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Unaudited Financial Statements for the Year Ended 31 October 2019 |
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Storage & Display Equipment Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 October 2019 |
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for |
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Storage & Display Equipment Limited |
Storage & Display Equipment Limited (Registered number: 02723619) |
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Contents of the Financial Statements |
for the Year Ended 31 October 2019 |
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Page |
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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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Storage & Display Equipment Limited |
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Company Information |
for the Year Ended 31 October 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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ACCOUNTANTS: |
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Chartered Accountants |
68 Queen Street |
Sheffield |
South Yorkshire |
S1 1WR |
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BANKERS: |
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1 High Street |
Sheffield |
South Yorkshire |
S1 2GA |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Storage & Display Equipment 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 Directors' Report 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 Storage & Display Equipment Limited for the year ended |
31 October 2019 which comprise the Income Statement, Other Comprehensive Income, 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 Storage & Display Equipment 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 Storage & Display Equipment Limited and state those matters that we have agreed to state to the Board of Directors of Storage & Display Equipment 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 Storage & Display Equipment 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 Storage & Display Equipment 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 Storage & Display Equipment Limited. You consider that Storage & Display Equipment 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 Storage & Display Equipment 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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Chartered Accountants |
68 Queen Street |
Sheffield |
South Yorkshire |
S1 1WR |
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Storage & Display Equipment Limited (Registered number: 02723619) |
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Balance Sheet |
31 October 2019 |
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31/10/19 | 31/10/18 |
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restated |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investment property | 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 ASSETS/(LIABILITIES) |
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( |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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CREDITORS |
Amounts falling due after more than
one year |
8 |
( |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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Storage & Display Equipment Limited (Registered number: 02723619) |
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Balance Sheet - continued |
31 October 2019 |
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31/10/19 | 31/10/18 |
as |
restated |
Notes | £ | £ |
CAPITAL AND RESERVES |
Called up share capital |
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Revaluation reserve | 10 |
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Capital redemption reserve |
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Retained earnings |
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(63,328 | ) |
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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. |
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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 and authorised for issue on
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Storage & Display Equipment Limited (Registered number: 02723619) |
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Notes to the Financial Statements |
for the Year Ended 31 October 2019 |
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1. | STATUTORY INFORMATION |
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Storage & Display Equipment Limited is a
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England and Wales. The 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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Going concern |
The Covid-19 pandemic is an unprecedented situation and while the reduction in activity |
associated with Covid- 19 could be sharp and large, it is likely to rebound sharply when social |
distancing measures are lifted. |
In addition, in the intervening period, while activity is disrupted, substantial and substantive |
government and central bank measures have been put in place in the UK and |
internationally to support businesses and households. |
The measures, which have been evolving rapidly and could evolve further, are expected to |
remain in place throughout the period of disruption. |
In light of the above, with the support of existing lenders and creditors and along with the |
steps the directors have taken, the directors consider the company continues to be a going |
concern |
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Revenue recognition |
Turnover comprises the fair value of the consideration received or receivable for the sale of |
goods and provision of services in the ordinary course of the company’s activities. Turnover is |
shown net of sales/value added tax, returns, rebates and discounts. |
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The company recognises revenue when: |
The amount of revenue can be reliably measured; |
it is probable that future economic benefits will flow to the entity; |
and specific criteria have been met for each of the company's activities. |
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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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Motor vehicles | - |
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Computer equipment | - |
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Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit |
arising from changes in fair value is recognised in profit or loss. |
Storage & Display Equipment Limited (Registered number: 02723619) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 October 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Stocks |
Stocks and work in progress 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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Cost is calculated using the first-in, first-out method and includes all purchase, transport, and |
handling costs in bringing stocks to their present location and condition. |
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Financial instruments |
Financial assets and financial liabilities are recognised when the company becomes party to |
the contractual provisions of the instrument. 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 asset of the |
company after deducting all of its liabilities. |
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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. |
Storage & Display Equipment Limited (Registered number: 02723619) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 October 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Leases |
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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Leases in which substantially all the risks and rewards of ownership are retained by the lessor |
are classified as operating leases. Payments made under operating leases are charged to |
profit or loss on a straight-line basis over the period of the lease. Leases are classified as |
finance leases whenever the terms of the lease transfer substantially all the risks and rewards |
of ownership to the lessee. |
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Assets held under finance leases are recognised at the lower of their fair value at inception |
of the lease and the present value of the minimum lease payments. These assets are |
depreciated on a straight-line basis over the shorter of the useful life of the asset and the |
lease term. The corresponding liability to the lessor is included in the Balance Sheet as a |
finance lease obligation. |
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Lease payments are apportioned between finance costs in the Profit and Loss Account and |
reduction of the lease obligation so as to achieve a constant periodic rate of interest on the |
remaining balance of the liability. |
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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 |
Freehold | Long | Plant and |
property | leasehold | machinery |
£ | £ | £ |
COST |
At 1 November 2018 |
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Additions |
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At 31 October 2019 |
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DEPRECIATION |
At 1 November 2018 |
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Charge for year |
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At 31 October 2019 |
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NET BOOK VALUE |
At 31 October 2019 |
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At 31 October 2018 |
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Storage & Display Equipment Limited (Registered number: 02723619) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 October 2019 |
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4. | TANGIBLE FIXED ASSETS - continued |
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Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 November 2018 |
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Additions |
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At 31 October 2019 |
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DEPRECIATION |
At 1 November 2018 |
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Charge for year |
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At 31 October 2019 |
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NET BOOK VALUE |
At 31 October 2019 |
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At 31 October 2018 |
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Included within the net book value of land and buildings above is £87,103 (2018 - £89,956) in |
respect of freehold land and buildings and £16,174 (2018 - £16,525) in respect of long |
leasehold land and buildings. |
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Within fixed assets there are assets under hire purchase with a net book value of £41,436 |
(2018 - 76,805). Depreciation included on these assets totals £113,252 (2018 - 82,056). |
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5. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 November 2018 |
and 31 October 2019 |
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NET BOOK VALUE |
At 31 October 2019 |
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At 31 October 2018 |
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The investment property class of fixed assets was revalued on 31 October 2017 by Mr J R |
Bennett, who is internal to the company. This class of assets has a current value of £150,000 |
(2018 - £150,000) and a carrying amount at historical cost of £126,447. |
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There has been no valuation of investment property by an independent valuer. |
Storage & Display Equipment Limited (Registered number: 02723619) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 October 2019 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/10/19 | 31/10/18 |
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restated |
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Trade debtors |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/10/19 | 31/10/18 |
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restated |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31/10/19 | 31/10/18 |
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restated |
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Hire purchase contracts |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31/10/19 | 31/10/18 |
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restated |
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Hire purchase contracts | 55,429 | 26,404 |
Invoice finance liability | 276,316 | 664,216 |
Banks loans | - | 4,210 |
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Hire purchase liabilities are secured against the asset they relate to. |
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The invoice finance liability is secured against trade debts and a debenture over the assets |
of the company. |
Storage & Display Equipment Limited (Registered number: 02723619) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 October 2019 |
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10. | RESERVES |
Revaluatio |
reserve |
£ |
At 1 November 2018 |
and 31 October 2019 |
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11. | OTHER FINANCIAL COMMITMENTS |
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The total amount of financial commitments not included in the balance sheet is £86,556 |
(2018 - 95,886). This relates to vehicle operating leases and rental agreements, of this amount |
£48,974 (2018 - £46,915) is due within one year, the remaining amount of £37,582 (2018 - |
£48,971) is due between one and five years. |
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12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to directors subsisted during the years ended |
31 October 2019 and 31 October 2018: |
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31/10/19 | 31/10/18 |
as |
restated |
£ | £ |
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Balance outstanding at start of year |
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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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Balance outstanding at start of year |
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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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