Company registration number 07719969 (England and Wales)
ST JULIAN'S SECURITIES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
ST JULIAN'S SECURITIES LIMITED
COMPANY INFORMATION
Directors
A C Benfield
P K Benfield
Company number
07719969
Registered office
Camelot
Church Road
Gaydon
Warwick
Warwickshire
CV35 0EZ
Auditor
Spencer Gardner Dickins Audit LLP
3 Coventry Innovation Village
Cheetah Road
Coventry
CV1 2TL
ST JULIAN'S SECURITIES LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5
Directors' responsibilities statement
6
Independent auditor's report
7 - 9
Group statement of income and retained earnings
10
Group balance sheet
11
Company balance sheet
12
Group statement of cash flows
13
Notes to the financial statements
14 - 28
ST JULIAN'S SECURITIES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 1 -

The directors present the strategic report for the year ended 31 March 2023.

 

 

PRINCIPAL ACTIVITIES

 

St Julian’s Securities Limited is a privately owned company, and the principal activity is that of a holding company. The principal activity of the whole group is that of a housebuilder and the development of building projects.

 

In its position as a holding company, the company does not trade and therefore does not operate any KPIs and does not have any risks over and above those of its subsidiary companies.

 

The company holds 100% of the issued share capital of:

 

BUSINESS REVIEW

 

The group has had a disappointing year due to delays in obtaining planning approval and other necessary pre-start approvals on new sites, meaning that the number of sites being developed where sales could be achieved was limited and turnover was well down on expectations.

 

Twenty-nine house sales were completed at our site at the Hawthorns, Ellesmere together with the remaining five apartments at Gobowen and the last four houses at Cross Houses.

 

In February 2022 Fletcher Homes completed the purchase of a site at Oswestry with outline planning approval for 150 dwellings. Contracts for the land purchase had been exchanged in December 2021 and detailed plans for the development of this site were submitted to the planning authority in July 2021. Approval of Reserved Matters for 120 dwellings was eventually received at the end of April 2023, 21 months after being submitted. Further delays then occurred in obtaining ecological licenses from English Nature and work on site has only just commenced.

 

The purchase of other sites at Middletown, Powys and Moreton Say, Shropshire has also been delayed due to planning and land ownership issues.

 

The impact of the COVID-19 pandemic and the UK’s exit from the European Union are still having an influence on production rates but are now diminishing. Materials and labour costs for both building and civil engineering have risen substantially during the year.

 

House sales rates recovered quickly following the easing of COVID-19 restrictions on our active sites and remained satisfactory and we were able to increase selling prices during the year up to the mini-budget in October 2022 which, together with the sharp rise in inflation, prompted the Bank of England to raise interest rates further. Since then, sales rates have been slow, and we have introduced incentives to secure sales.

 

Production and consequently sale completion dates, have been adversely affected by materials supply shortages where manufacturers and suppliers have not been able to keep up with demand and have perhaps favored the larger homebuilders to the detriment of medium and smaller developers.

ST JULIAN'S SECURITIES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
KEY PERFORMANCE INDICATORS

 

The consolidated results for the period and financial position of the group are shown in the annexed accounts.

 

The key financial highlights are as follows:

 

2023 2022

£ £

 

Group Turnover 9,235,343 13,953,611

 

Gross Profit 1,622,428 3,855,770

 

Profit/(Loss) Before Tax (944,355) 1,618,890

 

Shareholder’s Funds 7,360,856 8,374,211

 

 

 

Interest rates have continued to rise on a regular basis throughout the year and this has undoubtedly been one of the contributory factors in a slow-down in the rate of house sales. The Bank of England have increased base rate on 14 occasions since December 2021, and this currently stands at 5.25% p.a.

 

Fletcher Home (Shropshire) Ltd is a Chartered Building Company and as a group we are committed to professionalism and integrity in all of our dealings. We recognise and value of our direct staff and our subcontractors and are pleased that we have competent and loyal staff with many years’ service with the company. We continue to provide appropriate training to develop and enhance their skills and their value to the group.

 

PRINCIPAL RISK AND UNCERTAINTIES

Economy and the housing market

In common with many businesses operating in the residential market the Group is exposed to the risks presented by the general economic climate, the strength of the housing market and the impact on this of mortgage availability and movement in interest rates.

 

The economic climate continues to be monitored by the directors and the rate of production is maintained to reflect the rate of sales reservations and the availability of funding both to the Group and to home purchasers.

 

The housing market improved following the easing of COVID-19 restrictions and sales have been generally good in our area of operations, although there has been continuing disruption to the supply of materials and labour, and cost increases present an unquantifiable risk. Supply shortages have impacted on sales handover dates which have had to be extended.

 

The phasing out of the Help to Buy scheme in October 2022 did not have a great impact on sales, and homebuyers have often preferred not to take this up when it was available.

 

Interest rate rises remain a significant risk and have affected homebuyers’ ability to obtain mortgages. Between March 2022 to March 2023 bank base rate rose from 0.75% to 4.25% and mortgage rates rose substantially but are believed to have stabilised now that inflationary pressures are beginning to ease.

 

Further changes to Government policy may affect the housing market but the directors keep themselves appraised of all threat and opportunities arising from policy changes.

 

 

ST JULIAN'S SECURITIES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
PRINCIPAL RISKS AND UNCERTAINTIES Cont'd

 

Land and planning

The Group operates principally in the West Midlands region and is not subject to the same volatility of market conditions as seen in London and the Southeast. The Company relies on holding sufficient land with planning permission and of finance available for its continuing operations.

 

At the date of signing the accounts the Group held land with planning approval sufficient for between three and four-years production at present rates of build.

 

Additional land will be required to ensure the continuation of operations beyond this, and the directors are constantly looking for sites of a size that will provide continuity of production and that will produce a satisfactory return on capital employed. The rise in the cost of borrowing has tempered our appetite for land purchase and the additional interest costs are taken into account when assessing land values.

 

Where sites are acquired with outline planning approval there will be a delay in obtaining detailed planning approvals and technical approvals before a development can be commenced. Obtaining planning approval is becoming increasingly complex, now with the additional requirement of biodiversity net gain and storm-water management. These additional requirements add to delays before all planning conditions are satisfied and this may be substantial and in excess of 12 months. The directors plan the acquisition of land and commencement of construction to allow sufficient time for all planning and technical issues to be resolved.

 

Funding

Speculative development is capital intensive and requires the purchase of land and construction of infrastructure and houses prior to the sale of the completed product. In addition to its own capital, the Group currently obtains funding for the acquisition and development of sites from a funder who specialises in housing development finance and with whom the Group has a strong relationship going back for more than 25 years. Development funding is drawn down against monthly valuations up to an agreed limit and repaid from the proceeds of sale of each house at agreed rates. When purchasing new sites, the directors prepare financial appraisals and cashflow forecasts to ensure that the requirements of the funders can be met.

 

Cashflow

The directors monitor cashflow and gearing carefully to ensure that funding remains adequate. Houses remain the property of the Group until they have been completed and paid for by homebuyers, so exposure to bad debts is low, Trade creditors and subcontractors are paid within agreed credit periods.

 

COVID-19

The impact of the COVID-19 restrictions has diminished substantially during the year and the Group has been able to resume pre-Covid rates of production on its active sites and with its sales operations. There are still issues surrounding the supply chain and labour markets that are outside of our control, but these are being monitored and are considered when setting sales and production targets.

 

Health, safety and welfare

Health and Safety of employees, contractors, clients and the public is of paramount importance to the Group. It strives to ensure that a fully comprehensive Health and Safety management system is implemented and supported by policies and procedures. This is achieved by using external safety advisors and continuous monitoring of our systems. All sites are equipped with welfare provisions for contractors and staff and site managers are trained and qualified in site safety and as First Aiders. The Group experienced no serious Health and Safety issues within the year.

 

Brexit

The UK's decision to leave the European Union has adversely affected some materials supplies resulting in extended delivery periods and increased materials prices. Further changes in legislation may impact the importation of materials from abroad but the effects of this are at present still uncertain. The likelihood is that there will be further upward pressure on materials and labour costs, and these will be monitored and considered when acquiring further development sites.

 

ST JULIAN'S SECURITIES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
PRINCIPAL RISKS AND UNCERTAINTIES Cont'd

 

The ‘Green’ Agenda and Future Homes Standard

The government’s Future Homes Standard and the move towards sustainable energy sources is likely to result in increased building costs initially as gas boilers are phased out and low carbon technologies are introduced. These new standards will be introduced through phased amendments to Building Regulations so as to create a level playing field for all housing developers. Advantage will be taken of modern methods of construction and new technologies as these emerge.

 

FUTURE PROSPECTS

All main political parties are currently committed to increasing the supply of new homes and this bodes well for the future.

As a company, we currently have land and work in progress for around 230 house sale completions (down from 250 this time last year) with a sales value of £62 million. Due to delays in land acquisition and obtaining planning approvals and in starting work on the new sites, we are building at a rate of around 70 houses per year, so ideally need to continue to buy further land to maintain this level of production. At present, the directors have decided to proceed with caution due to the current recession and would like to reduce financial gearing so that the Company is in a good position to weather any continued downturn in the market but is ready for expansion as soon as conditions allow.

We own 12 acres of land on two sites in Shropshire without planning approval and we are promoting these sites through the local planning system. There is a chance that some of this will come forward for development.

We also hold an option on 12 acres of land at Cockshut, Shropshire that we are promoting through the local plan. This has currently been excluded from the site allocation plan and is unlikely to come forward for development in the near future.

Negotiations are currently taking place on various other land in Shropshire, and we expect to be able to purchase land at prices that will allow us to continue profitable growth.

Where possible, we shall ‘de-risk’ by entering into option agreements and joint ventures where we do not have to pay for the land purchase ‘up front.’ This means that if the economy stalls, we can reduce production without large development loans eating into our reserves.

 

GOING CONCERN

 

The Directors have considered cashflow forecasts, budgets and confirmed reservations going forward at least twelve months from the date of approval of these financial statements. They have also assessed the company’s situation regarding the other risks identified above and the likely impact on the company. They are satisfied that this review and those forecasts provide an expectation that the company will continue to trade for the foreseeable future and so the company continues to adopt the going concern basis.

 

 

On behalf of the board

A C Benfield
Director
31 October 2023
ST JULIAN'S SECURITIES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -

The directors present their annual report and financial statements for the year ended 31 March 2023.

Principal activities

The principal activity of the company and group continued to be that of property development and building contractors.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

A C Benfield
P K Benfield
Auditor

The auditor, Spencer Gardner Dickins Audit LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Strategic report

The group has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of review of perfomance.

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 auditor of the company 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 auditor of the company is aware of that information.

On behalf of the board
A C Benfield
Director
31 October 2023
2023-10-31
ST JULIAN'S SECURITIES LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -

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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

ST JULIAN'S SECURITIES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ST JULIAN'S SECURITIES LIMITED
- 7 -
Opinion

We have audited the financial statements of St Julian's Securities Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2023 which comprise the group statement of income and retained earnings, the group balance sheet, the company balance sheet, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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:

ST JULIAN'S SECURITIES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ST JULIAN'S SECURITIES LIMITED
- 8 -
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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

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 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 parent 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

- Enquiry of management and those charged with governance around actual and potential litigation and claims.

- Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations.

- Reviewing minutes of meetings of those charged with governance.

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

ST JULIAN'S SECURITIES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ST JULIAN'S SECURITIES LIMITED
- 9 -

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.

Susan Thomas-Walls BSc BFP FCA (Senior Statutory Auditor)
For and on behalf of Spencer Gardner Dickins Audit LLP
31 October 2023
2023-10-31
Chartered Accountants
Statutory Auditor
3 Coventry Innovation Village
Cheetah Road
Coventry
CV1 2TL
ST JULIAN'S SECURITIES LIMITED
GROUP STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2023
- 10 -
2023
2022
Notes
£
£
Turnover
2
9,235,343
13,953,611
Cost of sales
(7,612,915)
(10,097,841)
Gross profit
1,622,428
3,855,770
Distribution costs
(237,249)
(191,362)
Administrative expenses
(1,806,578)
(1,695,414)
Other operating income
120
31,444
Exceptional item
3
(40,000)
(100,000)
Operating (loss)/profit
4
(461,279)
1,900,438
Interest payable and similar expenses
8
(483,076)
(281,548)
(Loss)/profit before taxation
(944,355)
1,618,890
Tax on (loss)/profit
9
(9,000)
(196,437)
(Loss)/profit for the financial year
24
(953,355)
1,422,453
Retained earnings brought forward
8,374,111
7,011,658
Dividends
(60,000)
(60,000)
Retained earnings carried forward
7,360,756
8,374,111
(Loss)/profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
ST JULIAN'S SECURITIES LIMITED
GROUP BALANCE SHEET
AS AT 31 MARCH 2023
2023-03-31
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
11
1,432,496
2,027,055
Negative goodwill
11
(12,876)
(15,792)
Net goodwill
1,419,620
2,011,263
Tangible assets
12
20,437
66,645
1,440,057
2,077,908
Current assets
Stocks
15
14,248,962
12,249,911
Debtors
16
178,223
316,291
Cash at bank and in hand
478,626
580,315
14,905,811
13,146,517
Creditors: amounts falling due within one year
17
(8,985,012)
(6,797,624)
Net current assets
5,920,799
6,348,893
Total assets less current liabilities
7,360,856
8,426,801
Creditors: amounts falling due after more than one year
18
-
0
(52,590)
Net assets
7,360,856
8,374,211
Capital and reserves
Called up share capital
23
100
100
Profit and loss reserves
24
7,360,756
8,374,111
Total equity
7,360,856
8,374,211
The financial statements were approved by the board of directors and authorised for issue on
31 October 2023
31 October 2023
and are signed on its behalf by:
A C Benfield
Director
Company registration number 07719969 (England and Wales)
ST JULIAN'S SECURITIES LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2023
2023-03-31
- 12 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
13
1,099
1,099
Current assets
Debtors
16
4,343,806
205,312
Cash at bank and in hand
103,259
13,932
4,447,065
219,244
Creditors: amounts falling due within one year
17
(322,661)
(16,105)
Net current assets
4,124,404
203,139
Net assets
4,125,503
204,238
Capital and reserves
Called up share capital
23
100
100
Profit and loss reserves
24
4,125,403
204,138
Total equity
4,125,503
204,238

As permitted by s408 Companies Act 2006, the truecompany has not presented its own profit and loss account and related notes. The company’s profit for the year was £3,981,265 (2022 - £46,052 profit).

The financial statements were approved by the board of directors and authorised for issue on
31 October 2023
31 October 2023
and are signed on its behalf by:
A C Benfield
Director
Company registration number 07719969 (England and Wales)
ST JULIAN'S SECURITIES LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023
- 13 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
29
(1,155,878)
(1,740,391)
Interest paid
(483,076)
(281,548)
Income taxes (paid)/refunded
-
0
563
Net cash outflow from operating activities
(1,638,954)
(2,021,376)
Investing activities
Purchase of tangible fixed assets
-
0
(17,149)
Proceeds on disposal of tangible fixed assets
5,917
-
0
Net cash generated from/(used in) investing activities
5,917
(17,149)
Financing activities
Proceeds of new bank loans
6,118,272
8,201,661
Repayment of bank loans
(4,481,371)
(6,027,531)
Payment of finance leases obligations
(45,553)
(101,554)
Dividends paid to equity shareholders
(60,000)
(60,000)
Net cash generated from financing activities
1,531,348
2,012,576
Net decrease in cash and cash equivalents
(101,689)
(25,949)
Cash and cash equivalents at beginning of year
580,315
606,264
Cash and cash equivalents at end of year
478,626
580,315
ST JULIAN'S SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 14 -
1
Accounting policies
Company information

St Julian's Securities Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Camelot, Church Road, Gaydon, Warwick, Warwickshire, CV35 0EZ.

 

The group consists of St Julian's Securities Limited and all of its subsidiaries.

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 amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Basis of consolidation

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

The consolidated group financial statements consist of the financial statements of the parent company St Julian's Securities Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 March 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.3
Going concern

The financial statements have been prepared on the going concern basis. The directors have a reasonabletrue

expectation that the company will continue in operational existence for the foreseeable future.

ST JULIAN'S SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 15 -
1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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 it is probable will be recovered.

Turnover on house sales is recognised when the contract is completed. The net profit or losses arising on the sale of part exchange properties are dealt with in administrative expenses. Turnover is shown net of value added tax. Turnover on contract work is calculated as that proportion of total contract value which costs incurred to date bear to total expected costs on a contract by contract basis. Revenue derived from variations on contracts are recognised when they have been accepted by the customer.

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

Where the cost of the business combination exceeds the fair value of the Group’s interest in the assets, liabilities and contingent liabilities acquired, negative goodwill arises. The Group, after consideration of the assets, liabilities and contingent liabilities acquired and the cost of the combination, recognises negative goodwill on the balance sheet and release this to profit and loss, up to the fair value of non-monetary assets acquired, over the periods in which the non-monetary assets are recovered and any excess over the fair value of non-monetary assets in the income statement over the period expected to benefit.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
25% Straight line
Motor vehicles
25% Straight line

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 recognised in the profit and loss account.

ST JULIAN'S SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 16 -
1.7
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

1.8
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9
Stocks

Stocks and work in progress are stated at the lower of cost and estimated selling price less costs to complete and sell on an item by item basis. Cost comprises all direct materials and, where applicable, direct labour costs and those overheads that have been incurred in getting the site into its current state of completion. Net realisable value is based on estimated selling price allowing for all further costs of completion and disposal.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks and work in progress over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.10
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 and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 

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

1.12
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

ST JULIAN'S SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 17 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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 group’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 profit and loss account, 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 if, and only if, there is 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.

1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.16
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant.

ST JULIAN'S SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 18 -
1.17
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
House sales
8,770,607
8,278,372
Construction of houses
464,736
5,675,239
9,235,343
13,953,611
2023
2022
£
£
Other significant revenue
Grants received
-
31,324

All turnover for the group was generated in the UK and derived from the group's principal activity of house building.

3
Exceptional item
2023
2022
£
£
Expenditure
Write off Benfield Timber Buildings Loan
40,000
100,000
40,000
100,000

During the year the Group made an informal loan to an unrelated company. The company is now insolvent rendering the loan irrecoverable and has therefore been written off.

ST JULIAN'S SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 19 -
4
Operating (loss)/profit
2023
2022
£
£
Operating (loss)/profit for the year is stated after charging/(crediting):
Government grants
-
0
(31,324)
Depreciation of owned tangible fixed assets
46,208
40,164
Depreciation of tangible fixed assets held under finance leases
-
0
21,493
Profit on disposal of tangible fixed assets
(5,917)
-
0
Amortisation of intangible assets
591,643
591,643
Operating lease charges
59,936
59,875
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
2,775
2,535
Audit of the financial statements of the company's subsidiaries
31,750
28,645
34,525
31,180
For other services
All other non-audit services
16,310
10,945
6
Employees

The average monthly number of persons employed by the group and company during the year was:

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Administration
17
19
2
2
Construction
9
10
-
-
Total
26
29
2
2
Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
1,080,139
1,130,578
-
-
Social security costs
49,437
5,818
-
-
Pension costs
50,182
46,093
-
-
1,179,758
1,182,489
-
-
ST JULIAN'S SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 20 -
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
55,583
51,000
8
Interest payable and similar expenses
2023
2022
£
£
Other interest on financial liabilities
478,481
256,929
Interest on finance leases and hire purchase contracts
3,447
15,921
Other interest
1,148
8,698
Total finance costs
483,076
281,548
9
Taxation
2023
2022
£
£
Current tax
Adjustments in respect of prior periods
-
(563)
Deferred tax
Origination and reversal of timing differences
9,000
174,000
Tax losses carried forward
-
23,000
Total deferred tax
9,000
197,000
Total tax charge
9,000
196,437

The actual charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
(Loss)/profit before taxation
(944,355)
1,618,890
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
(179,427)
307,589
Tax effect of expenses that are not deductible in determining taxable profit
113,478
113,708
Tax effect of utilisation of tax losses not previously recognised
-
(132,821)
Change in unrecognised deferred tax assets
74,724
(90,498)
Adjustments in respect of prior years
225
(563)
Additional capital allowances
-
(978)
Taxation charge
9,000
196,437
ST JULIAN'S SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 21 -
10
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Interim paid
60,000
60,000
11
Intangible fixed assets
Group
Goodwill
Negative goodwill
Total
£
£
£
Cost
At 1 April 2022 and 31 March 2023
5,945,589
(29,157)
5,916,432
Amortisation and impairment
At 1 April 2022
3,918,534
(13,365)
3,905,169
Amortisation charged for the year
594,559
(2,916)
591,643
At 31 March 2023
4,513,093
(16,281)
4,496,812
Carrying amount
At 31 March 2023
1,432,496
(12,876)
1,419,620
At 31 March 2022
2,027,055
(15,792)
2,011,263
The company had no intangible fixed assets at 31 March 2023 or 31 March 2022.
12
Tangible fixed assets
Group
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 April 2022
52,091
233,580
285,671
Disposals
-
(9,975)
(9,975)
At 31 March 2023
52,091
223,605
275,696
Depreciation and impairment
At 1 April 2022
38,218
180,808
219,026
Depreciation charged in the year
8,254
37,954
46,208
Eliminated in respect of disposals
-
(9,975)
(9,975)
At 31 March 2023
46,472
208,787
255,259
Carrying amount
At 31 March 2023
5,619
14,818
20,437
At 31 March 2022
13,873
52,772
66,645
ST JULIAN'S SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
12
Tangible fixed assets
(Continued)
- 22 -
The company had no tangible fixed assets at 31 March 2023 or 31 March 2022.

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2023
2022
2023
2022
£
£
£
£
Motor vehicles
-
23,484
-
-
13
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
14
-
-
1,099
1,099
Movements in fixed asset investments
Company
Shares in group undertakings
£
Cost or valuation
At 1 April 2022 and 31 March 2023
1,099
Carrying amount
At 31 March 2023
1,099
At 31 March 2022
1,099
14
Subsidiaries

Details of the company's subsidiaries at 31 March 2023 are as follows:

Name of undertaking
Address
Class of
% Held
shares held
Direct
Banbury Development Limited
1
Ordinary
100.00
Benfield Homes (Midlands) Ltd
1
Ordinary
100.00
Fletcher Homes (Shropshire) Limited
2
Ordinary
100.00
St. Julian's Friars (Shrewsbury) Limited
1
Ordinary
100.00

Registered office addresses (all UK unless otherwise indicated):

1
Church Road, Gaydon, Warwickshire, CV35 0EZ
2
Mount Pleasant Road, Shrewsbury, Shropshire, SY1 3EN
ST JULIAN'S SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 23 -
15
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Land held for development
6,574,672
6,798,214
-
-
Work in progress
7,197,290
4,388,491
-
-
Finished goods and goods for resale
477,000
1,063,206
-
-
14,248,962
12,249,911
-
-
16
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
4,830
93,033
-
-
Amounts owed by group undertakings
-
-
4,343,806
205,312
Other debtors
69,701
123,394
-
-
Prepayments and accrued income
57,692
44,864
-
-
132,223
261,291
4,343,806
205,312
Deferred tax asset
46,000
55,000
-
-
178,223
316,291
4,343,806
205,312
ST JULIAN'S SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 24 -
17
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
19
52,590
117,869
-
-
Obligations under finance leases
20
-
45,553
-
-
Other borrowings
19
6,284,645
4,529,875
-
-
Trade creditors
1,404,269
1,202,302
-
6,853
Other taxation and social security
125,612
58,601
-
-
Other creditors
1,038,269
786,894
311,711
-
Accruals
79,627
56,530
10,950
9,252
8,985,012
6,797,624
322,661
16,105

Included in other borrowings are a loan of £6,284,645 (2022 - £4,388,482 ) which is secured on land held by Fletcher Homes (Shropshire) Limited and £Nil (2022 - £141,393) which is secured on assets held by Banbury Developments Limited.

 

The Bank loan of £52,590 (2022 - £117,869) is secured by the UK government under the Coronavirus Business Interruption Loan Scheme (CBILS).

 

Obligations under finance lease agreements of £Nil (2022 - £45,443) are secured on the assets to which they relate, held by Fletcher Homes (Shropshire) Limited.

 

18
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
19
-
52,590
-
-

Bank loans and overdrafts of £Nil (2022 - £52,590) are secured by the UK government under the Coronavirus Business Interruption Loan Scheme (CBILS).

 

 

ST JULIAN'S SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 25 -
19
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
52,590
170,459
-
-
Other loans
6,284,645
4,529,875
-
-
6,337,235
4,700,334
-
-
Payable within one year
6,337,235
4,647,744
-
-
Payable after one year
-
52,590
-
-

Bank loans comprise two loans under the Coronavirus Business Interruption Loan Scheme (CBILS).

 

The first loan was advanced in July 2020 and was for a term of 24 months.

 

The second loan was advanced in September 2020 and is for a term of 36 months. Interest is charged at and annual rate of 13.56%.

 

The first 12 interest payments for both loans are payable by the CBILS Guarantor (Government).

 

Other loans compromise of finance secured against land purchased by the company and the construction of houses on that land. There are no fixed repayment terms, settlement occurs when house sales are completed. The loans are repayable on demand.

20
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
-
45,553
-
-

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. There are no restrictions placed on the use of the assets. The lease term is two years. The lease is on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

ST JULIAN'S SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 26 -
21
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Assets
Assets
2023
2022
Group
£
£
Accelerated capital allowances
(1,400)
8,000
Tax losses
46,400
46,000
Retirement benefit obligations
1,000
1,000
46,000
55,000
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the year:
£
£
Asset at 1 April 2022
(55,000)
-
Charge to profit or loss
9,000
-
Asset at 31 March 2023
(46,000)
-

The deferred tax asset set out above is expected to reverse within 12 months and relates to the utilisation of tax losses against future expected profits of the same period.

22
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
50,182
46,093

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

 

The group was committed to pay £7,459 (2022: £7,660 ) in respect of defined contribution schemes at the balance sheet date.

23
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
ST JULIAN'S SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 27 -
24
Reserves
Profit and loss reserves

Profit and loss reserves represent the retained profits of the group since its inception.

25
Operating lease commitments

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
30,970
29,083
-
-
Between two and five years
1,360
60,464
-
-
32,330
89,547
-
-
26
Financial commitments, guarantees and contingent liabilities

Road bonds have been issued on behalf of Fletcher Homes (Shropshire) Limited and Banbury Developments Limited in favour of various local authorities amounting to £452,646 (2022 - £461,727 ) and £144,733 (2022 - £144,733), respectively.

27
Related party transactions
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Sales
Sales
2023
2022
£
£
Group
Other related parties
8,130
1,119,899

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2023
2022
£
£
Group
Entities under common control
1,038,256
722,065

The Group has a loan with an entity under common control. The loan is not subject to interest and there are no fixed repayments. The loan is repayable on demand.

ST JULIAN'S SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 28 -
28
Controlling party

The ultimate controlling party is A C Benfield by virtue of his majority shareholding.

The ultimate controlling party is A C Benfield by virtue of his majority shareholding.

29
Cash absorbed by group operations
2023
2022
£
£
(Loss)/profit for the year after tax
(953,355)
1,422,453
Adjustments for:
Taxation charged
9,000
196,437
Finance costs
483,076
281,548
Gain on disposal of tangible fixed assets
(5,917)
-
Amortisation and impairment of intangible assets
591,643
591,643
Depreciation and impairment of tangible fixed assets
46,208
61,657
Movements in working capital:
Increase in stocks
(1,999,051)
(4,464,274)
Decrease in debtors
129,068
41,645
Increase in creditors
543,450
128,500
Cash absorbed by operations
(1,155,878)
(1,740,391)
30
Analysis of changes in net debt - group
1 April 2022
Cash flows
31 March 2023
£
£
£
Cash at bank and in hand
580,315
(101,689)
478,626
Borrowings excluding overdrafts
(4,700,334)
(1,636,901)
(6,337,235)
Obligations under finance leases
(45,553)
45,553
-
(4,165,572)
(1,693,037)
(5,858,609)
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