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Medalmark 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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Medalmark 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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Medalmark Limited (Registered number: 01850101) |
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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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Medalmark 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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Medalmark Limited (Registered number: 01850101) |
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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 |
Medalmark 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 Medalmark 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 Medalmark 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 Medalmark Limited and state those matters that we have agreed to state to the Board of Directors of Medalmark 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 Medalmark 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 Medalmark 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 Medalmark Limited. You consider that Medalmark 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 Medalmark 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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20 March 2017 |
Medalmark Limited (Registered number: 01850101) |
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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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OPERATING (LOSS)/PROFIT and |
(LOSS)/PROFIT ON ORDINARY
ACTIVITIES BEFORE TAXATION |
2 |
( |
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Tax on (loss)/profit on ordinary activities | 4 |
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( |
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(LOSS)/PROFIT FOR THE FINANCIAL
YEAR |
( |
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Medalmark Limited (Registered number: 01850101) |
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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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Revaluation of shares in subsidiary |
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Revaluation of listed investments | ( |
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Revaluation of unlisted investments | (100,000 | ) | - |
Provision written back on disposal |
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TOTAL RECOGNISED GAINS AND LOSSES
RELATING TO THE YEAR |
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( |
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Medalmark Limited (Registered number: 01850101) |
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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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Revaluation reserve | 10 |
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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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Medalmark Limited (Registered number: 01850101) |
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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 as modified by the revaluation |
of certain assets and in accordance with the Financial Reporting Standard for Smaller Entities (effective January |
2015). |
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Preparation of consolidated financial statements |
The financial statements contain information about Medalmark Limited as an individual company and do not |
contain consolidated financial information as the parent of a group. The company has taken the option under |
Section 398 of the Companies Act 2006 not to prepare consolidated financial statements. |
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Turnover |
Turnover represents income from listed investments. |
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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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Accounting for subsidiaries |
The company's subsidiary is accounted for on the equity method. |
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Fixed asset investments |
Fixed asset investments are valued at the lower of cost and market value. |
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2. | 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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Medalmark Limited (Registered number: 01850101) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2016 |
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3. | EXCEPTIONAL ITEMS |
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Included in administrative expenses are the following exceptional items - |
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2016 | 2015 |
Profit/(loss | ) | Profit/(loss | ) |
£ | £ |
Exceptional profits/(losses) on sale of listed investments |
Profits on sales of listed investments | 55,012 | 64,474 |
Losses on sales of listed investments | (101,460 | ) | (24,067 | ) |
(46,448 | ) | 40,407 |
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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 |
£ | £ |
Deferred tax: |
Current year | (14,598 | ) | 3,687 |
Tax on (loss)/profit on ordinary activities | ( |
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5. | FIXED ASSET INVESTMENTS |
Shares in |
group | Listed | Unlisted |
undertakings | investments | investments | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 July 2015 | 259,156 | 598,213 | - | 857,369 |
Additions | - | 56,555 | 189,597 | 246,152 |
Disposals | - | (200,745 | ) | - | (200,745 | ) |
Revaluations | 4,222 | - | - | 4,222 |
At 30 June 2016 | 263,378 | 454,023 | 189,597 | 906,998 |
PROVISIONS |
At 1 July 2015 | - | 199,801 | - | 199,801 |
Provision for year | - | 66,618 | 100,000 | 166,618 |
Eliminated on disposal | - | (82,533 | ) | - | (82,533 | ) |
At 30 June 2016 | - | 183,886 | 100,000 | 283,886 |
NET BOOK VALUE |
At 30 June 2016 |
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At 30 June 2015 |
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Medalmark Limited (Registered number: 01850101) |
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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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Cost or valuation at 30 June 2016 is represented by: |
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Shares in |
group | Listed | Unlisted |
undertakings | investments | investments | Totals |
£ | £ | £ | £ |
Valuation in 2007 | 180,088 | - | - | 180,088 |
Valuation in 2008 | 15,251 | - | - | 15,251 |
Valuation in 2009 | (89,205 | ) | - | - | (89,205 | ) |
Valuation in 2010 | 45,230 | - | - | 45,230 |
Valuation in 2011 | 28,093 | - | - | 28,093 |
Valuation in 2012 | 29,394 | - | - | 29,394 |
Valuation in 2013 | 8,578 | - | - | 8,578 |
Valuation in 2014 | 28,895 | - | - | 28,895 |
Valuation in 2015 | 12,830 | - | - | 12,830 |
Valuation in 2016 | 4,222 | - | - | 4,222 |
Cost | 2 | 454,023 | 189,597 | 643,622 |
263,378 | 454,023 | 189,597 | 906,998 |
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The valuation for 2007 represents the net revaluations for 1991, 1995, 1997, 1998, 2004, 2005, 2006 and 2007. |
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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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Nature of business:
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Class of shares: | holding |
Ordinary | 100.00 |
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£ | £ |
Aggregate capital and reserves | 262,884 | 259,156 |
Profit for the year | 3,728 | 12,830 |
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Market value of listed investments at 30 June 2016: £345,659 (2015: £486,909). |
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There are excess management expenses of £86,667 (2015: £73,941) and chargeable losses of £112,523 (2015: |
£52,253) to set against any future capital gains made on the investments. |
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If the listed investments were sold at market value no tax would be payable as the market value is less than the |
indexed cost. |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Owed by group undertakings |
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Owed by companies under common control |
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Deferred tax asset |
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Medalmark Limited (Registered number: 01850101) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2016 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued |
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Deferred tax asset |
2016 | 2015 |
£ | £ |
Chargeable losses carried |
forward | 22,505 | 10,451 |
Management expenses carried |
forward | 17,333 | 14,789 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Owed to group undertakings |
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Owed to companies under common control |
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Accruals and deferred income |
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8. | DEFERRED TAX |
£ |
Balance at 1 July 2015 | ( |
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Chargeable losses | (12,054 | ) |
Management expenses | (2,544 | ) |
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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Medalmark Limited (Registered number: 01850101) |
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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 | Revaluation |
account | reserve | Totals |
£ | £ | £ |
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At 1 July 2015 |
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Deficit for the year | ( |
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Revaluation of unlisted |
investments | (100,000 | ) | - | (100,000 | ) |
Provision written back on |
disposal | 82,533 | - | 82,533 |
Revaluation of shares in group |
undertaking | - | 4,222 | 4,222 |
Revaluation of listed |
investments | (66,618 | ) | - | (66,618 | ) |
At 30 June 2016 |
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All revaluations are not taxable until they are realised. |
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11. | RELATED PARTY DISCLOSURES |
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Tarrakarn Limited |
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Under common control |
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Re-charge of wages totalling £662 (2015 - £925). |
Management fee charged of £10,000 (2015 - £17,800). |
Rent free provision of office premises. |
Provision of an interest free loan. |
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2016 | 2015 |
£ | £ |
Amount due to related party at the balance sheet date |
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St. Mary Abchurch Investments (1984) Limited |
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Under common control |
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Provision of an interest free loan. |
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2016 | 2015 |
£ | £ |
Amount due to related party at the balance sheet date |
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Medalmark Limited (Registered number: 01850101) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2016 |
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11. | RELATED PARTY DISCLOSURES - continued |
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St. Mary Abchurch Investments Limited |
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Under common control |
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Provision of an interest free loan. |
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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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Wholly owned subsidiary |
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Provision of an interest free loan. |
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2016 | 2015 |
£ | £ |
Amount due (to)/from related party at the balance sheet date | ( |
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Tavistock Nominees Limited |
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Under common control |
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Provision of an interest free loan. |
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2016 | 2015 |
£ | £ |
Amount due from related party at the balance sheet date |
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12. | ULTIMATE CONTROLLING PARTY |
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The company is under the joint control of two of the directors, WSC and Mrs SA Richards, who own 100% of |
the share capital. |