Twenty 1 Group Holdings Ltd - Limited company accounts 20.1

TWENTY 1 GROUP HOLDINGS LIMITED - Company Information

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REGISTERED NUMBER: 10045901 (England and Wales)

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

FOR

TWENTY 1 GROUP HOLDINGS LTD

Page

Company Information

Group Strategic Report

Report of the Directors

Report of the Independent Auditors

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

Notes to the Consolidated Cash Flow Statement

Notes to the Consolidated Financial Statements

DIRECTORS:

K Ashcroft

P Gaughan

REGISTERED OFFICE:

Wellington House

273-275 High Street

London Colney

Hertfordshire

AL2 1HA

REGISTERED NUMBER:

10045901 (England and Wales)

AUDITORS:

Newman Morris Ltd

Chartered Accountants

& Statutory Auditors

Wellington House

273-275 High Street

London Colney

Hertfordshire

AL2 1HA

The directors present their strategic report of the company and the group for the year ended

31 December 2019.

We are the experts at transforming spaces. Across London and the South East, we are delivering difference -

from the way we work, to the solutions we deliver. We are committed to doing things differently because we

care about our industry and improving the way it works. We do not settle for the status quo when it comes to

delivering outcomes for our clients and the same is true of the way we run our business.

The business has two distinct workstreams:

Refurbishment - We have over the past four years developed an enviable reputation in delivering complex

and high quality refurbishment projects. Refurbishment represents 28% of our order book, and there

continues to be an increasing appetite from our clients to carry out more works of this nature.

Fit Out - We have experience in working within many types of building. Over the years, we have developed

specialised expertise in occupied premises and time-led projects. We have built close relationships with

skilled trade contractors to ensure the best-in-class supply chain. Commercial fit out represents 72% of our

order book.

Twenty 1 was founded on the principles of profitability and sustainable growth through the development of

strong, lasting client relationships and the ability to attract and retain talented staff.

We pride ourselves on the high calibre and expertise of our team, and actively encourage creative

engineering solutions that meet the complex needs of our customers.

Our success has been achieved through our relationships with our customers, consultants and supply-chain,

managed by our excellent project management teams. We channel all our efforts into building strong

relationships with 82% client or consultant repeat business.

It has proven to be an extremely encouraging year for Twenty 1 Group Holdings Ltd, delivering strong year

on year growth, an increased turnover from continued operations, and achieving steady pre-tax profit, whilst

investing in a new delivery team and strengthening our support functions.

We have remained fully focused on the quality of service we provide our customers whilst enhancing our

profile and reputation the commercial office market. We continue to work successfully with our existing

customers and take great pride in the level of repeat business, whilst securing workload with new blue-chip

customers.

REVIEW OF BUSINESS

Twenty 1 Group Holdings Ltd demonstrated a strong performance in 2019 whilst investing heavily in our

rebrand, company structure and staff development. The group has continued to build on its history of

delivering strong year on year growth. Turnover in the year from continued operations increased by 55% to

£72,620,602 ( 2018 - £46,782,178) generating pre-tax profits of £1,704,049 (2018 - £2,644,097)

The results in 2019 highlight our sustainable growth, profitability, and cash position.

Financial Highlights;

Turnover £72,620,602

Pre-tax profits £1,704,049

Gross margin 5.5%

Net Cash £4,888,890

We continue to invest in improving our financial systems and processes, driving efficiency and improvement

in our financial reporting, and quicker payments and support to our supply chain.

Our forward order book continues to be robust with £56.5 million of our turnover secured for the 2020

year-end including a number continuing into 2021. This year's turnover forecast is to on course to achieve

our £75 million budget.

We continue to invest in our teams along with improving our financial systems and processes, driving

efficiency and improvement in our financial reporting, and quicker payments and support to our supply

chain.

PRINCIPAL RISKS AND UNCERTAINTIES

Decline in economy

The construction industry may be affected by a decline in the economy. The group's strategy of

diversification into new market sectors and customers has protected the group's financial position.

Financing

The group has strong liquidity and cash has increased throughout the year with the cash reserves at the end

of the financial year of £4,888,890. The level of liquidity has further enhanced the operating capacity of the

group. Furthermore, it should be noted that the Group has no long-term financing.

Loss of customers

The group's diversification into new sectors, proactive new business development in establishing new

customer opportunities and continued focus on maintaining existing customer relationships have

strengthened the group's market position against its competitors in a challenging business environment.

KEY PERFORMANCE INDICATORS

The Directors, who are the key management, use financial measures such as profitability, turnover and level

of secured workload to monitor performance, as these are considered to be the main drivers of the

Company's continued success. Turnover and profitability are measured on the same basis as that seen in the

profit and loss account.

In addition, the Directors consider non-financial measures. These include ongoing monitoring of safety

scores, which continue to improve, review of client satisfaction levels and staff satisfaction.

Focus on these measures ensures Twenty 1 Group Holdings Ltd delivers successful projects through the

quality of its staff, its control processes and the support of its clients.

CORPORATE SOCIAL RESPONSIBILITY

Twenty 1 has committed to our staff a 100% increase in time given to staff for charitable pursuits and in

order to assist us in achieving goal of being a 'Responsible Business' we have enrolled onto the Heart of the

City programme, which will support us in developing a responsible business programme that will help us

have a positive impact on people, places and the planet.

During 2020 we will be developing activities around connecting with and supporting our local community,

making sure our business practices are environmentally friendly and improving our workplace for

employees.

Safety, health, environment & quality

At Twenty 1 Group Holdings Ltd, the protection of our colleagues, sub-contractors and the public are

carefully considered throughout the project lifecycle. Our aim is to provide a working environment that is

free from harm by promoting a clear and positive safety culture, ensuring the well-being of all parties

involved with our work.

Equality & diversity

We provide an inclusive working environment based on the principle of equal opportunities, ensuing all

applicants and colleagues are treated the same.

Training and development

This is fundamental to the continued growth of our colleagues within the business. This year we launched

21Academy to ensure that our people can develop the knowledge and skills they need to realise their own

potential and thus help us to accomplish our business goals. To that end, there are a significant number of

training programmes to develop industry recognised professional standards with our ultimate goal that this

will become a 'Centre of Excellence' for the sector.

Sustainability

At the heart of Twenty 1 Group Holdings Ltd, we recognise the impact that we have on the environment and

the long-term benefits of sustainable construction and always try to minimise our impact on our environment

in which we live.

FUTURE OUTLOOK

There are signs that margins are mixed across the whole construction industry however this we are seeing

them static within our sectors. We see signs of this within our business and we forecast a profitable outcome

for the current year.

Despite predictions of and economic downturn, we have not detected any discernible slowdown in business

or enquiries relating to leaving the European Union, however the advent of the Covid 19 pandemic, has

impacted. We have managed to maintain 80% productivity on site after revising our standard operating

procedures and maintaining social distancing which is a credit to our staff and their professionalism. The

impact of future pipeline is still to be seen however the future of office occupancy will change in the short

term which in turn can generate future opportunities. We forecast very modest growth in turnover whilst

remaining very selective on contract and client selection. We remain focused on our core operating sectors

whilst selectively reviewing opportunities in new markets.

Through our continued dedication to the development of our people coupled with the implementation of our

business plan objectives and innovative 'can do' culture, we remain fully committed to providing our valued

customers with and exceptional level of service and delivery.

We have continued with our colleague retention and recruitment processes to ensure that Twenty 1 Group

Holdings Ltd is an employer of choice for the most talented colleagues and candidates in the marketplace.

ON BEHALF OF THE BOARD:

P Gaughan - Director

12 June 2020

The directors present their report with the financial statements of the company and the group for the year

ended 31 December 2019.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of office interior refurbishment and

refitting.

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2019 will be £1,288,000.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2019 to the date

of this report.

K Ashcroft

P Gaughan

FINANCIAL INSTRUMENTS

The company does not use derivative financial instruments as part of its financial risk management. It is

exposed to the usual credit risk and cash flow risk associated with selling on credit and manages this through

robust credit control procedures. The nature of its financial instruments means that the price risk to which

they are subjected is minimal. The Company carries out daily cash flow and working capital monitoring

which together with regular cash flow forecasting ensure that it has adequate cash in order to make bank loan

repayments and therefore to manage the liquidity risk to which it is exposed.

PAYMENT TO SUPPLIERS

It is the Company's policy to agree the terms of payment as part of the commercial arrangements negotiated

with suppliers and to then pay according to those terms.

TAXATION POLICY

The company believes that it has a duty to shareholders to seek to minimise its tax burden, but to do so in a

manner which is consistent with its commercial objectives and meets its legal obligations and ethical

standards. Every effort is made to maximise the tax efficiency of business transactions and this includes

taking advantage of available tax incentives and exemptions. However, the Company has regard for the

intention of the legislation concerned rather than just the wording itself.

The company is committed to building open relationships with tax authorities and to following a policy of

full disclosure in order to effect the timely settlement of its tax affairs and to remove uncertainty in its

business transactions. Where appropriate, the Company enters into collaborative consultation with its

Customer Relationship Management team appointed by the tax authorities.

The Company monitors and reviews this policy on a regular basis to ensure that its remains appropriate for

the changing environment within which the Group operates.

EMPLOYEES

It is the policy of the company to employ the most suitably qualified persons regardless of age, religion,

gender, sexual orientation or ethnic origin or any other grounds not related to a person's ability to work

safely and effectively for the company. The company encourages the employment and career development of

disabled persons and the continued employment of employees who may be injured or disabled, in the course

of their employment.

The Company recognises the importance of ensuring that relevant business information is provided to

employees. This is achieved through the regular operation of a communication programme. The Company

operates a number of performance related pay schemes for staff.

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, Newman Morris Ltd, will be proposed for re-appointment at the forthcoming Annual General

Meeting.

ON BEHALF OF THE BOARD:

P Gaughan - Director

12 June 2020

Opinion

We have audited the financial statements of Twenty 1 Group Holdings Ltd (the 'parent company') and its

subsidiaries (the 'group') for the year ended 31 December 2019 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 31 December 2019 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

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us

to report to you where:

-	the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

the directors have not disclosed in the financial statements any identified material uncertainties that may
cast significant doubt about the group's ability to continue to adopt the going concern basis of accounting
for a period of at least twelve months from the date when the financial statements are authorised for issue.

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 there is a material misstatement in the financial statements or a material misstatement of the other

information. 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 seven, 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.

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.

David Harris (Senior Statutory Auditor)

for and on behalf of Newman Morris Ltd

Chartered Accountants

& Statutory Auditors

Wellington House

273-275 High Street

London Colney

Hertfordshire

AL2 1HA

12 June 2020

TURNOVER

72,620,602

46,782,178

Cost of sales

(68,597,851

)

(42,038,065

)

GROSS PROFIT

4,022,751

4,744,113

Administrative expenses

(2,329,230

)

(2,108,068

)

OPERATING PROFIT

1,693,521

2,636,045

Interest receivable and similar income

10,527

10,267

1,704,048

2,646,312

Interest payable and similar expenses

(2,215

)

PROFIT BEFORE TAXATION

1,704,048

2,644,097

Tax on profit

129,378

(168,345

)

PROFIT FOR THE FINANCIAL
YEAR

1,833,426

2,475,752

Profit attributable to:

Owners of the parent

1,833,426

2,475,752

PROFIT FOR THE YEAR

1,833,426

2,475,752

OTHER COMPREHENSIVE INCOME

TOTAL COMPREHENSIVE
INCOME FOR THE YEAR

1,833,426

2,475,752

Total comprehensive income attributable to:

Owners of the parent

1,833,426

2,475,752

FIXED ASSETS

Tangible assets

284,088

118,376

Investments

284,088

118,376

CURRENT ASSETS

Debtors

19,123,478

10,230,570

Cash at bank and in hand

4,888,890

6,662,775

24,012,368

16,893,345

CREDITORS

Amounts falling due within one year

(18,925,022

)

(12,208,128

)

NET CURRENT ASSETS

5,087,346

4,685,217

TOTAL ASSETS LESS CURRENT
LIABILITIES

5,371,434

4,803,593

PROVISIONS FOR LIABILITIES

(42,274

)

(19,859

)

NET ASSETS

5,329,160

4,783,734

CAPITAL AND RESERVES

Called up share capital

200

Retained earnings

5,328,960

4,783,534

SHAREHOLDERS' FUNDS

5,329,160

4,783,734

The financial statements were approved by the Board of Directors and authorised for issue on 12 June 2020

and were signed on its behalf by:

P Gaughan - Director

K Ashcroft - Director

FIXED ASSETS

Tangible assets

Investments

502

CURRENT ASSETS

Cash at bank

2,258,353

3,898,634

CREDITORS

Amounts falling due within one year

(932,655

)

(2,580,808

)

NET CURRENT ASSETS

1,325,698

1,317,826

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,326,200

1,318,328

CAPITAL AND RESERVES

Called up share capital

200

Retained earnings

1,326,000

1,318,128

SHAREHOLDERS' FUNDS

1,326,200

1,318,328

Company's profit for the financial year

1,295,872

1,795,506

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 12 June 2020
and were signed on its behalf by:

P Gaughan - Director

K Ashcroft - Director

Called up

Retained

Total

capital

earnings

equity

Balance at 1 January 2018

200

3,595,782

3,595,982

Changes in equity

Dividends

(1,288,000

)

(1,288,000

)

Total comprehensive income

2,475,752

Balance at 31 December 2018

200

4,783,534

4,783,734

Changes in equity

Dividends

(1,288,000

)

(1,288,000

)

Total comprehensive income

1,833,426

Balance at 31 December 2019

200

5,328,960

5,329,160

Called up

Retained

Total

capital

earnings

equity

Balance at 1 January 2018

200

810,622

810,822

Changes in equity

Dividends

(1,288,000

)

(1,288,000

)

Total comprehensive income

1,795,506

Balance at 31 December 2018

200

1,318,128

1,318,328

Changes in equity

Dividends

(1,288,000

)

(1,288,000

)

Total comprehensive income

1,295,872

Balance at 31 December 2019

200

1,326,000

1,326,200

Cash flows from operating activities

Cash generated from operations

(341,704

)

461,058

Interest paid

(2,215

)

Tax paid

105,236

(626,302

)

Net cash from operating activities

(236,468

)

(167,459

)

Cash flows from investing activities

Purchase of tangible fixed assets

(260,884

)

(18,669

)

Interest received

10,527

10,267

Net cash from investing activities

(250,357

)

(8,402

)

Cash flows from financing activities

Amount introduced by directors

940

Equity dividends paid

(1,288,000

)

(1,288,000

)

Net cash from financing activities

(1,287,060

)

(1,288,000

)

Decrease in cash and cash equivalents

(1,773,885

)

(1,463,861

)

Cash and cash equivalents at
beginning of year

6,662,775

8,126,636

Cash and cash equivalents at end of
year

4,888,890

6,662,775

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

2019

2018

Profit before taxation

1,704,048

2,644,097

Depreciation charges

56,215

52,428

Loss on disposal of fixed assets

38,957

Finance costs

2,215

Finance income

(10,527

)

(10,267

)

1,788,693

2,688,473

Increase in trade and other debtors

(8,892,908

)

(4,477,270

)

Increase in trade and other creditors

6,762,511

2,249,855

Cash generated from operations

(341,704

)

461,058

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 December 2019

31/12/19

1/1/19

Cash and cash equivalents

4,888,890

6,662,775

Year ended 31 December 2018

31/12/18

1/1/18

Cash and cash equivalents

6,662,775

8,126,636

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1/1/19

Cash flow

At 31/12/19

Net cash

Cash at bank and in hand

6,662,775

(1,773,885

)

4,888,890

6,662,775

(1,773,885

)

4,888,890

Total

6,662,775

(1,773,885

)

4,888,890

1.	STATUTORY INFORMATION

Twenty 1 Group Holdings Ltd 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 "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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

25% on reducing balance

Computer equipment

25% on cost

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.

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.

Pension costs and other post-retirement benefits

The group operates a defined contribution pension scheme. Contributions payable to the group's

pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

2019

2018

Wages and salaries

5,440,809

3,723,504

Social security costs

102,477

55,682

Other pension costs

42,823

164,837

5,586,109

3,944,023

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

2019

2018

Average number of employees

The average number of employees by undertakings that were proportionately consolidated during the

year was 70 (2018 - 48 ) .

2019

2018

Directors' remuneration

75,812

20,000

Directors' pension contributions to money purchase schemes

5,875

100,000

4.	OPERATING PROFIT

The operating profit is stated after charging:

2019

2018

Depreciation - owned assets

56,215

52,428

Loss on disposal of fixed assets

38,957

5.	AUDITORS' REMUNERATION

2019

2018

Fees payable to the company's auditors for the audit of the
company's financial statements

12,000

9,950

Auditors' remuneration for non audit work

20,000

13,105

INTEREST PAYABLE AND SIMILAR EXPENSES

2019

2018

Other Similar Charges

2,215

TAXATION

Analysis of the tax (credit)/charge

The tax (credit)/charge on the profit for the year was as follows:

2019

2018

Current tax:

UK corporation tax

90,550

515,885

Over provision in prior year

(242,343

)

(340,668

)

Total current tax

(151,793

)

175,217

Deferred tax

22,415

(6,872

)

Tax on profit

(129,378

)

168,345

8.	INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent

company is not presented as part of these financial statements.

DIVIDENDS

2019

2018

Ordinary shares of £1.00 each

Interim

1,288,000

10.	TANGIBLE FIXED ASSETS

Group

Fixtures

Short

and

Computer

leasehold

fittings

equipment

Totals

COST

At 1 January 2019

23,089

90,386

136,932

250,407

Additions

63,717

157,047

40,120

260,884

Disposals

(23,089

)

(65,015

)

(88,104

)

At 31 December 2019

63,717

182,418

177,052

423,187

DEPRECIATION

At 1 January 2019

9,236

38,771

84,024

132,031

Charge for year

5,973

16,603

33,639

56,215

Eliminated on disposal

(13,084

)

(36,063

)

(49,147

)

At 31 December 2019

2,125

19,311

117,663

139,099

NET BOOK VALUE

At 31 December 2019

61,592

163,107

59,389

284,088

At 31 December 2018

13,853

51,615

52,908

118,376

11.	FIXED ASSET INVESTMENTS

Company

Shares in

group

undertakings

COST

At 1 January 2019

and 31 December 2019

502

NET BOOK VALUE

At 31 December 2019

502

At 31 December 2018

502

The group or the company's investments at the Balance Sheet date in the share capital of companies

include the following:

Subsidiaries

21 Construction Ltd

Registered office:

Nature of business: Dormant

Class of shares:

holding

Ordinary

100.00

2019

2018

Aggregate capital and reserves

100

Twenty 1 Interiors Ltd

Registered office:

Nature of business: Dormant

Class of shares:

holding

Ordinary

100.00

2019

2018

Aggregate capital and reserves

Twenty 1 Construction Ltd

Registered office:

Nature of business: Office re-fit and refurbishment

Class of shares:

holding

Ordinary

100.00

2019

2018

Aggregate capital and reserves

3,540,818

3,465,606

Profit for the year

1,363,312

2,468,246

Twenty 1 Refurbishment Ltd

Registered office:

Nature of business: Dormant

Class of shares:

holding

Ordinary

100.00

2019

2018

Aggregate capital and reserves

200

12.

DEBTORS

Group

2019

2018

Amounts falling due within one year:

Trade debtors

7,152,728

3,443,213

Amounts recoverable on contract

11,687,677

6,673,536

Other debtors

203,791

Prepayments and accrued income

79,282

61,881

19,123,478

10,178,630

Amounts falling due after more than one

year:

Other debtors

51,940

Aggregate amounts

19,123,478

10,230,570

13.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group

Company

2019

2018

2019

2018

Trade creditors

11,175,742

5,655,643

)

Amounts owed to group undertakings

929,590

2,577,821

Tax

2,764

49,321

2,764

2,686

Social security and other taxes

345,533

286,141

VAT

908,366

760,266

Other creditors

1,451

302

Directors' current accounts

940

Accrued expenses

101,641

76,797

Amounts payable on contracts

6,390,036

5,378,509

18,925,022

12,208,128

932,655

2,580,808

14.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group

Non-cancellable

operating leases

2019

2018

Within one year

132,703

137,850

Between one and five years

973,155

275,700

1,105,858

413,550

15.	PROVISIONS FOR LIABILITIES

Group

2019

2018

Deferred tax

42,274

19,859

Group

Deferred

tax

Balance at 1 January 2019

19,859

Provided during year

22,415

Balance at 31 December 2019

42,274

16.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

200

Ordinary

£1.00

200

17.

RESERVES

Group

Retained

earnings

At 1 January 2019

4,783,534

Profit for the year

1,833,426

Dividends

(1,288,000

)

At 31 December 2019

5,328,960

18.	ULTIMATE CONTROLLING PARTY

The ultimate controlling parties of the company are the directors K Ashcroft and P Gaughan by virtue

of 100% of the issued ordinary share capital.