Threadmet Properties Limited - Limited company accounts 18.2

Threadmet Properties Limited - Limited company accounts 18.2


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REGISTERED NUMBER: 05961862 (England and Wales)















Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 March 2018

for

THREADMET PROPERTIES LIMITED

THREADMET PROPERTIES LIMITED (REGISTERED NUMBER: 05961862)

Contents of the Consolidated Financial Statements
for the year ended 31 March 2018










Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 3

Consolidated Profit and Loss Account 5

Consolidated Balance Sheet 6

Company Balance Sheet 7

Consolidated Statement of Changes in Equity 8

Company Statement of Changes in Equity 9

Notes to the Consolidated Financial Statements 10


THREADMET PROPERTIES LIMITED

Company Information
for the year ended 31 March 2018







Directors: G Richardson
M Gross





Registered office: Clifton Square
Alderley Edge
Cheshire
SK9 7NW





Registered number: 05961862(England and Wales)





Auditors: Haines Watts Manchester Limited, Statutory Auditor
Northern Assurance Buildings
9-21 Princess Street
Manchester
M2 4DN

THREADMET PROPERTIES LIMITED (REGISTERED NUMBER: 05961862)

Report of the Directors
for the year ended 31 March 2018


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

Principal activity
The principal activity of the company in the year under review was that of an investment company. The subsidiary
company's principal activity is the buying and selling of real estate.

Directors
The directors shown below have held office during the whole of the period from 1 April 2017 to the date of this report.

G Richardson
M Gross

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

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

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;

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

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

Auditors
The auditors, Haines Watts Manchester Limited, Statutory Auditor, will be proposed for re-appointment at the
forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small
companies.

On behalf of the board:





G Richardson- Director


20 December 2018

Report of the Independent Auditors to the Members of
Threadmet Properties Limited


Opinion
We have audited the financial statements of Threadmet Properties Limited (the 'parent company') and its subsidiaries
(the 'group') for the year ended 31 March 2018 which comprise the Consolidated Profit and Loss Account, Consolidated
Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company 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 group's and of the parent company affairs as at 31 March 2018 and of the
group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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

Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to
you where:
- the directors' use of the going concern basis of accounting in the preparation of the financial statements is not
appropriate; or
- the directors have not disclosed in the financial statements any identified material uncertainties that may cast
significant doubt about the group's ability to continue to adopt the going concern basis of accounting for a period of at
least twelve months from the date when the financial statements are authorised for issue.

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

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

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

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 Report of the Directors for the financial year for which the financial statements are
prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in
the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you
if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not
been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime
and take advantage of the small companies' exemption from the requirement to prepare a Group Strategic Report or
in preparing the Report of the Directors.

Report of the Independent Auditors to the Members of
Threadmet Properties Limited


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

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

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

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting
Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the
Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those
matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent
permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's
members as a body, for our audit work, for this report, or for the opinions we have formed.




David Fort FCA(Senior Statutory Auditor)
for and on behalf of Haines Watts Manchester Limited, Statutory Auditor
Northern Assurance Buildings
9-21 Princess Street
Manchester
M2 4DN

21 December 2018

THREADMET PROPERTIES LIMITED (REGISTERED NUMBER: 05961862)

Consolidated Profit and Loss Account
for the year ended 31 March 2018

2018 2017
Notes £ £

Turnover 1,991,552 752,830

Cost of sales (1,990,880 ) (1,648,799 )
Gross profit/(loss) 672 (895,969 )

Administrative expenses 413,380 (1,334,398 )
414,052 (2,230,367 )

Other operating income 7,042 27,483
Operating profit/(loss) 4 421,094 (2,202,884 )

Interest receivable and similar income 2,851 117,239
423,945 (2,085,645 )

Interest payable and similar expenses 2,451,373 (991,160 )
Profit/(loss) before taxation 2,875,318 (3,076,805 )

Tax on profit/(loss) 6 - -
Profit/(loss) for the financial year 2,875,318 (3,076,805 )

Profit/(loss) attributable to:
Owners of the parent 2,875,318 (3,076,805 )

THREADMET PROPERTIES LIMITED (REGISTERED NUMBER: 05961862)

Consolidated Balance Sheet
31 March 2018

2018 2017
Notes £ £ £ £
Fixed assets
Intangible assets 8 54,485 94,215
Investments 9 - -
54,485 94,215

Current assets
Stocks 2,648,902 4,705,384
Debtors 10 334,028 1,038,942
Cash at bank 352,054 150,724
3,334,984 5,895,050
Creditors
Amounts falling due within one year 11 4,960,280 8,036,905
Net current liabilities (1,625,296 ) (2,141,855 )
Total assets less current liabilities (1,570,811 ) (2,047,640 )

Creditors
Amounts falling due after more than one
year

12

3,840,290

6,238,779
Net liabilities (5,411,101 ) (8,286,419 )

Capital and reserves
Called up share capital 13 2 2
Retained earnings (5,411,103 ) (8,286,421 )
Shareholders' funds (5,411,101 ) (8,286,419 )

The financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006
relating to small companies.

The financial statements were approved by the Board of Directors on 20 December 2018 and were signed on its behalf
by:





G Richardson - Director


THREADMET PROPERTIES LIMITED (REGISTERED NUMBER: 05961862)

Company Balance Sheet
31 March 2018

2018 2017
Notes £ £ £ £
Fixed assets
Intangible assets 8 - -
Investments 9 351 351
351 351

Current assets
Debtors 10 3,231,312 8,243,848
Cash at bank 6 16
3,231,318 8,243,864
Creditors
Amounts falling due within one year 11 2,822,409 3,971,919
Net current assets 408,909 4,271,945
Total assets less current liabilities 409,260 4,272,296

Creditors
Amounts falling due after more than one
year

12

3,840,309

6,238,798
Net liabilities (3,431,049 ) (1,966,502 )

Capital and reserves
Called up share capital 13 2 2
Retained earnings (3,431,051 ) (1,966,504 )
Shareholders' funds (3,431,049 ) (1,966,502 )

Company's loss for the financial year (1,464,547 ) (906,636 )

The financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 20 December 2018and were signed on its behalf
by:





G Richardson- Director


THREADMET PROPERTIES LIMITED (REGISTERED NUMBER: 05961862)

Consolidated Statement of Changes in Equity
for the year ended 31 March 2018

Called up
share Retained Total
capital earnings equity
£ £ £

Balance at 1 April 2016 2 (5,209,616 ) (5,209,614 )

Changes in equity
Total comprehensive income - (3,076,805 ) (3,076,805 )
Balance at 31 March 2017 2 (8,286,421 ) (8,286,419 )

Changes in equity
Total comprehensive income - 2,875,318 2,875,318
Balance at 31 March 2018 2 (5,411,103 ) (5,411,101 )

THREADMET PROPERTIES LIMITED (REGISTERED NUMBER: 05961862)

Company Statement of Changes in Equity
for the year ended 31 March 2018

Called up
share Retained Total
capital earnings equity
£ £ £

Balance at 1 April 2016 2 (1,059,868 ) (1,059,866 )

Changes in equity
Total comprehensive income - (906,636 ) (906,636 )
Balance at 31 March 2017 2 (1,966,504 ) (1,966,502 )

Changes in equity
Total comprehensive income - (1,464,547 ) (1,464,547 )
Balance at 31 March 2018 2 (3,431,051 ) (3,431,049 )

THREADMET PROPERTIES LIMITED (REGISTERED NUMBER: 05961862)

Notes to the Consolidated Financial Statements
for the year ended 31 March 2018


1. Statutory information

Threadmet Properties 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 General Information page.

2. Statement of compliance

The financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of
Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of
Ireland" and Companies Act 2006..

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The group made a profit for the year ended 31 March 2018 but had net liabilities at that date.

The subsidiary company made a profit for the year and had net liabilities at 31 March 2018. That company's
cash flow projections reveal that it will continue to make profitable property disposals in the next 12 months.
These will enable the group to repay all third party creditors. Any remaining distributable profits will be available
to repay related party creditors.

On the basis of the above, the directors are confident that the group and company will have adequate resources
to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going
concern basis in preparing the financial statements. Therefore, these financial statements do not include any
adjustments that would result if the going concern basis is inappropriate.

Basis of consolidation
The group financial statements consolidate the financial statements of the company and its subsidiary
undertakings drawn up to 31 March 2018.

Subsidiary undertakings are included using the acquisitions method of accounting. Under this method the group
profit and loss account includes the results of subsidiaries from the date of acquisition and to the date of sale
outside the group in the case of disposals of subsidiaries. The purchase consideration has been allocated to the
assets and liabilities on the basis of fair value at the date of acquisition.

Critical accounting judgements and key sources of estimation uncertainty
The group purchases, leases and sells properties and is subject to the sensitivity of the property market. As a
result it is necessary to consider the recoverability of the cost of stock and the associated provisioning required.
When calculating the stock provision, management considers the nature and condition of the properties, as well
as applying assumptions around anticipated saleability of finished goods.

Turnover
Turnover represents rents receivable, net of value added tax, and the consideration received or receivable on
the sale of properties. Rental income is accounted for in the period to which it relates. Sales of properties are
accounted for on legal completion.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost
less any accumulated amortisation and any accumulated impairment losses.

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

THREADMET PROPERTIES LIMITED (REGISTERED NUMBER: 05961862)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 March 2018


3. Accounting policies - continued

Financial instruments
The company and group have chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial
instruments.

(i) Financial assets

Basic financial assets, including trade and other debtors and cash and bank balances, are initially recognised at
transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured
at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

There are no assets which are initially measured at fair value.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies that
are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of the future receipts
discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of
business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year
or less. If not, they are presented as non-current liabilities.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Profit and Loss
Account, 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.

Fixed asset investments
Fixed asset investments are stated at historical cost less provision for any diminution in value.

Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at
transaction price. Any losses arising from impairment are recognised in the profit and loss account in
administrative expenses.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently,
they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement
constitutes a finance transaction it is measured at present value.

THREADMET PROPERTIES LIMITED (REGISTERED NUMBER: 05961862)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 March 2018


4. Operating profit/(loss)

The operating profit (2017 - operating loss) is stated after charging:

2018 2017
£ £
Goodwill amortisation 39,730 39,730

5. Exceptional items

20182017
££
Waiver of interest payable3,152,949-
Release of consultancy accrual900,000-

6. Taxation

Analysis of the tax charge
No liability to UK corporation tax arose for the year ended 31 March 2018 nor for the year ended 31 March 2017.

7. Individual income statement

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not
presented as part of these financial statements.


8. Intangible fixed assets

Group
Goodwill
£
Cost
At 1 April 2017
and 31 March 2018 397,300
Amortisation
At 1 April 2017 303,085
Charge for year 39,730
At 31 March 2018 342,815
Net book value
At 31 March 2018 54,485
At 31 March 2017 94,215

THREADMET PROPERTIES LIMITED (REGISTERED NUMBER: 05961862)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 March 2018


9. Fixed asset investments

Company
Shares in
group
undertakings
£
Cost
At 1 April 2017
and 31 March 2018 351
Net book value
At 31 March 2018 351
At 31 March 2017 351

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

Subsidiary

George LB Limited
Registered office: United Kingdom
Nature of business: Property sales
%
Class of shares: holding
Ordinary 100.00


10. Debtors

Group Company
2018 2017 2018 2017
£ £ £ £
Amounts falling due within one year:
Trade debtors 40,192 602,110 - -
Other debtors 293,836 436,832 102,040 3,612,618
334,028 1,038,942 102,040 3,612,618

Amounts falling due after more than one
year:
Amounts owed by participating interests - - 3,129,272 4,631,230

Aggregate amounts 334,028 1,038,942 3,231,312 8,243,848

11. Creditors: amounts falling due within one year

Group Company
2018 2017 2018 2017
£ £ £ £
Bank loans and overdrafts - 410,000 - -
Trade creditors 2,102,952 2,703,319 (1 ) -
Other creditors 2,810,770 3,829,296 2,810,770 3,829,296
Accruals and deferred income 46,558 1,094,290 11,640 142,623
4,960,280 8,036,905 2,822,409 3,971,919

THREADMET PROPERTIES LIMITED (REGISTERED NUMBER: 05961862)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 March 2018


11. Creditors: amounts falling due within one year - continued

Creditors: amounts falling due within one year includes the following liabilities, on which security has been given
by the group/company:

Group

2018 2017
£ £
Bank loans and overdrafts - 3,384,490
Other creditors 1,385,060 2,000,000
Accruals 2,208,119 1,414,969
3,593,179 6,799,459

Company

2018 2017
£ £
Other creditors 1,385,060 2,000,000
Accruals 2,208,119 1,414,969
3,593,179 3,414,969


Other creditors and accruals are secured by a fixed and floating charge over all the assets of the company.

12. Creditors: amounts falling due after more than one year

Group Company
2018 2017 2018 2017
£ £ £ £
Other creditors 3,840,290 6,238,779 3,840,309 6,238,798

13. Called up share capital


Allotted, issued and fully paid:
Number: Class: Nominal 2018 2017
value: £ £
2 Ordinary £1 2 2

14. Related party disclosures

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The
Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party
transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the
financial statements.