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REGISTERED NUMBER: 01421946 (England and Wales) |
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MELDONGREEN LIMITED |
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Group Strategic Report, |
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Report of the Directors and |
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Consolidated Financial Statements |
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For The Year Ended 28 February 2018 |
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REGISTERED NUMBER: 01421946 (England and Wales) |
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MELDONGREEN LIMITED |
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Group Strategic Report, |
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Report of the Directors and |
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Consolidated Financial Statements |
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For The Year Ended 28 February 2018 |
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MELDONGREEN LIMITED (REGISTERED NUMBER: 01421946) |
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Contents of the Consolidated Financial Statements |
For The Year Ended 28 February 2018 |
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Page |
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Company Information | 1 |
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Group Strategic Report | 2 |
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Report of the Directors | 3 |
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Report of the Independent Auditors | 5 |
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Consolidated Statement of Comprehensive Income | 7 |
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Consolidated Balance Sheet | 8 |
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Company Balance Sheet | 9 |
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Consolidated Statement of Changes in Equity | 10 |
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Company Statement of Changes in Equity | 11 |
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Consolidated Cash Flow Statement | 12 |
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Notes to the Consolidated Cash Flow Statement | 13 |
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Notes to the Consolidated Financial Statements | 14 |
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MELDONGREEN LIMITED |
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Company Information |
For The Year Ended 28 February 2018 |
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DIRECTORS: |
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SECRETARIES: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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BANKERS: | Clydesdale Bank Plc |
30 Lombard Street |
London |
EC3V 9BB |
MELDONGREEN LIMITED (REGISTERED NUMBER: 01421946) |
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Group Strategic Report |
For The Year Ended 28 February 2018 |
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The directors present their strategic report of the company and the group for the year ended 28 February 2018. |
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REVIEW OF BUSINESS |
The profit and loss account is set out on page 6 and shows a small drop in turnover to £7,451,270 (2017: £7,488,914), |
however, we did see a sizeable impact on profitability in the year. The loss was £122,818 compared to a profit of |
£297,630 in 2017. In 2017 we benefited from a profit on the sale of a property in the period which was a one off, and in |
2018 we saw the impact of the relocation of our Gravesend operation within its host Garden Centre store which took |
longer than we had anticipated and this affected profitability significantly. |
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We continue to feel the impact of the uncertainty in the retail market from the ongoing discussions with our European |
Union partners as they negotiate our exit from European, and we look forward to having some certainty over the |
direction the economy will take once Brexit discussions conclude. Whilst this is ongoing we will continue to see issues |
with foreign currency exchange rates and the resultant pressure this causes on margins. In 2017/18 we invested more in |
advertising; mainly around our internet sites, which helped sales but not necessarily overall profitability. |
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We wold like to thank our staff and management team who continue to keep us in the Premier League for the industry, |
with hard work, a strong customer service ethos and an innovative approach to our market place. |
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PRINCIPAL RISKS AND UNCERTAINTIES |
The market for the supply of aquatic products and livestock remains highly competitive in the UK, as does the garden |
centre market. The company seeks to manage the risk of losing customers to key competitors by the provision of its |
expertise and knowledge of products and their uses to its customers, efficient handling of customer enquiries and by |
maintaining strong relationships with customers. |
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Each site is expensive to operate and to maintain. Key operating costs are continually monitored with budgets being set |
for each cost category at each site. |
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This monitoring process continues to drive the business forward and we continually refine this process during the year. |
Capital projects are potentially available, however, the business needs to prove it can generate sufficient free cash flows |
to be able to sustain such projects in the future. Greater review of potential capital projects will take place with selection |
based upon those which will deliver the best benefits for the business only. |
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The company monitors cash flow as part of its day to day control procedures, the Finance Director considers cash flow |
projections on an ongoing basis and ensures that appropriate facilities are available to be drawn upon as necessary. |
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OUTLOOK |
The Directors will continue to keep the performance of all sites under review. The backdrop of uncertainty around |
Brexit means will take a cautious view of the market place and will maintain a sensible approach to investing in our |
business and in new and exciting stock lines. We strive to provide the market place with the best customer experience |
with a strong product offering and expertise to support their buying decisions. We will continue to review advertising |
spend balancing targeted spend on key geographic areas as well as driving traffic to our website through search engine |
optimisation. We carry on our investment in our two websites; for the Swallow Aquatics and Mill Race brands. |
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Daily cash flow is being closely monitored paying particular attention to stock holding and setting continued targets for |
stock reduction. |
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ON BEHALF OF THE BOARD: |
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MELDONGREEN LIMITED (REGISTERED NUMBER: 01421946) |
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Report of the Directors |
For The Year Ended 28 February 2018 |
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The directors present their report with the financial statements of the company and the group for the year ended |
28 February 2018. |
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PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of a parent company, providing expertise, finance, |
goods at wholesale prices and other services in line with those normally provided by a parent to its subsidiaries. |
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All of the company's subsidiaries continued their principle activity, being that of retail Aqua-Life and Fish Nursery |
Centres. |
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DIVIDENDS |
No dividends will be distributed for the year ended 28 February 2018. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 March 2017 to the date of this report. |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial |
statements in accordance with applicable law and regulations. |
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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: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will
continue in business. |
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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. |
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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. |
MELDONGREEN LIMITED (REGISTERED NUMBER: 01421946) |
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Report of the Directors |
For The Year Ended 28 February 2018 |
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AUDITORS |
The auditors, Wilkins Kennedy Audit Services, will be proposed for re-appointment at the forthcoming Annual General |
Meeting. |
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ON BEHALF OF THE BOARD: |
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Report of the Independent Auditors to the Members of |
Meldongreen Limited |
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Opinion |
We have audited the financial statements of Meldongreen Limited (the 'parent company') and its subsidiaries (the |
'group') for the year ended 28 February 2018 which comprise the Consolidated Statement of Comprehensive Income, |
Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company |
Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow |
Statement, 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). |
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In our opinion the financial statements: |
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give a true and fair view of the state of the group's and of the parent company affairs as at 28 February 2018 and of
the group's 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. |
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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. |
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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: |
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the directors' use of the going concern basis of accounting in the preparation of the financial statements is not
appropriate; or |
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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. |
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Other information |
The directors are responsible for the other information. The other information comprises the information included in the |
annual report, other than the financial statements and our auditor's report thereon. |
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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. |
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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. |
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We have nothing to report in this regard. |
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Opinion on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
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the information given in the Group 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 |
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the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal
requirements. |
Report of the Independent Auditors to the Members of |
Meldongreen Limited |
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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 Group Strategic Report or the Report of the |
Directors. |
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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: |
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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. |
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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. |
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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. |
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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. |
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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. |
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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 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. |
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for and on behalf of
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Statutory Auditor |
1-5 Nelson Street |
Southend on Sea |
Essex |
SS1 1EG |
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MELDONGREEN LIMITED (REGISTERED NUMBER: 01421946) |
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Consolidated Statement of Comprehensive Income |
For The Year Ended 28 February 2018 |
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2018 | 2017 |
Notes | £ | £ |
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TURNOVER | 7,451,270 | 7,488,914 |
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Cost of sales | 4,213,333 | 4,229,359 |
GROSS PROFIT | 3,237,937 | 3,259,555 |
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Administrative expenses | 3,283,589 | 2,882,130 |
(45,652 | ) | 377,425 |
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Other operating income | 15,200 | 10,200 |
OPERATING (LOSS)/PROFIT | 4 | (30,452 | ) | 387,625 |
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Interest payable and similar expenses | 5 | 92,366 | 89,995 |
(LOSS)/PROFIT BEFORE TAXATION | (122,818 | ) | 297,630 |
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Tax on (loss)/profit | 6 | (18,259 | ) | 47,530 |
(LOSS)/PROFIT FOR THE FINANCIAL
YEAR |
( |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR |
(104,559 |
) |
250,100 |
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(Loss)/profit attributable to: |
Owners of the parent | (104,559 | ) | 250,100 |
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Total comprehensive income attributable to: |
Owners of the parent | (104,559 | ) | 250,100 |
MELDONGREEN LIMITED (REGISTERED NUMBER: 01421946) |
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Consolidated Balance Sheet |
28 February 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 | 7,910 | 14,429 |
Tangible assets | 9 | 5,609,455 | 5,576,959 |
Investments | 10 | - | - |
5,617,365 | 5,591,388 |
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CURRENT ASSETS |
Stocks | 11 | 2,153,377 | 1,906,948 |
Debtors | 12 | 411,274 | 301,236 |
Cash at bank and in hand | 38,022 | 40,551 |
2,602,673 | 2,248,735 |
CREDITORS |
Amounts falling due within one year | 13 | 2,610,431 | 2,060,312 |
NET CURRENT (LIABILITIES)/ASSETS | (7,758 | ) | 188,423 |
TOTAL ASSETS LESS CURRENT
LIABILITIES |
5,609,607 |
5,779,811 |
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CREDITORS |
Amounts falling due after more than one
year |
14 |
(1,886,185 |
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(1,963,012 |
) |
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PROVISIONS FOR LIABILITIES | 19 | (157,119 | ) | (145,937 | ) |
NET ASSETS | 3,566,303 | 3,670,862 |
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CAPITAL AND RESERVES |
Called up share capital | 20 | 100,000 | 100,000 |
Revaluation reserve | 3,087,983 | 3,087,983 |
Retained earnings | 378,320 | 482,879 |
SHAREHOLDERS' FUNDS | 3,566,303 | 3,670,862 |
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The financial statements were approved by the Board of Directors on 22 November 2018 and were signed on its behalf |
by: |
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N P Seaby - Director |
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MELDONGREEN LIMITED (REGISTERED NUMBER: 01421946) |
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Company Balance Sheet |
28 February 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
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Tangible assets | 9 |
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Investments | 10 |
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CURRENT ASSETS |
Stocks | 11 |
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Debtors | 12 |
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CREDITORS |
Amounts falling due within one year | 13 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
14 |
( |
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( |
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PROVISIONS FOR LIABILITIES | 19 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 20 |
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Revaluation reserve |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS |
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Company's profit for the financial year | 24,203 | 136,372 |
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The financial statements were approved by the Board of Directors on
by: |
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MELDONGREEN LIMITED (REGISTERED NUMBER: 01421946) |
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Consolidated Statement of Changes in Equity |
For The Year Ended 28 February 2018 |
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Called up |
share | Retained | Revaluation | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
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Balance at 1 March 2016 | 100,000 | 232,779 | 3,087,983 | 3,420,762 |
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Changes in equity |
Total comprehensive income | - | 250,100 | - | 250,100 |
Balance at 28 February 2017 | 100,000 | 482,879 | 3,087,983 | 3,670,862 |
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Changes in equity |
Total comprehensive income | - | (104,559 | ) | - | (104,559 | ) |
Balance at 28 February 2018 | 100,000 | 378,320 | 3,087,983 | 3,566,303 |
MELDONGREEN LIMITED (REGISTERED NUMBER: 01421946) |
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Company Statement of Changes in Equity |
For The Year Ended 28 February 2018 |
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Called up |
share | Retained | Revaluation | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
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Balance at 1 March 2016 |
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( |
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Changes in equity |
Total comprehensive income | - |
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Balance at 28 February 2017 |
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( |
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Changes in equity |
Total comprehensive income | - |
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Balance at 28 February 2018 |
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MELDONGREEN LIMITED (REGISTERED NUMBER: 01421946) |
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Consolidated Cash Flow Statement |
For The Year Ended 28 February 2018 |
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2018 | 2017 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | (159,784 | ) | 43,750 |
Interest paid | (83,389 | ) | (85,605 | ) |
Interest element of hire purchase payments
paid |
(8,977 |
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(4,390 |
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Tax paid | (35,114 | ) | (11,026 | ) |
Net cash from operating activities | (287,264 | ) | (57,271 | ) |
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Cash flows from investing activities |
Purchase of tangible fixed assets | (188,785 | ) | (117,901 | ) |
Sale of tangible fixed assets | 950 | 345,598 |
Net cash from investing activities | (187,835 | ) | 227,697 |
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Cash flows from financing activities |
New loans in year | 143,697 | - |
Loan repayments in year | - | (129,431 | ) |
Capital repayments in year | 174,571 | 70,328 |
Amount introduced by directors | 106,067 | - |
Amount withdrawn by directors | (8,881 | ) | (106,223 | ) |
Net cash from financing activities | 415,454 | (165,326 | ) |
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(Decrease)/increase in cash and cash equivalents | (59,645 | ) | 5,100 |
Cash and cash equivalents at beginning of
year |
2 |
(335,241 |
) |
(340,341 |
) |
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Cash and cash equivalents at end of year | 2 | (394,886 | ) | (335,241 | ) |
MELDONGREEN LIMITED (REGISTERED NUMBER: 01421946) |
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Notes to the Consolidated Cash Flow Statement |
For The Year Ended 28 February 2018 |
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1. |
RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS |
2018 | 2017 |
£ | £ |
(Loss)/profit before taxation | (122,818 | ) | 297,630 |
Depreciation charges | 160,858 | 151,552 |
Loss/(profit) on disposal of fixed assets | 1,000 | (296,590 | ) |
Finance costs | 92,366 | 89,995 |
131,406 | 242,587 |
(Increase)/decrease in stocks | (246,429 | ) | 61,838 |
(Increase)/decrease in trade and other debtors | (177,783 | ) | 86,195 |
Increase/(decrease) in trade and other creditors | 133,022 | (346,870 | ) |
Cash generated from operations | (159,784 | ) | 43,750 |
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2. | CASH AND CASH EQUIVALENTS |
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The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these |
Balance Sheet amounts: |
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Year ended 28 February 2018 |
28/2/18 | 1/3/17 |
£ | £ |
Cash and cash equivalents | 38,022 | 40,551 |
Bank overdrafts | (432,908 | ) | (375,792 | ) |
(394,886 | ) | (335,241 | ) |
Year ended 28 February 2017 |
28/2/17 | 1/3/16 |
£ | £ |
Cash and cash equivalents | 40,551 | 53,022 |
Bank overdrafts | (375,792 | ) | (393,363 | ) |
(335,241 | ) | (340,341 | ) |
MELDONGREEN LIMITED (REGISTERED NUMBER: 01421946) |
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Notes to the Consolidated Financial Statements |
For The Year Ended 28 February 2018 |
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1. | STATUTORY INFORMATION |
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Meldongreen Limited is a
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registered number and registered office address can be found on the General Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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In the opinion of the directors, it remains appropriate to continue to adopt the going concern basis of accounting. |
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Basis of consolidation |
The consolidated profit and loss account and balance sheet include the accounts of the company and its |
subsidiary undertakings made up to 28 February 2018. The results of subsidiaries sold or acquired are included |
in the profit and loss account up to, or from the date control passes. Intra-group sales and profits are eliminated |
fully on consolidation. |
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Significant judgements and estimates |
The preparation of financial statements requires management to make judgements, estimates and assumptions |
about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates |
and underlying assumptions are based on historical experience and other factors that are considered to be |
relevant. Actual results may differ from these estimates. |
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The estimates underlying assumptions are reviewed on a continuing basis. Revisions to accounting estimates are |
recognised in the period in which the estimate is revised if the revision affects only that period, or in the period |
of the revision and future periods if the revision affects both current and future periods. |
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The key judgements and sources of estimation uncertainty that have a significant effect on the amounts |
recognised in the financial statements are described below. |
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Revenue recognition |
A key judgement in revenue recognition is to distinguish whether the goods have been dispatched and therefore |
to determine whether the revenue should be recognised. Invoices are raised at point of sale and monitored to |
ensure cut-off procedures are followed correctly. |
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Stock valuations |
The group considers what value stock should be carried at given the varying type of stock offered. This is done |
by taking into accounts purchase price from supplier and costs of transit for imported items. |
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Going concern |
The directors confirm that the financial statements have been prepared on a going concern basis. Having paid |
particular attention to the period of a year from our approval of these financial statements, the directors have |
satisfied themselves that the company will have adequate financial resources so that it is appropriate to adopt this |
basis. |
MELDONGREEN LIMITED (REGISTERED NUMBER: 01421946) |
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Notes to the Consolidated Financial Statements - continued |
For The Year Ended 28 February 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Turnover |
Turnover represents net invoiced sales of goods, excluding value added tax. Turnover is recognised when the |
goods are physically collected by the customer. |
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Business combinations and goodwill |
Acquisitions of subsidiaries and businesses are accounted for using the purchase method. The cost of the |
business combination is measured at the aggregate of the fair values (at the date of exchange) of assets given, |
liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the |
acquiree plus costs directly attributable to the business combination. |
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Any excess of the cost of the business combination over the acquirer's interest in the net fair value of the |
identifiable assets and liabilities is recognised as goodwill. If the net fair value of the identifiable assets and |
liabilities exceeds the cost of the business combination the excess is recognised separately on the face of the |
consolidated statement of financial position immediately below goodwill. |
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Goodwill is written off to the profit and loss account over its useful economic life. Where net assets in subsidiary |
companies do not support the value of goodwill then this is written off to the profit and loss account |
immediately. |
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All goodwill currently held has been fully amortised. |
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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. |
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Tangible fixed assets |
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Freehold property | - |
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Improvements to property | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
|
|
At each reporting date, fixed assets are reviewed to determine whether there is an indication that those assets |
have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any |
affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, |
the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised |
immediately in profit or loss. |
|
If an impairment subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its |
recoverable amount, but not in excess of the amount that would have been determined had no impairment loss |
been recognised for the asset in prior years. A reversal of an impairment is recognised immediately in profit or |
loss. |
|
Stocks |
Stocks are valued at the lower of cost and net realisable value. Cost is determined on a first in first out basis. Net |
realisable value represents estimated selling price less costs to complete and sell. Provision is made for slow |
moving, obsolete or damaged stock where the net realisable value is less than cost. |
|
MELDONGREEN LIMITED (REGISTERED NUMBER: 01421946) |
|
Notes to the Consolidated Financial Statements - continued |
For The Year Ended 28 February 2018 |
|
|
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of |
Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or |
directly in equity. |
|
Current or deferred taxation assets and liabilities are not discounted. |
|
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
|
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
|
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
timing difference. |
|
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
|
Hire purchase and leasing commitments |
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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme |
are charged to profit or loss in the period to which they relate. |
|
Employee benefits |
Short term employee benefits, including holiday entitlement and other non-monetary benefits, and contributions |
to defined contribution plans are recognised as an expense in the period in which they are incurred. |
|
The company recognises an accrual for accumulated annual leave accrued by employees as a result of services |
rendered in the current period for which employees can carry forward and use within the next year. The accrual |
is measured at the salary cost of the respective employee in relation to the period of absence. |
|
Trade and other receivables |
Trade and other receivables are measured at transaction price less any impairment unless the arrangement |
constitutes a financing transaction in which case the transaction is measured at the present value of future |
receipts discounted at the prevailing market rate of interest. Loans are initially measured at fair value and are |
subsequently measured at amortised cost using the effective interest rate method less any impairment. |
MELDONGREEN LIMITED (REGISTERED NUMBER: 01421946) |
|
Notes to the Consolidated Financial Statements - continued |
For The Year Ended 28 February 2018 |
|
|
2. | ACCOUNTING POLICIES - continued |
|
Trade and other payables |
Trade and other payables are measured at transaction price unless the arrangement constitutes a financing |
transaction in which case the transaction is measured at present value of future payments discounted at prevailing |
market rate of interest. Other financial liabilities are initially measured at fair value net of their transaction costs. |
They are subsequently measured at amortised cost using the effective interest method. |
|
3. | EMPLOYEES AND DIRECTORS |
2018 | 2017 |
£ | £ |
Wages and salaries |
|
|
Social security costs |
|
|
Other pension costs | ( |
) |
|
|
|
|
The average number of employees during the year was as follows: |
2018 | 2017 |
|
Management | 3 | 3 |
|
The average number of employees by undertakings that were proportionately consolidated during the year was |
138 (2017 - 139 ) . |
|
Key management includes only directors and therefore no separate disclosure of key management remuneration |
will be made. |
|
2018 | 2017 |
£ | £ |
Directors' remuneration |
|
|
Directors' pension contributions to money purchase schemes | ( |
) |
|
|
The number of directors to whom retirement benefits were accruing was as follows: |
|
Money purchase schemes |
|
|
|
4. | OPERATING (LOSS)/PROFIT |
|
The operating loss (2017 - operating profit) is stated after charging/(crediting): |
|
2018 | 2017 |
£ | £ |
Hire of plant and machinery |
|
|
Depreciation - owned assets |
|
|
Depreciation - assets on hire purchase contracts |
|
|
Loss/(profit) on disposal of fixed assets |
|
( |
) |
Computer software amortisation |
|
|
Auditors' remuneration |
|
|
Auditors' remuneration for non audit work |
|
|
MELDONGREEN LIMITED (REGISTERED NUMBER: 01421946) |
|
Notes to the Consolidated Financial Statements - continued |
For The Year Ended 28 February 2018 |
|
|
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2018 | 2017 |
£ | £ |
Bank interest and charges |
|
|
Hire purchase |
|
|
|
|
|
6. | TAXATION |
|
Analysis of the tax (credit)/charge |
The tax (credit)/charge on the loss for the year was as follows: |
2018 | 2017 |
£ | £ |
Current tax: |
UK corporation tax |
|
|
|
Deferred tax | ( |
) |
|
Tax on (loss)/profit | ( |
) |
|
|
Reconciliation of total tax (credit)/charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is |
explained below: |
|
2018 | 2017 |
£ | £ |
(Loss)/profit before tax | ( |
) |
|
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of
|
|
|
|
Effects of: |
Expenses not deductible for tax purposes |
|
|
Income not taxable for tax purposes |
|
( |
) |
Rents received | - | 48,840 |
Deferred tax | (18,259 | ) | 12,416 |
Capital gains | - | 33,663 |
Total tax (credit)/charge | (18,259 | ) | 47,530 |
|
7. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
|
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. |
|
MELDONGREEN LIMITED (REGISTERED NUMBER: 01421946) |
|
Notes to the Consolidated Financial Statements - continued |
For The Year Ended 28 February 2018 |
|
|
8. | INTANGIBLE FIXED ASSETS |
|
Group |
Computer |
Goodwill | software | Totals |
£ | £ | £ |
COST |
At 1 March 2017 |
and 28 February 2018 |
|
|
|
AMORTISATION |
At 1 March 2017 |
|
|
|
Amortisation for year |
|
|
|
At 28 February 2018 |
|
|
|
NET BOOK VALUE |
At 28 February 2018 |
|
|
|
At 28 February 2017 |
|
|
|
|
Company |
Computer |
Goodwill | software | Totals |
£ | £ | £ |
COST |
At 1 March 2017 |
and 28 February 2018 |
|
|
|
AMORTISATION |
At 1 March 2017 |
|
|
|
Amortisation for year |
|
|
|
At 28 February 2018 |
|
|
|
NET BOOK VALUE |
At 28 February 2018 |
|
|
|
At 28 February 2017 |
|
|
|
MELDONGREEN LIMITED (REGISTERED NUMBER: 01421946) |
|
Notes to the Consolidated Financial Statements - continued |
For The Year Ended 28 February 2018 |
|
|
9. | TANGIBLE FIXED ASSETS |
|
Group |
Improvements |
Freehold | to | Plant and |
property | property | machinery |
£ | £ | £ |
COST OR VALUATION |
At 1 March 2017 | 4,143,390 | 1,436,127 | 341,775 |
Additions | - | 70,742 | 19,330 |
At 28 February 2018 | 4,143,390 | 1,506,869 | 361,105 |
DEPRECIATION |
At 1 March 2017 | 260,348 | - | 309,899 |
Charge for year | 82,867 | 2,588 | 9,350 |
Eliminated on disposal | - | - | - |
At 28 February 2018 | 343,215 | 2,588 | 319,249 |
NET BOOK VALUE |
At 28 February 2018 | 3,800,175 | 1,504,281 | 41,856 |
At 28 February 2017 | 3,883,042 | 1,436,127 | 31,876 |
|
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 March 2017 | 1,215,336 | 182,423 | 7,319,051 |
Additions | 98,713 | - | 188,785 |
Disposals | - | (38,980 | ) | (38,980 | ) |
At 28 February 2018 | 1,314,049 | 143,443 | 7,468,856 |
DEPRECIATION |
At 1 March 2017 | 1,054,541 | 117,304 | 1,742,092 |
Charge for year | 44,469 | 15,065 | 154,339 |
Eliminated on disposal | - | (37,030 | ) | (37,030 | ) |
At 28 February 2018 | 1,099,010 | 95,339 | 1,859,401 |
NET BOOK VALUE |
At 28 February 2018 | 215,039 | 48,104 | 5,609,455 |
At 28 February 2017 | 160,795 | 65,119 | 5,576,959 |
|
The Freehold Properties were revalued on the basis of an open market valuation for existing use in October 2015 |
by Messrs. Quinton Smith, Chartered Surveyors, London. The directors are of the opinion that the accounting |
policy in place gives a realistic estimate of the current valuation for existing use. |
MELDONGREEN LIMITED (REGISTERED NUMBER: 01421946) |
|
Notes to the Consolidated Financial Statements - continued |
For The Year Ended 28 February 2018 |
|
|
9. | TANGIBLE FIXED ASSETS - continued |
|
Group |
|
Cost or valuation at 28 February 2018 is represented by: |
|
Improvements |
Freehold | to | Plant and |
property | property | machinery |
£ | £ | £ |
Valuation in 2003 | 1,222,752 | - | - |
Valuation in 2007 | 373,535 | - | - |
Valuation in 2011 | (108,524 | ) | - | - |
Cost | 2,655,627 | 1,506,869 | 361,105 |
4,143,390 | 1,506,869 | 361,105 |
|
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
Valuation in 2003 | - | - | 1,222,752 |
Valuation in 2007 | - | - | 373,535 |
Valuation in 2011 | - | - | (108,524 | ) |
Cost | 1,314,049 | 143,443 | 5,981,093 |
1,314,049 | 143,443 | 7,468,856 |
|
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Improvements | Fixtures |
to | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1 March 2017 | 35,970 | 12,995 | 12,137 | 68,150 | 129,252 |
Additions | 69,000 | 14,000 | - | - | 83,000 |
Transfer to ownership | (35,970 | ) | - | (12,137 | ) | - | (48,107 | ) |
At 28 February 2018 | 69,000 | 26,995 | - | 68,150 | 164,145 |
DEPRECIATION |
At 1 March 2017 | - | 3,248 | 6,069 | 11,358 | 20,675 |
Charge for year | 2,588 | 4,478 | - | 14,198 | 21,264 |
Transfer to ownership | - | - | (6,069 | ) | - | (6,069 | ) |
At 28 February 2018 | 2,588 | 7,726 | - | 25,556 | 35,870 |
NET BOOK VALUE |
At 28 February 2018 | 66,412 | 19,269 | - | 42,594 | 128,275 |
At 28 February 2017 | 35,970 | 9,747 | 6,068 | 56,792 | 108,577 |
MELDONGREEN LIMITED (REGISTERED NUMBER: 01421946) |
|
Notes to the Consolidated Financial Statements - continued |
For The Year Ended 28 February 2018 |
|
|
9. | TANGIBLE FIXED ASSETS - continued |
|
Company |
Improvements |
Freehold | to | Plant and |
property | property | machinery |
£ | £ | £ |
COST OR VALUATION |
At 1 March 2017 |
|
|
|
Additions |
|
|
|
At 28 February 2018 |
|
|
|
DEPRECIATION |
At 1 March 2017 |
|
|
|
Charge for year |
|
|
|
Eliminated on disposal |
|
|
|
At 28 February 2018 |
|
|
|
NET BOOK VALUE |
At 28 February 2018 |
|
|
|
At 28 February 2017 |
|
|
|
|
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 March 2017 |
|
|
|
Additions |
|
|
|
Disposals |
|
( |
) | ( |
) |
At 28 February 2018 |
|
|
|
DEPRECIATION |
At 1 March 2017 |
|
|
|
Charge for year |
|
|
|
Eliminated on disposal |
|
( |
) | ( |
) |
At 28 February 2018 |
|
|
|
NET BOOK VALUE |
At 28 February 2018 |
|
|
|
At 28 February 2017 |
|
|
|
MELDONGREEN LIMITED (REGISTERED NUMBER: 01421946) |
|
Notes to the Consolidated Financial Statements - continued |
For The Year Ended 28 February 2018 |
|
|
9. | TANGIBLE FIXED ASSETS - continued |
|
Company |
|
Cost or valuation at 28 February 2018 is represented by: |
|
Improvements |
Freehold | to | Plant and |
property | property | machinery |
£ | £ | £ |
Valuation in 2003 | 1,222,752 | - | - |
Valuation in 2007 | 373,535 | - | - |
Valuation in 2011 | (108,524 | ) | - | - |
Cost | 2,655,627 | 1,506,869 | 361,105 |
4,143,390 | 1,506,869 | 361,105 |
|
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
Valuation in 2003 | - | - | 1,222,752 |
Valuation in 2007 | - | - | 373,535 |
Valuation in 2011 | - | - | (108,524 | ) |
Cost | 1,314,049 | 143,443 | 5,981,093 |
1,314,049 | 143,443 | 7,468,856 |
|
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Improvements | Fixtures |
to | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1 March 2017 |
|
|
|
|
|
Additions |
|
|
|
|
|
Transfer to ownership | (35,970 | ) | - | (12,137 | ) | - | (48,107 | ) |
At 28 February 2018 |
|
|
|
|
|
DEPRECIATION |
At 1 March 2017 |
|
|
|
|
|
Charge for year |
|
|
|
|
|
Transfer to ownership | - | - | (6,069 | ) | - | (6,069 | ) |
At 28 February 2018 |
|
|
|
|
|
NET BOOK VALUE |
At 28 February 2018 |
|
|
|
|
|
At 28 February 2017 |
|
|
|
|
|
MELDONGREEN LIMITED (REGISTERED NUMBER: 01421946) |
|
Notes to the Consolidated Financial Statements - continued |
For The Year Ended 28 February 2018 |
|
|
10. | FIXED ASSET INVESTMENTS |
|
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 March 2017 |
and 28 February 2018 |
|
NET BOOK VALUE |
At 28 February 2018 |
|
At 28 February 2017 |
|
|
|
The company owns 100% of the issued share capital of Swallow Aquatics (Rayleigh) Limited, Swallow Aquatics |
(Harling) Limited, Swallow Aquatics (Kent) Limited and Swallow Aquatics (Colchester) Limited. All these |
companies are incorporated in England and Wales. |
|
11. | STOCKS |
|
Group | Company |
2018 | 2017 | 2018 | 2017 |
£ | £ | £ | £ |
Stocks | 2,153,377 | 1,906,948 |
|
|
|
12. | DEBTORS |
|
Group | Company |
2018 | 2017 | 2018 | 2017 |
£ | £ | £ | £ |
Amounts falling due within one year: |
Trade debtors | 30,200 | 22,851 |
|
|
Amounts owed by group undertakings | - | - |
|
|
Other debtors | 342,752 | 172,318 |
|
|
Directors' current accounts | 8,881 | 106,067 | 8,881 | 106,067 |
381,833 | 301,236 |
|
|
|
Amounts falling due after more than one |
year: |
Deferred tax | 29,441 | - | 3,068 | - |
|
Aggregate amounts | 411,274 | 301,236 |
|
|
MELDONGREEN LIMITED (REGISTERED NUMBER: 01421946) |
|
Notes to the Consolidated Financial Statements - continued |
For The Year Ended 28 February 2018 |
|
|
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
|
Group | Company |
2018 | 2017 | 2018 | 2017 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 15) | 1,079,310 | 670,319 |
|
|
Hire purchase contracts (see note 16) | 62,199 | 18,979 |
|
|
Trade creditors | 1,069,182 | 949,731 |
|
|
Amounts owed to group undertakings | - | - |
|
|
Tax | - | 35,114 |
|
|
Social security and other taxes | 27,429 | 28,605 |
|
|
VAT | 139,857 | 122,893 | 139,857 | 122,893 |
Other creditors | 109,770 | 197,669 |
|
|
Accruals and deferred income | 122,684 | 37,002 |
|
|
2,610,431 | 2,060,312 |
|
|
|
14. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
|
Group | Company |
2018 | 2017 | 2018 | 2017 |
£ | £ | £ | £ |
Bank loans (see note 15) | 1,687,749 | 1,895,927 |
|
|
Hire purchase contracts (see note 16) | 198,436 | 67,085 |
|
|
1,886,185 | 1,963,012 |
|
|
|
15. | LOANS |
|
An analysis of the maturity of loans is given below: |
|
Group | Company |
2018 | 2017 | 2018 | 2017 |
£ | £ | £ | £ |
Amounts falling due within one year or on |
demand: |
Bank overdrafts | 432,908 | 375,792 |
|
|
Bank loans - due within one ye |
ar | 646,402 | 294,527 | 646,402 | 294,527 |
1,079,310 | 670,319 |
|
|
Amounts falling due between one and two |
years: |
Bank loans - 1-2 years | 296,961 | 289,323 |
|
|
Amounts falling due between two and five |
years: |
Bank loans - 2-5 years | 1,390,788 | 1,606,604 |
|
|
MELDONGREEN LIMITED (REGISTERED NUMBER: 01421946) |
|
Notes to the Consolidated Financial Statements - continued |
For The Year Ended 28 February 2018 |
|
|
16. | LEASING AGREEMENTS |
|
Minimum lease payments fall due as follows: |
|
Group |
Hire purchase contracts |
2018 | 2017 |
£ | £ |
Net obligations repayable: |
Within one year | 62,199 | 18,979 |
Between one and five years | 198,436 | 67,085 |
260,635 | 86,064 |
|
Company |
Hire purchase contracts |
2018 | 2017 |
£ | £ |
Net obligations repayable: |
Within one year |
|
|
Between one and five years |
|
|
|
|
|
Amounts payable under hire purchase lease agreements are secured upon the assets concerned. |
|
17. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
Group | Company |
2018 | 2017 | 2018 | 2017 |
£ | £ | £ | £ |
Bank overdrafts | 432,908 | 375,792 |
|
|
Bank loans | 2,334,151 | 2,190,454 |
|
|
2,767,059 | 2,566,246 |
|
|
|
Bank loans and overdrafts are secured by a first legal charge over the Rayleigh, Harling and Colchester freehold |
properties. In addition, the bank holds cross guarantees and debentures in relation to all of the group companies. |
MELDONGREEN LIMITED (REGISTERED NUMBER: 01421946) |
|
Notes to the Consolidated Financial Statements - continued |
For The Year Ended 28 February 2018 |
|
|
18. | FINANCIAL INSTRUMENTS |
|
Group |
The group has the following financial instruments: |
|
Group | Company |
Note | £ | £ |
|
Financial assets at fair value through profit or loss | - | - |
|
Financial assets that are debt instruments measured at
amortised cost |
|
- Trade debtors | 12 | 30,200 | 30,200 |
- Other debtors | 12 | 351,633 | 4,184,491 |
351,633 | 4,214,691 |
|
Financial assets that are equity instruments measured at cost
less impairment |
|
- |
- |
|
Financial liabilities measured at amortised cost |
- Trade creditors | 13 | 1,069,182 | 967,484 |
- Other creditors | 13 - 14 | 3,427,434 | 8,228,942 |
4,496,616 | 9,196,426 |
|
19. | PROVISIONS FOR LIABILITIES |
|
Group | Company |
2018 | 2017 | 2018 | 2017 |
£ | £ | £ | £ |
Deferred taxation | 157,119 | 145,937 | 157,119 | 145,937 |
|
Group |
Deferred |
tax |
£ |
Balance at 1 March 2017 | 145,937 |
Provided during year | 11,182 |
Balance at 28 February 2018 | 157,119 |
MELDONGREEN LIMITED (REGISTERED NUMBER: 01421946) |
|
Notes to the Consolidated Financial Statements - continued |
For The Year Ended 28 February 2018 |
|
|
19. | PROVISIONS FOR LIABILITIES - continued |
|
Company |
Deferred |
tax |
£ |
Balance at 1 March 2017 |
|
Provided during year |
|
Charge on revaluation |
Balance at 28 February 2018 |
|
|
20. | CALLED UP SHARE CAPITAL |
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2018 | 2017 |
value: | £ | £ |
|
Ordinary | £1 | 100,000 | 100,000 |
|
21. | PENSION COMMITMENTS |
|
The company operates a defined contribution scheme for the benefit of 1 of the group's directors. The assets of |
the scheme are administered by trustees in a fund independent from those of the company. |
|
22. | CONTINGENT LIABILITIES |
|
The companies in the group have given unlimited cross-guarantees to it's bankers. |
|
23. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
|
During the year directors were advanced an aggregated total of £8,881. These balances remained outstanding at |
the year-end. |
|
24. | RELATED PARTY DISCLOSURES |
|
During the year the company sold goods in the normal course of business to Swallow Aquatics (Rayleigh) |
Limited, Swallow Aquatics (Harling) Limited, Swallow Aquatics (Colchester) Limited and Swallow Aquatics |
(Kent) Limited. |
|
The price charged was the normal market price in the case of each individual sale. |
|
25. | ULTIMATE CONTROLLING PARTY |
|
The ultimate controlling party is the board of directors by virtue of their combined 100% shareholding. No |
individual director has ultimate control of the company. |