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Unaudited Financial Statements for the Year Ended 30 June 2021 |
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Guildford Tyre Company Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 30 June 2021 |
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for |
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Guildford Tyre Company Limited |
Guildford Tyre Company Limited (Registered number: 01265969) |
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Contents of the Financial Statements |
for the Year Ended 30 June 2021 |
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Company Information | 1 |
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Chartered Accountants' Report | 2 |
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Balance Sheet | 3 |
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Notes to the Financial Statements | 5 |
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Guildford Tyre Company Limited |
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Company Information |
for the Year Ended 30 June 2021 |
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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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ACCOUNTANTS: |
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Bourne House |
Queen Street |
Gomshall |
Surrey |
GU5 9LY |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Guildford Tyre Company Limited |
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The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Guildford Tyre Company Limited for the year ended 30 June 2021 which comprise the Profit and loss account, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us. |
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As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
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This report is made solely to the Board of Directors of Guildford Tyre Company Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Guildford Tyre Company Limited and state those matters that we have agreed to state to the Board of Directors of Guildford Tyre Company Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Guildford Tyre Company Limited and its Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that Guildford Tyre Company 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 Guildford Tyre Company Limited. You consider that Guildford Tyre Company Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Guildford Tyre Company 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. |
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Bourne House |
Queen Street |
Gomshall |
Surrey |
GU5 9LY |
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Guildford Tyre Company Limited (Registered number: 01265969) |
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Balance Sheet |
30 June 2021 |
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30.6.21 | 30.6.20 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investments | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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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 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Capital redemption reserve |
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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. |
Guildford Tyre Company Limited (Registered number: 01265969) |
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Balance Sheet - continued |
30 June 2021 |
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In accordance with Section 444 of the Companies Act 2006, the Profit and loss account 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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Guildford Tyre Company Limited (Registered number: 01265969) |
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Notes to the Financial Statements |
for the Year Ended 30 June 2021 |
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1. | STATUTORY INFORMATION |
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Guildford Tyre Company Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Going concern |
The financial statements have been prepared on a going concern basis which assumes that the Company will continue in operational existence for the foreseeable future. The directors have reviewed the working capital requirements of the Company for a period of at least twelve months from the anticipated date of signing of the financial statements and are satisfied that the Company will be able to meet its liabilities as they fall due. |
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Government support |
Government support was received during the year in the form of a bank loan, a lending facility supported by the Coronavirus Business Interruption Loan Scheme, which has a Partial Guarantee by the Secretary of State. Other income includes furlough receipts from the Coronavirus Job Retention Scheme which are recognised on a receivable basis. Also as a retail business the company received full business rates relief from every council covering all branch locations. |
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Turnover |
Turnover represents the value of tyre and vehicle parts supplied together with repair and MOT services undertaken on vehicles during the period, excluding value added tax. |
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Tangible fixed assets |
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Freehold property | - |
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Long leasehold | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Assets are stated at cost and are capitalized where over £500. |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. |
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At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss. |
Guildford Tyre Company Limited (Registered number: 01265969) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
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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 profit or loss. |
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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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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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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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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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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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. |
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Pension costs and other post-retirement benefits |
The company make employee pension contributions under an Auto-Enrolment group scheme. Contributions payable to the scheme are charged to the profit and loss account in the period to which they relate. |
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Debtors |
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment. |
Guildford Tyre Company Limited (Registered number: 01265969) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Cash and cash equivalents |
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
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Creditors |
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment. |
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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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4. | TANGIBLE FIXED ASSETS |
Improveme |
Freehold | Long | to |
property | leasehold | property |
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COST |
At 1 July 2020 |
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Additions |
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Disposals |
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At 30 June 2021 |
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DEPRECIATION |
At 1 July 2020 |
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Charge for year |
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Eliminated on disposal |
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At 30 June 2021 |
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NET BOOK VALUE |
At 30 June 2021 |
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At 30 June 2020 |
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Guildford Tyre Company Limited (Registered number: 01265969) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2021 |
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4. | TANGIBLE FIXED ASSETS - continued |
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Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 July 2020 |
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Additions |
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Disposals | ( |
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At 30 June 2021 |
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DEPRECIATION |
At 1 July 2020 |
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Charge for year |
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Eliminated on disposal | ( |
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At 30 June 2021 |
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NET BOOK VALUE |
At 30 June 2021 |
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At 30 June 2020 |
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5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertaking |
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COST |
At 1 July 2020 |
and 30 June 2021 |
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NET BOOK VALUE |
At 30 June 2021 |
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At 30 June 2020 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.21 | 30.6.20 |
£ | £ |
Trade debtors |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.21 | 30.6.20 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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Guildford Tyre Company Limited (Registered number: 01265969) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2021 |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.6.21 | 30.6.20 |
£ | £ |
Other creditors |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Loan in excess 5 years | 127,263 | 193,984 |
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9. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
30.6.21 | 30.6.20 |
£ | £ |
Within one year |
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Between one and five years |
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In more than five years |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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30.6.21 | 30.6.20 |
£ | £ |
Bank loans and mortgages | 840,545 | 641,738 |
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The bank loans and mortgages are secured by a fixed and floating charge over the assets and property of the company. |
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The £250,000 bank loan, a lending facility supported by the Coronavirus Business Interruption Loan Scheme (CBILS), has a Partial Guarantee by the Secretary of State. The loan is fully repaid shortly after the year end. Under the terms of the loan interest, fees and charges for the first 12 months are covered by the Secretary of State. |