Minerva Equity Limited - 31 March 2019 Final 19.08.2019 - Flipbook - Page 64
Minerva Equity Limited (formerly DMWSL 881 Limited)
Notes to the financial statements
for the period ended 31 March 2019 (continued)
26 Contingent liabilities
Group
There exist cross guarantees under a group banking arrangement whereby certain group companies
have guaranteed the liabilities of other group companies to their clearing banks.
Group and company
There are contingent liabilities in respect of performance bonds, guarantees and claims under
contracting and other agreements, entered into in the normal course of business. The value of the
performance bonds in issue at 31 March 2019 was £8.2 million.
27 Capital commitments
As at 31 March 2019, the Group had placed contracts for the purchase of assets to the value of £1.2
million, which were not provided for in the financial statements.
As at 31 March 2019, the Group had the following future minimum lease payments under noncancellable operating leases for each of the following years:
Payments due
At 31 March
2019
£m
Within one year
14.6
Between one and five years
24.0
After five years
3.0
41.6
The Company had no other off-balance sheet arrangements.
28 Related party transactions
The Group has taken advantage of the exemption under FRS 102.33.1A and has not disclosed
transactions with entities that are part of the Minerva Equity Limited Group, where 100% of the voting
rights of these entities are controlled within the Group. During the year the Company did not have
any transactions with entities that are part of the Minerva Equity Limited Group (apart from the
shares held in the Company).
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