REGISTERED NUMBER:
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STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2020 |
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VIRGINIA HAYWARD LIMITED |
REGISTERED NUMBER:
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STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2020 |
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FOR |
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VIRGINIA HAYWARD LIMITED |
VIRGINIA HAYWARD LIMITED (REGISTERED NUMBER: 01842012) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
For The Year Ended 31 March 2020 |
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Page |
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Company Information | 1 |
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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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Income Statement | 7 |
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Other Comprehensive Income | 8 |
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Balance Sheet | 9 |
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Statement of Changes in Equity | 10 |
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Cash Flow Statement | 11 |
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Notes to the Cash Flow Statement | 12 |
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Notes to the Financial Statements | 13 |
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VIRGINIA HAYWARD LIMITED |
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COMPANY INFORMATION |
For The Year Ended 31 March 2020 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Accountants and Statutory Auditors |
75 Bournemouth Road |
Chandlers Ford |
Eastleigh |
Hampshire |
SO53 3AP |
VIRGINIA HAYWARD LIMITED (REGISTERED NUMBER: 01842012) |
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STRATEGIC REPORT |
For The Year Ended 31 March 2020 |
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The directors present their strategic report for the year ended 31 March 2020. |
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REVIEW OF BUSINESS |
We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face. |
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The directors are satisfied with the results for the year. Turnover remained broadly static for the year with decreases in some sectors offset by increases in others. |
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We consider that our key financial performance indicators are those that communicate the financial performance and strength of the company as a whole, these being turnover, gross margin and overall liquidity position of the company. |
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The turnover of the company was £17,444,624 (2019 - £16,884,647); gross margin achieved increased slightly to 29% (2019 - 27%). Overall operating profit increased to £1,216,452 (2019 - £826,005) |
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Profit after tax transferred to reserves is £876,192 (2019 - £611,002) |
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The company maintains a strong liquidity position enabling it to take advantage of business opportunities as they arise. This is further enhanced by the policy of profit retention leading to a healthy balance sheet position in difficult trading times. |
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PRINCIPAL RISKS AND UNCERTAINTIES |
As for many businesses of our size, the business environment in which we operate continues to be challenging. The economic environment has improved but the impact of Brexit remains uncertain and may have both a potential short and long term upon the business. |
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Uncertainty about the future of interest rates and their impact upon both business and personal demand remain a further challenge for all UK businesses. |
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The continuing CV-19 pandemic remains both a short and longer term concern for business, both in terms of domestic demand and overseas supply. |
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With these risks and uncertainties in mind, we are aware that any plans for the future development of the business may be subject to unforeseen future events outside of our control. |
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ON BEHALF OF THE BOARD: |
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VIRGINIA HAYWARD LIMITED (REGISTERED NUMBER: 01842012) |
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REPORT OF THE DIRECTORS |
For The Year Ended 31 March 2020 |
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The directors present their report with the financial statements of the company for the year ended 31 March 2020. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of the sale of hampers. |
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DIVIDENDS |
An interim dividend of
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The total distribution of dividends for the year ended 31 March 2020 will be £
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2019 to the date of this report. |
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Other changes in directors holding office are as follows: |
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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. |
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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 of the profit or loss of the company 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; |
- | 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 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. |
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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 company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
VIRGINIA HAYWARD LIMITED (REGISTERED NUMBER: 01842012) |
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REPORT OF THE DIRECTORS |
For The Year Ended 31 March 2020 |
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AUDITORS |
The auditors, Stone Osmond Limited, will be proposed for re-appointment. |
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ON BEHALF OF THE BOARD: |
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
VIRGINIA HAYWARD LIMITED |
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Opinion |
We have audited the financial statements of Virginia Hayward Limited (the 'company') for the year ended 31 March 2020 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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: |
- | give a true and fair view of the state of the company's affairs as at 31 March 2020 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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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 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. |
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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: |
- | 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. |
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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. |
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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. We have nothing to report in this regard. |
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Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
VIRGINIA HAYWARD 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 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. |
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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: |
- | 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. |
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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 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. |
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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 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. |
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for and on behalf of
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Accountants and Statutory Auditors |
75 Bournemouth Road |
Chandlers Ford |
Eastleigh |
Hampshire |
SO53 3AP |
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VIRGINIA HAYWARD LIMITED (REGISTERED NUMBER: 01842012) |
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INCOME STATEMENT |
For The Year Ended 31 March 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
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TURNOVER |
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Cost of sales |
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GROSS PROFIT |
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Distribution costs |
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Administrative expenses |
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3,913,142 | 3,770,428 |
1,155,861 | 791,199 |
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Other operating income |
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OPERATING PROFIT | 4 |
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Interest receivable and similar income |
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1,226,452 | 832,118 |
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Interest payable and similar expenses | 5 |
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PROFIT BEFORE TAXATION |
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Tax on profit | 6 |
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PROFIT FOR THE FINANCIAL YEAR |
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VIRGINIA HAYWARD LIMITED (REGISTERED NUMBER: 01842012) |
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OTHER COMPREHENSIVE INCOME |
For The Year Ended 31 March 2020 |
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2020 | 2019 |
Notes | £ | £ |
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PROFIT FOR THE YEAR |
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OTHER COMPREHENSIVE INCOME |
Purchase of own shares | ( |
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Capital redemption reserve |
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Income tax relating to components of other
comprehensive income |
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OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX |
( |
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TOTAL COMPREHENSIVE INCOME
FOR THE YEAR |
( |
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VIRGINIA HAYWARD LIMITED (REGISTERED NUMBER: 01842012) |
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BALANCE SHEET |
31 March 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
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Tangible assets | 9 |
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CURRENT ASSETS |
Stocks | 10 |
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Debtors | 11 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 12 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
13 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 17 |
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Share premium | 18 |
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Capital redemption reserve | 18 |
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Retained earnings | 18 |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on
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VIRGINIA HAYWARD LIMITED (REGISTERED NUMBER: 01842012) |
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STATEMENT OF CHANGES IN EQUITY |
For The Year Ended 31 March 2020 |
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Called up | Capital |
share | Retained | Share | redemption | Total |
capital | earnings | premium | reserve | equity |
£ | £ | £ | £ | £ |
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Balance at 1 April 2018 |
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Changes in equity |
Dividends | - | ( |
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Total comprehensive income | - |
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- |
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Balance at 31 March 2019 |
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Changes in equity |
Issue of share capital | ( |
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- | ( |
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Dividends | - | ( |
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Total comprehensive income | - | ( |
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( |
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Balance at 31 March 2020 |
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VIRGINIA HAYWARD LIMITED (REGISTERED NUMBER: 01842012) |
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CASH FLOW STATEMENT |
For The Year Ended 31 March 2020 |
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2020 | 2019 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
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Interest paid | ( |
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Interest element of hire purchase payments
paid |
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( |
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Tax paid | ( |
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Net cash from operating activities |
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Cash flows from investing activities |
Purchase of tangible fixed assets |
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Sale of tangible fixed assets |
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Interest received |
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Net cash from investing activities |
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Cash flows from financing activities |
New loans in year |
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Loan repayments | ( |
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Capital repayments in year | ( |
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Amount introduced by directors | 207,353 | - |
Share buyback | ( |
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Equity dividends paid | ( |
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Net cash from financing activities | ( |
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(Decrease)/increase in cash and cash equivalents | ( |
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Cash and cash equivalents at beginning of
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2 |
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2,705,112 |
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Cash and cash equivalents at end of year | 2 | 2,203,190 | 3,382,267 |
VIRGINIA HAYWARD LIMITED (REGISTERED NUMBER: 01842012) |
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NOTES TO THE CASH FLOW STATEMENT |
For The Year Ended 31 March 2020 |
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1. |
RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM
OPERATIONS |
2020 | 2019 |
£ | £ |
Profit for the financial year |
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Depreciation charges |
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Profit on disposal of fixed assets |
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( |
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Finance costs | 115,486 | 82,422 |
Finance income | (10,358 | ) | (6,113 | ) |
Taxation |
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1,359,796 | 1,034,675 |
Decrease/(increase) in stocks |
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( |
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Increase in trade and other debtors | ( |
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Increase in trade and other creditors |
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Cash generated from operations |
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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 31 March 2020 |
31.3.20 | 1.4.19 |
£ | £ |
Cash and cash equivalents | 2,203,190 | 3,382,267 |
Year ended 31 March 2019 |
31.3.19 | 1.4.18 |
£ | £ |
Cash and cash equivalents | 3,382,267 | 2,705,112 |
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3. | ANALYSIS OF CHANGES IN NET FUNDS/(DEBT) |
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At 1.4.19 | Cash flow | At 31.3.20 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 3,382,267 | (1,179,077 | ) | 2,203,190 |
3,382,267 | ( |
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Debt |
Finance leases | (57,351 | ) | 43,781 | (13,570 | ) |
Debts falling due within 1 year | (298,806 | ) | (75,036 | ) | (373,842 | ) |
Debts falling due after 1 year | (2,355,373 | ) | (1,082,408 | ) | (3,437,781 | ) |
(2,711,530 | ) | (1,113,663 | ) | (3,825,193 | ) |
Total | 670,737 | (2,292,740 | ) | (1,622,003 | ) |
VIRGINIA HAYWARD LIMITED (REGISTERED NUMBER: 01842012) |
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NOTES TO THE FINANCIAL STATEMENTS |
For The Year Ended 31 March 2020 |
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1. | STATUTORY INFORMATION |
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Virginia Hayward Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents net invoiced sales, net of distribution income, excluding value added tax. |
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Goodwill |
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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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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Computer equipment | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
VIRGINIA HAYWARD LIMITED (REGISTERED NUMBER: 01842012) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 March 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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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. |
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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. |
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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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 or loss in the period to which they relate. |
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3. | EMPLOYEES AND DIRECTORS |
2020 | 2019 |
£ | £ |
Wages and salaries |
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Social security costs |
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Other pension costs |
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The average number of employees during the year was as follows: |
2020 | 2019 |
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Production | 44 | 41 |
Management and administration | 55 | 48 |
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2020 | 2019 |
£ | £ |
Directors' remuneration |
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Directors' pension contributions to money purchase schemes |
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The number of directors to whom retirement benefits were accruing was as follows: |
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Money purchase schemes |
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Information regarding the highest paid director is as follows: |
2020 | 2019 |
£ | £ |
Emoluments etc |
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Pension contributions to money purchase schemes |
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VIRGINIA HAYWARD LIMITED (REGISTERED NUMBER: 01842012) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 March 2020 |
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4. | OPERATING PROFIT |
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The operating profit is stated after charging/(crediting): |
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2020 | 2019 |
£ | £ |
Hire of plant and machinery |
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Depreciation - owned assets |
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Depreciation - assets on hire purchase contracts |
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Profit on disposal of fixed assets |
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( |
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Auditors' remuneration |
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Auditors' remuneration for non audit work |
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5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2020 | 2019 |
£ | £ |
Bank interest |
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Bank loan interest |
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Hire purchase |
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6. | TAXATION |
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Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2020 | 2019 |
£ | £ |
Current tax: |
UK corporation tax |
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Tax on profit |
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Reconciliation of total tax charge 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: |
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2020 | 2019 |
£ | £ |
Profit before tax |
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Profit multiplied by the standard rate of corporation tax in the UK of
(2019 - |
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Effects of: |
Expenses not deductible for tax purposes |
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Depreciation in excess of capital allowances |
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Adjustments to tax charge in respect of previous periods |
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( |
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Total tax charge | 234,774 | 138,694 |
VIRGINIA HAYWARD LIMITED (REGISTERED NUMBER: 01842012) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 March 2020 |
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6. | TAXATION - continued |
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Tax effects relating to effects of other comprehensive income |
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2020 |
Gross | Tax | Net |
£ | £ | £ |
Purchase of own shares | ( |
) | - | (3,499,958 | ) |
Capital redemption reserve |
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- | 10,457 |
(3,489,501 | ) | - | (3,489,501 | ) |
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7. | DIVIDENDS |
2020 | 2019 |
£ | £ |
Ordinary shares of £1 each |
Final |
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Interim |
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8. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 April 2019 |
and 31 March 2020 |
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AMORTISATION |
At 1 April 2019 |
and 31 March 2020 |
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NET BOOK VALUE |
At 31 March 2020 |
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At 31 March 2019 |
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VIRGINIA HAYWARD LIMITED (REGISTERED NUMBER: 01842012) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 March 2020 |
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9. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 April 2019 |
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Disposals |
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( |
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|
At 31 March 2020 |
|
|
|
DEPRECIATION |
At 1 April 2019 |
|
|
|
Charge for year |
|
|
|
Eliminated on disposal |
|
( |
) |
|
At 31 March 2020 |
|
|
|
NET BOOK VALUE |
At 31 March 2020 |
|
|
|
At 31 March 2019 |
|
|
|
|
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2019 |
|
|
|
Disposals |
|
|
( |
) |
At 31 March 2020 |
|
|
|
DEPRECIATION |
At 1 April 2019 |
|
|
|
Charge for year |
|
|
|
Eliminated on disposal |
|
|
( |
) |
At 31 March 2020 |
|
|
|
NET BOOK VALUE |
At 31 March 2020 |
|
|
|
At 31 March 2019 |
|
|
|
VIRGINIA HAYWARD LIMITED (REGISTERED NUMBER: 01842012) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 March 2020 |
|
9. | TANGIBLE FIXED ASSETS - continued |
|
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 April 2019 |
|
|
|
Transfer to ownership | - | (25,590 | ) | (25,590 | ) |
At 31 March 2020 |
|
|
|
DEPRECIATION |
At 1 April 2019 |
|
|
|
Charge for year |
|
|
|
Transfer to ownership | - | (24,661 | ) | (24,661 | ) |
At 31 March 2020 |
|
|
|
NET BOOK VALUE |
At 31 March 2020 |
|
|
|
At 31 March 2019 |
|
|
|
|
10. | STOCKS |
2020 | 2019 |
£ | £ |
Goods for resale |
|
|
|
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
|
|
Directors' current accounts | - | 200,000 |
VAT |
|
|
Prepayments |
|
|
|
|
|
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Bank loans and overdrafts (see note 14) |
|
|
Hire purchase contracts (see note 15) |
|
|
Trade creditors |
|
|
Tax |
|
|
Social security and other taxes |
|
|
Pension scheme contributions | 12,808 | 9,946 |
Other creditors |
|
|
Directors' current accounts | 7,353 | - |
Accrued expenses |
|
|
|
|
VIRGINIA HAYWARD LIMITED (REGISTERED NUMBER: 01842012) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 March 2020 |
|
13. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2020 | 2019 |
£ | £ |
Bank loans (see note 14) |
|
|
Hire purchase contracts (see note 15) |
|
|
|
|
|
14. | LOANS |
|
An analysis of the maturity of loans is given below: |
|
2020 | 2019 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
|
|
|
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
|
|
|
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
|
|
|
Amounts falling due in more than five years: |
|
Repayable by instalments |
Bank loans more 5 yr by instal | 2,325,923 | 1,443,480 |
|
The interest rate charged upon the company's loans is 1.25% above base rate. |
|
15. | LEASING AGREEMENTS |
|
Minimum lease payments fall due as follows: |
|
Hire purchase contracts |
2020 | 2019 |
£ | £ |
Net obligations repayable: |
Within one year |
|
|
Between one and five years |
|
|
|
|
|
Non-cancellable operating | leases |
2020 | 2019 |
£ | £ |
Within one year |
|
|
Between one and five years |
|
|
|
|
VIRGINIA HAYWARD LIMITED (REGISTERED NUMBER: 01842012) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 March 2020 |
|
16. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
2020 | 2019 |
£ | £ |
Bank loans |
|
|
|
There is a first charge over the company's freehold property at Littledown Business Park, Shaftesbury in favour of the company's bankers dated 10 February 2006. |
|
There is a first charge over the company's freehold premises in favour of the company's bankers dated 21 April 2005. |
|
There is a supplemental fixed charge over book debts and a floating charge over all other assets dated 9 November 1984. |
|
The company's borrowings are further secured by a debenture and first floating charge over all the company's assets, both present and future, dated 31 May 2016. |
|
17. | CALLED UP SHARE CAPITAL |
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2019 |
value: | £ | £ |
|
Ordinary | £1 | 7,423 | 17,880 |
|
18. | RESERVES |
Capital |
Retained | Share | redemption |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
|
At 1 April 2019 |
|
|
|
6,890,975 |
Profit for the year |
|
|
Dividends | ( |
) | ( |
) |
Purchase of own shares | (3,499,958 | ) | - | 10,457 | (3,489,501 | ) |
At 31 March 2020 |
|
|
|
4,270,313 |
|
19. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
|
The following advances and credits to directors subsisted during the years ended 31 March 2020 and 31 March 2019: |
|
2020 | 2019 |
£ | £ |
|
Balance outstanding at start of year |
|
|
Amounts repaid | ( |
) |
|
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
|
|
VIRGINIA HAYWARD LIMITED (REGISTERED NUMBER: 01842012) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 March 2020 |
|
19. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued |
|
Mr G M and Mrs V Hayward resigned as directors on 14 August 2019. |
|
20. | RELATED PARTY DISCLOSURES |
|
During the year the company paid rent of £138,450 to
Mr and Mrs Hayward
for the use of land and buildings.
(2019 - £100,950). |
|
Management fees of £20,000 were paid to Blynfield Farm during the year, a partnership owned by Mr and Mrs Hayward. (2019 - £20,000) |
|
The company has no ultimate controlling party. |
|
21. | AUDITOR LIABILITY LIMITATION AGREEMENT |
|
The auditors liability is limited to a multiple of 10 times the annual audit fee as set out in the letter of engagement signed in April 2010. |