Caseware UK (AP4) 2023.0.135 2023.0.135 2024-07-312024-07-31642023-08-01falseNo description of principal activity69falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 03510694 2023-08-01 2024-07-31 03510694 2022-08-01 2023-07-31 03510694 2024-07-31 03510694 2023-07-31 03510694 2022-08-01 03510694 c:Director1 2023-08-01 2024-07-31 03510694 d:Buildings d:LongLeaseholdAssets 2023-08-01 2024-07-31 03510694 d:Buildings d:LongLeaseholdAssets 2024-07-31 03510694 d:Buildings d:LongLeaseholdAssets 2023-07-31 03510694 d:LandBuildings 2024-07-31 03510694 d:LandBuildings 2023-07-31 03510694 d:PlantMachinery 2023-08-01 2024-07-31 03510694 d:PlantMachinery 2024-07-31 03510694 d:PlantMachinery 2023-07-31 03510694 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 03510694 d:MotorVehicles 2023-08-01 2024-07-31 03510694 d:MotorVehicles 2024-07-31 03510694 d:MotorVehicles 2023-07-31 03510694 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 03510694 d:OfficeEquipment 2023-08-01 2024-07-31 03510694 d:OfficeEquipment 2024-07-31 03510694 d:OfficeEquipment 2023-07-31 03510694 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 03510694 d:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 03510694 d:CurrentFinancialInstruments 2024-07-31 03510694 d:CurrentFinancialInstruments 2023-07-31 03510694 d:CurrentFinancialInstruments d:WithinOneYear 2024-07-31 03510694 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 03510694 d:ShareCapital 2023-08-01 2024-07-31 03510694 d:ShareCapital 2024-07-31 03510694 d:ShareCapital 2022-08-01 2023-07-31 03510694 d:ShareCapital 2023-07-31 03510694 d:ShareCapital 2022-08-01 03510694 d:SharePremium 2023-08-01 2024-07-31 03510694 d:SharePremium 2024-07-31 03510694 d:SharePremium 2022-08-01 2023-07-31 03510694 d:SharePremium 2023-07-31 03510694 d:SharePremium 2022-08-01 03510694 d:RetainedEarningsAccumulatedLosses 2023-08-01 2024-07-31 03510694 d:RetainedEarningsAccumulatedLosses 2024-07-31 03510694 d:RetainedEarningsAccumulatedLosses 2022-08-01 2023-07-31 03510694 d:RetainedEarningsAccumulatedLosses 2023-07-31 03510694 d:RetainedEarningsAccumulatedLosses 2022-08-01 03510694 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-07-31 03510694 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-07-31 03510694 d:AcceleratedTaxDepreciationDeferredTax 2024-07-31 03510694 d:AcceleratedTaxDepreciationDeferredTax 2023-07-31 03510694 c:OrdinaryShareClass1 2023-08-01 2024-07-31 03510694 c:OrdinaryShareClass1 2024-07-31 03510694 c:OrdinaryShareClass1 2023-07-31 03510694 c:OrdinaryShareClass2 2023-08-01 2024-07-31 03510694 c:OrdinaryShareClass2 2024-07-31 03510694 c:OrdinaryShareClass2 2023-07-31 03510694 c:OrdinaryShareClass3 2023-08-01 2024-07-31 03510694 c:OrdinaryShareClass3 2024-07-31 03510694 c:OrdinaryShareClass3 2023-07-31 03510694 c:FRS102 2023-08-01 2024-07-31 03510694 c:AuditExempt-NoAccountantsReport 2023-08-01 2024-07-31 03510694 c:FullAccounts 2023-08-01 2024-07-31 03510694 c:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 03510694 2 2023-08-01 2024-07-31 03510694 6 2023-08-01 2024-07-31 03510694 e:PoundSterling 2023-08-01 2024-07-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 03510694














PALMSTEAD NURSERIES LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 JULY 2024

 
PALMSTEAD NURSERIES LIMITED
REGISTERED NUMBER:03510694

BALANCE SHEET
AS AT 31 JULY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
836,396
928,728

Investments
 5 
6,071
6,094

  
842,467
934,822

Current assets
  

Stocks
 6 
1,404,258
1,276,831

Debtors: amounts falling due within one year
 7 
535,587
496,979

Cash at bank and in hand
 8 
1,321,154
1,366,948

  
3,260,999
3,140,758

Creditors: amounts falling due within one year
 9 
(845,438)
(791,963)

Net current assets
  
 
 
2,415,561
 
 
2,348,795

Total assets less current liabilities
  
3,258,028
3,283,617

Provisions for liabilities
  

Deferred tax
 11 
(91,132)
(172,106)

  
 
 
(91,132)
 
 
(172,106)

Net assets
  
£3,166,896
£3,111,511


Capital and reserves
  

Called up share capital 
 12 
526,500
526,500

Share premium account
  
500,000
500,000

Profit and loss account
  
2,140,396
2,085,011

  
£3,166,896
£3,111,511


Page 1

 
PALMSTEAD NURSERIES LIMITED
REGISTERED NUMBER:03510694

BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 December 2024.




M S Hutchinson
Director

The notes on pages 5 to 14 form part of these financial statements.

Page 2

 
PALMSTEAD NURSERIES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 August 2023
526,500
500,000
2,085,011
3,111,511


Comprehensive income for the year

Profit for the year
-
-
165,273
165,273
Total comprehensive income for the year
-
-
165,273
165,273


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(109,888)
(109,888)


Total transactions with owners
-
-
(109,888)
(109,888)


At 31 July 2024
£526,500
£500,000
£2,140,396
£3,166,896


The notes on pages 5 to 14 form part of these financial statements.

Page 3

 
PALMSTEAD NURSERIES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 August 2022
526,500
500,000
2,169,028
3,195,528


Comprehensive income for the year

Profit for the year
-
-
39,571
39,571
Total comprehensive income for the year
-
-
39,571
39,571


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(123,588)
(123,588)


Total transactions with owners
-
-
(123,588)
(123,588)


At 31 July 2023
£526,500
£500,000
£2,085,011
£3,111,511


The notes on pages 5 to 14 form part of these financial statements.

Page 4

 
PALMSTEAD NURSERIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.


General information

Palmstead Nurseries Limited is a private company, limited by shares incorporated in England and Wales. 
The registered company number is 03510694. The registered office address of the company is Harville Road, Wye, Ashford, Kent, TN25 5EU. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 5

 
PALMSTEAD NURSERIES LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 6

 
PALMSTEAD NURSERIES LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
15% straight line
Plant and machinery
-
15% straight line
Motor vehicles
-
15% straight line
Office equipment
-
15% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 7

 
PALMSTEAD NURSERIES LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.16

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial
Page 8

 
PALMSTEAD NURSERIES LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)


2.16
Financial instruments (continued)

Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

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

Financial assets and liabilities are offset, with 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is
Page 9

 
PALMSTEAD NURSERIES LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)


2.16
Financial instruments (continued)

immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Employees
69
64

Page 10

 
PALMSTEAD NURSERIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

4.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 August 2023
516,995
3,101,096
250,868
605,899
4,474,858


Additions
44,262
117,406
-
26,901
188,569


Disposals
-
(49,584)
-
-
(49,584)



At 31 July 2024

561,257
3,168,918
250,868
632,800
4,613,843



Depreciation


At 1 August 2023
287,372
2,702,741
98,362
457,656
3,546,131


Charge for the year on owned assets
63,542
138,900
34,483
38,422
275,347


Disposals
-
(44,031)
-
-
(44,031)



At 31 July 2024

350,914
2,797,610
132,845
496,078
3,777,447



Net book value



At 31 July 2024
£210,343
£371,308
£118,023
£136,722
£836,396



At 31 July 2023
£229,623
£398,356
£152,506
£148,243
£928,728




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Long leasehold
210,343
229,623

£210,343
£229,623


Page 11

 
PALMSTEAD NURSERIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

5.


Fixed asset investments





Listed investments

£



Cost or valuation


At 1 August 2023
6,094


Additions
61


Revaluations
(84)



At 31 July 2024
£6,071





6.


Stocks

2024
2023
£
£

Raw materials and consumables
271,257
301,139

Finished goods and goods for resale
1,133,001
975,692

£1,404,258
£1,276,831



7.


Debtors

2024
2023
£
£


Trade debtors
491,205
448,511

Other debtors
825
6,589

Prepayments and accrued income
43,557
41,879

£535,587
£496,979



8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,321,154
1,366,948

Less: bank overdrafts
-
(960)

£1,321,154
£1,365,988


Page 12

 
PALMSTEAD NURSERIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
-
960

Payments received on account
55,371
35,717

Trade creditors
301,036
328,798

Corporation tax
91,150
51,439

Other taxation and social security
212,929
247,738

Other creditors
29,199
25,150

Accruals and deferred income
155,753
102,161

£845,438
£791,963



10.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
£1,327,225
£1,373,042




Financial assets measured at fair value through profit or loss comprise of listed investments and cash/bank balances


11.


Deferred taxation




2024


£






At beginning of year
(172,106)


Charged to profit or loss
80,974



At end of year
£(91,132)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
91,132
172,106

£91,132
£172,106

Page 13

 
PALMSTEAD NURSERIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

12.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



750,000 (2023 - 750,000) Ordinary shares of £0.50 each
375,000
375,000
250,000 (2023 - 250,000) Ordinary B shares of £0.50 each
125,000
125,000
53,000 (2023 - 53,000) Ordinary C shares of £0.50 each
26,500
26,500

£526,500

£526,500



13.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £152,315 (2023 - £160,824). Contributions totalling £19,898 (2023- £21,370) were payable to the fund at the balance sheet date and included in creditors. 


Page 14