MKO Rawmarsh Ltd FILLETED ACCOUNTS COVER
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Company No. 02889895
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MKO Rawmarsh Ltd DIRECTORS REPORT REGISTRAR
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The Directors present their report and the accounts for the year ended 31 December 2016.
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Principal activities
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The principal activity of the company during the year under review was that of ophthalmic and dispensing opticians.
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Directors
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The Directors who served at any time during the year were as follows:
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A.M. Kemp
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M.W. Kemp
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The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.
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Signed on behalf of the board
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M.W. Kemp
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Director
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21 March 2017
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MKO Rawmarsh Ltd BALANCE SHEET REGISTRAR
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at
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Company No.
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Notes
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2016
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2015
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£
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£
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Fixed assets
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Intangible assets
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2
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Tangible assets
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3
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Current assets
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Stocks
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4
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Debtors
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5
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Cash at bank and in hand
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Creditors: Amount falling due within one year
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6
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(
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(
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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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7
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(
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(
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Provisions for liabilities
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Deferred taxation
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8
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(
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Net assets
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Capital and reserves
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Called up share capital
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Profit and loss account
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Total equity
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As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.
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Approved by the board on 21 March 2017
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And signed on its behalf by:
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M.W. Kemp
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Director
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21 March 2017
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MKO Rawmarsh Ltd NOTES TO THE ACCOUNTS REGISTRAR
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for the year ended 31 December 2016
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1
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Accounting policies
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Basis of preparation
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Turnover
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Revenue from the sale of goods is recognised when all the following conditions are satisfied: • the Company has transferred to the buyer the significant risks and rewards of ownership of the goods; • the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; • the amount of revenue can be measured reliably; • it is probable that the economic benefits associated with the transaction will flow to the Company; and • the costs incurred or to be incurred in respect of the transaction can be measured reliably. Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed. |
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Intangible fixed assets
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Taxation
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The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively. |
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Tangible fixed assets and depreciation
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At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. |
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Freehold buildings
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Furniture, fittings and equipment
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Stocks
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When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs. |
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Trade and other debtors
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Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.
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Trade and other creditors
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Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Pensions
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2
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Intangible fixed assets
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Goodwill
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Total
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£
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£
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Cost
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At 1 January 2016
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Disposals
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(
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(
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At 31 December 2016
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Amortisation and impairment
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At 1 January 2016
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Disposals
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(
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(
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At 31 December 2016
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Net book values
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At 31 December 2016
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At 31 December 2015
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3
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Tangible fixed assets
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Land and buildings
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Fixtures, fittings and equipment
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Total
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£
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£
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£
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Cost or revaluation
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At 1 January 2016
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Disposals
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(
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(
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(
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At 31 December 2016
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Depreciation
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At 1 January 2016
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Disposals
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(
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(
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(
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At 31 December 2016
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Net book values
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At 31 December 2016
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At 31 December 2015
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4
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Stocks
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2016
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2015
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£
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£
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Finished goods
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5
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Debtors
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2016
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2015
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£
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£
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Trade debtors
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Corporation tax recoverable
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VAT recoverable
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Other debtors
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6
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Creditors:
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amounts falling due within one year
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2016
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2015
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£
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£
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Trade creditors
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Amounts owed to group undertakings
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Corporation tax
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Loans from directors
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Accruals and deferred income
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7
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Creditors:
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amounts falling due after more than one year
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2016
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2015
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£
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£
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Other creditors
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8
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Provisions for liabilities
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Deferred taxation
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Accelerated capital allowances, losses and other timing differences
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Arising from revaluation
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Total
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£
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£
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£
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At 1 January 2016
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Charge to the profit and loss account for the period
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(
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(
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2016
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2015
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£
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£
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Accelerated capital allowances
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9
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Reserves
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Total other reserves
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£
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10
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Related party disclosures
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Name of related party
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Description of relationship between the parties
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Director
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Description of transaction and general amounts involved
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Controlling party
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Immediate controlling party
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11
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Additional information
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It's registered number is:
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It's registered office is:
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