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Report of the Directors and |
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Unaudited Financial Statements |
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for the Year Ended 31 March 2019 |
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for |
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DISPLAY WIZARD LTD |
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REGISTERED NUMBER:
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Report of the Directors and |
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Unaudited Financial Statements |
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for the Year Ended 31 March 2019 |
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for |
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DISPLAY WIZARD LTD |
DISPLAY WIZARD LTD (REGISTERED NUMBER: 05054229) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2019 |
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Page |
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Company Information | 1 |
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Report of the Directors | 2 |
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Income Statement | 3 |
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Balance Sheet | 4 |
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Statement of Changes in Equity | 6 |
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Notes to the Financial Statements | 7 |
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DISPLAY WIZARD LTD |
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Company Information |
for the Year Ended 31 March 2019 |
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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 |
The Old Tannery |
Eastgate |
Accrington |
Lancashire |
BB5 6PW |
DISPLAY WIZARD LTD (REGISTERED NUMBER: 05054229) |
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Report of the Directors |
for the Year Ended 31 March 2019 |
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The directors present their report with the financial statements of the company for the year ended 31 March 2019. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of the retail of display units and banner stands. |
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REVIEW OF BUSINESS |
The company has had an unusual year and has gone through a transition period. |
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It has designated two new senior managers, one to take charge of the growth and one to facilitate efficiencies within the |
operation side of the business. A Head of Sales position has also been created, which has resulted in building a sales |
team implementing a strong sales strategy. |
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There has been heavy investment in printing and cutting equipment, and a new e-commerce website commissioned. |
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The investment in both personnel and equipment is beginning to come to fruition. |
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This strategy has set the company up for strong future growth. Turnover in the first 6 months of 2019/20 was £1.4m and |
the company is on target to achieve all profit goals. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2018 to the date of this report. |
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This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small |
companies. |
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ON BEHALF OF THE BOARD: |
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DISPLAY WIZARD LTD (REGISTERED NUMBER: 05054229) |
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Income Statement |
for the Year Ended 31 March 2019 |
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2019 | 2018 |
Notes | £ | £ |
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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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30,132 | 155,136 |
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Other operating income |
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OPERATING PROFIT | 5 |
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Interest receivable and similar income |
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30,170 | 164,579 |
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Interest payable and similar expenses |
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PROFIT BEFORE TAXATION |
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Tax on profit | 6 |
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PROFIT FOR THE FINANCIAL YEAR |
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DISPLAY WIZARD LTD (REGISTERED NUMBER: 05054229) |
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Balance Sheet |
31 March 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
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Tangible assets | 9 |
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CURRENT ASSETS |
Stocks |
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Debtors | 10 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 11 |
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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 |
12 |
( |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET (LIABILITIES)/ASSETS | ( |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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The directors acknowledge their responsibilities for: |
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ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
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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. |
DISPLAY WIZARD LTD (REGISTERED NUMBER: 05054229) |
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Balance Sheet - continued |
31 March 2019 |
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The financial statements were approved by the Board of Directors on
by: |
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DISPLAY WIZARD LTD (REGISTERED NUMBER: 05054229) |
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Statement of Changes in Equity |
for the Year Ended 31 March 2019 |
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Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
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Balance at 1 April 2017 |
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( |
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Changes in equity |
Dividends | - | ( |
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Total comprehensive income | - |
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Balance at 31 March 2018 |
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Changes in equity |
Dividends | - | ( |
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Total comprehensive income | - |
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Balance at 31 March 2019 |
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( |
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DISPLAY WIZARD LTD (REGISTERED NUMBER: 05054229) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2019 |
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1. | STATUTORY INFORMATION |
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Display Wizard Ltd is a
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registered number and registered office address can be found on the Company Information page. |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Going concern |
The company meets its day to day working capital requirements through the bank facilities currently agreed and |
the directors consider that the company will continue to operate within these facilities. |
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On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis. |
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Turnover |
Turnover represents the net invoiced sales of goods and the supply of services, excluding value added tax. |
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Invoiced sales not despatched are recorded in deferred income on the balance sheet. |
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Intangible fixed assets |
The trade mark is stated at cost in the balance sheet of the company and has been amortised over 4 years. |
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The website costs are stated at cost in the balance sheet of the company and are being amortised over 3 years. |
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The computer software is stated at cost and is being amortised over 3 years. |
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Tangible fixed assets |
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Improvements to property | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Computer equipment | - |
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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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DISPLAY WIZARD LTD (REGISTERED NUMBER: 05054229) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
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3. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all material 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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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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5. | OPERATING PROFIT |
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The operating profit is stated after charging: |
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2019 | 2018 |
£ | £ |
Depreciation - owned assets |
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Depreciation - assets on hire purchase contracts and finance leases |
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Computer software amortisation |
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Website costs amortisation |
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6. | TAXATION |
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Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2019 | 2018 |
£ | £ |
Current tax: |
UK corporation tax |
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Deferred tax |
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Tax on profit |
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DISPLAY WIZARD LTD (REGISTERED NUMBER: 05054229) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
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7. | DIVIDENDS |
2019 | 2018 |
£ | £ |
Ordinary shares of £1 each |
Interim |
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8. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
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COST |
At 1 April 2018 |
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Additions |
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At 31 March 2019 |
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AMORTISATION |
At 1 April 2018 |
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Charge for year |
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At 31 March 2019 |
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NET BOOK VALUE |
At 31 March 2019 |
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At 31 March 2018 |
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9. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 April 2018 |
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Additions |
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At 31 March 2019 |
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DEPRECIATION |
At 1 April 2018 |
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Charge for year |
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At 31 March 2019 |
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NET BOOK VALUE |
At 31 March 2019 |
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At 31 March 2018 |
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DISPLAY WIZARD LTD (REGISTERED NUMBER: 05054229) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
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9. | TANGIBLE FIXED ASSETS - continued |
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Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2018 |
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Additions |
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At 31 March 2019 |
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DEPRECIATION |
At 1 April 2018 |
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Charge for year |
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At 31 March 2019 |
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NET BOOK VALUE |
At 31 March 2019 |
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At 31 March 2018 |
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Fixed assets, included in the above, which are held under hire purchase contracts and finance leases are as |
follows: |
Motor |
vehicles |
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COST |
At 1 April 2018 |
and 31 March 2019 |
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DEPRECIATION |
At 1 April 2018 |
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Charge for year |
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At 31 March 2019 |
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NET BOOK VALUE |
At 31 March 2019 |
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At 31 March 2018 |
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10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
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Other debtors |
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DISPLAY WIZARD LTD (REGISTERED NUMBER: 05054229) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
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11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Hire purchase contracts and finance leases |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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12. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2019 | 2018 |
£ | £ |
Hire purchase contracts and finance leases |
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Other creditors |
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13. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2019 | 2018 |
£ | £ |
Hire purchase contracts and finance leases | 125,013 | 85,453 |
Loan | 9,727 | 19,341 |
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Hire purchase contracts and finance leases are secured on the assets to which they relate. |
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The loan is secured by personal guarantee by the directors. |
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14. | OTHER FINANCIAL COMMITMENTS |
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The total amount of operating lease commitments not included in the balance sheet is £19,138 (2018 - £6,995). |
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15. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to directors subsisted during the years ended 31 March 2019 and |
31 March 2018: |
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2019 | 2018 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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DISPLAY WIZARD LTD (REGISTERED NUMBER: 05054229) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
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15. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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No interest is charged by the company on these loans. |
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There are no conditions attached to these loans. |