REGISTERED NUMBER:
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D.F.& A.M.BEVAN & CO., LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 26 SEPTEMBER 2021 |
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REGISTERED NUMBER:
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D.F.& A.M.BEVAN & CO., LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 26 SEPTEMBER 2021 |
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D.F.& A.M.BEVAN & CO., LIMITED (REGISTERED NUMBER: 00691124) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 26 SEPTEMBER 2021 |
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Company Information | 1 |
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Balance Sheet | 2 | to | 3 |
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Notes to the Financial Statements | 4 | to | 10 |
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D.F.& A.M.BEVAN & CO., LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 26 SEPTEMBER 2021 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
3 New Mill Court |
Swansea Enterprise Park |
Swansea |
SA7 9FG |
D.F.& A.M.BEVAN & CO., LIMITED (REGISTERED NUMBER: 00691124) |
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BALANCE SHEET |
26 SEPTEMBER 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings - |
non distributable | 9 |
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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. |
D.F.& A.M.BEVAN & CO., LIMITED (REGISTERED NUMBER: 00691124) |
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BALANCE SHEET - continued |
26 SEPTEMBER 2021 |
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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 and authorised for issue on
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D.F.& A.M.BEVAN & CO., LIMITED (REGISTERED NUMBER: 00691124) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 26 SEPTEMBER 2021 |
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1. | STATUTORY INFORMATION |
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D. F. & A.M. Bevan & Co., Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the pound sterling (£) and has been rounded to the nearest pound. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102"The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention modified to include the revaluation of certain assets. |
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Going concern |
The company has net assets at the balance sheet date and has made a profit in the year. However, the company has net current liabilities at 26 September 2021. The company is reliant upon the support of its bankers and directors. Part of the financing of the company has been through loan facilities. At the date of signing the financial statements the directors have no indication that this support will not continue for the foreseeable future. |
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The directors have assessed the principal risks and uncertainties impacting the company, including COVID - 19 and the pressures facing the global economy. The directors are aware that the situation is continually evolving and are prepared to adapt with the latest developments and recommendations. |
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Therefore, after making enquiries and considering the uncertainties described above, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For these reasons they continue to adopt the going concern basis in preparing the financial statements. |
D.F.& A.M.BEVAN & CO., LIMITED (REGISTERED NUMBER: 00691124) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 26 SEPTEMBER 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Significant judgements and estimates |
In the application of the company's accounting policies, 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 historical experience and other factors which 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 only affects 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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The following are the critical judgements 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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Impairment of assets |
Assets are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the income statement. |
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Provisions and contingencies |
Provisions are recognised when the company has a present obligation as a result of a past event and a reliable estimate can be made of a probable adverse outcome. Otherwise, material contingent liabilities are disclosed unless a transfer of economic benefits is considered remote. Contingent assets are only disclosed if an inflow of economic benefits is probable. |
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Turnover and revenue recognition |
Turnover is the revenue derived from ordinary activities, stated after trade discounts, and VAT. Revenue is recognised at the point of sale of goods to the customer. Turnover includes fuel sales, shop sales , car wash sales and LPG gas sales. |
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Rental and related income is recognised in the period to which it relates. |
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Tangible fixed assets |
Tangible fixed assets are measured at cost or revaluation less depreciation. |
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Depreciation is provided on cost or revaluation at the following rates in order to write off each asset over its estimated useful life.The rates of depreciation are as follows: |
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Freehold property - 2% on cost or valuation |
Long leasehold property - Over the term of the lease. |
Fixtures and fittings - At varying rates on cost |
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Investment property |
Investment property, which is property held to earn rentals and/or capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting date. The surplus or deficit on revaluation is recognised in profit or loss. |
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Stocks |
Stocks are stated at the lower of cost and net realisable value. Cost includes purchase price less discounts where applicable. Net realisable value is based on estimated selling price. Provision is made for obsolete and slow moving items where appropriate. |
D.F.& A.M.BEVAN & CO., LIMITED (REGISTERED NUMBER: 00691124) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 26 SEPTEMBER 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
Basic financial assets which include trade and other debtors and cash and bank balances, are initially measured at transaction price unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
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Basic financial liabilities, including trade, other creditors and loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 |
Current tax is recognised at 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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Deferred tax |
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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Pension costs and other post-retirement benefits |
The company operated a money purchase pension scheme. Contributions payable in a year are charged in the profit and loss account. |
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Government grants |
Grants are credited to deferred revenue when entitlement to the grant has been established. Grants towards capital expenditure are credited to deferred income and released to the income statement over the expected useful life of the assets. Grants towards revenue expenditure are released to the income statement as the related expenditure is incurred. |
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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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D.F.& A.M.BEVAN & CO., LIMITED (REGISTERED NUMBER: 00691124) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 26 SEPTEMBER 2021 |
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Investment | and |
property | properties | fittings | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 27 September 2020 |
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Additions |
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Disposals |
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Revaluations |
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At 26 September 2021 |
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DEPRECIATION |
At 27 September 2020 |
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Charge for year |
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Eliminated on disposal |
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At 26 September 2021 |
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NET BOOK VALUE |
At 26 September 2021 |
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At 26 September 2020 |
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The freehold property at Park Avenue, Skewen has been valued at £1,041,044 (2020 :- £1,048,150) including fixtures of £45,830 (2020 : £11,469) on 26 September 2021 by the directors at fair value. On an historical cost basis the freehold property and fixtures would be included at an original cost of £1313,594 (2020 :- £1,314,179) and aggregate depreciation of £540,602 (2020 :- £545,249) |
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Investment properties have been valued at fair value by the directors at the balance sheet date at £2,700,002 (2020 :- £2,362,932) based on an independent valuation by Savills, Chartered Surveyors. On an historical cost basis the investment properties would be included at an original cost of £1,594,603 (2020 :- £1,594,603) and aggregate depreciation of £15,109 (2020 :- £15,109). |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
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Other debtors |
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D.F.& A.M.BEVAN & CO., LIMITED (REGISTERED NUMBER: 00691124) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 26 SEPTEMBER 2021 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans | - | 30,000 |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2021 | 2020 |
£ | £ |
Bank overdrafts |
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Bank loans |
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The bank borrowings are secured by a first legal mortgage dated 28 June 1991 over the leasehold petrol filling station at Parc Trostre, Llanelli, a first legal mortgage dated 22 November 1999 over the leasehold units A & B at Trostre Retail Park, Llanelli, an unscheduled mortgage debenture dated 28 June 1991 incorporating a fixed and floating charge over all current and future assets of the company and a first legal charge dated 8 March 2007 over the freehold property known as Lon Las Service Station, Park Avenue. Skewen. Bank borrowings are also secured by way of a first legal charge over personal property assets belonging to Mr V H Johnson and personal guarantees of £350,000 from Mr V H Johnson and Mr M Johnson. |
D.F.& A.M.BEVAN & CO., LIMITED (REGISTERED NUMBER: 00691124) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 26 SEPTEMBER 2021 |
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9. | RESERVES |
Retained |
earnings |
- non |
distributable |
£ |
At 27 September 2020 |
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Movement in the period | 201,748 |
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At 26 September 2021 |
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10. | TRANSACTIONS WITH DIRECTORS |
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The following advances and credits to directors subsisted during the years ended 26 September 2021 and 26 September 2020: |
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2021 | 2020 |
£ | £ |
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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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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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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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D.F.& A.M.BEVAN & CO., LIMITED (REGISTERED NUMBER: 00691124) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 26 SEPTEMBER 2021 |
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10. | TRANSACTIONS WITH DIRECTORS - continued |
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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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The directors' loans are interest free, unsecured and have no fixed repayment terms. |