Company number 04628123
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ORWIN LIMITED CONTENTS
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Pages
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Company Information
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2
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Directors' Report
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3
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Accountant's Report
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4
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Profit and Loss Account
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5
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Statement of Comprehensive Income
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6
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Balance Sheet
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7
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Statement of Changes in Equity
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8
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Notes to the Accounts
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9 to 15
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ORWIN LIMITED COMPANY INFORMATION
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Directors
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Registered Office
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Accountants
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12 Regent Terrace
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Gateshead
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Tyne and Wear
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NE8 1LU
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ORWIN LIMITED DIRECTORS REPORT
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The Directors present their report and the accounts for the year ended 31 December 2019.
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Principal activities
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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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Signed on behalf of the board
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C. Whiteley
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Director
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31 January 2020
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ORWIN LIMITED ACCOUNTANTS REPORT ICAEW
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Independent Accountant's Report to the Board of directors of Orwin Limited on the preparation of the unaudited statutory accounts for the year ended 31 December 2019
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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 Orwin Limited for the year ended 31 December 2019 which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the Notes to the Accounts from the company's accounting records and from information and explanations you have given us.
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Opinion
Our work has been undertaken so that we might state to the company's members those matters we are required to state to them in an assurance report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our work, for this report, or for the opinions we have formed. These financial statements are the responsibility of the Company' s management. Our responsibility is to issue a report on these financial statements based on our review. We have reviewed the accompanying balance sheet of Orwin Limited as at 31 December 2019, and the income statement, statement of changes in equity for the year then ended. |
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In our opinion the accounts:
give a true and fair view of the state of the company's affairs as at 31 December 2019 and of its profit for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006. |
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Basis for opinion
We are independent of the company in accordance with the ethical requirements that are relevant to our review of the accounts in the UK, including the FRC's Ethical Standard, and the provisions available for small entities, in the circumstances set out below, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We conducted our review in accordance with the Companies Act 2006 and applicable standards or practices. This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the financial statements are free of material misstatement. A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. We have not performed an audit and, accordingly, we do not express an audit opinion. Based on our review, nothing has come to our attention that causes us to believe that the accompanying financial statements do not give a true and fair view (or are not presented fairly, in all material respects) in accordance with Accounting Standards. |
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Responsibilities of directors
The directors are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of accounts that are free from material misstatement, whether due to fraud or error. In preparing the accounts, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
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Reporting accountant’s responsibilities for the accounts
Our objectives are to obtain reasonable assurance about whether the accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue a report that includes our opinion . Reasonable assurance is a high level of assurance, but is not a guarantee that a review conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of user s taken on the basis of these accounts . |
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Accountants
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12 Regent Terrace
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Gateshead
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Tyne and Wear
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NE8 1LU
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ORWIN LIMITED PROFIT AND LOSS ACCOUNT
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FOR THE YEAR ENDED 31 December 2019
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Notes
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2019
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2018
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£
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£
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Turnover
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1
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1
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Cost of Sales
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1
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(
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1
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(
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Gross profit
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Administrative expenses
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1
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(
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1
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(
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Other operating income
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1
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1
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Operating profit
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Other interest receivable
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1
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1
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Interest payable and similar charges
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1
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(
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1
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(
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Profit on ordinary activities before taxation
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Taxation
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1
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(
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0
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Profit for the financial year after taxation
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7
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6
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ORWIN LIMITED STATEMENT OF COMPREHENSIVE INCOME
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FOR THE YEAR ENDED 31 December 2019
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2019
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2018
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£
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£
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Profit for the financial year after taxation
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Total comprehensive income for the period
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ORWIN LIMITED BALANCE SHEET
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AT
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Company No.
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Notes
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2019
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2018
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£
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£
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Fixed assets
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Intangible assets
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3
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Tangible assets
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4
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Current assets
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Stocks
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5
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Debtors
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6
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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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7
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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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8
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(
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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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9
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Total equity
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Approved by the board on 31 January 2020
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And signed on its behalf by:
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C. Whiteley
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B.G. Murphy
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Director
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Director
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ORWIN LIMITED STATEMENT OF CHANGES IN EQUITY
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FOR THE YEAR ENDED 31 December 2019
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Share Capital
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Retained earnings
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Total equity
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£
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£
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£
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At 1 January 2018
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1
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662,552
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662,553
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Profit for the period
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At 31 December 2018 and 1 January 2019
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Profit for the period
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Dividends
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(
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(
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At 31 December 2019
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ORWIN LIMITED NOTES TO THE ACCOUNTS
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FOR THE the YEAR ENDED 31 December 2019
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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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Leasehold land and buildings
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Plant and machinery
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Motor vehicles
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Furniture, fittings and equipment
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Freehold investment property
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No depreciation is provided in respect of investment properties. |
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Investments
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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 creditors
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Foreign currencies
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Leased assets
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Leases which do not transfer substantially all the risks and rewards of ownership to the Company are classified as operating leases. Assets held under finance leases are initially recognised as assets of the Company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the Company's policy on borrowing costs (see the accounting policy above). Assets held under finance leases are depreciated in the same way as owned assets. Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis. |
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Pensions
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Provisions
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Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the balance sheet. |
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2
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Employees
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2019
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2018
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Number
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Number
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The average number of persons employed during the year :
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3
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Intangible fixed assets
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Goodwill
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Patents and trade-marks
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Develop-ment costs
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Total
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£
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£
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£
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£
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Cost
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At 1 January 2019
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At 31 December 2019
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Amortisation and impairment
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At 1 January 2019
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Charge for the year
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At 31 December 2019
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Net book values
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At 31 December 2019
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At 31 December 2018
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4
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Tangible fixed assets
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Land and buildings
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Plant and machinery
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Motor vehicles
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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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£
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£
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Cost or revaluation
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At 1 January 2019
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Additions
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Disposals
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(
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(
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(
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(
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At 31 December 2019
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(
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Depreciation
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At 1 January 2019
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Charge for the year
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Disposals
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(
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(
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(
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(
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(
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At 31 December 2019
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(
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Net book values
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At 31 December 2019
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At 31 December 2018
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5
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Stocks
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2019
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2018
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£
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£
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Raw materials and consumables
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Work in progress
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6
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Debtors
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2019
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2018
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£
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£
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Trade debtors
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Amounts owed by group undertakings
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Prepayments and accrued income
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7
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Creditors:
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amounts falling due within one year
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2019
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2018
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£
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£
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Stage payment in advance
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Obligations under finance lease and hire purchase contracts
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Trade creditors
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Other taxes and social security
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Other creditors
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Accruals and deferred income
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8
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Creditors:
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amounts falling due after more than one year
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2019
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2018
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£
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£
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Obligations under finance lease and hire purchase contracts
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9
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Reserves
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10
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Commitments
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Capital commitments
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2019
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2018
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£
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£
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Other financial commitments
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2019
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2018
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£
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£
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Total commitments under non-cancellable operating leases:
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Pension commitments
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The company operates a defined contribution scheme
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11
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Dividends
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2019
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2018
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£
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£
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Dividends for the period:
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Dividends paid in the period
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250,000
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-
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250,000
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-
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Dividends by type:
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Non-equity preference dividends
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Equity dividends
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250,000
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-
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12
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Related party disclosures
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Controlling parties
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Immediate controlling party
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Ultimate controlling party
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Hahn Beteiligungs Gmbh
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13
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Additional information
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Its registered number is:
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Its registered office is:
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