COMPANY REGISTRATION NUMBER:
Insight Medical Writing Ltd
for the
Year Ended 30 June 2020
Insight Medical Writing Ltd
Contents
Company Information |
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Directors' Report |
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Statement of Comprehensive Income |
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Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
Insight Medical Writing Ltd
Company Information
Directors |
Mrs K J Griffiths Mr T Griffiths |
Company secretary |
Mr T Griffiths |
Registered office |
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Accountants |
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Insight Medical Writing Ltd
Directors' Report for the Year Ended 30 June 2020
The directors present their report and the financial statements for the year ended 30 June 2020.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is the provision of medical writing services for the pharmaceutical industry.
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved by the
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Insight Medical Writing Ltd
Statement of Comprehensive Income for the Year Ended 30 June 2020
Note |
2020 |
2019 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Operating profit |
1,487,319 |
1,527,195 |
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Other interest receivable and similar income |
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Interest payable and similar expenses |
( |
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(14,115) |
15,304 |
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Profit before tax |
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Tax on profit |
( |
( |
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Profit for the financial year |
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The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Insight Medical Writing Ltd
Statement of Financial Position as at 30 June 2020
Note |
2020 |
2019 |
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Fixed assets |
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Tangible assets |
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Investments |
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Other financial assets |
62,687 |
6,030 |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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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 |
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Called up share capital |
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Revaluation reserve |
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Profit and loss account |
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Total equity |
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For the financial year ending 30 June 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Comprehensive Income has been taken.
Insight Medical Writing Ltd
Statement of Financial Position as at 30 June 2020 (continued)
Approved and authorised by the
Director
Company secretary and director
Company registration number: :04214826
Insight Medical Writing Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2020
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
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.
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.
Insight Medical Writing Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2020 (continued)
2 |
Accounting policies (continued) |
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures & fittings |
Reducing Balance 25% |
Motor vehicles |
Reducing Balance 25% |
Office equipment |
Reducing Balance 25% |
Leasehold improvements |
Straight Line 10% |
Investment property
basis
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Development costs |
These are fully depreciated |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Work in progress
Work in progress represents the value of unbilled direct labour costs as assessed for impairment.
Insight Medical Writing Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2020 (continued)
2 |
Accounting policies (continued) |
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Comprehensive Income over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
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.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Insight Medical Writing Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2020 (continued)
Intangible assets |
Development costs |
Total |
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Cost or valuation |
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At 1 July 2019 |
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At 30 June 2020 |
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Amortisation |
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At 1 July 2019 |
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At 30 June 2020 |
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Carrying amount |
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At 30 June 2020 |
- |
- |
Insight Medical Writing Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2020 (continued)
Tangible assets |
Land and buildings |
Short leasehold land and buildings |
Fixtures and fittings |
Office equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 July 2019 |
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Additions |
- |
- |
- |
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Disposals |
- |
- |
- |
- |
( |
( |
At 30 June 2020 |
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Depreciation |
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At 1 July 2019 |
- |
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Charge for the year |
- |
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Eliminated on disposal |
- |
- |
- |
- |
( |
( |
At 30 June 2020 |
- |
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Carrying amount |
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At 30 June 2020 |
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At 30 June 2019 |
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Insight Medical Writing Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2020 (continued)
5 |
Tangible assets (continued) |
Included within the net book value of land and buildings above is £578,500 (2019 - £578,500) in respect of freehold land and buildings and £4,115 (2019 - £4,703) in respect of short leasehold land and buildings.
Insight Medical Writing Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2020 (continued)
Investments |
2020 |
2019 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 July 2019 |
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Additions |
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At 30 June 2020 |
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Provision |
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Carrying amount |
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At 30 June 2020 |
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At 30 June 2019 |
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Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2020 |
2019 |
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Subsidiary undertakings |
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B4 Danebrook Court
England |
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H-1027
Hungary |
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Insight Medical Writing Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2020 (continued)
6 |
Investments (continued) |
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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B4 Danebrook Court
England |
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Subsidiary undertakings |
Insight MW Limited The principal activity of Insight MW Limited is |
Insight MW Kft The principal activity of Insight MW Kft is |
Insight PMI Ltd The principal activity of Insight PMI Ltd is |
Insight Medical Writing Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2020 (continued)
6 |
Investments (continued) |
Other investments
The market value of the listed investments at 30 June 2020 was £82,383 (2019 - £3,436).
Other financial assets (current and non-current) |
Quoted shares |
Total |
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Non-current financial assets |
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Cost or valuation |
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At 1 July 2019 |
6,030 |
6,030 |
Additions |
58,198 |
58,198 |
Disposals |
(1,541) |
(1,541) |
At 30 June 2020 |
62,687 |
62,687 |
Impairment |
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Carrying amount |
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At 30 June 2020 |
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62,687 |
Stocks |
2020 |
2019 |
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Work in progress |
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Debtors |
Note |
2020 |
2019 |
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Trade debtors |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Prepayments |
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Other debtors |
- |
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Insight Medical Writing Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2020 (continued)
Creditors |
Creditors: amounts falling due within one year
Note |
2020 |
2019 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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2020 |
2019 |
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Current loans and borrowings |
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Bank borrowings |
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Creditors: amounts falling due after more than one year
Note |
2020 |
2019 |
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Due after one year |
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Loans and borrowings |
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Share capital |
Allotted, called up and fully paid shares
2020 |
2019 |
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No. |
£ |
No. |
£ |
|
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80 |
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80 |
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100 |
|
100 |
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2,025 |
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2,025 |
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Insight Medical Writing Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2020 (continued)
Reserves |
The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:
Revaluation reserve |
Total |
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Surplus/(deficit) on property, plant and equipment revaluation |
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Loans and borrowings |
2020 |
2019 |
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Non-current loans and borrowings |
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Bank borrowings |
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2020 |
2019 |
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Current loans and borrowings |
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Bank borrowings |
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Financial commitments, guarantees and contingencies |
Amounts disclosed in the balance sheet
Included in the balance sheet are financial commitments of £113,234 (2019 - £134,201). The Mortgage is secured by way of a charge on the freehold property in favour of National Westminster Bank plc
Related party transactions |
No transactions with related parties were undertaken such as are required to be disclosed under FRS102 1A
Directors' remuneration
The directors' remuneration for the year was as follows:
Insight Medical Writing Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2020 (continued)
15 |
Related party transactions (continued) |
2020 |
2019 |
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Remuneration |
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Contributions paid to money purchase schemes |
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178,368 |
210,164 |
Insight Medical Writing Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2020 (continued)
15 |
Related party transactions (continued) |
Summary of transactions with all subsidiaries
Insight MW Kft is a wholly owned subsidiary
Insight PMI Ltd Is a wholly owned subsidiary
Insight MW Kft - loan
Insight PMI Ltd - loan
Expenditure with and payables to related parties
2020 |
Subsidiary |
Rendering of services |
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Amounts payable to related party |
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2019 |
Subsidiary |
Rendering of services |
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Amounts payable to related party |
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Loans to related parties
2020 |
Subsidiary |
Total |
At start of period |
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Advanced |
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At end of period |
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2019 |
Subsidiary |
Total |
At start of period |
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Advanced |
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At end of period |
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