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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019 |
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CLOVIS LANDE ASSOCIATES LIMITED |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019 |
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FOR |
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CLOVIS LANDE ASSOCIATES LIMITED |
CLOVIS LANDE ASSOCIATES LIMITED (REGISTERED NUMBER: 02210820) |
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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 | 3 |
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CLOVIS LANDE ASSOCIATES LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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DIRECTOR: |
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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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1 The Old Stables |
Eridge Park |
Tunbridge Wells |
Kent |
TN3 9JT |
CLOVIS LANDE ASSOCIATES LIMITED (REGISTERED NUMBER: 02210820) |
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BALANCE SHEET |
31 DECEMBER 2019 |
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2019 | 2018 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 | ( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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RESERVES |
Retained earnings |
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The director acknowledges his 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. |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the director and authorised for issue on
by: |
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CLOVIS LANDE ASSOCIATES LIMITED (REGISTERED NUMBER: 02210820) |
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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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Clovis Lande Associates Limited is a
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company's 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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Turnover |
Revenue is recognised at the fair value of the consideration received or receivable for goods and services |
provided in the normal course of business , and is shown net of VAT and other sales related taxes . The fair |
value of consideration takes into account trade discounts, settlement discounts and volume rebates. |
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Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the |
goods have passed to the buyer (usually on dispatch of the goods) , the amount of revenue can be |
measured reliably, it is probable that the economic benefits associated with the transaction will flow to the |
entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
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Revenue from contracts for the provision of professional services is recognised by reference to the stage |
of completion when the stage of completion, costs incurred and costs to complete can be estimated |
reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual |
hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated |
reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be |
recover ed . |
CLOVIS LANDE ASSOCIATES LIMITED (REGISTERED NUMBER: 02210820) |
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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 |
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Tangible fixed assets |
Property, plant and equipment are initially measured at cost and subsequently measured at cost, net of |
depreciation and any impairment losses. |
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Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over |
their useful lives on the following bases: |
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Plant and machinery | 15% on reducing balance |
Fixtures and fittings | 33.3% on reducing balance |
Motor vehicles | 25% on reducing balance |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale |
proceeds and the carrying value of the asset, and is credited or charged to profit or loss. |
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At each reporting period end date, the company reviews the carrying amounts of its tangible assets to |
determine whether there is any indication that those assets have suffered an impairment loss. If any such |
indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the |
impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, |
the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
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Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in |
use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that |
reflects current market assessments of the time value of money and the risks specific to the asset for |
which the estimates of future cash flows have not been adjusted. |
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If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying |
amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. |
An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a |
revalued amount, in which case the impairment loss is treated as a revaluation decrease. |
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Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have |
ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or |
cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the |
increased carrying amount does not exceed the carrying amount that would have been determined had no |
impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an |
impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a |
revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase. |
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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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Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost |
comprises direct materials and, where applicable, direct labour costs and those overheads that have been |
incurred in bringing the stocks to their present location and condition. |
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Stocks held for distribution at no or nominal consideration are measured at the lower of replacement |
cost and cost, adjusted where applicable for any loss of service potential. |
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At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of |
stocks over its estimated selling price less costs to complete and sell is recognised as an impairment |
loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss. |
CLOVIS LANDE ASSOCIATES LIMITED (REGISTERED NUMBER: 02210820) |
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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 |
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Financial instruments |
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section |
12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. |
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Financial instruments are recognised in the company's statement of financial position when the company |
becomes party to the contractual provisions of the instrument. |
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Financial assets and liabilities are offset , with the net amounts presented in the financial statements , when |
there is a legally 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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Basic financial assets |
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially |
measured at transaction price including transaction costs and are subsequently carried at amortised cost |
using the effective interest method unless the arrangement constitutes a financing transaction, where the |
transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
Financial assets classified as receivable within one year are not amortised. |
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Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual |
arrangements entered into. An equity instrument is any contract that evidences a residual interest in the |
assets of the company after deducting all of its liabilities. |
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Basic financial liabilities |
Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group |
companies and preference shares that are classified as debt, 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. Financial liabilities classified |
as payable within one year are not amortised. |
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Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
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Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course |
of business from suppliers. Amounts payable are classified as current liabilities if payment is due within |
one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially |
at transaction price and subsequently measured at amortised cost using the effective interest method. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and |
Retained Earnings, 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. |
CLOVIS LANDE ASSOCIATES LIMITED (REGISTERED NUMBER: 02210820) |
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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 |
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Research and development |
Research expenditure is written off against profits in the year in which it is incurred. Identifiable |
development expenditure is capitalised to the extent that the technical, commercial and financial feasibility |
can be demonstrated . |
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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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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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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 |
Plant and |
machinery |
etc |
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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. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
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Directors' current accounts |
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Tax |
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Prepayments |
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CLOVIS LANDE ASSOCIATES LIMITED (REGISTERED NUMBER: 02210820) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade creditors |
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Tax |
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Social security and other taxes |
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VAT |
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Other creditors |
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Directors' current accounts | - | 6,251 |
Accrued expenses |
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7. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2019 | 2018 |
£ | £ |
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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8. | PENSION COMMITMENTS |
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The charge for the year was £10,761 (2018 - £5,441). There were no contributions due and not paid at the |
reporting date for the current or comparative period. |
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9. | 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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2019 | 2018 |
£ | £ |
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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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Amounts advanced to directors are unsecured and repayable on demand. Interest is charged at HMRC's official |
rate. |
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10. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling party is
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11. | SHARE CAPITAL |
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There is a nil balance on the share capital due to the buy back of preference shares in 2003, which was of |
a higher value than retained profits. Therefore, the accounting entry was made, utilising the share capital |
as a distributable reserve to allow the buy back to be made. There are 96,613 £1 shares issued which are |
fully paid up. |