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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2019 |
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B. COOKSON LIMITED |
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REGISTERED NUMBER:
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2019 |
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FOR |
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B. COOKSON LIMITED |
B. COOKSON LIMITED (REGISTERED NUMBER: 01864616) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2019 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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B. COOKSON LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MAY 2019 |
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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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AUDITORS: |
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Chartered Accountants & Statutory Auditors |
Chandler House |
7 Ferry Road Office Park |
Riversway |
Preston |
Lancashire |
PR2 2YH |
B. COOKSON LIMITED (REGISTERED NUMBER: 01864616) |
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BALANCE SHEET |
31 MAY 2019 |
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31/5/19 | 31/5/18 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investments | 5 |
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CURRENT ASSETS |
Stocks | 6 |
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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/(LIABILITIES) |
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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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( |
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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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Revaluation reserve |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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 on
by: |
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B. COOKSON LIMITED (REGISTERED NUMBER: 01864616) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2019 |
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1. | STATUTORY INFORMATION |
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B. Cookson Limited is a
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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 (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The |
Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party |
transactions with wholly owned subsidiaries within the group. |
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Turnover |
Turnover represents net invoiced sales of goods, excluding value added tax and is recognised at the point of sale, |
net of trade discounts and rebates granted. |
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Tangible fixed assets |
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Freehold property | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Tangible fixed assets are stated at cost less accumulated depreciation and any provision for impairment in value. |
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The non-depreciation of freehold property is a departure from the requirements of the Companies Act 2006 that |
all tangible fixed assets should be depreciated. Freehold property is held under the revaluation model as |
applicable under the provisions of Section 17 of FRS 102. The Directors consider that the carrying value of |
freehold property is not materially different to fair value. |
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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. |
B. COOKSON LIMITED (REGISTERED NUMBER: 01864616) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
A basic financial instrument is a contract that gives rise to a financial asset in one entity and a financial liability |
or equity instrument of another entity. |
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The following assets and liabilities are classified as financial instruments: listed investments, trade debtors, |
amounts owed by group undertakings, other debtors, trade creditors, hire purchase contracts and other creditors. |
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Listed investments are measured at cost less impairment. |
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Hire purchase contracts and loans are initially measured at the present value of future payments, discounted at a |
market rate of interest, and subsequently at amortised cost using the effective interest method. |
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Trade debtors, trade creditors and amounts owed by group undertakings are measured at the undiscounted |
amount of cash or other consideration expected to be paid or received. |
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Financial assets are assessed at the end of the reporting period for objective evidence of impairment and if |
applicable is recognised as appropriate. |
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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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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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Operating leases |
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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Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the |
period of the leases. |
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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. |
B. COOKSON LIMITED (REGISTERED NUMBER: 01864616) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Going concern |
The directors do not prepare forecasts for the ensuing year, but on the basis of information available to them, |
they are confident that the company has sufficient resources for the next 12 months. Thus the Going Concern |
basis of accounting has been adopted in the preparation of the annual 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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4. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1 June 2018 |
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Additions |
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Disposals |
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At 31 May 2019 |
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DEPRECIATION |
At 1 June 2018 |
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Charge for year |
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Eliminated on disposal |
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At 31 May 2019 |
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NET BOOK VALUE |
At 31 May 2019 |
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At 31 May 2018 |
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Cost or valuation at 31 May 2019 is represented by: |
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Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
Valuation in 2009 | 140,254 | - | - | - | 140,254 |
Valuation in 2018 | 550,000 | - | - | - | 550,000 |
Cost | 809,746 | 87,897 | 91,174 | 647,940 | 1,636,757 |
1,500,000 | 87,897 | 91,174 | 647,940 | 2,327,011 |
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If Land and buildings had not been revalued they would have been included at the following historical cost: |
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31/5/19 | 31/5/18 |
£ | £ |
Cost | 809,746 | 809,746 |
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Land and buildings were valued on an open market basis on 31 May 2018 by Charles D Bell MRICS of Morgan Martin |
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B. COOKSON LIMITED (REGISTERED NUMBER: 01864616) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2019 |
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4. | TANGIBLE FIXED ASSETS - continued |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
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COST OR VALUATION |
At 1 June 2018 |
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Additions |
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Transfer to ownership | (154,608 | ) |
At 31 May 2019 |
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DEPRECIATION |
At 1 June 2018 |
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Charge for year |
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Transfer to ownership | (106,206 | ) |
At 31 May 2019 |
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NET BOOK VALUE |
At 31 May 2019 |
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At 31 May 2018 |
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5. | FIXED ASSET INVESTMENTS |
Other |
investments |
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COST |
At 1 June 2018 |
and 31 May 2019 |
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PROVISIONS |
At 1 June 2018 |
and 31 May 2019 | 80,811 |
NET BOOK VALUE |
At 31 May 2019 |
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At 31 May 2018 |
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6. | STOCKS |
31/5/19 | 31/5/18 |
£ | £ |
Stocks |
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B. COOKSON LIMITED (REGISTERED NUMBER: 01864616) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2019 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/5/19 | 31/5/18 |
£ | £ |
Trade debtors |
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Other debtors |
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Amounts due from group |
undertakings | 536,042 | 511,058 |
VAT |
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Prepayments |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/5/19 | 31/5/18 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts (see note 10) |
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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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Other creditors |
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Sales credit note provision | 1,166 | - |
Accrued expenses |
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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31/5/19 | 31/5/18 |
£ | £ |
Bank loans - 1-2 years |
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Bank loans - 2-5 years |
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Hire purchase contracts (see note 10) |
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10. | LEASING AGREEMENTS |
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Minimum lease payments fall due as follows: |
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Hire purchase contracts |
31/5/19 | 31/5/18 |
£ | £ |
Net obligations repayable: |
Within one year |
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Between one and five years |
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B. COOKSON LIMITED (REGISTERED NUMBER: 01864616) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2019 |
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10. | LEASING AGREEMENTS - continued |
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Non-cancellable operating |
leases |
31/5/19 | 31/5/18 |
£ | £ |
Within one year |
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Between one and five years |
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11. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31/5/19 | 31/5/18 |
£ | £ |
Bank overdraft |
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Bank loans |
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Hire purchase contracts | 182,963 | 169,577 |
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12. | 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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13. | RELATED PARTY DISCLOSURES |
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The directors, C Cookson and B Cookson are also designated members of CMB Parking LLP. |
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During the year, the company recharged expenses to CMB Parking LLP amounting to £5,010 (2018: £7,266). |
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Included in administrative expenses in the Profit and Loss Account is a charge of £10,000 (2018: £10,000) in |
respect of the rent of property from Mrs Margaret Cookson, a related party by virtue of her relationship, being |
the mother of the directors, Craig and Brian Cookson. |
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14. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling party is B C Cookson Holdings Limited. |