Coltman Precast Concrete Limited - Limited company accounts 20.1

REGISTERED NUMBER: 01032721 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

FOR

COLTMAN PRECAST CONCRETE LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Income Statement

10

Other Comprehensive Income

11

Balance Sheet

12

Statement of Changes in Equity

13

Notes to the Financial Statements

14

DIRECTORS:

D S Frost

K F Hughes

T A Jobson

D A Smith

SECRETARY:

Mrs L M Gilbert

REGISTERED OFFICE:

London Road

Canwell

Sutton Coldfield

West Midlands

B75 5SX

REGISTERED NUMBER:

01032721 (England and Wales)

AUDITORS:

Prime

Chartered Accountants

Statutory Auditor

No. 3 Caroline Court

13 Caroline Street

St Paul's Square

Birmingham

B3 1TR

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

REVIEW OF BUSINESS

The company started the year facing a number of challenges, with the Covid-19 pandemic and strict Government restrictions imposed at the start of the financial year, effectively shutting the construction industry for 6-8 weeks. Further restrictions during the year coupled with supply chain shortages have at times restricted sale volumes.

As expected turnover fell in the year by 20.5% to £7.5m but continued cost control and capital investment enabled margins to increase by 0.5% to 26.8%. These factors, close control of administration expenses and use of Government support enabled the company to maintain its 4.5% operating profit margin and return a pre-tax profit of £339,093 (2020: £516,761).

Following the company's strategy of profitability, flexibility and reputation, it continued throughout the year its programme of capital investment adding a further £265,000 plant in the year, including further Prestressed flooring machinery and Precast equipment.

Good financial control and flexibility in the business saw cash resources increase by 41% to £1.9m. Investment was financed through cash resources rather than finance, further improving working capital by 6.9% to £1.3m.

Despite ongoing challenges the company finished the year with a strong order book and has continued into the current financial year with good sales and profit levels. In the first 2 months turnover is 25% of 20/21 levels. Supply line delays and raising material prices will continue to put pressure on sales and margins but the company has proved that in difficult times it is able to react nimbly to protect profitability and further invest in its future.

The main Key Performance Indicators (KPI's) for the business are:

1. The level of turnover, which has fallen 20.5% to £7.5m in the current year but is expected to exceed pre-Covid levels;

2. Gross profit margin, which has risen by 0.5% to 26.8% despite a fall in turnover; and

3. Orders in hand, which at the Balance Sheet date were £13.6m, up 147% from the previous year.

The business continues to enjoy and extend a wide customer base of blue chip construction companies and contractors, but is continuing to attract new customers. The spread and quality of the customer base, control over production and delivery, coupled with capital investment and quality and service, has proven vital and continues to be the key elements to the ongoing commercial and financial success of the company.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risk to the business is managing its growth whilst competing effectively with the company's competitors. To address these risks the directors are:

- Focusing on and providing a top quality service to existing customers;

- Reviewing costs and reducing them where practicable;

- Implementing a sustainable capital investment programme;

- Assessing production and delivery timeframes and success rates;

- Constantly monitoring the level of staff and increasing or reducing the workforce as necessary to ensure efficiency;

- Protecting vital supply chains; and

- Enhancing its efforts to ensure that all accessible enquiries that are received are processed with attractive proposals.

DEVELOPMENT

The company designs, manufactures and erects structural prestressed and precast concrete elements for its customers and this is expected to continue for the foreseeable future.

ON BEHALF OF THE BOARD:

T A Jobson - Director

3 August 2021

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the design, manufacture and erection of structural precast concrete elements.

DIVIDENDS

During the year dividends of £50,000 in total were distributed (2020: £50,000).

DIRECTORS

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

D S Frost

K F Hughes

T A Jobson

D A Smith

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, Prime, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

T A Jobson - Director

3 August 2021

Opinion

We have audited the financial statements of Coltman Precast Concrete Limited (the 'company') for the year ended 31 March 2021 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 2021 and of its profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

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

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

Auditors' responsibilities for the audit of the financial statements

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

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the group through discussions with directors and other management, and from our commercial knowledge and experience of the industry sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence;

We assessed the susceptibility of the group’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC and other relevant parties.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

Morgan Davies FCA (Senior Statutory Auditor)

for and on behalf of Prime

Chartered Accountants

Statutory Auditor

No. 3 Caroline Court

13 Caroline Street

St Paul's Square

Birmingham

B3 1TR

18 August 2021

TURNOVER

3

7,520,436

9,458,881

Cost of sales

5,507,494

6,974,792

GROSS PROFIT

2,012,942

2,484,089

Administrative expenses

1,961,754

1,971,091

51,188

512,998

Other operating income

287,692

-

OPERATING PROFIT

5

338,880

512,998

Interest receivable and similar income

320

3,870

339,200

516,868

Interest payable and similar expenses

6

107

107

PROFIT BEFORE TAXATION

339,093

516,761

Tax on profit

7

63,000

(270,000

)

PROFIT FOR THE FINANCIAL YEAR

276,093

786,761

PROFIT FOR THE YEAR

276,093

786,761

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

276,093

786,761

FIXED ASSETS

Intangible assets

9

51,642

60,995

Tangible assets

10

620,533

467,120

672,175

528,115

CURRENT ASSETS

Stocks

11

388,739

334,345

Debtors

12

1,606,374

1,885,710

Cash at bank

1,926,477

1,368,122

3,921,590

3,588,177

CREDITORS

Amounts falling due within one year

13

2,656,708

2,405,217

NET CURRENT ASSETS

1,264,882

1,182,960

TOTAL ASSETS LESS CURRENT LIABILITIES

1,937,057

1,711,075

CREDITORS

Amounts falling due after more than one year

14

-

111

NET ASSETS

1,937,057

1,710,964

CAPITAL AND RESERVES

Called up share capital

17

100,000

100,000

Retained earnings

18

1,837,057

1,610,964

SHAREHOLDERS' FUNDS

1,937,057

1,710,964

The financial statements were approved by the Board of Directors and authorised for issue on 3 August 2021 and were signed on its behalf by:

T A Jobson - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2019

100,000

874,203

974,203

Changes in equity

Dividends

-

(50,000

)

(50,000

)

Total comprehensive income

-

786,761

786,761

Balance at 31 March 2020

100,000

1,610,964

1,710,964

Changes in equity

Dividends

-

(50,000

)

(50,000

)

Total comprehensive income

-

276,093

276,093

Balance at 31 March 2021

100,000

1,837,057

1,937,057

1.	STATUTORY INFORMATION

Coltman Precast Concrete Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

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 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 requirement of paragraph 33.7.

The results of the company are consolidated in the ultimate parent's financial statements and these can be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax. Revenue is recognised on the completion of each stage of work during a contract.

Intangible fixed assets

Amortisation is provided at 20% on cost in order to write each asset off over its estimated useful life.

Tangible fixed assets

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

Plant and machinery

-

10-33% on cost

Fixtures and fittings

-

10% on cost

Computer equipment

-

20% on cost

Government grants

Grants are accounted for under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the profit and loss account in the same period as the related expenditure. Government grants relate to the receipt of Coronavirus Job Retention Scheme income which is included within other operating income.

Stocks

Stocks and work-in-progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow-moving items. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Financial instruments

(i) Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

(ii) Financial assets and liabilities

All financial assets and liabilities are recognised when the company becomes party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all its liabilities.

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit and loss, which are initially measured at fair value unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset at the balance sheet date when, and only when there exists a legally enforceable right to set off the recognised amounts and the company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Debt instruments that have no stated interest rate and are classified as payable or receivable within one year are initially measured at an undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment. Other debt instruments not meeting these conditions are measured at fair value through profit and loss.

Commitments to make or receive loans which meet the conditions mentioned above are measured at cost less impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows for the financial asset expire or are settled, when the company transfers to another party substantially all the risks and rewards of ownership of the financial asset, or the company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

Current 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.

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 and loss in the period to which they relate. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the balance sheet.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

For financial assets carried at amortised costs, the amount of an impairment is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for the decrease in impairment loss, and the decrease can be related objectively to an event occuring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

3.

TURNOVER

All turnover for the year relates to the UK market in respect of the principal activity of the company.

4.	EMPLOYEES AND DIRECTORS

2021

2020

£

£

Wages and salaries

2,441,149

2,605,832

Social security costs

225,055

239,540

Other pension costs

84,873

84,810

2,751,077

2,930,182

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

2021

2020

Management

4

4

Administration

29

30

Production

43

42

76

76

2021

2020

£

£

Directors' remuneration

247,857

254,662

Directors' pension contributions to money purchase schemes

15,450

15,225

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

Money purchase schemes

2

2

Information regarding the highest paid director is as follows:

2021

2020

£

£

Emoluments etc

94,350

95,867

Pension contributions to money purchase schemes

7,725

7,612

5.	OPERATING PROFIT

The operating profit is stated after charging:

2021

2020

£

£

Hire of plant and machinery

445,654

616,565

Other operating leases

56,705

56,591

Depreciation - owned assets

115,150

96,464

Computer software amortisation

22,653

26,335

Auditors' remuneration

13,000

13,000

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2021

2020

£

£

Hire purchase

107

107

7.

TAXATION

Analysis of the tax charge/(credit)

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

2021

2020

£

£

Deferred tax

63,000

(270,000

)

Tax on profit

63,000

(270,000

)

Reconciliation of total tax charge/(credit) included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2021

2020

£

£

Profit before tax

339,093

516,761

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

64,428

98,185

Effects of:

Expenses not deductible for tax purposes

1,174

396

Capital allowances in excess of depreciation

(30,293

)

(40,758

)

Tax losses utilised

(35,309

)

(57,823

)

enhanced deductions in respect

group relief

Deferred tax asset recognition

63,000

(270,000

)

Total tax charge/(credit)

63,000

(270,000

)

A deferred tax asset in respect of the net of taxable losses and capital allowances claimed in excess of depreciation is shown within Note 12. There was a movement of £63,000 in the year which has been debited to the profit and loss account (2020: £270,000 credited) as shown in the above "Analysis of the tax charge/(credit)". This asset has been recognised given that the company is now making taxable profits, hence it is considered likely that existing accumulated tax losses will be utilised in future periods.

8.

DIVIDENDS

2021

2020

£

£

Final

50,000

50,000

9.	INTANGIBLE FIXED ASSETS

Computer

software

£

COST

At 1 April 2020

227,709

Additions

13,300

At 31 March 2021

241,009

AMORTISATION

At 1 April 2020

166,714

Amortisation for year

22,653

At 31 March 2021

189,367

NET BOOK VALUE

At 31 March 2021

51,642

At 31 March 2020

60,995

10.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 April 2020

2,353,549

102,164

138,999

2,594,712

Additions

264,812

407

3,344

268,563

Disposals

(2,500

)

-

-

(2,500

)

At 31 March 2021

2,615,861

102,571

142,343

2,860,775

DEPRECIATION

At 1 April 2020

1,961,400

73,910

92,282

2,127,592

Charge for year

96,012

4,510

14,628

115,150

Eliminated on disposal

(2,500

)

-

-

(2,500

)

At 31 March 2021

2,054,912

78,420

106,910

2,240,242

NET BOOK VALUE

At 31 March 2021

560,949

24,151

35,433

620,533

At 31 March 2020

392,149

28,254

46,717

467,120

11.

STOCKS

2021

2020

£

£

Raw materials

65,255

86,422

Finished goods

323,484

247,923

388,739

334,345