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Audited Financial Statements for the Year Ended 31 March 2020 |
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Long Marsh Limited |
REGISTERED NUMBER:
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Audited Financial Statements for the Year Ended 31 March 2020 |
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for |
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Long Marsh Limited |
Long Marsh Limited (Registered number: 00570773) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2020 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Long Marsh Limited |
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Company Information |
for the Year Ended 31 March 2020 |
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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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AUDITORS: |
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63 Broad Green |
Wellingborough |
Northamptonshire |
NN8 4LQ |
Long Marsh Limited (Registered number: 00570773) |
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Balance Sheet |
31 March 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
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Tangible assets | 6 |
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CURRENT ASSETS |
Stocks | 7 |
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Debtors | 8 |
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Rental fleet | 9 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 10 |
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NET CURRENT (LIABILITIES)/ASSETS | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
11 |
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PROVISIONS FOR LIABILITIES | 14 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 15 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Long Marsh Limited (Registered number: 00570773) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2020 |
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1. | STATUTORY INFORMATION |
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Long Marsh Limited is a
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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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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Significant judgements and estimates |
In the application of the Company's accounting policies, which are described below, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on the historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
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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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
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Critical judgements in applying the Company's accounting policies |
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The following is the only critical judgement, apart from those involving estimations (which are dealt with separately below), that the directors have made in the process of applying the company's accounting policies and that have the most significant effect on the amounts recognised in the financial statements. |
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The residual value of the rental fleet has been measured based on estimated useful economic life and estimated future sales value. Residual values are based on the latest market data for second hand fleet sales and economic lives are based on historical experience of how long the company holds vehicles. |
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Key source of estimation and uncertainly |
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Determining the vehicles which have been earmarked for sale based on the age and condition of the vehicle, which have been transfered from fixed assets to current assets. |
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The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are reviewed on an ongoing basis. |
Long Marsh Limited (Registered number: 00570773) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
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3. | ACCOUNTING POLICIES - continued |
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Revenue |
Turnover represents net invoiced sales excluding value added tax. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets and rental fleet |
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Freehold property | - |
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Plant and machinery | - |
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Rental fleet | - |
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Rental fleet assets are reclassified from fixed assets to current assets, at the point at which there is an intention to dispose of them within the following 12 months reflecting the predominant remaining period of ownership. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other 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 as the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Taxation |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are 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 that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Long Marsh Limited (Registered number: 00570773) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
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3. | ACCOUNTING POLICIES - continued |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit and loss in the period to which they relate. |
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Debtors and creditors |
Short term debtors are measured at transaction price, less any impairment. |
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Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
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Financial instruments |
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties. |
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Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. |
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Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account. |
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For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract |
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Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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. |
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Provisions for liabilities |
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. |
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Provisions are charged as an expense to the Income statement in the year that the company becomes aware of the obligation, and are measured as the best estimate at the balance sheet date of the amount required to settle the obligation, taking into account relevant risks and uncertainties. |
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When payments are eventually made, they are charged to the provision carried in the balance sheet. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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Long Marsh Limited (Registered number: 00570773) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
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5. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
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COST |
At 1 April 2019 |
and 31 March 2020 |
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AMORTISATION |
At 1 April 2019 |
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Charge for year |
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At 31 March 2020 |
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NET BOOK VALUE |
At 31 March 2020 |
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At 31 March 2019 |
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6. | TANGIBLE FIXED ASSETS |
Freehold | Plant and | Rental |
property | machinery | fleet | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2019 |
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Additions |
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Disposals |
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Reclassification/transfer |
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At 31 March 2020 |
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DEPRECIATION |
At 1 April 2019 |
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Charge for year |
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Eliminated on disposal |
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Reclassification/transfer |
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At 31 March 2020 |
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NET BOOK VALUE |
At 31 March 2020 |
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At 31 March 2019 |
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Included in cost of land and buildings is freehold land of £ 567,154 (2019 - £ 567,154 ) which is not depreciated. |
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Certain freehold land and buildings of the company are pledged as security for the company's bank loan. |
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Certain rental fleet vehicles are pledged as security for some of the company's hire purchase agreements. |
Long Marsh Limited (Registered number: 00570773) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
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6. | TANGIBLE FIXED ASSETS - continued |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Rental |
fleet |
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COST |
At 1 April 2019 |
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Additions |
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Transfer to ownership | (396,824 | ) |
Reclassification/transfer | ( |
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At 31 March 2020 |
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DEPRECIATION |
At 1 April 2019 |
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Charge for year |
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Transfer to ownership | (169,575 | ) |
Reclassification/transfer | ( |
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At 31 March 2020 |
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NET BOOK VALUE |
At 31 March 2020 |
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At 31 March 2019 |
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7. | STOCKS |
2020 | 2019 |
£ | £ |
Stocks |
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8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade |
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Other |
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Prepayments |
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9. | RENTAL FLEET |
2020 | 2019 |
£ | £ |
Rental fleet held for disposal |
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Current rental fleet vehicles with a value of £1,108,226 (2019 - £1,417,860) have been pledged to secure borrowings of the company in the form of hire purchase agreements. |
Long Marsh Limited (Registered number: 00570773) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
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10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Bank loan |
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Hire purchase contracts (see note 12) |
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Trade |
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Taxation and social security |
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Other |
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11. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2020 | 2019 |
£ | £ |
Bank loan |
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Hire purchase contracts (see note 12) |
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12. | HIRE PURCHASE AND LEASING |
AGREEMENTS |
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Minimum lease payments fall due as follows: |
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Hire purchase | contracts |
2020 | 2019 |
£ | £ |
Net obligations repayable: |
Within one year |
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Between one and five years |
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Non-cancellable | operating leases |
2020 | 2019 |
£ | £ |
Within one year |
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Between one and five years |
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Long Marsh Limited (Registered number: 00570773) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
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13. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2020 | 2019 |
£ | £ |
Bank loan |
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Hire purchase | 6,295,454 | 6,180,475 |
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14. | PROVISIONS FOR LIABILITIES |
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2019 | 2018 |
£ | £ |
Deferred Tax |
Capital allowances in excess of depreciation | 167,740 | 146,551 |
Other provisions | 31,898 | 63,584 |
199,638 | 210,135 |
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Deferred Tax |
£ | £ |
Balance at 1 April 2018 | 146,551 | 174,654 |
Accelerated capital allowances | 21,189 | (28,094 | ) |
Balance at 31 March 2019 | 167,740 | 146,551 |
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Other provisions |
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£ | £ |
Balance at 1 April 2018 | 63,584 | 76,937 |
Movement | (31,686 | ) | (13,353 | ) |
Balance at 31 March 2019 | 31,898 | 63,584 |
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15. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2019 |
value: | £ | £ |
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Ordinary | £1 | 250,000 | 250,000 |
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Ordinary A | £1 | 185 | 185 |
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Ordinary B | £1 | 65 | 65 |
250,250 | 250,250 |
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16. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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Long Marsh Limited (Registered number: 00570773) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
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17. | CAPITAL COMMITMENTS |
2020 | 2019 |
£ | £ |
Contracted but not provided for in the |
financial statements |
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