R & W Scott Ltd - Limited company accounts 20.1

REGISTERED NUMBER: 05072615 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 March 2020

for

R & W SCOTT LTD

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Income Statement

8

Other Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Notes to the Financial Statements

12

DIRECTORS:

S J Currie

J C Easton

M J Hewitt

REGISTERED OFFICE:

Aberdein Considine

30 Cloth Market

Newcastle Upon Tyne

NE1 1EE

REGISTERED NUMBER:

05072615 (England and Wales)

AUDITORS:

Sharles Audit Limited

Statutory Auditors

29 Brandon Street

Hamilton

ML3 6DA

The directors present their strategic report for the year ended 31 March 2020.

REVIEW OF BUSINESS

R&W Scott manufactures and sells chocolate coatings, specialist soft icings, sauces, jams and dry powder blends for the industrial, retail, wholesale and foodservice markets.

RESULTS

R&W Scott continued it's transformation from loss making into profit in it's first full year under new ownership.

Sales continued to increased year on year due to existing business growth and value-added new business in the soft fillings and health arenas. This coupled with improved labour efficiencies and a strong performance in material procurement led to a significant increase in Gross Profit.

The R&W Scott business continued its strategy of improved overhead control, with a reduction in total overheads for the third year in a row. This coupled with the increase in sales turnover has allowed the business to improve it's net cash/debt position, and enforce it's standing as a sustainable and profitable business.

FUTURE DEVELOPMENTS

This business will continue to develop a range of new products based on both customer requests and market trends. These include, but are not limited to more bespoke added value soft-fillings and speciality jam recipes as well as broadening our no added sugar protein enriched variants of existing products.

This business is expected to continue to benefit from strong, long standing customer relationships, whilst retaining the support of key suppliers. It expects to see an improved cash position and reduction in net debt, whilst continuing to improve the long-term profitability/sustainability of the business.

KEY PERFORMANCE INDICATORS

All key performance indicators both financial and non-financial are covered in the financial accounts. The main items being Turnover £13,054,548 (2019: £12,536,831), Gross Profit 32.47% (2019:24.51%) and Profit before tax £238,403 (2019: Loss of £470,270).

PRINCIPAL RISKS AND UNCERTAINTIES

The directors have outlined their perception on particular risks and uncertainties facing the company below. These risks and uncertainties could cause the actual results to vary from those experienced previously or described in forward looking statements within the annual report.

a) Key Customers

The business has a number of key customers, some of whom operate on contracts which are subject to annual renewals. As a consequence, the retention of particular customers may change on a year to year basis.

b) Raw Materials

Raw materials used by the business are subject to price fluctuations. Typically these items are purchased on forward contracts, providing cover for some months ahead generally and in particular to lock in commitments with sales contracts on a "back to back" basis.

c) Food Safety

As a reputable food trader we enforce our technical policies and procedures in relation to the production and storage of our products. The business recognises the importance and currently holds an A+ grade unannounced BRC accreditation.

d) Health & Safety

The business could be adversely impacted if it failed to manage the safety of its facility effectively.

The directors believe that the safety of the employees, contractors and suppliers is fundamentally important. A business compliance program is in place ensuring that all legal obligations are adhered to. Regular third party auditing takes place to maintain a continuous improvement in standards.

e) Changing Consumer Trends

The business could be impacted by changing consumer trends, with potential risk areas including concerns over obesity and healthier eating. The business's proactive development and technical teams are well positioned to help mitigate these risks.

EMPLOYEE INVOLVEMENT

The company is committed to involve all employees in the performance and development of the company. Employees are encouraged to discuss with management matters of interest to the employee and subjects affecting day to day operations of the company.

It is the company's policy to give full consideration to suitable applications for employment by disabled persons.

Disabled employees are eligible to participate in all career development opportunities available to staff. Opportunities also exist for employees of the company who became disabled to continue in employment or to be trained for other positions in the company.

ON BEHALF OF THE BOARD:

M J Hewitt - Director

23 February 2021

The directors present their report with the financial statements of the company for the year ended 31 March 2020.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the manufacture amd sale of chocolate coatings, specialist soft icings, sauces, jams and dry powder blends for the industrial, retail, wholesale and foodservice markets.

DIVIDENDS

No dividends will be distributed for the year ended 31 March 2020.

FUTURE DEVELOPMENTS

The Directors have considered the impact that Covid-19 pandemic could have on the ongoing trade of the company.

This includes the potential impact of reduced levels of turnover for a period of time and the availability of government assistance to business during this difficult period. The directors expect the company to experience only a short-term reduction in turnover while lock down measures are in place, but with cumulative reserves and the availability of government assistance they are confident that the company will continue operating as a going concern.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2019 to the date of this report.

S J Currie

J C Easton

M J Hewitt

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Sharles Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

M J Hewitt - Director

23 February 2021

Opinion

We have audited the financial statements of R & W Scott Ltd (the 'company') for the year ended 31 March 2020 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 March 2020 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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 company'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 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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

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

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

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

Responsibilities of directors

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

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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.

Robert A Pollock BA CA (Senior Statutory Auditor)

for and on behalf of Sharles Audit Limited

Statutory Auditors

29 Brandon Street

Hamilton

ML3 6DA

23 February 2021

TURNOVER

13,054,548

12,536,831

Cost of sales

8,815,452

9,462,950

GROSS PROFIT

4,239,096

3,073,881

Administrative expenses

3,883,459

3,407,151

OPERATING PROFIT/(LOSS)

5

355,637

(333,270

)

Restructuring costs

6

-

77,000

355,637

(410,270

)

Interest payable and similar expenses

7

117,234

60,000

PROFIT/(LOSS) BEFORE TAXATION

238,403

(470,270

)

Tax on profit/(loss)

8

(33,353

)

-

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

271,756

(470,270

)

PROFIT/(LOSS) FOR THE YEAR

271,756

(470,270

)

OTHER COMPREHENSIVE INCOME

Fair value adjustment

359,230

-

Capital contribution

-

8,331,258

Income tax relating to components of other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

359,230

8,331,258

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

630,986

7,860,988

FIXED ASSETS

Tangible assets

9

4,118,248

3,990,764

CURRENT ASSETS

Stocks

10

1,947,701

1,548,836

Debtors

11

5,673,917

5,024,669

Cash at bank and in hand

241,262

215,605

7,862,880

6,789,110

CREDITORS

Amounts falling due within one year

12

3,933,158

3,454,070

NET CURRENT ASSETS

3,929,722

3,335,040

TOTAL ASSETS LESS CURRENT LIABILITIES

8,047,970

7,325,804

CREDITORS

Amounts falling due after more than one year

13

975,376

884,196

NET ASSETS

7,072,594

6,441,608

CAPITAL AND RESERVES

Called up share capital

17

5,000,000

5,000,000

Retained earnings

18

2,072,594

1,441,608

SHAREHOLDERS' FUNDS

7,072,594

6,441,608

The financial statements were approved by the Board of Directors and authorised for issue on 23 February 2021 and were signed on its behalf by:

M J Hewitt - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2018

5,000,000

(6,419,380

)

(1,419,380

)

Changes in equity

Total comprehensive income

-

7,860,988

7,860,988

Balance at 31 March 2019

5,000,000

1,441,608

6,441,608

Changes in equity

Total comprehensive income

-

630,986

630,986

Balance at 31 March 2020

5,000,000

2,072,594

7,072,594

1.	STATUTORY INFORMATION

R & W Scott 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 Company Information page.

2.	STATEMENT OF COMPLIANCE

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. There were no material departures from the standard.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Also, as explained in the directors report, the company's ongoing trade is facing an impact from the Covid-19 pandemic. It is expected that the impact will be only be short-term, but this cannot be guaranteed. As a result of the potential fall in turnover the directors have taken steps to reduce costs in the short term and intend to make full use of any government assistance that is available as and when required to ensure the company can continue trading as a going concern

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of paragraph 3.17(d);

•

the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

•

the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;

•

the requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23;

•

the requirement of paragraph 33.7.

Significant judgements and estimates

The company makes judgements, estimates and assumptions that affect the application of polices and the carrying values of assets and liabilities, income and expenses. The resulting accounting estimates calculated using these judgements will, by definition, seldom equal the related actual results but are based on the experience of the directors and the expectations of future events. The estimates are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is reviewed.

Key judgement's and sources of estimation uncertainty are;

- The recovery of trade receivables and provision for bad debt. Based on the principle that any debtors overdue by more than 120 days will not be recoverable and should be provided for in full.

- The provision for redundant and non re-workable stock. This is costed on the basis of labour and packaging input costs for re-workable stock and full input cost for stock recognised as redundant.

Turnover

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

Turnover is measured at the fair value from the manufacture and and sale of chocolate coatings, specialist soft icings, sauces, jams and dry powder blends for the industrial, retail wholesale and foodservice markets.

Turnover therefore represents the sale of these goods and services, net of discounts and excluding value added tax, and is recognised at the point that these goods and services are supplied.

Tangible fixed assets

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

Freehold property

-

Straight line over 40 - 50 years

Plant and machinery

-

Straight line over 2 - 13 years

Computer equipment

-

Straight line over 4 years

At each balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Expenditure of £500 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the income account in the period it is incurred.

Stocks

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

At each balance sheet date, stocks are assessed for impairment. If stocks are impaired the carrying value is reduced to its selling price less costs to sell. The impairment loss is recognised immediately in the profit and loss account.

Financial instruments

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the 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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

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

Invoice discounting policy

During the year R & W Scott had an invoice discounting facility with Bibby Financial Services secured against trade debtors on a revolving basis with a three month notice period. The facility is secured against the trade debtors of the company with an interest rate of 3.5% above base rate.

Trade debtors remained the assets of the business and were shown at the total amount collectable. Liabilities under this agreement were shown under borrowings.

Significant judgements and estimates

In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Basic financial statements

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

4.	EMPLOYEES AND DIRECTORS

2020

2019

£

£

Wages and salaries

1,808,491

1,529,577

Social security costs

197,845

160,230

Other pension costs

157,261

115,568

2,163,597

1,805,375

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

2020

2019

Directors and administration

28

27

Selling and distribution

12

11

Production

57

48

97

86

2020

2019

£

£

Directors' remuneration

411,643

80,000

Directors' pension contributions to money purchase schemes

46,685

-

Information regarding the highest paid director for the year ended 31 March 2020 is as follows:

2020

£

Emoluments etc

144,636

Pension contributions to money purchase schemes

17,256

5.	OPERATING PROFIT/(LOSS)

The operating profit (2019 - operating loss) is stated after charging:

2020

2019

£

£

Other operating leases

78,184

75,397

Depreciation - owned assets

484,621

413,263

Auditors' remuneration

25,577

35,500

Foreign exchange differences

3,906

10,403

6.	EXCEPTIONAL ITEMS

2020

2019

£

£

Restructuring costs

-

(77,000

)

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

2020

2019

£

£

Other interest

117,234

60,000

8.

TAXATION

Analysis of the tax credit

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

2020

2019

£

£

Current tax:

UK corporation tax

(33,353

)

-

Tax on profit/(loss)

(33,353

)

-

Tax effects relating to effects of other comprehensive income

2020

Gross

Tax

Net

£

£

£

Fair value adjustment

359,230

-

359,230

Capital contribution

359,230

-

359,230

2019

Gross

Tax

Net

£

£

£

Capital contribution

8,331,258

-

8,331,258

At 31 March 2020 there is an unprovided deferred tax asset of £224,790. This asset relates to tax losses and has not been recognised as there is insufficient evidence those losses will be utilised in the foreseeable future.

9.	TANGIBLE FIXED ASSETS

Freehold

Plant and

Computer

property

machinery

equipment

Totals

£

£

£

£

COST OR VALUATION

At 1 April 2019

2,944,283

7,150,539

29,205

10,124,027

Additions

-

176,609

76,266

252,875

Fair value adjustment

(2,044,283

)

-

-

(2,044,283

)

At 31 March 2020

900,000

7,327,148

105,471

8,332,619

DEPRECIATION

At 1 April 2019

2,369,612

3,746,280

17,371

6,133,263

Charge for year

58,116

410,109

16,396

484,621

Fair value adjustment

(2,403,513

)

-

-

(2,403,513

)

At 31 March 2020

24,215

4,156,389

33,767

4,214,371

NET BOOK VALUE

At 31 March 2020

875,785

3,170,759

71,704

4,118,248

At 31 March 2019

574,671

3,404,259

11,834

3,990,764

Cost or valuation at 31 March 2020 is represented by:

Freehold

Plant and

Computer

property

machinery

equipment

Totals

£

£

£

£

Valuation in 2020

(2,044,283

)

-

-

(2,044,283

)

Cost

2,944,283

7,327,148

105,471

10,376,902

900,000

7,327,148

105,471

8,332,619

If Freehold Property had not been revalued it would have been included at the following historical cost:

2020

2019

£

£

Cost

2,944,283

2,944,283

Freehold Property was valued on an open market value basis on 23 August 2019 by Shepherd Chartered Surveyors .

10.

STOCKS

2020

2019

£

£

Stocks

1,947,701

1,548,836

11.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

1,818,071

1,770,710

Amounts owed by group undertakings

3,665,875

3,132,876

Other debtors

52,319

45,944

Prepayments

137,652

75,139

5,673,917

5,024,669

Trade debtors subject to the invoice discounting facility as at 31st March 2020 £1,549,621 (2019 £1,593,639).

12.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts (see note 14)

41,550

-

Other loans (see note 14)

14,000

14,000

Finance leases (see note 15)

276,926

246,000

Trade creditors

1,287,628

1,130,200

Social security and other taxes

86,333

55,364

Other creditors

434,636

505,039

Invoice discounting facility

1,490,217

1,381,267

Accrued expenses

301,868

122,200

3,933,158

3,454,070

13.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans (see note 14)

438,085

-

Other loans (see note 14)

40,833

54,833

Finance leases (see note 15)

496,458

829,363

975,376

884,196

14.

LOANS

An analysis of the maturity of loans is given below:

2020

2019

£

£

Amounts falling due within one year or on demand:

Bank loans

41,550

-

Other loans

14,000

14,000

55,550

14,000