Company Registration No. 02134049 (England and Wales)
ASHBY & THORNTON PLC
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
ASHBY & THORNTON PLC
COMPANY INFORMATION
Directors
Mrs V J Thornton
Mr J D Thornton
Company number
02134049
Registered office
25 Castle Street
Hertford
Herts
SG14 1HH
Auditor
JF Francis Ltd
Francis House
2 Park Road
Barnet
Herts
EN5 5RN
ASHBY & THORNTON PLC
CONTENTS
Page
Strategic report
1
Directors' report
2
Independent auditor's report
3 - 4
Income statement
5
Statement of financial position
6
Statement of changes in equity
7
Statement of cash flows
8
Notes to the financial statements
9 - 17
ASHBY & THORNTON PLC
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2017
- 1 -
The directors present the strategic report for the year ended 30 June 2017.
Fair review of the business
During the year the residential apartment of 40 Castle Street remained fully let.
Property management services continue to be provided to a number of companies. As well as Property Tribunal applications, the consultancy work includes financial supervision, payroll administration, VAT and Corporation Tax Returns and general marketing activities. With a change of ownership of a major client, work is expected to decrease for this client, and this is likely to mean a reduced turnover in future years.
The online newspaper based on Electoral Wards was put on hold during the last year.
Principal risks and uncertainties
The business' principal financial instruments comprise bank balances, trade debtors, trade creditors and loans to the business. The main purpose of these is to finance the business' operations.
In respect of the bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest. All of the business' cash balances are held in such a way that achieves a competitive rate of interest. The business makes use of money market facilities where funds are available.
Trade debtors are managed in respect of credit and cashflow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of allowances for doubtful debtors.
Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.
Loans comprise loans from directors. The business manages the liquidity risk by ensuring that there are sufficient funds to meet the payments.
Policy on the payment of creditors
The company's policy is to pay creditors on or before the due date. If for any reason payment cannot be made the creditor is advised accordingly.
Mr J D Thornton
Director
15 March 2018
ASHBY & THORNTON PLC
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2017
- 2 -
The directors present their annual report and financial statements for the year ended 30 June 2017.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mrs V J Thornton
Mr J D Thornton
Results and dividends
The results for the year are set out on page 5.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Auditor
The auditors, JF Francis Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
Mr J D Thornton
Director
15 March 2018
ASHBY & THORNTON PLC
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ASHBY & THORNTON PLC
- 3 -
Opinion
We have audited the financial statements of Ashby & Thornton PLC
(the 'company')
for the year ended 30 June 2017 which comprise
the Income Statement, the Statement of Comprehensive Income, the Statement Of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies
. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102
The Financial Reporting Standard applicable in the UK and Republic of Ireland
(United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the company's affairs as at 30 June 2017 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.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard
, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
-
the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
-
the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue
.
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. Our opinion on the
financial statements
does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit
:
-
the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
-
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
ASHBY & THORNTON PLC
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ASHBY & THORNTON PLC
- 4 -
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 identifie
d
material misstatements in the Strategic Report and the Directors' Report
.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of directors' remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the 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.
Auditor's 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 an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the
Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities
.
This description forms part of our auditor’s report.
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Frank Yiallouris (Senior Statutory Auditor)
for and on behalf of JF Francis Ltd
15 March 2018
Chartered Certified Accountants
Statutory Auditor
Francis House
2 Park Road
Barnet
Herts
EN5 5RN
ASHBY & THORNTON PLC
INCOME STATEMENT
FOR THE YEAR ENDED 30 JUNE 2017
- 5 -
2017
2016
Notes
£
£
Turnover
3
101,232
100,891
Cost of sales
-
(970)
Gross profit
101,232
99,921
Administrative expenses
(7,359)
(22,237)
Operating profit
4
93,873
77,684
Interest receivable and similar income
-
1
Interest payable and similar expenses
7
(14,196)
(9,708)
Profit before taxation
79,677
67,977
Tax on profit
8
(15,357)
(13,596)
Profit for the financial year
64,320
54,381
The Income Statement has been prepared on the basis that all operations are continuing operations.
ASHBY & THORNTON PLC
STATEMENT OF FINANCIAL POSITION
AS AT
30 JUNE 2017
30 June 2017
- 6 -
2017
2016
Notes
£
£
£
£
Fixed assets
Investment properties
10
412,450
412,450
Investments
11
150
150
412,600
412,600
Current assets
Debtors
14
4,715
1,089
Cash at bank and in hand
7,409
7,110
12,124
8,199
Creditors: amounts falling due within one year
15
(251,975)
(363,151)
Net current liabilities
(239,851)
(354,952)
Total assets less current liabilities
172,749
57,648
Creditors: amounts falling due after more than one year
16
(605,217)
(554,436)
Net liabilities
(432,468)
(496,788)
Capital and reserves
Called up share capital
19
250,000
250,000
Profit and loss reserves
(682,468)
(746,788)
Total equity
(432,468)
(496,788)
The financial statements were approved by the board of directors and authorised for issue on 15 March 2018 and are signed on its behalf by:
Mr J D Thornton
Director
Company Registration No. 02134049
ASHBY & THORNTON PLC
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2017
- 7 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 July 2015
250,000
(801,169)
(551,169)
Year ended 30 June 2016:
Profit and total comprehensive income for the year
-
54,381
54,381
Balance at 30 June 2016
250,000
(746,788)
(496,788)
Year ended 30 June 2017:
Profit and total comprehensive income for the year
-
64,320
64,320
Balance at 30 June 2017
250,000
(682,468)
(432,468)
ASHBY & THORNTON PLC
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2017
- 8 -
2017
2016
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
21
(32,775)
76,843
Interest paid
(14,196)
(9,708)
Income taxes paid
(14,144)
(8,760)
Net cash (outflow)/inflow from operating activities
(61,115)
58,375
Investing activities
Interest received
-
1
Net cash (used in)/generated from investing activities
-
1
Financing activities
Repayment of other borrowings
(83,270)
(55,896)
Bank loans
144,684
-
Net cash generated from/(used in) financing activities
61,414
(55,896)
Net increase in cash and cash equivalents
299
2,480
Cash and cash equivalents at beginning of year
7,110
4,630
Cash and cash equivalents at end of year
7,409
7,110
ASHBY & THORNTON PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
- 9 -
1
Accounting policies
Company information
Ashby & Thornton PLC is a
public limited company
incorporated in England and Wales.
The registered office is
25 Castle Street, Hertford, Herts, SG14 1HH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements have been prepared on a going concern basis. At 30 June 2017 the company's liabilities exceeded its assets by £432,468 (2016 - £496,788). The company continues to trade because the directors are of the opinion that all long term creditors are due to the directors and directors will continue to offer their financial support to the company.
1.3
Turnover
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Other assets
25% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in profit or loss.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
ASHBY & THORNTON PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2017
1
Accounting policies
(Continued)
- 10 -
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.7
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets, other than those
held
at
fair value through profit and loss
, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when
the company
transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
ASHBY & THORNTON PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2017
1
Accounting policies
(Continued)
- 11 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
ASHBY & THORNTON PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2017
- 12 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Turnover and other revenue
2017
2016
£
£
Turnover analysed by class of business
UK Sales
80,312
80,491
UK Rental
20,920
20,400
101,232
100,891
4
Operating profit
2017
2016
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
3,000
3,210
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2017
2016
Number
Number
Administration and support
1
1
Their aggregate remuneration comprised:
2017
2016
£
£
Wages and salaries
739
10,000
Social security costs
-
261
Pension costs
-
4,800
739
15,061
ASHBY & THORNTON PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2017
- 13 -
6
Directors' remuneration
2017
2016
£
£
Remuneration for qualifying services
739
10,000
Company pension contributions to defined contribution schemes
-
4,800
739
14,800
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 0 (2016 - 1).
7
Interest payable and similar expenses
2017
2016
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
13,315
9,361
Other interest on financial liabilities
-
347
13,315
9,708
Other finance costs:
Other interest
881
-
14,196
9,708
8
Taxation
2017
2016
£
£
Current tax
UK corporation tax on profits for the current period
15,357
13,596
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2017
2016
£
£
Profit before taxation
79,677
67,977
Expected tax charge based on the standard rate of corporation tax in the UK of 20.16% (2016: 20.00%)
16,059
13,595
Other permanent differences
(702)
1
Taxation charge for the year
15,357
13,596
ASHBY & THORNTON PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2017
- 14 -
9
Tangible fixed assets
Other assets
£
Cost
At 1 July 2016 and 30 June 2017
9,271
Depreciation and impairment
At 1 July 2016 and 30 June 2017
9,271
Carrying amount
At 30 June 2017
-
At 30 June 2016
-
10
Investment property
2017
£
Fair value
At 1 July 2016
482,106
Net gains or losses through fair value adjustments
(69,656)
At 30 June 2017
412,450
The fair value of the investment property has been arrived at on the basis of a valuation carried out at 30 June 2017 by the directors. The valuation was made on an open market value basis by reference to prices for similar properties in the area.
11
Fixed asset investments
2017
2016
Notes
£
£
Investments in subsidiaries
12
150
150
12
Subsidiaries
Details of the company's subsidiaries at 30 June 2017 are as follows:
Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Ward Times Limited
England
Online newspaper
Ordinary
100.00
ASHBY & THORNTON PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2017
- 15 -
13
Financial instruments
2017
2016
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
4,671
1,089
Carrying amount of financial liabilities
Measured at amortised cost
803,239
872,789
14
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
561
1,089
Prepayments and accrued income
4,154
-
4,715
1,089
15
Creditors: amounts falling due within one year
2017
2016
Notes
£
£
Bank loans and overdrafts
17
10,633
-
Trade creditors
13,385
6,022
Corporation tax
36,425
35,212
Other taxation and social security
17,528
9,586
Other creditors
170,494
304,731
Accruals and deferred income
3,510
7,600
251,975
363,151
16
Creditors: amounts falling due after more than one year
2017
2016
Notes
£
£
Bank loans and overdrafts
17
134,051
-
Other borrowings
17
471,166
554,436
605,217
554,436
The loan from the directors is not repayable by instalments, nor is any interest accruing on the loan. The loan will be repaid when the company has sufficient capital to do so.
The creditors are secured by means of a debenture dated 26 February 2007 which gives a fixed and floating charge over the company's assets.
ASHBY & THORNTON PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2017
- 16 -
17
Loans and overdrafts
2017
2016
£
£
Bank loans
144,684
-
Other loans
471,166
554,436
615,850
554,436
Payable within one year
10,633
-
Payable after one year
605,217
554,436
The long-term loans are secured by fixed charges over the assets of the company.
18
Retirement benefit schemes
2017
2016
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
-
4,800
The company operates a defined contribution pension scheme for all qualifying employees.
The assets of the scheme are held separately from those of the company in an independently administered fund.
19
Share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
250,000 Ordinary shares of £1 each
250,000
250,000
250,000
250,000
20
Related party transactions
Transactions with related parties
ASHBY & THORNTON PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2017
20
Related party transactions
(Continued)
- 17 -
Creditors due within one year include an interest free amount of £1,812 (2016: £8,037) due to the director, J D Thornton.
At 30 June 2017 the company was owed £16,133 (2016: £15,803) by Church Home Group Resources Limited.
The company also owed £60,738 (2016: £54,138) to Ashby & Horner Limited, £55,410 (2016: £53,410) to Heritage Court Management Limited, £64,800 (2016: £67,251) to Saracen Investments Limited, £Nil (2016: £53,311) to Halford Salvi Carr Property Management Investment Limited and £Nil (2016: £521) to Ashby Building Surveyors Limited.
During the year the company made sales to the value of £60,997 (2016: £80,491) to related parties.
21
Cash generated from operations
2017
2016
£
£
Profit for the year after tax
64,320
54,381
Adjustments for:
Taxation charged
15,357
13,596
Finance costs
14,196
9,708
Investment income
-
(1)
Movements in working capital:
(Increase)/decrease in debtors
(3,626)
2,784
(Decrease) in creditors
(123,022)
(3,625)
Cash (absorbed by)/generated from operations
(32,775)
76,843
2017-06-30
2016-07-01
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CCH Software
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