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Keepmoat Annual Report 2020

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Keepmoat has released its Group financial results for the year ending 31 October 2020.

CONSOLIDATED BALANCE

CONSOLIDATED BALANCE SHEET For the year ended 31 October 2020 Note 31 October 2020 31 October 2019 Assets £’000 £’000 Goodwill and other intangible assets 7 31,075 30,917 Property, plant and equipment 8 1,511 2,008 Investments in joint ventures and associates 10 2,461 1,452 Right-of-use assets 14 7,105 - Trade and other receivables 12 6,756 6,858 Deferred tax assets 6 8,290 3,544 Total non-current assets 57,198 44,779 Inventories 11 466,782 407,887 Trade and other receivables 12 45,313 44,513 Income tax receivable 2,206 - Cash and cash equivalents (excluding bank overdrafts) 13 57,040 41,484 Total current assets 571,341 493,884 Total assets 628,539 538,663 Equity Share capital 18 856 781 Share premium 18 7,425 - Retained earnings 81,944 95,353 Equity attributable to owners of the Company 90,225 96,134 Non-controlling interests 9 11,450 12,327 Total equity 101,675 108,461 Liabilities Trade and other payables 15 111,042 97,301 Loans and borrowings 16 153,274 142,364 Provisions for liabilities 17 852 440 Lease liabilities 14 5,177 - Retirement benefit liability 19 6 13 Deferred tax liabilities 6 185 184 Non-current liabilities 270,536 240,302 Trade and other payables 15 240,573 160,602 Lease liabilities 14 2,757 - Income tax payable 873 767 Loans and borrowings 16 11,899 28,425 Provisions for liabilities 17 226 106 Current liabilities 256,328 189,900 Total liabilities 526,864 430,202 Total equity and liabilities 628,539 538,663 The consolidated financial statements on pages 68 to 115 of Keystone JVco Limited, registered number 08984315, were approved by the Board of Directors on 28 February 2021 and were signed on its behalf by: E J C Hawkes Director 70 KEEPMOAT.COM

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FINANCIAL REVIEW For the year ended 31 October 2020 Share Premium Share capital Retained earnings Equity attributable to owners of the Company Noncontrolling interests Total equity £’000 £’000 £’000 £’000 £’000 £’000 At 1 November 2018 - 781 67,962 68,743 8,652 77,395 Profit for the year - - 27,391 27,391 3,354 30,745 Total comprehensive income for the year Issue of equity instruments to non-controlling interests Repurchase of equity instruments from non-controlling interests At 31 October 2019 and 1 November 2019 - - 27,391 27,391 3,354 30,745 - - - - 488 488 - - - - (167) (167) - 781 95,353 96,134 12,327 108,461 Effect of adoptions of IFRS 16: Leases - - (624) (624) - (624) Loss for the year - - (12,785) (12,785) (1,628) (14,413) Total comprehensive expense for the year - - (12,785) (12,785) (1,628) (14,413) Proceeds from shares issued 7,425 75 - 7,500 - 7,500 Issue of equity instruments to noncontrolling interests - - - - 751 751 At 31 October 2020 7,425 856 81,944 90,225 11,450 101,675 During the year ended 31 October 2019 the Group repurchased 72 Ordinary A shares and 2,260 Ordinary B1 shares of Group company Keystone TopCo Limited. During the year ended 31 October 2019 the Group issued 6,833 Ordinary B1 shares of Keystone TopCo Limited to certain members of the management. The net proceeds of the issues and repurchases of shares for the year ended 31 October 2019 was £321,000. On 17 June 2020 the Company issued 7,500,000 ordinary shares of £0.01 each for consideration of £7,500,000, giving rise to a share premium of £7,425,000. During the year ended 31 October 2020 the Group issued 6,443 Ordinary B1 shares of Keystone TopCo Limited to certain members of the management for consideration of £751,000. These were split as 4,427 which had previously been held in Treasury and 2,016 previously owned by Keystone JVco Limited. ANNUAL REPORT & FINANCIAL STATEMENTS 2020 71