The directors present the strategic report for the year ended 31 March 2026.
From April 2025, the group was faced with further significant increases in wage costs. This included a 6.7% increase in the National Living Wage and increases to employer national insurance contributions and a reduction in thresholds. This meant the overall increase was too significant for the group to absorb, like it had done in the previous financial year.
Subsequently, our customers were asked to support an increase in both labour and general consumable costs. Pro-actively however the business was able to mitigate some of the increases with a reduction in energy surcharge costs.
These increases have allowed the group to maintain its margins and to remain profitable for the third year in a row with a profit of £430,310 for the year ending 31st March 2026. This is a similar result for 2025 with a profit of £452,159 being generated and likewise with a similar profit of £432,934 in 2024. The Directors view these consecutive and consistent levels of a profit to be a significant achievement in an industry that has faced continuous cost pressures and geopolitical factors during this period.
Turnover in year was £12,210,882 reducing by 21% from £15,457,395 in 2025.This was due to a continued reduction in the sale of components that include child parts for assembly operations which in the year were only £590K, compared to £1.8M in 2023. But the overriding reason was due to our main automotive customer being subject to an IT cyber attack that resulted in no components being supplied for nearly a 6-week period. Following this period of inactivity, when production re-commenced, the Directors were grateful that pre-cyber attack volumes were achieved quickly and remained that way for the remainder of the financial year.
With a third year of consecutive profits, the balance sheet has strengthened overall with total equity increasing from £3,617,817 in 2025 to £4,092,895 in 2026, which represents a 13% increase. Then looking specifically at the net current liabilities, this position has improved again from (£742,625) in 2025 to (£385,502) in 2026. Finally on the balance sheet, the CBILS loan and 2 off RLS loans, all required during and after the COVID-19 crisis, have continued to be serviced during the year and there has been no requirements for any additional loan finance. Following a 33.6% reduction in long-term finance in the previous year, it has reduced again from (£1,003,374) in 2025 to (£775,218) in 2025, a further reduction of 22.7%.
Additional financial support was provided by one of our valued customers in the year.
Price Risk
During the financial year, raw material (aluminium ingot) prices have again remained stable at a slightly lower average of £2,101 per metric ton, compared to £2,125 last year. Any movement in prices, up or down, are mitigated by agreements that allow the group to pass on any movements in price to the customer. However, since the start of the new financial, due to the latest conflict in Iran, prices have increased significantly and currently stand at £2810 per metric ton.
Interest Rate Risk
The group's invoice discounting facility is linked to the Bank of England base rate, which has continued to reduce gradually from its 16 year high of 5.25% and currently stands at 3.75% This has therefore reduced the element of interest rate risk faced by the business, especially as levels of debt are reducing. The future for interest rates is somewhat clouded due to increases in inflation as a result of the continued conflicts in the middle east.
Economy Risk
Due to various geopolitical factors, including conflicts in the Middle East and Tariffs being imposed by the USA and closer to home with another pending change in Prime Minister, the outlook for the UK economy is still fragile. With such issues beyond the control of the group, there is very little that can be done to mitigate such risks.
Energy Risk
Even though there have been recent reductions in the wholesale energy prices, following a peak in February 2026, there is still volatility in the energy markets. However, the business was able to renew contracts prior to this peak and even though there was still an increase per annum, it was much lower than it could have been. The contracts signed were for 24 months, therefore removing the energy risk for the next 2 financial years.
Analysis using key performance indicators:
Profit ratio
Pre-tax profit margin 3.52% (2025: 2.92%)
Activity ratio
Stock turnover 11.6% (2025: 8.3%)
Capital ratio
Interest cover 2.59 (2025: 2.27)
On behalf of the board
The directors present their annual report and financial statements for the year ended 31 March 2026.
The results for the year are set out on page 9.
No ordinary dividends were paid. The directors do not recommend payment of a further dividend.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
The latest conflict in the Middle East, like at the start of the troubles in Ukraine and Russia, has resulted in energy prices increasing significantly. This has a knock-on effect throughout the global economy as transport and production costs spiral upwards in most industries. Subsequently, suppliers are now following a trend of adding surcharges to the products they supply, which adds to the overall operating costs of the group. In addition, the National Living Wage increased again in April 2026 by 4.1%.
Energy contracts were renewed in February 2026, just before the markets spiked, so this kept the overall increase down, but there was still an increase nevertheless. The new contracts commenced in April 26 and are fixed for 24 months.
All of these latest costs pressures resulted in the Directors having no option but to approach the customer base with a general price increase request. These requests have been accepted and will therefore greatly assist in the business remaining profitable for a fourth consecutive year. Margins are constantly under pressure and even low % levels are difficult to maintain.
The group is committed to maintaining the highest levels of quality and delivery performance, to ensure our customers get value for money and to further enhance the strong relationships that are already in place. We remain appreciative of the continued support provided by our loyal and most valued customers.
At the time of writing, the latest cost pressure is from the aluminium markets, as prices have increased over 34% in the first 6 months of the calendar year. Even though there are mechanisms in place to reflect movements in the markets, as the increase has been so significant and in such a short period of time, the purchase prices are currently still more than selling prices. This is resulting in a monthly loss on metal and is an additional drain on cash flow. The Directors understand that the markets may have reached their peak, but the concern is that prices will not fall as quickly as they have increased, so the correction of profitability and cash flow may not occur in the current financial year, if ever.
Despite the negative impact of the metal scenario detailed above, the cash position is forecast to remain positive. The dependency upon the invoice discounting facility provided by HSBC plc, will continue to reduce to a much lower level compared to previous years. In addition, the CBILS loan for £1M that was taken out at the start of the COVID-19 pandemic to provide working capital, was recently paid off in full. There has been no new debt taken out, so overall the long-term liability will continue to reduce this year to almost zero and so will the associated finance costs.
New parts are entering production this year for the BEV market which are CNC machined and assembled. Some parts also contain a laser etching process which is a new process for the group. Overall though sales are forecast to reduce compared to the previous year, so parts with extended process routes that allow for extra added value to be generated will assist in the business remaining profitable.
United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company 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 parent company, and of the profit or loss of the group for that period.
In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and parent company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent 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 parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
We have audited the financial statements of J. H. Lavender (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2026 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, the company 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).
Basis for 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
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
The information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
We identified and assessed the risks of material misstatement of the financial statements, in respect of irregularities whether due to fraud or error, or non compliance with laws and regulations and then designed and performed audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company by discussion and enquiry with the directors and management team and our general knowledge and experience of the aluminium diecasting sector.
We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, employment, and health and safety legislation;
We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, reviewing correspondence with relevant regulators.
We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur. Audit procedures performed included but were not limited to:
Discussions with directors and management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
Confirming our understanding of controls by performing a walk through test or observation and enquiry;
Performing analytical procedures to identify any unusual or unexpected relationships;
Challenging assumptions and judgements made by management in respect of freehold property
Identifying and testing journal entries;
Reviewing unusual or unexpected transactions; and
Agreeing the financial statement disclosures to underlying supporting documentation.
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. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
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.
Use of our report
This report is made solely to the parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
The profit and loss account has been prepared on the basis that all operations are continuing operations.
As permitted by section 408 of the Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £763 (2025 - £11,178 profit).
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
J. H. Lavender (Holdings) Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Hall Green Works, Crankhall Lane, West Bromwich, West Midlands, B71 3JZ.
The group consists of J. H. Lavender (Holdings) Limited and all of its subsidiaries.
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, modified to include the revaluation of freehold properties at fair value. The principal accounting policies adopted are set out below.
The consolidated group financial statements consist of the financial statements of the parent company J. H. Lavender (Holdings) 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 2026. 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.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
With the group remaining in a profit-making position for a sustained period, this has enabled a further improvement in the net current liabilities position from (£742,625) in 2025to (£385,502) in 2026. With profits forecast for subsequent years this trend is set to continue.
In addition, following a further significant reduction of 56.6% in long-term finance from (£1,003,374) to (£775,218) in 2026, at the end of the current financial year (31st March 2027) long-term finance liabilities are anticipated to be close to zero.
HSBC plc continue to provide working capital support via an invoice discounting facility and a new trade finance facility specifically for funding tooling. For capital purchases, HSBC plc continue to provide the option for asset finance if required.
At the time of approving the directors believe that the group has adequate resources to continue in
operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
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.
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.
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.
Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.
Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and loss are recognised in profit or loss.
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.
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.
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.
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.
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.
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.
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, 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.
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
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.
The tax expense represents the sum of the tax currently payable and deferred 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 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.
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.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
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.
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.
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
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.
The fair value of the land and buildings was most recently determined by Bruton Knowles LLP Chartered Surveyors in March 2025. All valuations were completed on the basis of fair value to comply with FRS102.
Their independent valuation has been carried out in accordance with Royal Institute of Chartered Surveyors - RICS Valuation - Global Standards (the 'Red Book'), and other relevant RICS guidance notes, by RICS qualified valuers.
The directors are satisfied that the value has not materially changed since the last professional valuation.
Other operating income includes a material one-off compensation receipt relating to business interruption.
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2025 - 2).
The actual credit for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
Included within tangible fixed assets are assets held under finance leases or hire purchase contracts, as follows:
The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:
The last professional valuation of freehold property was conducted in March 2025 by Bruton Knowles LLP. They are independent valuers who hold appropriate qualifications with relevant experience in this field.
The valuation was prepared in accordance with RICS Valuation - Global Standards.
The method used in determining the valuation of freehold land and buildings is the fair value as being: the price that would be received to see an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date.
Details of the company's subsidiaries at 31 March 2026 are as follows:
Included in the above trade debtors are balance totaling £239,119 (2025: £3,027,359) that are subject to invoice finance arrangements. The trade debtor balances have been transferred to the counterparty, though the transactions does not qualify for derecognition on the basis that the late payment risk is retained by the company. The associated liability recognised in creditors amounts to £115,142 (2025: £2,786,847).
Secured debts - Group
The finance leases are secured by a chattels mortgage, dated 01/10/2010, and there is a legal assignment of contract monies, dated 26/03/2014, both with HSBC Asset Finance (UK) Ltd and HSBC Equipment Finance (UK) Ltd.
The invoice discounting account is secured by a fixed charge on non-vesting debts and floating charge, dated 22/09/2009, and a legal mortgage dated 05/04/2016, covering the property known as Hall Green Works, Crankhall Lane, West Bromwich, and other assets, both with HSBC Invoice Finance (UK) Limited.
The bank borrowings are further secured by a debenture with HSBC Bank Plc, dated 24/09/2009, a composite company unlimited multilateral unlimited guarantee with HSBC Plc dated 24/09/2009, a legal assignment of contract monies, with HSBC Bank Plc, dated 10/07/2012 and a chattels mortgage, against certain machinery, with HSBC Equipment Finance (UK) Ltd dated 16/01/2020.
All bank borrowings of the subsidiary company, J.H. Lavender & Company Limited, are secured with a legal mortgage with HSBC Bank Plc, dated 05/07/2012, on the freehold property known as Hall Green Works, Crankhall Lane, West Bromwich and a further legal mortgage with HSBC, dated 23/07/2012, on the freehold property at 128 Hall Green Road, Crankhall Lane, West Bromwich.
J. H. Lavender (Holdings) Limited holds a legal mortgage with HSBC Bank Plc for the land on the east side of Crankhall Lane, dated 03/11/2017, to secure the debt of its subsidiary J.H. Lavender & Company Limited.
A debenture comprising fixed and floating charges over all the assets and undertakings of J. H. Lavender (Holdings) Limited including all present and future and leasehold property, book and other debts, chattels goodwill uncalled capital, both present and future, is held with HSBC Bank Plc dated 18/12/2019.
The CBILS loan is also covered by a guarantee in favour of HSBC UK Bank Plc given by the directors guaranteeing all liabilities, limited to £100,000 in total.
Secured debts - Company
A legal mortgage with HSBC Invoice Finance (UK) Limited, dated 05/04/2016, covering the property known as Hall Green Works, Crankhall Lane, dated 03/11/2017, to secure the debt of its subsidiary J.H. Lavender & Company Limited.
A debenture comprising fixed and floating charges over all the assets and undertakings of J. H. Lavender (Holdings) Limited holds a legal mortgage with HCBS Bank Plc for the land on the east side of Crankhall Lane, dated 03/11/2017, to secure the debt of its subsidiary J.H. Lavender & Company Limited.
A debenture comprising fixed and floating charges over all the assets and undertakings of J. H. Lavender (Holdings) Limited including all present and future and leasehold property, book and other debts, chattels goodwill uncalled capital, both present and future, is held with HSBC Bank Plc dated 18/12/2019.
Terms - Group
The CBILS loan had an initial repayment free period of 12 months from the date the loan was drawn. It is then repayable by equal instalments over 60 months with an interest rate of 3.99% per annum over the BoE base rate.
The bank loan is repayable within 5 years, and interest is charged on this loan at 2.95% per annum above the BoE base rate.
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 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
The following are the major deferred tax liabilities and assets recognised by the group and company:
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.
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:
The remuneration of key management personnel is as follows.