TOUREEN_GROUP_LIMITED - Accounts

The directors present the strategic report for the year ended 31 July 2017.

The key financial highlights of the group for the last four years are as follows:

The principal activity of the company continued to be that of an investment holding company.

The group's principal activities remain that of:

i) Toureen Contractors Limited     : building, civil engineering and allied trades,

ii) City Basements Limited         : basement construction contractors,

iii) Tilley & Barrett Limited         : demolition contractors,

iv) Toureen Plant Limited         : construction plant and machinery hire,

v) Toureen Properties Limited     : property investment and development,

vi) Boshers Master Builders Limited : general building contractors and

vii) Junipix Limited         : property letting.

We continue to carry out construction projects for a diverse range of sectors such as the residential, health, education, leisure, petroleum, retail and other commercial markets.

The group had another successful year achieving profits of £6.8 million before tax on turnover of £94 million as against profits of £5 million before tax from turnover of £84 million the year before. We maintained strong liquidity in the balance sheet strengthened from £9 million to £13 million. Pricing remained challenging in a competitive market and costs continue to rise especially so in tradesmen’s wages and management salaries but nevertheless the directors are pleased to report a steady increase in turnover, profit and balance sheet strength and they consider an overall 7.2% profit margin before tax to be satisfactory.

Turnover in the current year will be up again and profit margins remain demanding. The directors believe that Brexit uncertainties will be managed satisfactorily and that confidence will be maintained in the UK economy and in the UK construction sector. We continue to expect the strength of our group and our dedicated and experienced team and reputation in our sectors to continue to deliver a consistent, timely and quality service to our valued customers and to generate profit and positive cashflow in doing so.

Trading since 1992, we remain a family orientated construction group, with a modern approach based on traditional values and with a proud record of projects completed on time, through safe working practices, to the highest possible engineering standards, within budget, and using modern plant and machinery. We continue to strive to enhance the reputation of our group, to be the contractor of choice and to continue the long term relationships with our customer base by focusing on our core activities, our long standing team and in-house resources and capabilities, by bringing new innovations to our building methods and by working closely with our customers and suppliers.

Principal risks and uncertainties

Construction is a competitive sector and there are a number of uncertainties which could have an impact on the group's performance and could cause results to differ substantially from historical profits and future projections. However, as we enter our 26th year in business we have well established systems and procedures in place to help avoid or minimise risks to the group. The principal risks for our group include the following:

Credit risk

The group’s credit risks are mainly attributable to the amounts receivable from its customers for services carried out. Our policy therefore remains to have a good mix of long standing and established customers and we operate a modern and efficient financial and management reporting system that monitors our customers and our debtor book on a day to day basis.

Liquidity risk

The group finances its operations through a mixture of cash reserves in the bank, trade debtors including amounts receivable from contracts less trade creditors, asset purchase finance and bank borrowings. The group does not have any complex financial instruments or hedging products. The directors are confident that the group has good liquidity and funding arrangements in place to meet its obligations as they fall due.

Interest rate risk

It does not in itself present a substantial risk to our business because the group does not have significant borrowings and therefore movement in interest rates - despite affecting the economy on which business confidence depends. Our asset purchase finance agreements have fixed rates of interest.

Health and safety risk

Construction is a higher risk activity. Health and safety remains at the top of our business management principles. Further details are set out below.

Our in-house team

The success of the group is dependent on retaining skilled and experienced management, tradesmen and support staff and our employment policy is designed to attract, train and retain the best people throughout their working life.

Brexit and the economy

The state of the economy, business confidence, Brexit uncertainties and related global activity are issues on which every business sector depends and they can have a significant impact on our longer term performance and success. Our policy therefore remains to maintain strong liquidity and to trade within our means.

Health & safety at work

The directors, including our dedicated health and safety manager aided by our in-house health and safety professionals continue to strive to embed best health and safety policies, practices and awareness throughout our operations. We wish that all our workers work in a safe and accident free working environment and that they go home safely at the end of every working day and the training and expenditure necessary to further enhance our excellent safety performance remains at the top of our core values.

Our health and safety policies and performance is kept under constant review. Our directors recognise that worker involvement and engagement in health and safety policies and procedures is critical in maintaining a safe place of work. All our sites have dedicated Safety Health Environmental & Quality (SHEQ) representatives. Part of our health and safety at work training is to impress upon every worker that it is not only their duty to take care of themselves but also their work colleague's safety and we have a Site Safety Suggestion Scheme (4 S's) to encourage workers to constantly think of further site safety improvements.

Our Health & Safety management systems are regularly audited by independent external bodies. We are accredited to and work within the principles and ethos of ISO 18001, ISO 14001, ISO 9001, Achilles Building Confidence, Fleet Operators Recognition Scheme (FORS), Association of Specialist Underpinning Contractors (ASUC) and Considerate Contractors (CCS).

Amongst the group's other accreditations are CHAS, SMAS, Construction Line, Rospa, APEA, Construct, the British Safety Council and the Concrete Society.

We continue to receive recognition for our health and safety policies.

Our people, training and employee involvement

The group's success is attributable to our team of skilled, experienced and dedicated directors, management, tradesmen and support staff, of whom we are proud and most of whom are long term and committed Toureen Group employees.

We continue to invest in the life-long training and development of our staff - from apprentices through the decades to retirement - so that we offer a career path that helps retain and enhance the skills, talents and experience required to deliver best service to our valued customers and so that we offer the challenge, training, motivation and career development expected by the best employees throughout their working life. We never forget that it is our employees that will ensure the continuing success of our group into the future.

Our short chain of command keeps us in constant dialogue with our employees and keeps them abreast of group activity, performance, quality control, training, health and safety, environmental issues, planning and future prospects.

We remain an equal opportunity employer without reference to age, ethnicity or gender and we are opposed to all forms of discrimination. We continue our policy regarding the employment of disabled persons and fair consideration is given to applications for employment by disabled persons where the requirements of the job can be adequately fulfilled by a handicapped person.

I extend my sincere thanks to all our staff for their continuing dedication and commitment and I hope they continue to work on developing a life-long and rewarding career where they feel valued and respected and a part of the on-going success of the Toureen Group of companies.

Going concern

The group has a £13 million balance sheet with strong liquidity, profits are growing, business confidence in the construction sector continues and we have a ever increasing order book from well-established customers. The directors are confident that the company and its subsidiaries can continue to trade successfully and continue to provide an excellent and reliable service to our customers for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the financial statements.

Further details regarding the adoption of the going concern basis can be found in note 2.3 to the financial statements.

The directors believe that the long term interests of the group, its employees and its customers are best served by acting in a corporate social manner. As such the group ensures that high standards are maintained throughout its activities. During the year the group and its employees have supported many worthy causes and charities.

Payment to suppliers

We constantly assess and monitor the strong links we have with our suppliers who are a crucial part of our successful business. Our policy remains to pay our suppliers at the end of the month following month of delivery and this applies to the vast majority of our transactions. Where different terms are applicable we endeavour to adhere to our side of such agreements.

The future

The Board looks forward with confidence to the continuing success of The Toureen Group into the future.

Approval

This report was approved by the board on 25 April 2018 and signed on its behalf by:

The directors present their annual report and financial statements for the year ended 31 July 2017.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £1,690,000 (2016 - £1,725,000). The directors do not recommend payment of a further dividend.

The auditors, Riordan O'Sullivan & Co, Chartered Certified Accountants and Statutory Auditors, are deemed to be reappointed under section 487(2) of the Companies Act 2006.

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

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

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

•     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 group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the company website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

The truegroup has chosen in accordance with Companies Act 2006, s414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of principal risks and uncertainties and future prospects.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditors of the company are unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditors of the company are aware of that information.

This report was approved by the board on 25 April 2018 and signed on its behalf by:

We have audited the financial statements of Toureen Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 July 2017 which comprise the Group Profit And Loss Account, the Group Statement of Comprehensive Income, the Group Balance Sheet, the Company Balance Sheet, the Group Statement of Changes in Equity, the Company Statement of Changes in Equity, the Group Statement of Cash Flows 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 FRS 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 the parent company's affairs as at 31 July 2017 and of its 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 Auditor's 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 or the parent 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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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 our audit:

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

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

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 Strategic Report and the Directors' Report.

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

• 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.

As explained more fully in the Directors' Responsibilities Statement, 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 is 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.

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 an auditor’s report 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: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s 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 an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £2,656,466 (2016 - £2,309,020 profit).

Toureen Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 25 Cecil Road, Harrow, Middlesex, HA3 5QY.

The group consists of Toureen Group Limited and all of its subsidiaries.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the group.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The consolidated financial statements incorporate those of Toureen Group Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.

All financial statements are made up to 31 July 2017. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

The Strategic report sets out the group's business activities and highlights the factors which may impact on its financial performance, market position and future prospects.

The Strategic report also provides information in relation to the group's financial and liquidity position, details of its financial instruments, management of capital and exposure to credit and liquidity risk.

The group has a substantial order book for the twelve months from the date of approval of these financial statements and its forecasts indicate that it will continue to generate profit and positive cash flows for the foreseeable future.

As a consequence, the directors believe that the group has adequate resources to continue in operational existence and that it is well placed to continue to manage its business risks successfully.

Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Turnover is recognised at the fair value of the consideration received or receivable excluding value added taxes. It represents invoiced value of goods and services supplied and the value of long term contracts work.

Turnover from construction contracts is recognised with reference to stage of completion of the contract and turnover from plant hire is recognised on a straight line basis over the period of rental contract.

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its useful economic life.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold properties are maintained so as to ensure that their values do not diminish over time. The maintenance costs are charged to the profit and loss accounts in the year in which they are incurred. In the director's opinion, depreciation would be immaterial and has not been charged.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

Investment properties, which are properties held to earn rentals and/or for capital appreciation, are initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

Where fair value cannot be achieved without undue cost or effort, investment properties are accounted for as tangible fixed assets.

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

The carrying values of tangible fixed assets are reviewed and adjusted for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Stocks are stated at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes direct costs and any overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Amounts recoverable on contracts, including work-in-progress, are shown within debtors and are stated at the net sales value of the work done after provisions for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Turnover and related costs are recorded as contract activity progresses. An appropriate proportion of the anticipated contract profit or loss is recognised as the contract activity progresses commensurate with performance and anticipated final outcome. Excess progress payments are included in creditors as payments received on account.

Cash at bank and in hand 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. Bank overdrafts are shown within borrowings in current liabilities.

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Equity instruments issued by the group are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

An analysis of the group's turnover is as follows:

The total turnover of the group for the year has been derived from its principal activities wholly undertaken in the UK.

The average monthly number of persons (including directors) employed by the group and company during the year was:

Their aggregate remuneration comprised:

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2016 - 3).

The actual charge for the year can be reconciled to the expected charge based on the profit or loss and the standard rate of tax as follows:

Included within the net book value of £8,247,766 (2016: £7,431,861) is £3,160,197 (2016: £3,690,863) relating to assets held under hire purchase agreements. The depreciation charged to the financial statements in the year in respect of such assets amounted to £832,567 (2016: £970,134).

The directors' consider that the carrying amounts of the investment properties approximate to their fair value.

Details of the company's subsidiaries, all of which are registered in England & Wales, are as follows:

Other debtors include VAT recoverable of £644,116 (2016: £86,164).

The amounts due from group and related undertakings are interest-free, unsecured and repayable on demand.

The amounts due to group and related undertakings are interest-free, unsecured and repayable on demand.

The hire purchase agreements are secured on the assets to which they relate.

The other loan was secured by a first legal charge over the investment property owned by the group. Interest was charged at the rate higher of 5% per annum or 2.5% above Bank of England Base Rate per annum. The loan was repaid in full during the year.

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

The deferred tax liability set out above is expected to reverse and relates to accelerated capital allowances.

The group operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

On 31 March 2017, Toureen Properties Limited acquired the entire shareholdings and business of Junipix Limited which resulted in the following:

There were no capital commitments at 31st July 2017 which had not been provided for in the financial statements.

a) Group companies

The group has taken advantage of the exemption available in accordance with Financial Reporting Standard 102, Section 33.1A, ‘Related Party Disclosures’ not to disclose transactions entered and outstanding balances between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.

b) Other related undertakings

The group is related to Soil and Water Solutions Limited, Nolan Brothers Properties Limited and Swing City Golf and Leisure Limited by virtue of common control.

During the year the group entered into the following transactions with related parties:

At the balance sheet date the following amounts were owed by/(to):

c) Transactions with directors

During the year the group rented land and buildings at normal commercial rates amounting to £250,000 (2016: £250,000) from Denis Nolan, the controller of the group.

d) Key management personnel

The remuneration of key management personnel, who are also directors, is disclosed in note 7.

There were no events since the year end which materially affected the company or the group.

The company was under the control of Denis Nolan throughout the current and previous year.