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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2017 |
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BEARWOOD LAKES GOLF CLUB LIMITED |
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REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2017 |
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FOR |
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BEARWOOD LAKES GOLF CLUB LIMITED |
BEARWOOD LAKES GOLF CLUB LIMITED (REGISTERED NUMBER: 02931379) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2017 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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BEARWOOD LAKES GOLF CLUB LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2017 |
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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 |
4 Prince Albert Road |
London |
NW1 7SN |
BEARWOOD LAKES GOLF CLUB LIMITED (REGISTERED NUMBER: 02931379) |
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BALANCE SHEET |
31 MARCH 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks | 5 |
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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 LIABILITIES | ( |
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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 | 11 | ( |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital | 12 |
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Share premium | 13 |
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Retained earnings | 13 | ( |
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SHAREHOLDERS' FUNDS | ( |
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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. |
BEARWOOD LAKES GOLF CLUB LIMITED (REGISTERED NUMBER: 02931379) |
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BALANCE SHEET - continued |
31 MARCH 2017 |
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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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BEARWOOD LAKES GOLF CLUB LIMITED (REGISTERED NUMBER: 02931379) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2017 |
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1. | STATUTORY INFORMATION |
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Bearwood Lakes Golf Club Limited is a
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The company's registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The director who has introduced funds has confirmed that he will not seek repayment of his current account until |
the company has the ability to do so. In the past the director has supported the company where necessary and has |
indicated he will continue to do so in the future. Taking these factors into account it has been seen to be |
appropriate to prepare the financial statements on a going concern basis. |
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Turnover |
Turnover represents golf club joining fees and subscriptions plus amounts received in respect of golf shop and |
clubhouse sales excluding value added tax. Golf club joining fees are recognised in full on acceptance of |
membership whilst subscriptions are recognised over the period to which the subscription relates. All income |
arises in the United Kingdom. |
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Tangible fixed assets |
The cost of tangible fixed assets is written off by equal annual instalments over their estimated useful lives as |
follows: |
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Long leasehold and improvements | 1%, 2% and 4% on cost |
Plant and machinery | 5%, 10% and 20% on cost |
Fixtures and fittings | 10% and 20% on cost |
Motor vehicles | 25% on cost |
Computer equipment | 25% on cost |
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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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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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BEARWOOD LAKES GOLF CLUB LIMITED (REGISTERED NUMBER: 02931379) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
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2. | ACCOUNTING POLICIES - continued |
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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Hire purchase and leasing commitments |
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 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 |
Long |
leasehold | Fixtures |
and | Plant and | and |
improvements | machinery | fittings |
£ | £ | £ |
COST |
At 1 April 2016 |
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Additions |
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Disposals |
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At 31 March 2017 |
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DEPRECIATION |
At 1 April 2016 |
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Charge for year |
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Eliminated on disposal |
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At 31 March 2017 |
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NET BOOK VALUE |
At 31 March 2017 |
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At 31 March 2016 |
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BEARWOOD LAKES GOLF CLUB LIMITED (REGISTERED NUMBER: 02931379) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
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4. | TANGIBLE FIXED ASSETS - continued |
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Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2016 |
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Additions |
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Disposals |
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( |
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At 31 March 2017 |
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DEPRECIATION |
At 1 April 2016 |
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Charge for year |
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Eliminated on disposal |
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( |
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At 31 March 2017 |
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NET BOOK VALUE |
At 31 March 2017 |
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At 31 March 2016 |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
£ |
COST |
At 1 April 2016 |
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Transfer to ownership | (56,182 | ) |
At 31 March 2017 |
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DEPRECIATION |
At 1 April 2016 |
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Charge for year |
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Transfer to ownership | (54,919 | ) |
At 31 March 2017 |
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NET BOOK VALUE |
At 31 March 2017 |
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At 31 March 2016 |
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5. | STOCKS |
2017 | 2016 |
£ | £ |
Stocks |
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BEARWOOD LAKES GOLF CLUB LIMITED (REGISTERED NUMBER: 02931379) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Hire purchase contracts (see note 9) |
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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 |
2017 | 2016 |
£ | £ |
Hire purchase contracts (see note 9) |
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Amounts owed to group undertakings |
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Other creditors |
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Amounts falling due in more than five years: |
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Repayable otherwise than by instalments |
Debentures more 5yr non-instal |
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Each debenture represents an unsecured obligation of the company and is issued for a period of 99 years. The |
debentures are redeemable at par by the debenture holder, if desired, after 30 years. The earliest redemption date |
is 6 December 2024. In accordance with accounting standards costs of £44,500 associated with the issue of the |
above debentures have been deducted from the proceeds. These issuance costs are being amortised on a straight |
line basis from 1 April 2012 to the earliest redemption date in 2024. Debenture holders have the right to |
nominate individuals, including themselves, to membership and to vote at the Annual General Meeting of the |
Golf Club. Debenture holders have no voting interest in the company. |
BEARWOOD LAKES GOLF CLUB LIMITED (REGISTERED NUMBER: 02931379) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
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9. | LEASING AGREEMENTS |
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Minimum lease payments fall due as follows: |
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Hire purchase contracts |
2017 | 2016 |
£ | £ |
Net obligations repayable: |
Within one year |
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Between one and five years |
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Non-cancellable operating |
leases |
2017 | 2016 |
£ | £ |
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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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2017 | 2016 |
£ | £ |
Hire purchase contracts | 36,910 | 51,824 |
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The hire purchase contracts are secured upon the assets to which they relate. |
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11. | PROVISIONS FOR LIABILITIES |
2017 | 2016 |
£ | £ |
Deferred tax | 55,873 | 51,759 |
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Deferred |
tax |
£ |
Balance at 1 April 2016 |
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Provided during year |
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Balance at 31 March 2017 |
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BEARWOOD LAKES GOLF CLUB LIMITED (REGISTERED NUMBER: 02931379) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
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12. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2017 | 2016 |
value: | £ | £ |
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Ordinary | £1 | 1 | 1 |
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Allotted and issued: |
Number: | Class: | Nominal | 2017 | 2016 |
value: | £ | £ |
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A Ordinary | £1 | 12,500 | 12,500 |
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13. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
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At 1 April 2016 | ( |
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(1,093,427 | ) |
Deficit for the year | ( |
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At 31 March 2017 | ( |
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(1,105,233 | ) |
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14. | PENSION COMMITMENTS |
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The company makes contributions to a pension scheme on behalf of its employees. Amounts charged to the |
profit and loss account were £8,918 (2016: £6,807) for the year. There were outstanding contributions of £4,222 |
(2016: £1,963) as at the balance sheet date. |
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15. | RELATED PARTY DISCLOSURES |
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The company considers its parent company Ward Wilson Investments Limited (hereafter 'WWIL') to be a related |
party due to the relationship between the entities. |
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During the year the company paid rent of £143,558 (2016: £138,733) to WWIL, was charged £27,000 (2016: |
£27,000) by WWIL in respect of bookkeeping charges and £40,000 (2016: £nil) in respect of management fees. |
At the balance sheet date the company owed WWIL £341,353 (2016: £304,439). |
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16. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling party is G R Holloway Esq by virtue of his shareholding in Ward Wilson Investments |
Limited. |