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St. Mary Abchurch Investments Limited |
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Report of the Directors and |
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Unaudited Financial Statements |
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for the Year Ended 30 June 2016 |
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REGISTERED NUMBER:
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St. Mary Abchurch Investments Limited |
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Report of the Directors and |
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Unaudited Financial Statements |
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for the Year Ended 30 June 2016 |
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St. Mary Abchurch Investments Limited (Registered number: 01697219) |
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Contents of the Financial Statements |
for the Year Ended 30 June 2016 |
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Company Information | 1 |
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Report of the Directors | 2 |
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Chartered Accountants' Report | 3 |
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Profit and Loss Account | 4 |
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Statement of Total Recognised Gains and Losses | 5 |
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Balance Sheet | 6 |
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Notes to the Financial Statements | 7 |
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St. Mary Abchurch Investments Limited |
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Company Information |
for the Year Ended 30 June 2016 |
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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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trading as The Hutchinson Partnership |
Chartered Accountants |
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St. Mary Abchurch Investments Limited (Registered number: 01697219) |
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Report of the Directors |
for the Year Ended 30 June 2016 |
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The directors present their report with the financial statements of the company for the year ended 30 June 2016. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of an investment company. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 July 2015 to the date of this report. |
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Other changes in directors holding office are as follows: |
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This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small |
companies. |
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ON BEHALF OF THE BOARD: |
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Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
St. Mary Abchurch Investments Limited |
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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 St. Mary Abchurch Investments Limited for the year ended 30 June 2016 which comprise the |
Profit and Loss Account, the Balance Sheet, the Statement of Total Recognised Gains and Losses 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 St. Mary Abchurch Investments 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 St. Mary Abchurch Investments Limited and state those matters that we have agreed to state to the Board of Directors of St. Mary Abchurch Investments 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 St. Mary Abchurch Investments Limited Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that St. Mary Abchurch Investments 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 loss of St. Mary Abchurch Investments Limited. You consider that St. Mary Abchurch Investments 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 St. Mary Abchurch Investments 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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trading as The Hutchinson Partnership |
Chartered Accountants |
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13 March 2017 |
St. Mary Abchurch Investments Limited (Registered number: 01697219) |
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Profit and Loss Account |
for the Year Ended 30 June 2016 |
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2016 | 2015 |
Notes | £ | £ |
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TURNOVER |
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Administrative expenses | ( |
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2,651 | 6,171 |
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Other operating income | 2 | ( |
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OPERATING (LOSS)/PROFIT | 3 | ( |
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Interest receivable and similar income |
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(40,437 | ) | 116,911 |
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Interest payable and similar charges | ( |
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(LOSS)/PROFIT ON ORDINARY
ACTIVITIES BEFORE TAXATION |
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Tax on (loss)/profit on ordinary activities | 4 |
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(LOSS)/PROFIT FOR THE FINANCIAL
YEAR |
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St. Mary Abchurch Investments Limited (Registered number: 01697219) |
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Statement of Total Recognised Gains and Losses |
for the Year Ended 30 June 2016 |
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2016 | 2015 |
£ | £ |
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(LOSS)/PROFIT FOR THE FINANCIAL YEAR | ( |
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Amounts written off investments | ( |
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Amounts written back on investments |
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Provisions written back on disposals | 9,148 |
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TOTAL RECOGNISED GAINS AND LOSSES
RELATING TO THE YEAR |
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( |
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St. Mary Abchurch Investments Limited (Registered number: 01697219) |
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Balance Sheet |
30 June 2016 |
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2016 | 2015 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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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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CAPITAL AND RESERVES |
Called up share capital | 9 |
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Profit and loss account | 10 |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
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ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
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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. |
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The financial statements were approved for issue by the Board of Directors on
behalf by: |
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St. Mary Abchurch Investments Limited (Registered number: 01697219) |
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Notes to the Financial Statements |
for the Year Ended 30 June 2016 |
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1. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
The directors have considered the financial requirements of the company and consider that it will be able to |
operate within its agreed finance facilities for the next 12 months. The directors therefore consider it appropriate |
to prepare the accounts on the going concern basis. |
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Accounting convention |
The financial statements have been prepared under the historical cost convention and in accordance with the |
Financial Reporting Standard for Smaller Entities (effective January 2015). |
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Turnover |
Turnover represents income received from investments held by the company. |
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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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Deferred tax assets are recognised to the extent that they are recoverable. |
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Listed fixed asset investments |
Listed fixed asset investments are valued at the lower of cost and market value. |
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Unlisted fixed asset investments |
Unlisted fixed asset investments are valued at cost with the exception of the investment in Bodenham Grain |
Storage Limited which is valued at the lower of cost and the company's share of the net assets and the YuuZoo |
Corporation which is valued at the lower of cost and realisable value. |
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2. | OTHER OPERATING INCOME |
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2016 | 2015 |
£ | £ |
Exceptional profits/(losses) on sale of investments:- |
Profits on sales of listed investments | 36,812 | 99,229 |
Losses on sales of unlisted investments | (90,600 | ) | - |
(53,788 | ) | 99,229 |
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3. | OPERATING (LOSS)/PROFIT |
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The operating loss (2015 - operating profit) is stated after charging/(crediting): |
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2016 | 2015 |
£ | £ |
Loss/(profit) on disposal of fixed assets |
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Directors' remuneration and other benefits etc |
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St. Mary Abchurch Investments Limited (Registered number: 01697219) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2016 |
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4. | TAXATION |
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Analysis of the tax (credit)/charge |
The tax (credit)/charge on the loss on ordinary activities for the year was as follows: |
2016 | 2015 |
£ | £ |
Current tax: |
Prior year tax | - | 39 |
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Deferred tax: |
Current year | (15,500 | ) | 14,824 |
Tax on (loss)/profit on ordinary activities | ( |
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5. | FIXED ASSET INVESTMENTS |
Listed | Unlisted |
investments | investments | Totals |
£ | £ | £ |
COST |
At 1 July 2015 | 1,630,118 | 427,504 | 2,057,622 |
Additions | 28,385 | 87,925 | 116,310 |
Disposals | (30,188 | ) | (103,470 | ) | (133,658 | ) |
At 30 June 2016 | 1,628,315 | 411,959 | 2,040,274 |
PROVISIONS |
At 1 July 2015 | 395,809 | 9,148 | 404,957 |
Provision for year | 205,103 | - | 205,103 |
Eliminated on disposal | - | (9,148 | ) | (9,148 | ) |
Provision written back | (1,000 | ) | - | (1,000 | ) |
At 30 June 2016 | 599,912 | - | 599,912 |
NET BOOK VALUE |
At 30 June 2016 |
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At 30 June 2015 |
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The company's investments at the Balance Sheet date in the share capital of companies include the following: |
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Associated company |
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Nature of business:
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Class of shares: | holding |
Ordinary | 20.14 |
2016 | 2015 |
£ | £ |
Aggregate capital and reserves | 560,962 | 545,593 |
Profit for the year | 15,369 | 13,592 |
St. Mary Abchurch Investments Limited (Registered number: 01697219) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2016 |
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5. | FIXED ASSET INVESTMENTS - continued |
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Market value of listed investments at 30 June 2016 - £1,408,529 (2015: £1,569,853). |
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There are excess management expenses of £68,733 (2015: £48,072) and capital losses of £56,838 (2015: £nil) to |
set against any future capital gains made on the investments. |
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If listed investments were sold at market value there would be taxable losses of £223,512 (2015: £71,051) and |
therefore no tax payable (2015: £nil). |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Deferred tax asset |
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Other debtors |
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Deferred tax asset |
2016 | 2015 |
£ | £ |
Surplus management expenses | 13,746 | 9,614 |
Capital losses | 11,368 | - |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Companies under common control |
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Directors' current accounts |
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Accruals and deferred income |
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8. | DEFERRED TAX |
£ |
Balance at 1 July 2015 | ( |
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Credit to Profit and Loss Account during year | ( |
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Balance at 30 June 2016 | ( |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2016 | 2015 |
value: | £ | £ |
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Ordinary | £1 |
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St. Mary Abchurch Investments Limited (Registered number: 01697219) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2016 |
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10. | RESERVES |
Profit |
and loss |
account |
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At 1 July 2015 |
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Deficit for the year | ( |
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Amounts written back on
investments |
1,000 |
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Amounts written off |
investments | (205,103 | ) |
Provision written back on |
investments sold | 9,148 |
At 30 June 2016 |
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All gains and losses transferred to the profit and loss account are not taxable until they are realised. |
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11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to a director subsisted during the years ended 30 June 2016 and |
30 June 2015: |
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2016 | 2015 |
£ | £ |
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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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Balance outstanding at end of year | ( |
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During the period that the loan to WSC Richards was overdrawn interest, at the official rate, of £195 (2015: |
£747) was charged to him. |
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12. | RELATED PARTY DISCLOSURES |
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Lower Hope Fruit Limited |
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A company under common control |
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Interest free loan |
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2016 | 2015 |
£ | £ |
Amount due from related party at the balance sheet date |
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St. Mary Abchurch Investments Limited (Registered number: 01697219) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2016 |
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12. | RELATED PARTY DISCLOSURES - continued |
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St. Mary Abchurch Investments (1984) Limited |
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A company under common control |
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Interest free loan |
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Advances in the year £nil (2015: £482,011) |
Repaid in the year £18,000 (2015: £6,000) |
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2016 | 2015 |
£ | £ |
Amount due to related party at the balance sheet date |
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Tarrakarn Limited |
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A company under common control |
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Interest free loan |
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Management charges £25,000 (2015: £25,892) |
Payroll recharged £2,186 (2015: £5,953) |
Repayments £22,500 (2015: £54,989) |
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2016 | 2015 |
£ | £ |
Amount due to related party at the balance sheet date |
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Novelstyle Limited |
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A company under common control |
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Interest free loan |
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2016 | 2015 |
£ | £ |
Amount due from related party at the balance sheet date |
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Medalmark Limited |
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A company under common control |
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Interest free loan |
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2016 | 2015 |
£ | £ |
Amount due from related party at the balance sheet date |
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St. Mary Abchurch Investments Limited (Registered number: 01697219) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2016 |
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12. | RELATED PARTY DISCLOSURES - continued |
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Lower Hope Farms |
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A partnership under common control |
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Loan with interest charged of £1,417 (2015: £1,670) at the HMRC official rate. |
Repayment made of £12,377 (2015: £nil) |
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2016 | 2015 |
£ | £ |
Amount due from related party at the balance sheet date |
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13. | ULTIMATE CONTROLLING PARTY |
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WSC and Mrs SA Richards jointly have ultimate control of the company. |