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Unaudited Financial Statements |
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for the Year Ended 31st March 2018 |
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for |
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CHAS.B.PUGH(WALSALL) LIMITED |
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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31st March 2018 |
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for |
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CHAS.B.PUGH(WALSALL) LIMITED |
CHAS.B.PUGH(WALSALL) LIMITED (REGISTERED NUMBER: 00300289) |
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Contents of the Financial Statements |
for the year ended 31st March 2018 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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CHAS.B.PUGH(WALSALL) LIMITED |
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Company Information |
for the year ended 31st March 2018 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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(The practising name of |
Baker (Midlands) Limited) |
Arbor House |
Broadway North |
Walsall |
WS1 2AN |
CHAS.B.PUGH(WALSALL) LIMITED (REGISTERED NUMBER: 00300289) |
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Balance Sheet |
31st March 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investments | 5 |
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CURRENT ASSETS |
Stocks | 6 |
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Debtors | 7 |
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Cash in hand |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 11 |
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Capital redemption reserve |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end
of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
CHAS.B.PUGH(WALSALL) LIMITED (REGISTERED NUMBER: 00300289) |
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Balance Sheet - continued |
31st March 2018 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
behalf by: |
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CHAS.B.PUGH(WALSALL) LIMITED (REGISTERED NUMBER: 00300289) |
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Notes to the Financial Statements |
for the year ended 31st March 2018 |
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1. | STATUTORY INFORMATION |
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Chas.B.Pugh(Walsall) Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The financial statements are presented in sterling which is the functional currency of the company and rounded |
to the nearest £1. |
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The significant accounting policies applied in the preparation of these financial statements are set out below. |
These policies have been consistently applied to all years presented unless otherwise stated. |
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Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The |
Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party |
transactions with wholly owned subsidiaries within the group. |
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Significant judgements and estimates |
The preparation of the financial statements requires management to make judgements, estimates and |
assumptions that affect the amounts reported for assets and liabilities at the balance sheet date and the |
amounts reported for revenues and expenses during the year. However the nature of estimation means that |
actual outcomes could differ from those estimates. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade |
discounts. The policy adopted for the recognition of turnover is as follows: |
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Sale of Goods |
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Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods |
have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the |
economic benefits associated with the transaction will flow to the company and the costs incurred or to be |
incurred in respect of the transaction can be measured reliably. This is usually on the dispatch of goods. |
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Tangible fixed assets |
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. |
Cost includes costs directly attributable to making the asset capable of operating as intended. |
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Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated |
residual value, of each asset on a systematic basis over its expected useful life as follows: |
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Freehold land -not provided |
Plant and machinery -10% to 20% on cost |
Fixtures and fittings -20% on cost |
Motor vehicles -25% on cost |
CHAS.B.PUGH(WALSALL) LIMITED (REGISTERED NUMBER: 00300289) |
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Notes to the Financial Statements - continued |
for the year ended 31st March 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost less impairment. |
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Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes |
all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and |
condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and |
slow-moving stock where appropriate. |
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Taxation |
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the |
current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax |
rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax represents the future tax consequences of transactions and events recognised in the financial |
statements of current and previous periods. It is recognised in respect of all timing differences, with certain |
exceptions. Timing differences are differences between taxable profits and total comprehensive income as |
stated in the financial statements that arise from the inclusion of income and expense in tax assessments in |
periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and |
other deferred tax assets are recognised only to the extent that it is probable that they will be recovered |
against the reversal of deferred tax liabilities or other future taxable profits. |
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Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the |
balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued |
non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances |
that apply to the sale of the asset. |
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Employee benefits |
When employees have rendered service to the company, short-term employee benefits to which the |
employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that |
service. |
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The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed |
as they become payable. |
CHAS.B.PUGH(WALSALL) LIMITED (REGISTERED NUMBER: 00300289) |
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Notes to the Financial Statements - continued |
for the year ended 31st March 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Debtors and creditors receivable/payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at |
transaction price.Any losses arising from impairment are recognised in the profit and loss account in other |
administrative expenses. |
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Impairment |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each |
balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash |
generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its |
recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued |
amount where the impairment loss is a revaluation decrease. |
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Provisions |
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past |
event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be |
reliably estimated. |
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Leases |
Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the |
expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and |
the reduction of the outstanding lease liability using the effective interest method. The related obligations, net |
of future finance charges, are included in creditors. |
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Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight |
line basis over the period of the lease. |
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Loans and borrowings |
Loans and borrowings are initially recognised at the transaction price including transaction costs. |
Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. |
If an arrangement constitutes a finance transaction it is measured at present value. |
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Cash and Cash Equivalents |
Cash comprise cash in hand and demand deposits. Cash equivalents are short-term, highly liquid investments |
that mature in no more than three months from the date of acquisition and that are readily convertible to |
known amounts of cash with an insignificant risk of change in value. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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CHAS.B.PUGH(WALSALL) LIMITED (REGISTERED NUMBER: 00300289) |
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Notes to the Financial Statements - continued |
for the year ended 31st March 2018 |
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4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1st April 2017 |
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Additions |
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At 31st March 2018 |
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DEPRECIATION |
At 1st April 2017 |
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Charge for year |
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At 31st March 2018 |
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NET BOOK VALUE |
At 31st March 2018 |
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At 31st March 2017 |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
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Plant and |
machinery |
etc |
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COST |
At 1st April 2017 |
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Additions |
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At 31st March 2018 |
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DEPRECIATION |
At 1st April 2017 |
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Charge for year |
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At 31st March 2018 |
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NET BOOK VALUE |
At 31st March 2018 |
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At 31st March 2017 |
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CHAS.B.PUGH(WALSALL) LIMITED (REGISTERED NUMBER: 00300289) |
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Notes to the Financial Statements - continued |
for the year ended 31st March 2018 |
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5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
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COST |
At 1st April 2017 |
and 31st March 2018 |
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NET BOOK VALUE |
At 31st March 2018 |
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At 31st March 2017 |
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6. | STOCKS |
2018 | 2017 |
£ | £ |
Stocks |
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In the opinion of the directors,the replacement cost of stocks is not materially different from the carrying value. |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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Other debtors include prepayments and accrued income of £10,796 (2017 - £15,730) |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts |
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Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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Within Other Creditors are Accruals of £210 (2017 - Nil) |
CHAS.B.PUGH(WALSALL) LIMITED (REGISTERED NUMBER: 00300289) |
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Notes to the Financial Statements - continued |
for the year ended 31st March 2018 |
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9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2018 | 2017 |
£ | £ |
Hire purchase contracts |
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Other creditors |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2018 | 2017 |
£ | £ |
Bank overdrafts |
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Hire purchase contracts | 82,197 | 14,680 |
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11. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2018 | 2017 |
value: | £ | £ |
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Ordinary | £1 | 8,500 | 8,500 |
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Included within other creditors falling due after more than one year is £5,000 4.2% Preference Shares :- |
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The holders of the preference shares have no voting rights but are entitled to a fixed cumulative dividend of |
4.2% per annum. In the event of a winding up of the company the holders shall be entitled to any arrears of the |
dividend and the nominal value of the shares paid up at that time. |
In the accounts these shares are classified as creditors due after more than one year. |
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12. | CONTINGENT LIABILITIES |
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The company has given an unlimited cross guarantee to HSBC Bank plc.relating to any indebtedness of a |
subsidiary undertaking to the bank. |
At 31st March 2018 this indebtedness amounted to £Nil (2017:£Nil). |
CHAS.B.PUGH(WALSALL) LIMITED (REGISTERED NUMBER: 00300289) |
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Notes to the Financial Statements - continued |
for the year ended 31st March 2018 |
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13. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to a director subsisted during the years ended 31st March 2018 and |
31st March 2017: |
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2018 | 2017 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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