Company registration number:
04636388
Silanes & Silicones Limited
Unaudited filleted financial statements
31 January 2019
Silanes & Silicones Limited
Contents
Statement of financial position
Notes to the financial statements
Silanes & Silicones Limited
Statement of financial position
31 January 2019
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2019
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2018
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Note
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£
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£
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£
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£
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Fixed assets
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Tangible assets
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5
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29,715
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33,018
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_______
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_______
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29,715
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33,018
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Current assets
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Stocks
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6
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250,000
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170,000
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Debtors
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7
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201,436
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282,178
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Cash at bank and in hand
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27,144
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26,830
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_______
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_______
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478,580
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479,008
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Creditors: amounts falling due
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within one year
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8
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(
51,449)
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(
61,829)
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_______
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_______
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Net current assets
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427,131
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417,179
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_______
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_______
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Total assets less current liabilities
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456,846
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450,197
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Creditors: amounts falling due
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after more than one year
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9
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(
20,480)
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(
35,840)
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Provisions for liabilities
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(
5,051)
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(
5,613)
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_______
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_______
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Net assets
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431,315
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408,744
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_______
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_______
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Capital and reserves
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Called up share capital
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100
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100
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Profit and loss account
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431,215
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408,644
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_______
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_______
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Shareholder funds
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431,315
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408,744
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_______
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_______
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For the year ending 31 January 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
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The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
17 September 2019
, and are signed on behalf of the board by:
Mr Jason Arrowsmith
Director
Company registration number:
04636388
Silanes & Silicones Limited
Notes to the financial statements
Year ended 31 January 2019
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 12 Dalny Street, Levenshulme, Manchester, M19 3NR.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the service has been completed.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
The tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
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Fittings fixtures and equipment
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-
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10 %
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reducing balance
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Motor vehicles
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-
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25 %
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reducing balance
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If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
2
(2018:
2
).
5.
Tangible assets
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Long leasehold property
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Fixtures, fittings and equipment
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Motor vehicles
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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 February 2018 and 31 January 2019
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7,500
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43,835
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5,869
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57,204
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_______
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_______
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_______
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_______
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Depreciation
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At 1 February 2018
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7,500
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13,293
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3,392
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24,185
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Charge for the year
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3,057
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247
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3,304
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_______
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_______
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_______
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_______
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At 31 January 2019
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7,500
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16,350
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3,639
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27,489
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_______
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Carrying amount
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At 31 January 2019
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27,485
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2,230
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29,715
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_______
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_______
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_______
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At 31 January 2018
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30,542
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2,477
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33,019
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_______
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_______
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_______
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_______
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6.
Stocks
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2019
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2018
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£
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£
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Finished goods and goods for resale
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250,000
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170,000
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_______
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_______
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7.
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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172,290
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244,532
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Other debtors
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29,146
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37,646
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_______
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_______
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201,436
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282,178
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_______
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_______
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8.
Creditors: 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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Bank loans and overdrafts
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15,360
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15,360
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Trade creditors
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18,352
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17,543
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Corporation tax
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14,147
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23,174
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Social security and other taxes
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97
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2,059
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Other creditors
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3,493
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3,693
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_______
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_______
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51,449
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61,829
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_______
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_______
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9.
Creditors: 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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Other creditors
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20,480
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35,840
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_______
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_______
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10.
Directors advances, credits and guarantees
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During the year the director entered into the following advances and credits with the company:
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2019
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Balance brought forward
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Advances /(credits) to the director
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Amounts repaid
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Balance o/standing
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£
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£
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£
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£
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Mr Jason Arrowsmith
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30,322
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49,168
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(
61,736)
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17,754
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_______
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_______
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_______
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_______
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2018
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Balance brought forward
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Advances /(credits) to the director
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Amounts repaid
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Balance o/standing
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£
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£
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£
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£
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Mr Jason Arrowsmith
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28,890
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33,485
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(
32,053)
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30,322
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_______
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_______
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_______
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_______
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