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Financial Statements
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CONTENTS
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PAGE
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Officers and Professional Advisers
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1
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Strategic Report
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2
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Director's Report
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3
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Independent Auditor's Report to the Members
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5
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Statement of Comprehensive Income
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8
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Statement of Financial Position
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9
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Statement of Changes in Equity
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10
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Notes to the Financial Statements
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11
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Officers and Professional Advisers
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Director
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Company secretary
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Registered office
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Auditor
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Chartered Certified Accountants & statutory auditor
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Axis 15, Axis Court
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Mallard Way
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Riverside Business Park
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Swansea
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SA7 0AJ
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Strategic Report
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2018 | 2017 | Variance | |||
£ | £ | ||||
Turnover | 76,794,585 | 73,707,292 | 3,087,293 | ||
Gross Profit | 4,957,559 | 4,558,064 | 399,495 | ||
Gross Profit % | 6.5% | 6.2% | 0.3% | ||
Profit before tax | 2,393,507 | 1,713,823 | 679,684 | ||
Profit before tax % | 3.1% | 2.3% | 0.8% | ||
Number of cars sold | 6,593 | 6,546 | 47 | ||
Used vehicle turnover | 28,436,960 | 24,175,390 | 4,261,570 | ||
New vehicle turnover | 38,969,968 | 40,777,000 | (1,807,032) | ||
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Director's Report
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Independent Auditor's Report to the Members of
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(Senior Statutory Auditor)
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For and on behalf of
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Chartered Certified Accountants & statutory auditor
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Axis 15, Axis Court
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Mallard Way
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Riverside Business Park
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Swansea
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SA7 0AJ
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Statement of Comprehensive Income
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2018
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2017
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Note
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£
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£
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TURNOVER
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4
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Cost of sales
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GROSS PROFIT
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Administrative expenses
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Other operating income
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5
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-----------
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-----------
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OPERATING PROFIT
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6
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Other interest receivable and similar income
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10
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Interest payable and similar expenses
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11
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-----------
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PROFIT BEFORE TAXATION
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Tax on profit
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12
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-----------
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PROFIT FOR THE FINANCIAL YEAR AND TOTAL COMPREHENSIVE INCOME
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-----------
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-----------
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Statement of Financial Position
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2018
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2017
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Note
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£
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£
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Tangible assets
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14
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Investments
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15
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Stocks
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16
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Debtors
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17
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Cash at bank and in hand
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CREDITORS: amounts falling due within one year
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18
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NET CURRENT ASSETS/(LIABILITIES)
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(
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-----------
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-----------
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TOTAL ASSETS LESS CURRENT LIABILITIES
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Taxation including deferred tax
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19
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NET ASSETS
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Called up share capital
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22
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Profit and loss account
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23
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SHAREHOLDERS FUNDS
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Statement of Changes in Equity
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Called up share capital
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Profit and loss account
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Total
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£
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£
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£
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AT 1 JANUARY 2017
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Profit for the year
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---------
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-----------
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-----------
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TOTAL COMPREHENSIVE INCOME FOR THE YEAR
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–
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Dividends paid and payable
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13
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–
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(
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(
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---------
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TOTAL INVESTMENTS BY AND DISTRIBUTIONS TO OWNERS
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–
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(
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(
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AT 31 DECEMBER 2017
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Profit for the year
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---------
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-----------
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TOTAL COMPREHENSIVE INCOME FOR THE YEAR
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–
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Dividends paid and payable
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13
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–
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(
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(
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----
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--------
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--------
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TOTAL INVESTMENTS BY AND DISTRIBUTIONS TO OWNERS
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–
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(
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(
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---------
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-----------
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AT 31 DECEMBER 2018
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---------
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Notes to the Financial Statements
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Plant & Machinery
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-
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3 to 50 years
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Motor Vehicles
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-
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1 to 4 years
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2018
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2017
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£
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£
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Vehicle sales
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Parts and service sales
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Other sales
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-------------
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-------------
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-------------
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-------------
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2018
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2017
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£
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£
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Other operating income
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---------
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---------
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2018
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2017
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£
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£
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Depreciation of tangible assets
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Gains on disposal of tangible assets
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(
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(
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Impairment of trade debtors
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(843)
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4,562
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Operating lease rentals
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---------
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---------
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2018
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2017
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£
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£
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Fees payable for the audit of the financial statements
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--------
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--------
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2018
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2017
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No.
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No.
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Production staff
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Administrative staff
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Number of sales staff
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35
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32
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----
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----
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----
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----
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2018
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2017
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£
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£
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Wages and salaries
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Social security costs
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Other pension costs
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-----------
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2018
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2017
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£
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£
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Remuneration
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Company contributions to defined contribution pension plans
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--------
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--------
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--------
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--------
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2018
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2017
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No.
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No.
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Defined contribution plans
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----
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----
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2018
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2017
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£
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£
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Interest on cash and cash equivalents
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--------
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--------
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2018
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2017
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£
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£
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Interest on banks loans and overdrafts
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–
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Other interest payable and similar charges
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--------
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--------
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--------
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2018
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2017
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£
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£
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UK current tax expense
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Adjustments in respect of prior periods
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–
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(
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---------
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Total current tax
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---------
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---------
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Origination and reversal of timing differences
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---------
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Tax on profit
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---------
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---------
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2018
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2017
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£
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£
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Profit on ordinary activities before taxation
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-----------
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-----------
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Profit on ordinary activities by rate of tax
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Adjustment to tax charge in respect of prior periods
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–
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(
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Effect of expenses not deductible for tax purposes
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(
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(
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Effect of capital allowances and depreciation
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(
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(
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Utilisation of tax losses
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(
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(
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Rounding on tax charge
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–
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1,829
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Deferred tax
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6,418
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36,043
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-----------
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Tax on profit
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-----------
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-----------
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2018
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2017
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£
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£
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Dividends paid
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--------
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Plant and machinery
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Motor vehicles
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Total
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£
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£
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£
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Cost
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At 1 January 2018
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Additions
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Disposals
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(
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(
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(
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-----------
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-----------
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-----------
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At 31 December 2018
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-----------
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Depreciation
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At 1 January 2018
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Charge for the year
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Disposals
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–
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(
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(
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-----------
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-----------
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-----------
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At 31 December 2018
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-----------
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Carrying amount
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At 31 December 2018
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-----------
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At 31 December 2017
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-----------
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-----------
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-----------
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Other investments other than loans
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£
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Cost
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At 1 January 2018
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Additions
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-----------
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At 31 December 2018
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-----------
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Impairment
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At 1 January 2018 and 31 December 2018
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–
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-----------
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Carrying amount
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At 31 December 2018
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-----------
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At 31 December 2017
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-----------
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2018
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2017
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£
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£
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Raw materials and consumables
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Finished goods and goods for resale
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-----------
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-----------
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-----------
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2018
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2017
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£
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£
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Trade debtors
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Amounts owed by group undertakings
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–
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Other debtors
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-----------
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-----------
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-----------
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-----------
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2018
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2017
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£
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£
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Bank loans and overdrafts
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–
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Trade creditors
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Accruals and deferred income
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Corporation tax
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Social security and other taxes
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Other creditors
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-------------
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-------------
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-------------
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Deferred tax (note 20)
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£
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At 1 January 2018
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Additions
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---------
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At 31 December 2018
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---------
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2018
|
2017
|
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£
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£
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Included in provisions (note 19)
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---------
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---------
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2018
|
2017
|
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£
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£
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Accelerated capital allowances
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---------
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---------
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2018
|
2017
|
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No.
|
£
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No.
|
£
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225,000.00
|
|
225,000.00
|
---------
|
-------------
|
---------
|
-------------
|
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2018
|
2017
|
|
£
|
£
|
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Not later than 1 year
|
|
|
Later than 1 year and not later than 5 years
|
|
|
---------
|
---------
|
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---------
|
---------
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2018 | 2017 | ||
£ | £ | ||
Balance owing to related parties | 264,438 | 287,340 | |
--------- | --------- | ||
Balance owing from related parties | – | 311,158 | |
---- | --------- | ||
Rent paid | 170,000 | 170,000 | |
--------- | --------- | ||