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Financial Statements |
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for the Year Ended |
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31 December 2019 |
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for |
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Raynsway Properties Limited |
REGISTERED NUMBER:
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Financial Statements |
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for the Year Ended |
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31 December 2019 |
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for |
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Raynsway Properties Limited |
Raynsway Properties Limited (Registered number: 01261971) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2019 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Raynsway Properties Limited |
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Company Information |
for the Year Ended 31 December 2019 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Statutory Auditors |
Chartered Accountants |
Charnwood House |
Harcourt Way |
Meridian Business Park |
Leicester |
Leicestershire |
LE19 1WP |
Raynsway Properties Limited (Registered number: 01261971) |
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Balance Sheet |
31 December 2019 |
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31.12.19 | 31.12.18 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investments | 5 |
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Investment property | 6 |
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CURRENT ASSETS |
Stocks |
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Debtors | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than
one year |
9 |
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PROVISIONS FOR LIABILITIES | 11 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 12 |
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Revaluation reserve | 13 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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Raynsway Properties Limited (Registered number: 01261971) |
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Balance Sheet - continued |
31 December 2019 |
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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 director and authorised for issue on
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Raynsway Properties Limited (Registered number: 01261971) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2019 |
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1. | STATUTORY INFORMATION |
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Raynsway Properties Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover relates to rental income on an accruals basis and is measured at the fair value, excluding discounts, rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
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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 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 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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Raynsway Properties Limited (Registered number: 01261971) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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2. | ACCOUNTING POLICIES - continued |
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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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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The finance element of the rental payment is charged to the profit and loss account at rates of charge on the net obligations in each period. |
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Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors. |
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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 or loss in the period to which they relate. |
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Fixed asset investments |
Fixed asset investments are recognised at historical cost and are long term loans made to fellow subsidiaries which are repayable with a minimum notice period of 12 months. |
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Going concern |
At the time of approval of these financial statements the director recognises the wider economic outlook due to the Covid 19 pandemic. Whilst this is acknowledged, it is not seen as something that has had a material impact on the company at this stage. The company is in a strong financial position with no bank debt and has a strong cash position to meet liabilities as they fall due. Accordingly, the going concern basis of preparation has been adopted in the financial statements. |
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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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Raynsway Properties Limited (Registered number: 01261971) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2019 |
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Additions |
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Disposals | ( |
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At 31 December 2019 |
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DEPRECIATION |
At 1 January 2019 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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5. | FIXED ASSET INVESTMENTS |
Loans to |
group |
undertakin |
£ |
At 1 January 2019 |
and 31 December 2019 |
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The loans to fellow subsidiary undertakings are repayable upon the fellow subsidiary being given 12 months notice from the company. Loan interest is recharged to the fellow subsidiary based upon the levels of external interest paid. |
Raynsway Properties Limited (Registered number: 01261971) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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6. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 January 2019 |
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Revaluations | 1,342,137 |
At 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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In April 2020 a formal valuation was completed by Jones Land Lasalle in accordance with the RICS valuation professional standards based on FRS 102 definition of fair value. |
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The director believes this to be the fair value of the properties at 31 December 2019. |
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On a historical cost basis, investment properties would have been included at an original cost of £5,994,454 (2018 - £5,994,454). |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.19 | 31.12.18 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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Directors' current accounts | 100,794 | 82,176 |
Prepayments and accrued income |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.19 | 31.12.18 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts |
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Trade creditors |
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Corporation tax |
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Social security and other taxes |
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VAT | 27,059 | 13,268 |
Other creditors |
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Accrued expenses |
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Raynsway Properties Limited (Registered number: 01261971) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.19 | 31.12.18 |
£ | £ |
Bank loans - 1-2 years |
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Bank loans - 2-5 years |
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Hire purchase contracts |
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Amounts owed to group undertakings |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31.12.19 | 31.12.18 |
£ | £ |
Bank loans |
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Hire purchase contracts | 18,089 | 43,115 |
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During the year bank loans previously secured by the company were repaid in full and charges released. |
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The hire purchase liability is secured on the assets it relates to. |
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11. | PROVISIONS FOR LIABILITIES |
31.12.19 | 31.12.18 |
£ | £ |
Deferred tax | 1,284,944 | 1,102,902 |
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Deferred |
tax |
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Balance at 1 January 2019 |
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Accelerated Capital Allowances | 182,042 |
Balance at 31 December 2019 |
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12. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.19 | 31.12.18 |
value: | £ | £ |
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Ordinary | 1 | 500 | 500 |
Raynsway Properties Limited (Registered number: 01261971) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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13. | RESERVES |
Revaluatio |
reserve |
£ |
At 1 January 2019 |
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Investment property | 57,193 |
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At 31 December 2019 |
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14. | 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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15. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to a director subsisted during the years ended 31 December 2019 and 31 December 2018: |
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31.12.19 | 31.12.18 |
£ | £ |
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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 loan is interest free and repayable on demand. |
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16. | RELATED PARTY DISCLOSURES |
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During the year the company loaned £500,000 (2018 - £300,000) to another company that a family member has an interest in. Interest on the loan is payable at 0.25% above the Bank of England's base rate. |
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Balance due from the related party as at the year end date was £500,000 (2018- £500,000). |
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During the year the company loaned was £200,000 to a family member of the director. Interest on the loan is payable at 0.25% above the Bank of England's base rate. |
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Balance due from the related party as at the year end date £200,000 (2018- £NIL). |
Raynsway Properties Limited (Registered number: 01261971) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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17. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling party is Mrs G G Rayns by virtue of her shareholding in the group parent company Raynsway Limited. The immediate parent company of Raynsway Properties Limited is Rayns of Leicester Holdings Limited, a company registered in England and Wales. |
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18. | FINANCIAL COMMITMENTS |
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The company had total guarantees and commitments at the balance sheet date of £680,000 (2018 - £729,697). |