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No description of principal activities is disclosed
2019-11-01
Sage Accounts Production 2020 Update 1 - FRS102_2019
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00671713
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00671713
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00671713
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00671713
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00671713
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00671713
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00671713
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00671713
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00671713
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00671713
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00671713
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00671713
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00671713
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2020-10-31
Company registration number:
00671713
Holt Brothers (Horwich) Limited
Unaudited financial statements
31 October 2020
Holt Brothers (Horwich) Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Holt Brothers (Horwich) Limited
Directors and other information
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Directors
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P Holt
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K Holt
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Company number
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00671713
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Registered office
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Brunel Works
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Brunel Street
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Horwich
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Bolton
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BL6 5NX
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Business address
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Brunel Works
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Brunel Street
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Horwich
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Bolton
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BL6 5NX
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Accountants
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Leach Briely
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Craven House
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32 Lee Lane
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Horwich
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Bolton
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BL6 7BY
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Bankers
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The Royal Bank of Scotland
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Drummond House
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1 Redheughs Avenue
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Edinburgh
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EH12 9JN
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Holt Brothers (Horwich) Limited
Accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Holt Brothers (Horwich) Limited
Year ended 31 October 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Holt Brothers (Horwich) Limited for the year ended 31 October 2020 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com.
This report is made solely to the board of directors of Holt Brothers (Horwich) Limited, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Holt Brothers (Horwich) Limited and state those matters that we have agreed to state to the board of directors of Holt Brothers (Horwich) Limited, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Holt Brothers (Horwich) Limited and its board of directors for our work or for this report.
It is your duty to ensure that Holt Brothers (Horwich) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Holt Brothers (Horwich) Limited. You consider that Holt Brothers (Horwich) Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Holt Brothers (Horwich) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Leach Briely
Accountants
Craven House
32 Lee Lane
Horwich
Bolton
BL6 7BY
28 July 2021
Holt Brothers (Horwich) Limited
Statement of financial position
31 October 2020
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2020
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2019
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Note
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£
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|
£
|
|
£
|
|
£
|
|
|
|
|
|
|
|
|
|
|
Fixed assets
|
|
|
|
|
|
|
|
|
|
Tangible assets
|
|
|
355,086
|
|
|
|
360,654
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
|
|
355,086
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|
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360,654
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|
|
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Current assets
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|
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Stocks
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950
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|
1,050
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|
|
Debtors
|
|
7
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44,223
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|
|
|
123,141
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|
|
Cash at bank and in hand
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|
24,709
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|
37,075
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|
|
|
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|
_______
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|
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|
_______
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|
|
|
|
69,882
|
|
|
|
161,266
|
|
|
Creditors: amounts falling due
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|
|
|
|
|
|
|
|
|
within one year
|
|
8
|
(
58,341)
|
|
|
|
(
136,837)
|
|
|
|
|
|
_______
|
|
|
|
_______
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|
|
Net current assets
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|
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11,541
|
|
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|
24,429
|
|
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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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366,627
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385,083
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Creditors: amounts falling due
|
|
|
|
|
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|
|
|
|
after more than one year
|
|
9
|
|
|
(
47,917)
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Provisions for liabilities
|
|
10
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(
10,718)
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(
8,699)
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|
|
|
|
|
|
|
|
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_______
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_______
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Net assets
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307,992
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376,384
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_______
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_______
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Capital and reserves
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|
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|
|
|
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Called up share capital
|
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12
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|
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100
|
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|
|
100
|
Profit and loss account
|
|
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307,892
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376,284
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_______
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_______
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Shareholders funds
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307,992
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376,384
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|
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_______
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_______
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For the year ending 31 October 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
28 July 2021
, and are signed on behalf of the board by:
P Holt
Director
Company registration number:
00671713
Holt Brothers (Horwich) Limited
Notes to the financial statements
Year ended 31 October 2020
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Brunel Works, Brunel Street, Horwich, Bolton, BL6 5NX.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
3.
Accounting policies
Basis of preparation
The financial statements are prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for engineering services during the year.
Taxation
The taxation expense represents the aggregate amount of current tax recognised in the reporting period. Tax is recognised in the statement of income and retained earnings. Current tax is recognised on taxable profit for the current period. Current tax is measured at the amounts of tax expected to be paid using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
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Plant and machinery
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-
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10 %
|
reducing balance
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Fittings fixtures and equipment
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-
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10 %
|
reducing balance
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Motor vehicles
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-
|
25 %
|
reducing balance
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|
Stocks
Stock is measured at cost.
Government grants
Government grants are recognised using the accrual model. Under the accrual model, grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Financial instruments
The company only enters into basic financial instruments that result in the recognition of the financial assets and liabilities such as trade and other debtors and creditors. These are measured at amortised cost and 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 Statement of income and retained earnings.
Defined contribution plans
The pension costs charged in the financial stataments represent the contribution payable by the company during the year.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
7
(2019:
10
).
5.
Interest payable and similar expenses
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|
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2020
|
2019
|
|
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|
£
|
£
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|
Bank loans and overdrafts
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30
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14
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Other loans made to the company:
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Finance leases and hire purchase contracts
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-
|
263
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Other interest payable and similar expenses
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|
-
|
2,000
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|
|
|
|
_______
|
_______
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30
|
2,277
|
|
|
|
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_______
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_______
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6.
Tax on profit
Major components of tax expense
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2020
|
2019
|
|
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|
£
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£
|
|
Current tax:
|
|
|
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UK current tax expense
|
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4,714
|
40,700
|
|
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|
_______
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_______
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Deferred tax:
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|
|
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Origination and reversal of timing differences
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2,019
|
(
1,327)
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_______
|
_______
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Tax on profit
|
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6,733
|
39,373
|
|
|
|
_______
|
_______
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|
|
|
|
|
7.
Debtors
|
|
|
2020
|
2019
|
|
|
|
£
|
£
|
|
Trade debtors
|
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16,150
|
83,273
|
|
Other debtors
|
|
28,073
|
39,868
|
|
|
|
_______
|
_______
|
|
|
|
44,223
|
123,141
|
|
|
|
_______
|
_______
|
|
|
|
|
|
8.
Creditors: amounts falling due within one year
|
|
|
2020
|
2019
|
|
|
|
£
|
£
|
|
Bank loans and overdrafts
|
|
24,766
|
48,810
|
|
Trade creditors
|
|
14,848
|
11,098
|
|
Corporation tax
|
|
4,713
|
40,700
|
|
Social security and other taxes
|
|
10,098
|
30,856
|
|
Other creditors
|
|
3,916
|
5,373
|
|
|
|
_______
|
_______
|
|
|
|
58,341
|
136,837
|
|
|
|
_______
|
_______
|
|
|
|
|
|
9.
Creditors: amounts falling due after more than one year
|
|
|
2020
|
2019
|
|
|
|
£
|
£
|
|
Bank loan
|
|
47,917
|
-
|
|
|
|
_______
|
_______
|
|
|
|
|
|
The bank loan is repayable by monthly installments to August 2026. Installments falling due after 31st October 2025 amount to £7,500.
10.
Provisions
|
|
Deferred tax (note 11)
|
Total
|
|
|
|
|
|
£
|
£
|
|
|
|
|
At 1 November 2019
|
8,699
|
8,699
|
|
|
|
|
Additions
|
2,019
|
2,019
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
At 31 October 2020
|
10,718
|
10,718
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
|
|
|
|
|
11.
Deferred tax
The deferred tax included in the statement of financial position is as follows:
|
|
|
2020
|
2019
|
|
|
|
£
|
£
|
|
Included in provisions (note 10)
|
|
10,718
|
8,699
|
|
|
|
_______
|
_______
|
|
|
|
|
|
The deferred tax account consists of the tax effect of timing differences in respect of:
|
|
|
2020
|
2019
|
|
|
|
£
|
£
|
|
Accelerated capital allowances
|
|
10,718
|
8,699
|
|
|
|
_______
|
_______
|
|
|
|
|
|
12.
Called up share capital
Issued, called up and fully paid
|
|
|
2020
|
|
|
|
2019
|
|
|
|
|
|
No
|
|
£
|
|
No
|
|
£
|
|
Ordinary
shares of £
1.00 each
|
|
100
|
|
100
|
|
100
|
|
100
|
|
|
|
_______
|
|
_______
|
|
_______
|
|
_______
|
|
|
|
|
|
|
|
|
|
|
13.
Related party transactions
Other debtors includes £22,450 in respect of advances made by the company to the directors during the year. The advances are interest free with no specific terms of repayment.
14.
Ultimate parent undertaking
Briardane Limited, a company incorporated in England and Wales is the holding company of Holt Brothers ( Horwich ) Limited. Dividends paid to Briardane Limited amounted to £82,000.