Company registration number 12101852 (England and Wales)
J FFRENCH GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
J FFRENCH GROUP LIMITED
COMPANY INFORMATION
Director
J Ffrench
Company number
12101852
Registered office
Unit 3 Beamish Close
Middlefield Industrial Estate
Sandy
Bedfordshire
England
SG19 1SD
Auditor
Mercer & Hole LLP
Trinity Court
Church Street
Rickmansworth
WD3 1RT
Business address
Unit 3 Beamish Close
Middlefield Industrial Estate
Sandy
Bedfordshire
England
SG19 1SD
J FFRENCH GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 2
Director's report
3 - 4
Director's responsibilities statement
5
Independent auditor's report
6 - 8
Profit and loss account
9
Group statement of comprehensive income
10
Group balance sheet
11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Notes to the financial statements
16 - 31
J FFRENCH GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2022
- 1 -

The director presents the strategic report for the year ended 31 March 2022.

Review and analysis of the business during the current year

The group continues to focus on its core activity of groundworks, civil engineering and plant hire. The focus of the management team is to deliver high quality service to our clients.

 

The holding company, J Ffrench Group Limited, did not trade during the year and held investments in the subsidiary undertakings only.

 

Group turnover has increased to £17,371,787 (2021: £15,876,439). However, the gross profit margin has decreased from 19% in 2021, to 13% in 2022.

 

The loss before tax for the year for the group amounted to £904,999 (2021: £752,245 profit) which, in the opinion of the director is disappointing.

 

Trading conditions were difficult throughout the year and this has continued post year end. This is as a result of the impact of the pandemic, inflationary pressures and labour supply issues within the sector.

 

These issues have created pressure on the group’s cashflows and led to one of the group’s subsidiaries ceasing to trade post year end. The Director has managed the group's cashflow by seeking additional funding and arranging payment plans with key creditors and the Group have sold surplus assets which has eased the pressure on cash flow to date. The director has also focused on securing contracts whilst limiting the exposure to risk for these issues.

 

In addition to this, the Group is in the process of securing a tenant for the property which, if successful, will generate surplus cash to repay the outstanding creditors and provide funds to reinvest into the Group.

Principal risks and uncertainties facing the business

Management continually monitor the key risks facing the company, together with assessing the controls used for managing these risks. The board of directors formally reviews and documents the principal risks facing the business at least annually.

 

The principal risks and uncertainties facing the company are as follows:

 

 

 

 

Key performance indicators

Management use a range of performance measures to monitor and manage the business. The KPIs used to determine the progress and performance of the group are set out below:

 

 

 

J FFRENCH GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 2 -
Financial position at the reporting date

The director is focusing on hiring out plant, to generate income, and managing cashflow. Surplus assets are being disposed off to reduce asset finance commitments.

On behalf of the board

J Ffrench
Director
2 April 2025
J FFRENCH GROUP LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2022
- 3 -

The director presents his annual report and financial statements for the year ended 31 March 2022.

Principal activities

The principal activity of the company was a holding company while the group continued to be that of property development and construction activities.

Results and dividends

No ordinary dividends were paid. The director does not recommend payment of a further dividend.

Director

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

J Ffrench
Financial instruments

The group's principal financial instruments comprise of bank balances. The main purpose of its financial instrument is to finance the group's operations.

 

In respect of bank balances, the liquidity risk is managed by transferring funds between the accounts of the group to obtain the maximum rate of interest, whilst not impacting on the immediate financial needs of the group.

 

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.

 

Liquidity risk in respect of creditors is managed by ensuring sufficient funds are available to meet amounts due.

Post reporting date events

One of the company's subsidiaries, J Ffrench Ltd has discontinued its operations after the year end.

 

For the 2022 financial year, the financial statements of the subsidiary have been prepared on a going concern basis, and no adjustments have been made to the carrying value of the subsidiary’s assets and liabilities as at the balance sheet date.

 

The cessation of trading occurred after the balance sheet date and therefore has not been reflected in the financial statements, except for the disclosure in this note.

Auditor

Mercer & Hole LLP were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

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.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

J FFRENCH GROUP LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 4 -
On behalf of the board
J Ffrench
Director
2 April 2025
J FFRENCH GROUP LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2022
- 5 -

The director is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:

 

 

The director is 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. He is 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.

J FFRENCH GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF J FFRENCH GROUP LIMITED
- 6 -
Opinion

We have audited the financial statements of J Ffrench Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2022 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, 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.

Emphasis of Matter - Post Year End Event

We draw attention to Note 23 in the financial statements, which describes a significant post-year-end event. Specifically, in relation to the Company’s subsidiary, J Ffrench Ltd that ceased trading after the financial year end.

 

The note explains the potential impact on the financial position of the Group. Our opinion is not modified in respect of this matter.

Material uncertainty related to going concern

We draw your attention to note 1.3 in the financial statements, which indicates that the Director is currently negotiating payment plans with key creditors, seeking additional funding and selling assets which will allow them to manage their cash flows.

 

As noted in 1.3, these conditions represent a material uncertainty that may cast significant doubt on the Group and Company's ability to continue as a going concern. The strain on cash inflows may result in the Group and Company being unable to discharge its liabilities in the normal cause of business.

 

Notwithstanding the above, in auditing the financial statements we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

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

J FFRENCH GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF J FFRENCH GROUP LIMITED
- 7 -

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 director is 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:

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 director's 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 director

As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is 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 director either intends to liquidate the parent company or to cease operations, or has 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.

J FFRENCH GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF J FFRENCH GROUP LIMITED
- 8 -
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. These included, but were not limited to, the Companies Act 2006 and tax legislation.

 

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements and the financial report (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate entries including journals to overstate revenue or understate expenditure and management bias in accounting estimates.

 

Audit procedures performed by the engagement team included:

 

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non- compliance and cannot be expected to detect non-compliance with all laws and regulations.

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.

Other matters which we are required to address

In the previous accounting period the director of the Company took advantage of audit exemption under s477. Therefore the prior period financial statements were not subject to audit.

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.

Mark Cassidy FCA (Senior Statutory Auditor)
For and on behalf of Mercer & Hole LLP
3 April 2025
Chartered Accountants
Statutory Auditor
Trinity Court
Church Street
Rickmansworth
WD3 1RT
J FFRENCH GROUP LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2022
- 9 -
2022
2021
Notes
£
£
Turnover
3
17,371,787
15,876,439
Cost of sales
(15,136,301)
(12,781,293)
Gross profit
2,235,486
3,095,146
Administrative expenses
(3,057,988)
(2,235,339)
Other operating income
32,078
13,681
Operating (loss)/profit
4
(790,424)
873,488
Interest payable and similar expenses
7
(114,575)
(121,243)
(Loss)/profit before taxation
(904,999)
752,245
Tax on (loss)/profit
8
(84,645)
(30,037)
(Loss)/profit for the financial year
22
(989,644)
722,208
(Loss)/profit for the financial year is all attributable to the owners of the parent company.
J FFRENCH GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2022
- 10 -
2022
2021
£
£
(Loss)/profit for the year
(989,644)
722,208
Other comprehensive income
-
-
Total comprehensive (loss)/income for the year
(989,644)
722,208
Total comprehensive (loss)/income for the year is all attributable to the owners of the parent company.
J FFRENCH GROUP LIMITED
GROUP BALANCE SHEET
AS AT
31 MARCH 2022
31 March 2022
- 11 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
9
9,178,137
7,254,632
Current assets
Stocks
13
64,280
25,162
Debtors
14
4,286,096
4,505,296
Cash at bank and in hand
12,829
348,488
4,363,205
4,878,946
Creditors: amounts falling due within one year
15
(6,669,548)
(5,264,739)
Net current liabilities
(2,306,343)
(385,793)
Total assets less current liabilities
6,871,794
6,868,839
Creditors: amounts falling due after more than one year
16
(3,899,591)
(2,985,001)
Provisions for liabilities
Deferred tax liability
19
573,592
495,583
(573,592)
(495,583)
Net assets
2,398,611
3,388,255
Capital and reserves
Called up share capital
21
300,100
300,100
Other reserves
22
2,087,006
2,087,006
Profit and loss reserves
22
11,505
1,001,149
Total equity
2,398,611
3,388,255

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved and signed by the director and authorised for issue on 2 April 2025
02 April 2025
J Ffrench
Director
Company registration number 12101852 (England and Wales)
J FFRENCH GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2022
31 March 2022
- 12 -
2022
2021
Notes
£
£
£
£
Fixed assets
Investments
10
100
300,100
Current assets
Debtors
14
287,917
309,020
Creditors: amounts falling due within one year
15
(287,917)
(309,020)
Net current assets
-
-
Net assets
100
300,100
Capital and reserves
Called up share capital
21
300,100
300,100
Profit and loss reserves
22
(300,000)
-
Total equity
100
300,100

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £300,000 (2021 - £0 profit).

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

The financial statements were approved and signed by the director and authorised for issue on 2 April 2025
02 April 2025
J Ffrench
Director
Company registration number 12101852 (England and Wales)
J FFRENCH GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2022
- 13 -
Share capital
Other reserves
Profit and loss reserves
Total
£
£
£
£
Balance at 1 April 2020
300,100
2,087,006
278,941
2,666,047
Year ended 31 March 2021:
Profit and total comprehensive income
-
-
722,208
722,208
Balance at 31 March 2021
300,100
2,087,006
1,001,149
3,388,255
Year ended 31 March 2022:
Loss and total comprehensive income
-
-
(989,644)
(989,644)
Balance at 31 March 2022
300,100
2,087,006
11,505
2,398,611
J FFRENCH GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2022
- 14 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2020
300,100
-
0
300,100
Year ended 31 March 2021:
Profit and total comprehensive income for the year
-
-
-
0
Balance at 31 March 2021
300,100
-
0
300,100
Year ended 31 March 2022:
Profit and total comprehensive income
-
(300,000)
(300,000)
Balance at 31 March 2022
300,100
(300,000)
100
J FFRENCH GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2022
- 15 -
2022
2021
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
1,432,930
1,881,255
Interest paid
(114,575)
(121,243)
Income taxes refunded
40,578
3,932
Net cash inflow from operating activities
1,358,933
1,763,944
Investing activities
Purchase of tangible fixed assets
(784,405)
(1,593,785)
Proceeds from disposal of tangible fixed assets
888,999
1,468,354
Net cash generated from/(used in) investing activities
104,594
(125,431)
Financing activities
Repayment of bank loans
(29,320)
(14,930)
Payment of finance leases obligations
(1,787,694)
(1,308,448)
Net cash used in financing activities
(1,817,014)
(1,323,378)
Net (decrease)/increase in cash and cash equivalents
(353,487)
315,135
Cash and cash equivalents at beginning of year
348,488
33,353
Cash and cash equivalents at end of year
(4,999)
348,488
Relating to:
Cash at bank and in hand
12,829
348,488
Bank overdrafts included in creditors payable within one year
(17,828)
-
J FFRENCH GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 16 -
1
Accounting policies
Company information

J Ffrench Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Unit 3 Beamish Close, Middlefield Industrial Estate, Sandy, Hertfordshire, SG19 1SD.

 

The group consists of J Ffrench Group 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.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

J FFRENCH GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 17 -
1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company J Ffrench Group 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.

 

J Ffrench Group Limited, the parent company, acquired the entire share capital of J Ffrench Limited and J Ffrench Plant Hire Limited on 9 September 2019 via a share for share exchange. For the consolidated financial statements of the group, prepared under FRS 102, the principles of merger accounting were applied. J Ffrench Group Limited became the immediate parent company of J Ffrench Limited and J Ffrench Plant Hire Limited through this restructuring.

 

By applying the principles of merger accounting, the group is presented as if J Ffrench Group Limited had always owned and controlled J Ffrench Limited and J Ffrench Plant Hire Limited. Accordingly, the assets and liabilities of J Ffrench Limited and J Ffrench Plant Hire Limited were recognised at their historical carrying amounts, the results for the periods prior to the date the company legally obtained control were recognised and the financial information and cash flows reflect those of J Ffrench Limited and J Ffrench Plant Hire Limited. The comparative and current year group consolidated results were adjusted to reflect the statutory share capital and merger reserves as if it had always existed.

 

All financial statements are made up to 31 March 2022. 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.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.3
Going concern

These financial statements are prepared on the going concern basis. The director has a reasonable expectation that the group will continue in operational existence for the foreseeable future. However, the director is aware of certain material uncertainties which may cause doubt on the group's ability to continue as a going concern.

 

Trading conditions were difficult throughout the year and this has continued post year end. The Director has managed the group's cashflow by seeking additional funding and arranging payment plans with key creditors. The Group have also sold surplus assets which has eased the pressure on cash flow to date.

 

Furthermore, the group is in the process of securing a tenant for the property which will, if successful, generate cash to continue repaying the outstanding loans and provide further cashflows into the group.

 

However, there will continue to be significant pressure on cash flows which represent a material uncertainty that may cast significant doubt upon the Group and Company's ability to continue as a going concern.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for plant hire 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.

1.5
Tangible fixed assets

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

J FFRENCH GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 18 -

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

Freehold land and buildings
2% reducing balance / 20% straight line
Plant and equipment
13% reducing balance
Computers
50% straight line
Motor vehicles
13% reducing balance

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.

1.6
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.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.7
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

J FFRENCH GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 19 -
1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks 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.

1.9
Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

 

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

 

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

1.10
Cash and cash equivalents

Cash and cash equivalents 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.

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.

J FFRENCH GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 20 -
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 group 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 group after deducting all of its liabilities.

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 payments 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. Amounts 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 group's contractual obligations expire or are discharged or cancelled.

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.

J FFRENCH GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 21 -
1.13
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 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 profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

J FFRENCH GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 22 -
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
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the director is 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.

Critical judgements

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Revenue recognition in respect of services

The group uses the percentage of completion method to recognise project revenue for fixed-price contracts. This method requires the director to estimate the level of services performed at each reporting date as a proportion of the total services to be performed to complete the contract. Variations to estimates could result in the over or under recognition of revenue.

Recoverability of receivables

The group establishes a provision for receivables that are estimated not to be recoverable. When assessing recoverability the director considers factors such as the aging of the receivables, past experience of recoverability and the credit profile of individuals or groups of customers.

Determining residual values and useful economic lives of property, plant and equipment

The group depreciates tangible assets over their estimated useful lives. The estimation of the useful lives of the assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied by management. The actual lives of these assets can vary depending on a variety of factors, including technological innovation, product life cycles and maintenance programmes.

 

Judgement is applied by management when determining the residual values for tangible fixed assets. When determining the residual value management aim to assess the amount that the company would currently obtain for the disposal of the asset, if it were already of the condition expected a the end of its useful economic life. Where possible this is done with reference to external market prices.

J FFRENCH GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 23 -
3
Turnover and other revenue
2022
2021
£
£
Turnover analysed by class of business
Plant hire
1,989,970
257,374
Construction
15,381,817
15,619,065
17,371,787
15,876,439
2022
2021
£
£
Turnover analysed by geographical market
United Kingdom
17,371,787
15,876,439
2022
2021
£
£
Other revenue
Grants received
-
13,681
4
Operating (loss)/profit
2022
2021
£
£
Operating (loss)/profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
5,168
(205)
Government grants
-
(13,681)
Depreciation of owned tangible fixed assets
451,819
553,668
Depreciation of tangible fixed assets held under finance leases
690,606
254,603
Loss/(profit) on disposal of tangible fixed assets
87,339
(214,809)
Operating lease charges
27,237
5,818
5
Auditor's remuneration
2022
2021
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
12,500
-
Audit of the financial statements of the company's subsidiaries
21,000
-
33,500
-
For other services
All other non-audit services
33,720
35,830
J FFRENCH GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 24 -
6
Employees

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

Group
Company
2022
2021
2022
2021
Number
Number
Number
Number
Directors and key management
3
3
1
1
Operations
34
39
-
-
Total
37
42
1
1

Their aggregate remuneration comprised:

Group
Company
2022
2021
2022
2021
£
£
£
£
Wages and salaries
1,895,930
1,823,620
-
0
-
0
Social security costs
214,592
211,096
-
-
Pension costs
36,298
34,008
-
0
-
0
2,146,820
2,068,724
-
0
-
0
7
Interest payable and similar expenses
2022
2021
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
23,354
12,851
Other finance costs:
Interest on finance leases and hire purchase contracts
91,221
108,392
Total finance costs
114,575
121,243
8
Taxation
2022
2021
£
£
Current tax
Adjustments in respect of prior periods
6,636
(122,450)
Deferred tax
Origination and reversal of timing differences
78,009
152,487
Total tax charge
84,645
30,037
J FFRENCH GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
8
Taxation
(Continued)
- 25 -

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:

2022
2021
£
£
(Loss)/profit before taxation
(904,999)
752,245
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 19.00% (2021: 19.00%)
(171,950)
142,927
Tax effect of expenses that are not deductible in determining taxable profit
633
-
0
Adjustments in respect of prior years
-
0
(122,450)
Effect of change in corporation tax rate
(14,960)
-
Permanent capital allowances in excess of depreciation
(4,815)
(86,554)
Other permanent differences
269,101
96,114
Deferred tax adjustments in respect of prior years
6,636
-
0
Taxation charge
84,645
30,037
9
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2021
1,057,359
8,084,456
67,455
493,955
9,703,225
Additions
-
0
3,889,696
-
0
152,572
4,042,268
Disposals
-
0
(2,225,589)
-
0
(149,181)
(2,374,770)
At 31 March 2022
1,057,359
9,748,563
67,455
497,346
11,370,723
Depreciation and impairment
At 1 April 2021
12,982
2,273,621
15,101
146,889
2,448,593
Depreciation charged in the year
15,704
1,040,234
33,727
52,760
1,142,425
Eliminated in respect of disposals
-
0
(1,313,846)
-
0
(84,586)
(1,398,432)
At 31 March 2022
28,686
2,000,009
48,828
115,063
2,192,586
Carrying amount
At 31 March 2022
1,028,673
7,748,554
18,627
382,283
9,178,137
At 31 March 2021
1,044,377
5,810,835
52,354
347,066
7,254,632
The company had no tangible fixed assets at 31 March 2022 or 31 March 2021.
J FFRENCH GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
9
Tangible fixed assets
(Continued)
- 26 -

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
2022
2021
2022
2021
£
£
£
£
Plant and equipment
5,465,160
3,016,860
-
0
-
0
10
Fixed asset investments
Group
Company
2022
2021
2022
2021
Notes
£
£
£
£
Investments in subsidiaries
11
-
0
-
0
100
300,100
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2021 and 31 March 2022
300,100
Impairment
At 1 April 2021
-
Impairment losses
300,000
At 31 March 2022
300,000
Carrying amount
At 31 March 2022
100
At 31 March 2021
300,100

The impairment losses reported of £300,000 related to the Company's investment in J Ffrench Limited.

11
Subsidiaries

Details of the company's subsidiaries at 31 March 2022 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
J Ffrench Limited
England and Wales
Ordinary
100.00
J Ffrench Plant Hire Ltd
England and Wales
Ordinary
100.00
J FFRENCH GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 27 -
12
Financial instruments
Group
Company
2022
2021
2022
2021
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
4,229,577
4,458,282
n/a
n/a
Carrying amount of financial liabilities
Measured at amortised cost
10,069,547
8,013,998
n/a
n/a

The directors consider that the carrying amounts of financial assets and liabilities carried at amortised cost in the financial statements are approximate to their fair values.

13
Stocks
Group
Company
2022
2021
2022
2021
£
£
£
£
Finished goods and goods for resale
64,280
25,162
-
0
-
0
14
Debtors
Group
Company
2022
2021
2022
2021
Amounts falling due within one year:
£
£
£
£
Trade debtors
4,159,005
4,123,396
-
0
-
0
Corporation tax recoverable
-
0
47,014
-
0
-
0
Amounts owed by group undertakings
-
-
287,917
-
Other debtors
127,091
334,886
-
0
309,020
4,286,096
4,505,296
287,917
309,020
15
Creditors: amounts falling due within one year
Group
Company
2022
2021
2022
2021
Notes
£
£
£
£
Bank loans and overdrafts
17
17,828
44,056
-
0
-
0
Obligations under finance leases
18
1,748,443
1,110,928
-
0
-
0
Trade creditors
3,703,618
3,493,162
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
-
0
309,020
Corporation tax payable
200
-
0
-
0
-
0
Other taxation and social security
499,392
235,742
-
-
Other creditors
448,427
267,110
287,917
-
0
Accruals and deferred income
251,640
113,741
-
0
-
0
6,669,548
5,264,739
287,917
309,020
J FFRENCH GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 28 -
16
Creditors: amounts falling due after more than one year
Group
Company
2022
2021
2022
2021
Notes
£
£
£
£
Bank loans and overdrafts
17
402,145
387,409
-
0
-
0
Obligations under finance leases
18
2,942,180
2,109,526
-
0
-
0
Other creditors
555,266
488,066
-
0
-
0
3,899,591
2,985,001
-
-
17
Loans and overdrafts
Group
Company
2022
2021
2022
2021
£
£
£
£
Bank loans
402,145
431,465
-
0
-
0
Bank overdrafts
17,828
-
0
-
0
-
0
419,973
431,465
-
-
Payable within one year
17,828
44,056
-
0
-
0
Payable after one year
402,145
387,409
-
0
-
0

The long-term loans are secured by fixed charges over property of the group.

 

18
Finance lease obligations
Group
Company
2022
2021
2022
2021
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
1,748,443
1,110,928
-
0
-
0
In two to five years
2,942,180
2,109,526
-
0
-
0
4,690,623
3,220,454
-
-

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is five years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

J FFRENCH GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 29 -
19
Deferred taxation

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

Liabilities
Liabilities
2022
2021
Group
£
£
Accelerated capital allowances
769,337
495,583
Tax losses
(195,745)
-
573,592
495,583
The company has no deferred tax assets or liabilities.
Group
Company
2022
2022
Movements in the year:
£
£
Liability at 1 April 2021
495,583
-
Charge to profit or loss
78,009
-
Liability at 31 March 2022
573,592
-
20
Retirement benefit schemes
2022
2021
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
36,298
34,008

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.

21
Share capital
Group and company
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
300,100
300,100
300,100
300,100
J FFRENCH GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 30 -
22
Reserves
Profit and loss reserves

Profit and loss account - This reserve records retained earnings and accumulated losses.

 

Other reserve

This represents the merger reserve and is the difference between the cost of investment and the nominal value of the share capital acquired in J Ffrench Limited and J Ffrench Plant Hire Limited under merger accounting plus any other non distributable reserves of the subsidiary undertaking. The merger reserve was created following a restructuring of the group on 9 September 2019.

 

23
Events after the reporting date

One of the company's subsidiaries, J Ffrench Ltd has discontinued its operations after the year end. During the year to 31 March 2022, the subsidiary generated a loss of £977k and had net assets of £2.26m at the year end.

 

For the 2022 financial year, the financial statements of the subsidiary have been prepared on a going concern basis, and no adjustments have been made to the carrying value of the subsidiary’s assets and liabilities as at the balance sheet date.

 

The cessation of trading occurred after the balance sheet date and therefore has not been reflected in the financial statements, except for the disclosure in this note.

24
Directors' transactions

At the year end, an amount of £916,259 was owed to the Director. This amount is interest free and payable on demand.

25
Cash generated from group operations
2022
2021
£
£
(Loss)/profit for the year after tax
(989,644)
722,208
Adjustments for:
Taxation charged
84,645
30,037
Finance costs
114,575
121,243
Loss/(gain) on disposal of tangible fixed assets
87,339
(214,809)
Depreciation and impairment of tangible fixed assets
1,142,425
808,271
Movements in working capital:
Increase in stocks
(39,118)
(6,522)
Decrease/(increase) in debtors
172,186
(1,578,420)
Increase in creditors
860,522
1,999,247
Cash generated from operations
1,432,930
1,881,255
J FFRENCH GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 31 -
26
Analysis of changes in net debt - group
1 April 2021
Cash flows
New finance leases
31 March 2022
£
£
£
£
Cash at bank and in hand
348,488
(335,659)
-
12,829
Bank overdrafts
-
0
(17,828)
-
(17,828)
348,488
(353,487)
-
(4,999)
Borrowings excluding overdrafts
(431,465)
29,320
-
(402,145)
Obligations under finance leases
(3,220,454)
1,787,694
(3,257,863)
(4,690,623)
(3,303,431)
1,463,527
(3,257,863)
(5,097,767)
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