IRIS Accounts Production
v19.3.2.199
00278975
Board of Directors
Board of Directors
1.6.18
31.5.19
31.5.19
8/1/2020
false
true
false
false
true
false
Auditors Opinion
Ordinary
1.00000
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2018-05-31
00278975
2019-05-31
00278975
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00278975
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00278975
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2019-05-31
REGISTERED NUMBER:
00278975
(England and Wales)
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Audited Financial Statements for the Year Ended 31 May 2019
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Statement of Financial Position
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2
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Notes to the Financial Statements
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3
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Registered office:
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Reepham Road
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Registered number:
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00278975 (England and Wales)
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Auditors:
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Fairhead Bradford
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Tangible assets
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4
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13,871
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17,358
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|
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Cash at bank and in hand
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109,095
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77,284
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|
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Amounts falling due within one year
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6
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120,029
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85,390
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|
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Net current assets
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97,816
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138,872
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Total assets less current liabilities
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111,687
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156,230
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Provisions for liabilities
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-
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239
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Net assets
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111,687
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155,991
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|
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Called up share capital
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8
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50,864
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50,864
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|
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Retained earnings
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60,823
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105,127
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|
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Shareholders' funds
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111,687
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155,991
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The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors on
10 December 2019 and were signed on
its behalf by:
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Kieft & Sons Limited is a
private company, limited by shares , registered in England and Wales. The
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company's registered number and registered office address can be found on the Company Information
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The presentation currency of the financial statements is the Pound Sterling (£).
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Basis of preparing the financial statements
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These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
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Turnover is measured at the fair value of the consideration received or receivable for goods supplied
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and services rendered, net of discounts allowed and excluding VAT.
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Revenue from the sale of goods is recognised when the significant risks and rewards of ownership
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have transferred to the buyer, usually on their receipt of the goods, the amount of revenue can be
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measured reliably, it is probable that the associated economic benefits will flow to the entity and the
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costs incurred or to be incurred in respect of the transactions can be measured reliably.
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Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
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Fixtures fittings and equipment
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-
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at variable rates on reducing balance |
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Motor vehicles
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-
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20% on reducing balance |
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Stocks are valued at the lower of cost and net realisable value, after making due allowance for
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obsolete and slow moving items.
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Basic financial instruments are initially recognised at the transaction price, unless the arrangement
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constitutes a financing transaction, where it is recognised at the present value of the future payments
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discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently
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measured at amortised cost.
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Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of
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Income and Retained Earnings, except to the extent that it relates to items recognised in other
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comprehensive income or directly in equity.
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Current or deferred taxation assets and liabilities are not discounted.
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been
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enacted or substantively enacted by the statement of financial position date.
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Deferred tax is recognised in respect of all timing differences that have originated but not reversed at
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the statement of financial position date.
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods
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different from those in which they are recognised in financial statements. Deferred tax is measured
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using tax rates and laws that have been enacted or substantively enacted by the year end and that are
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expected to apply to the reversal of the timing difference.
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable
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that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
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Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at
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the statement of financial position date. Transactions in foreign currencies are translated into sterling
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at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account
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in arriving at the operating result.
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Hire purchase and leasing commitments
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the
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Pension costs and other post-retirement benefits
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Contributions to defined contribution pension plans are recognised as an expense in the period in
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which the related service is provided. Prepaid contributions are recognised as an asset to the extent
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that the prepayment will lead to a reduction in future payments or a cash refund.
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3.
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Employees and directors
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The average number of employees during the year was
5 (2018 -
5 ) .
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equipment
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vehicles
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Totals
|
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At 1 June 2018
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605,072
|
|
10,745
|
|
615,817
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|
|
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At 31 May 2019
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605,787
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10,745
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|
616,532
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|
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At 1 June 2018
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588,092
|
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10,367
|
|
598,459
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|
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Charge for year
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4,126
|
|
76
|
|
4,202
|
|
|
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At 31 May 2019
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592,218
|
|
10,443
|
|
602,661
|
|
|
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At 31 May 2019
|
13,569
|
|
302
|
|
13,871
|
|
|
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At 31 May 2018
|
16,980
|
|
378
|
|
17,358
|
|
|
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Amounts falling due within one year:
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Trade debtors
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20,466
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25,753
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Amounts owed by group undertakings
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2,918
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32,789
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|
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Other debtors
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11,723
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17,316
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|
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Amounts falling due after more than one year:
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Aggregate amounts
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45,229
|
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75,858
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|
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6.
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Creditors: amounts falling due within one year
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Trade creditors
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43,328
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39,608
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|
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Amounts owed to group undertakings
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42,030
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31,220
|
|
|
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Taxation and social security
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27,244
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6,835
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|
|
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Other creditors
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7,427
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7,727
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|
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Minimum lease payments under non-cancellable operating leases fall due as follows:
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Within one year
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25,000
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25,660
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|
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Between one and five years
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-
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1,980
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|
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The company's premises is owned by Roozen Flowerbulb Group, its immediate parent company. The
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annual rent is £25,000 (2018 - £25,000) per annum.
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8.
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Called up share capital
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Allotted, issued and fully paid:
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Number:
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Class:
|
Nominal
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31/5/19
|
|
31/5/18
|
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50,864
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Ordinary
|
1
|
50,864 |
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50,864 |
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9.
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Disclosure under Section 444(5B) of the Companies Act 2006
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The Auditors' Report was unqualified.
|
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Nicholas Toon (Senior Statutory Auditor)
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Fairhead Bradford
Fairhead Bradford |
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5 Queen Street, Great Yarmouth, NR30 2QP
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10.
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Related party disclosures
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During the year the company had the following transactions with other companies within the group:-
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a) rent and services purchased from Roozen Flowerbulb Group BV £25,000 ( 2018 £25,000 )
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b) purchases of goods and services from M Thoolen BV £488,785 ( 2018 £427,378 )
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The company also made sales of goods and services to M Thoolen BV of £12,503 ( 2018 £19,046 )
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The above transactions were on normal commercial terms.
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At the year end date the amounts due to and from other group companies are as disclosed in notes 7
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and 8 to the financial statements.
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11.
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Ultimate controlling party
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The company is ultimately controlled by Mr W L N Roozen, a director of the company and his father,
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