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Unaudited Financial Statements for the Year Ended 31 October 2021 |
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Storage & Display Equipment Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 October 2021 |
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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 2021 |
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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 2021 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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BUSINESS ADDRESS: |
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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 2021 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 2021 |
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31/10/21 | 31/10/20 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investments | 5 |
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Investment property | 6 |
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CURRENT ASSETS |
Stocks |
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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 |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
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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 | 11 |
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Capital redemption reserve |
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Retained earnings |
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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. |
Storage & Display Equipment Limited (Registered number: 02723619) |
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Balance Sheet - continued |
31 October 2021 |
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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 2021 |
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1. | STATUTORY INFORMATION |
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Storage & Display Equipment Limited is a
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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 with potential to reduce business activity. In the |
intervening period, while activity is disrupted, substantial and substantive government and central bank |
measures were put in place in the UK and internationally to support businesses and households. The |
measures are expected to remain in place throughout any periods of disruption. |
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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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Preparation of consolidated financial statements |
The financial statements contain information about Storage & Display Equipment Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated 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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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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Property improvements | - |
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Plant and machinery | - |
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Motor vehicles | - |
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Computer equipment | - |
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Government grants |
Storage & Display Equipment Limited (Registered number: 02723619) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 October 2021 |
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2. | ACCOUNTING POLICIES - continued |
Grants which are received by the company for compensation for expenses or losses are recognised in the same period as the related expenditure. |
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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. |
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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 2021 |
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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 | Property | Plant and |
property | improvements | machinery |
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COST |
At 1 November 2020 |
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Additions |
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Disposals |
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At 31 October 2021 |
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DEPRECIATION |
At 1 November 2020 |
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Charge for year |
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Eliminated on disposal |
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At 31 October 2021 |
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NET BOOK VALUE |
At 31 October 2021 |
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At 31 October 2020 |
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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 2021 |
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4. | TANGIBLE FIXED ASSETS - continued |
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Motor | Computer |
vehicles | equipment | Totals |
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COST |
At 1 November 2020 |
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Additions |
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Disposals | ( |
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At 31 October 2021 |
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DEPRECIATION |
At 1 November 2020 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 October 2021 |
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NET BOOK VALUE |
At 31 October 2021 |
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At 31 October 2020 |
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Within fixed assets there are assets under hire purchase and finance lease agreements with a net book value of £42,279 (2020 - £62,421). Depreciation included on these assets totals £52,367 (2020 - £32,225). |
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5. | FIXED ASSET INVESTMENTS |
Other |
investments |
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COST |
Additions |
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At 31 October 2021 |
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NET BOOK VALUE |
At 31 October 2021 |
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6. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 November 2020 |
and 31 October 2021 |
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NET BOOK VALUE |
At 31 October 2021 |
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At 31 October 2020 |
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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 2021 |
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6. | INVESTMENT PROPERTY - continued |
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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 (2020 - £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. |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/10/21 | 31/10/20 |
£ | £ |
Trade debtors |
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Other debtors |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/10/21 | 31/10/20 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts and finance leases |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31/10/21 | 31/10/20 |
£ | £ |
Bank loans |
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Hire purchase contracts and finance leases |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal | - | 6,668 |
Storage & Display Equipment Limited (Registered number: 02723619) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 October 2021 |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31/10/21 | 31/10/20 |
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Hire purchase contracts and finance leases | 29,674 | 55,443 |
Invoice finance liability | - | 333,926 |
Other loans | - | 104,167 |
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Hire purchase and finance lease 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. |
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Other loans are secured against the company's assets. |
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Bank loans are unsecured as this is part of the Bounce Back Loan Scheme. |
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11. | RESERVES |
Revaluation |
reserve |
£ |
At 1 November 2020 |
and 31 October 2021 |
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12. | OTHER FINANCIAL COMMITMENTS |
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The total amount of financial commitments not included in the balance sheet is £97,665 (2020 - £44,322). This relates to vehicle operating leases and rental agreements, of this amount £33,392 (2020 - £37,402) is due within one year, the remaining amount of £64,273 (2020 - £6,920) is due between one and five years. |
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13. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to directors subsisted during the years ended 31 October 2021 and 31 October 2020: |
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31/10/21 | 31/10/20 |
£ | £ |
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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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Storage & Display Equipment Limited (Registered number: 02723619) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 October 2021 |
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13. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued |
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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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