2016

Owen John & Co Ltd
1st Floor
6 Caer St.
Swansea
West Glamorgan
SA1 3PP

John Weaver (Contractors) Limited

Contents

Company Information	1
Strategic Report	2
Directors' Report	3
Statement of Directors' Responsibilities	4
Independent Auditor's Report	5 to 6
Profit and Loss Account	7
Statement of Comprehensive Income	8
Balance Sheet	9
Statement of Changes in Equity	10
Statement of Cash Flows	11
Notes to the Financial Statements	12 to 22

John Weaver (Contractors) Limited

Company Information

Directors

Mr RG Burgess Mr RG Griffiths Mrs HD Burgess Mr Terry Edwards

Company secretary

Miss A M Harris

Registered office

Morfa House, 126, Neath Road Hafod Swansea SA1 2JW

Auditors

Owen John & Co Ltd 1st Floor 6 Caer St. Swansea West Glamorgan SA1 3PP

Page 1

John Weaver (Contractors) Limited

Strategic Report for the Year Ended 31 December 2016

The directors present their strategic report for the year ended 31 December 2016.

Principal activity

The principal activity of the company is building contractors.

Fair review of the business

The results for the year and financial position of the company are as shown in the annexed financial statements.

The directors are satisfied with the performance for the current period during which time the new Managing Director Mr Terry Edwards was appointed. After a period of instability during 2015 the company is now returning to it's market position prior to the death of the previous Managing Director.

Principal risks and uncertainties

The principal risk and uncertainty is whether the economy can maintain its upward trend out of the recession and the consequence on the economy of the UK's exit from the European Union.

On an operational level the key risk is the pricing of contract tenders and the continuing recovery at senior management level after the loss of Mr Ian Hawkins.

Approved by the Board on 29 March 2017 and signed on its behalf by:

.........................................
Mr RG Griffiths
Director

Page 2

John Weaver (Contractors) Limited

Directors' Report for the Year Ended 31 December 2016

The directors present their report and the financial statements for the year ended 31 December 2016.

Directors of the company

The directors who held office during the year were as follows:

Mr RG Burgess

Mr RG Griffiths

Mrs HD Burgess

Mr Terry Edwards

Financial instruments

Objectives and policies

The company's policy is to increase turnover and profitability by extending into building sectors not previously serviced and to widen their exposure to professionals within the industry.

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

The directors through regular monitoring of contracts and through controlled tendering for certain contracts manage these risks.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Reappointment of auditors

In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Owen John & Co Ltd as auditors of the company is to be proposed at the forthcoming Annual General Meeting.

Approved by the Board on 29 March 2017 and signed on its behalf by:

.........................................
Mr RG Griffiths
Director

Page 3

John Weaver (Contractors) Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

•	select suitable accounting policies and apply them consistently;

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

•	state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

•	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.

Page 4

John Weaver (Contractors) Limited

Independent Auditor's Report to the Members of John Weaver (Contractors) Limited

We have audited the financial statements of John Weaver (Contractors) Limited for the year ended 31 December 2016, set out on pages 7 to 22. 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 Directors' Responsibilities (set out on page 4), the directors are 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 to the financial statements.

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 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 December 2016 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, based on the work undertaken in the course of the audit:

•	the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

•	the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

In the light of our 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 and the Directors' Report.

Page 5

John Weaver (Contractors) Limited

Independent Auditor's Report to the Members of John Weaver (Contractors) Limited

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.

......................................
Richard Bevan-Jones FCA (Senior Statutory Auditor)
For and on behalf of Owen John & Co Ltd, Statutory Auditor

1st Floor
6 Caer St.
Swansea
West Glamorgan
SA1 3PP

29 March 2017

Page 6

John Weaver (Contractors) Limited

Profit and Loss Account for the Year Ended 31 December 2016

	Note	Total 31 December 2016 £	Total 31 December 2015 £
Turnover	3	16,591,795	12,282,344
Cost of sales		(15,404,147)	(11,204,948)
Gross profit		1,187,648	1,077,396
Administrative expenses		(979,690)	(935,095)
Operating profit	5	207,958	142,301
Income from other fixed asset investments		30,921	7,263
Other interest receivable and similar income	6	153,340	5,880
Interest payable and similar expenses	7	(6,253)	(5,865)
		178,008	7,278
Profit before tax		385,966	149,579
Taxation	11	(49,937)	(30,091)
Profit for the financial year		336,029	119,488

The notes on pages 12 to 22 form an integral part of these financial statements.

Page 7

John Weaver (Contractors) Limited

Statement of Comprehensive Income for the Year Ended 31 December 2016

	Note	2016 £	2015 £
Profit for the year		336,029	119,488
Total comprehensive income for the year		336,029	119,488

The notes on pages 12 to 22 form an integral part of these financial statements.

Page 8

John Weaver (Contractors) Limited

(Registration number: 00919641)
Balance Sheet as at 31 December 2016

	Note	2016 £	2015 £
Fixed assets
Tangible assets	12	32,716	31,889
Investments	13	10,000	10,000
		42,716	41,889
Current assets
Stocks	15	9,250	9,250
Debtors	16	3,252,261	2,154,129
Other financial assets	14	1,605,948	1,429,854
Cash at bank and in hand		1,482,816	1,295,257
		6,350,275	4,888,490
Creditors: Amounts falling due within one year	18	(3,743,680)	(2,549,737)
Net current assets		2,606,595	2,338,753
Total assets less current liabilities		2,649,311	2,380,642
Creditors: Amounts falling due after more than one year	18	(1,728)	(1,728)
Provisions for liabilities	19	(6,544)	(73,904)
Net assets		2,641,039	2,305,010
Capital and reserves
Called up share capital	20	10,000	10,000
Profit and loss account		2,631,039	2,295,010
Total equity		2,641,039	2,305,010

Approved and authorised by the Board on 29 March 2017 and signed on its behalf by:
 

.........................................

Mr RG Griffiths

Director

.........................................

Mr Terry Edwards

Director

The notes on pages 12 to 22 form an integral part of these financial statements.

Page 9

John Weaver (Contractors) Limited

Statement of Changes in Equity for the Year Ended 31 December 2016

	Share capital £	Profit and loss account £	Total £
At 1 January 2016	10,000	2,295,010	2,305,010
Profit for the year	-	336,029	336,029
Total comprehensive income	-	336,029	336,029
At 31 December 2016	10,000	2,631,039	2,641,039

	Share capital £	Profit and loss account £	Total £
At 1 January 2015	10,000	2,175,522	2,185,522
Profit for the year	-	119,488	119,488
Total comprehensive income	-	119,488	119,488
At 31 December 2015	10,000	2,295,010	2,305,010

The notes on pages 12 to 22 form an integral part of these financial statements.

Page 10

John Weaver (Contractors) Limited

Statement of Cash Flows for the Year Ended 31 December 2016

	Note	2016  £	2015  £
Cash flows from operating activities
Profit for the year		336,029	119,488
Adjustments to cash flows from non-cash items
Depreciation and amortisation	5	10,346	9,604
Financial instrument net gains (losses) through profit and loss		151,425	(1,398)
Profit on disposal of tangible assets	4	(1,595)	(299)
Finance income	6	(184,261)	(13,143)
Finance costs	7	6,253	5,865
Income tax expense	11	49,937	30,091
		368,134	150,208
Working capital adjustments
Decrease in stocks	15	-	250
Increase in trade debtors	16	(1,098,132)	(290,119)
Increase/(decrease) in trade creditors	18	1,104,056	(22,726)
Increase in other financial assets		(176,095)	-
Cash generated from operations		197,963	(162,387)
Income taxes paid	11	(27,410)	(41,661)
Net cash flow from operating activities		170,553	(204,048)
Cash flows from investing activities
Interest received	6	32,836	9,638
Acquisitions of tangible assets		(11,177)	(5,800)
Proceeds from sale of tangible assets		1,600	301
Net cash flows from investing activities		23,259	4,139
Cash flows from financing activities
Interest paid	7	(6,253)	(5,865)
Net increase/(decrease) in cash and cash equivalents		187,559	(205,774)
Cash and cash equivalents at 1 January		1,295,257	1,501,031
Cash and cash equivalents at 31 December		1,482,816	1,295,257

The notes on pages 12 to 22 form an integral part of these financial statements.

Page 11

John Weaver (Contractors) Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

1	General information

The company is a private company limited by share capital incorporated in United Kingdom.

The address of its registered office is:
Morfa House,
126, Neath Road
Hafod
Swansea
SA1 2JW

These financial statements were authorised for issue by the Board on 29 March 2017.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Judgements

The directors make judgements in the following areas :- Depreciation and Unbilled work done.

Key sources of estimation uncertainty

. The carrying amount is £Nil (2015 -£Nil).

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of UK tax rates and laws.

Deferred tax is recognised on the unrealised gain made on the revaluation of current investments at fair value. The tax rate used is the current UK corporation tax rate.

Page 12

John Weaver (Contractors) Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

Tangible assets

Tangible assets is stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	25% on cost
Motor vehicles	20% on cost

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for contracts completed and partly completed together with retentions.

Stocks

Stocks are stated at the lower of cost and net realisable value. Cost is determined using the first-in, first-out (FIFO) method.

WIP on long term contracts is accounted for as a sales accrual in debtors.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Page 13

John Weaver (Contractors) Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Revenue

The analysis of the company's revenue for the year from continuing operations is as follows:

	2016  £	2015  £
Contract revenue	16,591,795	12,282,344

The amount of contract revenue recognised as revenue in the year was £16,591,795 (2015 - £12,282,344).
Contract revenue represented contracts invoiced adjusted by unbilled work.
The certified stage applications straddling the year end were time apportioned.

4	Other gains and losses

The analysis of the company's other gains and losses for the year is as follows:

	2016 £	2015 £
Gain (loss) on disposal of property, plant and equipment	1,595	299

Page 14

John Weaver (Contractors) Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

5	Operating profit

Arrived at after charging/(crediting)

	2016 £	2015 £
Depreciation expense	10,346	9,604
Profit on disposal of property, plant and equipment	(1,595)	(299)

6	Other interest receivable and similar income

	2016  £	2015  £
Interest income on bank deposits	1,915	2,375
Net change in fair value of current asset investments	151,425	3,505
	153,340	5,880

7	Interest payable and similar charges

	2016 £	2015 £
Interest expense on other finance liabilities	6,253	5,865

8	Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

	2016 £	2015 £
Wages and salaries	2,201,124	2,086,185
Other employee expense	(31,171)	(40,260)
	2,169,953	2,045,925

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

	2016 No.	2015 No.
Production	64	62
Administration and support	24	23
	88	85

Page 15

John Weaver (Contractors) Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

9	Directors' remuneration

In respect of the highest paid director:

	2016 £	2015 £
Remuneration	89,559	77,877

The directors' remuneration for the year was as follows:

	2016  £	2015  £
Remuneration	201,196	166,015

10	Auditors' remuneration

	2016 £	2015 £
Audit of the financial statements	9,535	9,425

 

11

Taxation

Tax charged/(credited) in the income statement

	2016 £	2015 £
Current taxation
UK corporation tax	117,297	29,390
Deferred taxation
Arising from previously unrecognised tax loss, tax credit or temporary difference of prior periods	(67,360)	701
Tax expense in the income statement	49,937	30,091

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2015 - the same as the standard rate of corporation tax in the UK) of 20% (2015 - 20%).

The differences are reconciled below:

Page 16

John Weaver (Contractors) Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

	2016 £	2015 £
Profit before tax	385,966	149,579
Corporation tax at standard rate	77,193	29,916
Effect of expense not deductible in determining taxable profit (tax loss)	110	170
(Decrease)/increase in UK and foreign current tax from adjustment for prior periods	(800)	1,181
Tax (decrease)/increase from effect of capital allowances and depreciation	(1,407)	277
Tax decrease from effect of dividends from UK companies	(6,184)	(1,453)
Tax decrease from effect of indexation allowance on capital gains	(18,975)	-
Total tax charge	49,937	30,091

Deferred tax

Deferred tax assets and liabilities

2016	Asset £
Revaluation of Investments	67,360

2015	Liability £
Revaluation of Investments	701

Page 17

John Weaver (Contractors) Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

12	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Properties under construction  £	Total £
Cost or valuation
At 1 January 2016	20,572	115,543	145,527	281,642
Additions	977	10,200	-	11,177
Disposals	-	(29,400)	-	(29,400)
At 31 December 2016	21,549	96,343	145,527	263,419
Depreciation
At 1 January 2016	18,859	85,367	145,527	249,753
Charge for the year	766	9,579	-	10,345
Eliminated on disposal	-	(29,395)	-	(29,395)
At 31 December 2016	19,625	65,551	145,527	230,703
Carrying amount
At 31 December 2016	1,924	30,792	-	32,716
At 31 December 2015	1,713	30,176	-	31,889

13	Investments in subsidiaries, joint ventures and associates

	2016 £	2015 £
Investments in joint ventures	10,000	10,000

The aggregate amount of the company's commitments relating to joint ventures is £10,105 (2015 - £9,525). The company's share in the capital commitments that have been incurred jointly with other venturers is £Nil (2015 - £Nil). The company's share of the capital commitments of the joint ventures themselves is £10,105 (2015 - £9,525).

Page 18

John Weaver (Contractors) Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Joint ventures
Local Consortium Wales LLP		Ordinary Shares	50%	50%
	UK

The principal activity of Local Consortium Wales LLP is Building Contractor

14	Other financial assets (current and non-current)

	Financial assets at fair value through profit and loss £	Total £
Current financial assets
Cost or valuation
Transfers	1,605,948	1,605,948
At 31 December 2016	1,605,948	1,605,948
Impairment
Carrying amount
At 31 December 2016	1,605,948	1,605,948

15

Stocks

	2016 £	2015 £
Other inventories	9,250	9,250

Page 19

John Weaver (Contractors) Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

16

Debtors

	2016 £	2015 £
Trade debtors	3,052,337	1,966,264
Other debtors	165,675	151,715
Prepayments	34,249	36,150
Total current trade and other debtors	3,252,261	2,154,129

Details of non-current trade and other debtors

£522,947 (2015 -£311,056) of Retentions is classified as non current.

17	Cash and cash equivalents

	2016 £	2015 £
Cash on hand	14	342
Cash at bank	1,482,802	1,294,915
	1,482,816	1,295,257

18

Creditors

	Note	2016  £	2015  £
Due within one year
Trade creditors		1,203,606	1,026,537
Social security and other taxes		341,263	188,297
Other payables		-	1,000
Accrued expenses		2,080,714	1,305,693
Corporation tax	11	118,097	28,210
		3,743,680	2,549,737
Due after one year
Loans and borrowings	21	1,728	1,728

19	Deferred tax and other provisions

	Deferred tax £	Total £
At 1 January 2016	73,904	73,904
Increase (decrease) in existing provisions	(67,360)	(67,360)
At 31 December 2016	6,544	6,544

Page 20

John Weaver (Contractors) Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

20	Share capital

Allotted, called up and fully paid shares

	2016		2015
	No.	£	No.	£
Ordinary Shares of £1 each	10,000	10,000	10,000	10,000

21	Loans and borrowings

	2016 £	2015 £
Non-current loans and borrowings
Other borrowings	1,728	1,728

22	Contingent assets

The bank guarantees on building contracts was £330,000 (2015 - nil)..

23	Related party transactions

Key management personnel

For key management remuneration see directors' remuneration disclosed in note 11

Summary of transactions with joint ventures

Local Consortium Wales LLP
 Joint venture between the company and R & M Williams Ltd to enable them to bid for higher valued tenders.
 

Summary of transactions with other related parties

R G Burgess Pension Fund
 Office rent
 

Income and receivables from related parties

2016	Joint ventures £
Contract revenue	1,364,240

2015	Joint ventures £
Contract revenue	172,332

Expenditure with and payables to related parties

Page 21

John Weaver (Contractors) Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

2016	Other related parties £
Leases	25,000

2015	Joint ventures £	Other related parties £
Leases	-	25,000
Amounts payable to related party	1,000	-

24	Financial instruments

Categorisation of financial instruments

	2016 £	2015 £
Financial assets measured at fair value through profit or loss	1,605,948	1,429,854
	1,605,948	1,429,854

Financial assets measured at fair value

The fair value is £1,605,948 (2015 - £1,429,854) and the change in value included in profit or loss is £176,094 (2015 - £366,015).

25	Parent and ultimate parent undertaking

The company's immediate parent is John Weaver (Holdings) Ltd, incorporated in England & Wales.

 The ultimate controlling party is Mr R G Burgess.

Page 22