Coltman Precast Concrete Limited - Limited company accounts 18.2

REGISTERED NUMBER: 01032721 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2018

FOR

COLTMAN PRECAST CONCRETE LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Income Statement

6

Other Comprehensive Income

7

Balance Sheet

8

Statement of Changes in Equity

9

Notes to the Financial Statements

10

DIRECTORS:

T A Jobson

D S Frost

K F Hughes

D A Smith

SECRETARY:

L M Gilbert

REGISTERED OFFICE:

London Road

Canwell

Sutton Coldfield

West Midlands

B75 5SX

REGISTERED NUMBER:

01032721 (England and Wales)

AUDITORS:

Prime Rochesters Limited

No.3 Caroline Court

13 Caroline Street

St Paul's Square

Birmingham

West Midlands

B3 1TR

The directors present their strategic report for the year ended 31 March 2018.

REVIEW OF BUSINESS

Despite an 11.5% increase in sales during the year, escalating costs in production resulted in a fall in gross profit margins of 3.4%

points, contributing to a loss before tax of £320,107.

Following poor sales levels in the last quarter of the previous year, the company implemented a policy of cost control in general

overheads and acceleration of sales. The strategy of rapid sales growth resulted in a high volume, low margin trend that had an

adverse effect on production. This cycle further depressed the company's margins.

Adversely the losses made had little effect on the company's cash flow and it continued to hold cash reserves of over £600,000. The

further capitalisation of loans maintained good working capital levels and increased shareholders' funds.

At the beginning of the current financial year, seeing the need for changes, a new management structure was implemented and

immediately commenced on a strategy of change to improve efficiency and profitability. This long-term strategy aims to return the

company to profitability through cost and efficiency savings. The first six months of the current financial year have seen a level of

investment, which is producing strong signs of a return to profitability in the remaining six months of the year.

The main KPIs for the business are:

1. The level of turnover, which at £10.7m was up 11% from the previous year;

2. Gross profit margin, which was 13.2% compared to 16.6% in the previous year; and

3. Orders in hand, which at the balance sheet date were £6.2m were 15% lower than the previous year.

The business continues to enjoy a wide customer base of blue chip construction companies and contractors, but is investing in new

customers. The spread and quality of the customer base, and continued control of production are considered key elements to the

ongoing commercial and financial success of the company.

PRINCIPAL RISKS AND UNCERTAINTIES

The UK construction market is showing mixed signals but house building appears to remain buoyant. The principal risk to the

business is managing its growth while 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;

- Looking at implementing a sustainable capital investment programme;

- Constantly monitoring the level of staff and increasing or reducing the workforce as necessary to ensure efficiency; 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 precast concrete elements for its customers and this is expected to continue

for the foreseeable future.

Given the positive effect the changes and investment are already having on the business, the directors are confident that company will

perform better in the current financial year

ON BEHALF OF THE BOARD:

T A Jobson - Director

13 November 2018

The directors present their report with the financial statements of the company for the year ended 31 March 2018.

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

No dividends will be distributed for the year ended 31 March 2018 (2017: £nil).

DIRECTORS

The directors who have held office during the period from 1 April 2017 to the date of this report are as follows:

Mrs V A Coltman - resigned 26 January 2018

T A Jobson - appointed 21 November 2017

D S Frost - appointed 26 January 2018

K F Hughes and D A Smith were appointed as directors after 31 March 2018 but prior to the date of this report.

S D Humphries ceased to be a director after 31 March 2018 but prior to the date of this report.

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

ON BEHALF OF THE BOARD:

T A Jobson - Director

13 November 2018

Opinion

We have audited the financial statements of Coltman Precast Concrete Limited (the 'company') for the year ended 31 March 2018

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 2018 and of its loss 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 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, 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.

Opinion 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 three, 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.

Peter Hewston (Senior Statutory Auditor)

for and on behalf of Prime Rochesters Limited

No.3 Caroline Court

13 Caroline Street

St Paul's Square

Birmingham

West Midlands

B3 1TR

13 November 2018

TURNOVER

3

10,733,815

9,628,185

Cost of sales

9,319,868

8,030,526

GROSS PROFIT

1,413,947

1,597,659

Administrative expenses

1,733,786

1,940,021

OPERATING LOSS

5

(319,839

)

(342,362

)

Interest receivable and similar income

275

1,867

(319,564

)

(340,495

)

Interest payable and similar expenses

6

543

1,773

LOSS BEFORE TAXATION

(320,107

)

(342,268

)

Tax on loss

7

(24,688

)

-

LOSS FOR THE FINANCIAL YEAR

(295,419

)

(342,268

)

LOSS FOR THE YEAR

(295,419

)

(342,268

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(295,419

)

(342,268

)

FIXED ASSETS

Intangible assets

8

43,392

39,708

Tangible assets

9

301,935

332,077

345,327

371,785

CURRENT ASSETS

Stocks

10

421,836

287,694

Debtors

11

1,711,614

1,458,058

Cash at bank

632,309

662,636

2,765,759

2,408,388

CREDITORS

Amounts falling due within one year

12

2,027,912

1,626,429

NET CURRENT ASSETS

737,847

781,959

TOTAL ASSETS LESS CURRENT LIABILITIES

1,083,174

1,153,744

CREDITORS

Amounts falling due after more than one year

13

-

675,051

NET ASSETS

1,083,174

478,693

CAPITAL AND RESERVES

Called up share capital

17

900,000

100

Retained earnings

18

183,174

478,593

SHAREHOLDERS' FUNDS

1,083,174

478,693

The financial statements were approved by the Board of Directors on 13 November 2018 and were signed on its behalf by:

T A Jobson - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2016

100

820,861

820,961

Changes in equity

Total comprehensive income

-

(342,268

)

(342,268

)

Balance at 31 March 2017

100

478,593

478,693

Changes in equity

Issue of share capital

899,900

-

899,900

Total comprehensive income

-

(295,419

)

(295,419

)

Balance at 31 March 2018

900,000

183,174

1,083,174

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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 (FRS 102) "The

Financial Reporting Standard applicable in the UK and Republic of Ireland", issued by the Financial Reporting Council and

the Companies Act 2006. The financial statements have been prepared under the historical cost convention, modified to

include certain items at fair value, where required by FRS 102.

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 Section 11 Financial Instruments paragraphs 11.41(b), 11.41(c), 11.41(e), 11.41(f), 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 Section 33 Related Party Disclosures 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.

Significant judgements and estimates

In the application of the company's accounting policies the directors are required to make judgements, estimates and

assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of revision

and future periods if the revision effects both current and future periods.

In preparing these financial statements, the directors have made the following judgements:

The company reviews the carrying value of all assets for indications of impairment at each period. If indicators of

impairment exist, the carrying value of the asset is subject to further testing to determine whether its carrying value exceeds

its recoverable amount. This process will usually involve the estimation of future cash flows which are likely to be generated

by the asset.

A provision is recognised when the company has a present legal or constructive obligation as a result of a past event for

which it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably

estimated. If the effect is material, provisions are determined by discounting the expected future cash flows at a rate that

reflects the time value of money and the risk specific to the liability.

Whether a present obligation is probable or not requires judgement. The nature and type of risks for these provisions differ

and management's judgement is applied regarding the nature and extent of obligations in deciding if an outflow of resources

is probable or not.

The directors have reviewed the asset lives and associated residual values of all fixed assets classes. In re-assessing asset

lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account.

Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projects

disposal values.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

10% or 33.3% on cost

Fixtures and fittings

-

10% on cost

Computer equipment

-

20% on cost

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.

Current and deferred tax

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 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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire

purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over

their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the

future payments is treated as a liability.

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.

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.

Financial instruments - continued

(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.

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

2018

2017

£

£

Wages and salaries

2,975,694

3,047,623

Social security costs

290,726

288,567

Other pension costs

146,899

103,967

3,413,319

3,440,157

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

2018

2017

Management

5

5

Administration

39

39

Production

52

56

96

100

2018

2017

£

£

Directors' remuneration

111,905

99,719

Directors' pension contributions to money purchase schemes

35,970

32,741

Compensation to director for loss of office

-

49,520

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

Money purchase schemes

1

1

5.	OPERATING LOSS

The operating loss is stated after charging:

2018

2017

£

£

Hire of plant and machinery

1,107,540

883,244

Other operating leases

70,770

74,230

Depreciation - owned assets

86,932

105,756

Depreciation - assets on hire purchase contracts

-

2,550

Loss on disposal of fixed assets

4,543

33,109

Computer software amortisation

20,251

15,499

Auditors' remuneration

13,000

13,000

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2018

2017

£

£

Hire purchase

543

1,773

7.

TAXATION

Analysis of the tax credit

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

2018

2017

£

£

Current tax:

Overprovision in prior periods

(24,688

)

-

Tax on loss

(24,688

)

-

Reconciliation of total tax credit included in profit and loss

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

2018

2017

£

£

Loss before tax

(320,107

)

(342,268

)

Loss multiplied by the standard rate of corporation tax in the UK of 19% (2017 - 20%)

(60,820

)

(68,454

)

Effects of:

Expenses not deductible for tax purposes

2,743

8,938

Capital allowances in excess of depreciation

(1,134

)

(6,545

)

assets

Tax losses carried forward

59,211

56,061

Research and development enhanced deductions in respect of previous periods

(24,688

)

-

Tax losses surrendered as group relief

-

10,000

Total tax credit

(24,688

)

-

The company has corporation tax losses available to carry forward against future trading profits of approximately £2,190,257

(2017 £1,878,620), subject to the approval of HM Revenue & Customs.

8.	INTANGIBLE FIXED ASSETS

Computer

software

£

COST

At 1 April 2017

135,360

Additions

24,000

Disposals

(3,618

)

At 31 March 2018

155,742

AMORTISATION

At 1 April 2017

95,652

Amortisation for year

20,251

Eliminated on disposal

(3,553

)

At 31 March 2018

112,350

NET BOOK VALUE

At 31 March 2018

43,392

At 31 March 2017

39,708

9.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 April 2017

2,403,050

160,035

78,059

2,641,144

Additions

36,547

12,580

12,141

61,268

Disposals

(176,504

)

(60,423

)

(4,560

)

(241,487

)

At 31 March 2018

2,263,093

112,192

85,640

2,460,925

DEPRECIATION

At 1 April 2017

2,125,398

134,999

48,670

2,309,067

Charge for year

66,467

4,239

16,226

86,932

Eliminated on disposal

(173,146

)

(60,274

)

(3,589

)

(237,009

)

At 31 March 2018

2,018,719

78,964

61,307

2,158,990

NET BOOK VALUE

At 31 March 2018

244,374

33,228

24,333

301,935

At 31 March 2017

277,652

25,036

29,389

332,077

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

£

COST

At 1 April 2017

25,500

Transfer to ownership

(25,500

)

At 31 March 2018

-

DEPRECIATION

At 1 April 2017

5,100

Transfer to ownership

(5,100

)

At 31 March 2018

-

NET BOOK VALUE

At 31 March 2018

-

At 31 March 2017

20,400

10.

STOCKS

2018

2017

£

£

Raw materials

87,044

54,178

Work-in-progress

334,792

233,516

421,836

287,694

11.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

1,528,645

1,347,369

Amounts recoverable on contract

35,880

-

VAT

96,410

64,208

Prepayments and accrued income

50,679

46,481

1,711,614

1,458,058