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REGISTERED NUMBER:
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C F Struthers (Hull) Limited |
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Strategic Report, Report of the Director and |
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Financial Statements for the Year Ended 31st December 2017 |
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REGISTERED NUMBER:
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C F Struthers (Hull) Limited |
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Strategic Report, Report of the Director and |
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Financial Statements for the Year Ended 31st December 2017 |
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C F Struthers (Hull) Limited (Registered number: 05076739) |
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Contents of the Financial Statements |
for the year ended 31st December 2017 |
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Page |
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Company Information | 1 |
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Strategic Report | 2 |
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Report of the Director | 3 |
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Report of the Independent Auditors | 4 |
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Statement of Comprehensive Income | 6 |
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Balance Sheet | 7 |
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Statement of Changes in Equity | 8 |
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Notes to the Financial Statements | 9 |
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C F Struthers (Hull) Limited |
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Company Information |
for the year ended 31st December 2017 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants |
Statutory Auditor |
Regent's Court |
Princess Street |
Hull |
East Yorkshire |
HU2 8BA |
C F Struthers (Hull) Limited (Registered number: 05076739) |
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Strategic Report |
for the year ended 31st December 2017 |
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The director presents his strategic report for the year ended 31st December 2017. |
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REVIEW OF BUSINESS |
The Director considers the position and performance of the company, which acts as an intermediate holding |
company of the group, to be satisfactory. |
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KEY PERFORMANCE INDICATORS |
The ultimate controlling party is also a director of the company and is closely involved in the company's |
activities. The director therefore believes that the analysis of the company's performance for the year using |
Key Performance Indicators is not necessary as the shareholder already understands the development, |
performance and position of the company. |
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FINANCIAL RISK MANAGEMENT |
The main financial risk, to which the company is exposed is cash flow management. The company manages |
this risk by closely monitoring and managing the funding position with use of the company's bank facility when |
required. |
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ON BEHALF OF THE BOARD: |
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5th September 2018 |
C F Struthers (Hull) Limited (Registered number: 05076739) |
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Report of the Director |
for the year ended 31st December 2017 |
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The director presents his report with the financial statements of the company for the year ended 31st December 2017. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of a intermediate holding company. |
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DIVIDENDS |
The total distribution of dividends for the year ended 31 December 2017 was £100,000. |
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DIRECTOR |
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STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial |
statements in accordance with applicable law and regulations. |
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Company law requires the director to prepare financial statements for each financial year. Under that law the |
director has elected to prepare the financial statements in accordance with United Kingdom Generally |
Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company |
law the director must not approve the financial statements unless he is satisfied that they give a true and fair |
view of the state of affairs of the company and of the profit or loss of the company for that period. In |
preparing these financial statements, the director is required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the
company will continue in business. |
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The director is responsible for keeping adequate accounting records that are sufficient to show and explain |
the company's transactions and disclose with reasonable accuracy at any time the financial position of the |
company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is |
also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the |
prevention and detection of fraud and other irregularities. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the |
Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he |
ought to have taken as a director in order to make himself aware of any relevant audit information and to |
establish that the company's auditors are aware of that information. |
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AUDITORS |
The auditors, Smailes Goldie, will be proposed for re-appointment at the forthcoming Annual General |
Meeting. |
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ON BEHALF OF THE BOARD: |
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Report of the Independent Auditors to the Members of |
C F Struthers (Hull) Limited |
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Opinion |
We have audited the financial statements of C F Struthers (Hull) Limited (the 'company') for the year ended |
31st December 2017 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of |
Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting |
policies. The financial reporting framework that has been applied in their preparation is applicable law and |
United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting |
Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting |
Practice). |
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In our opinion the financial statements: |
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give a true and fair view of the state of the company's affairs as at 31st December 2017 and of its profit for
the year then ended; |
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
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- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and |
applicable law. Our responsibilities under those standards are further described in the Auditors' |
responsibilities for the audit of the financial statements section of our report. We are independent of the |
company in accordance with the ethical requirements that are relevant to our audit of the financial statements |
in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in |
accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and |
appropriate to provide a basis for our opinion. |
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Conclusions relating to going concern |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to |
report to you where: |
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the director's use of the going concern basis of accounting in the preparation of the financial statements is
not appropriate; or |
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the director has not disclosed in the financial statements any identified material uncertainties that may cast
significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
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Other information |
The director is responsible for the other information. The other information comprises the information in the |
Strategic Report and the Report of the Director, but does not include the financial statements and our Report |
of the Auditors thereon. |
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Our opinion on the financial statements does not cover the other information and we do not express any form |
of assurance conclusion thereon. |
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In connection with our audit of the financial statements, our responsibility is to read the other information and, |
in doing so, consider whether the other information is materially inconsistent with the financial statements or |
our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we |
have performed, we conclude that there is a material misstatement of this other information, we are required |
to report that fact. We have nothing to report in this regard. |
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Opinion on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
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the information given in the Strategic Report and the Report of the Director for the financial year for which
the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal
requirements. |
Report of the Independent Auditors to the Members of |
C F Struthers (Hull) Limited |
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Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of |
the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director. |
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We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to |
report to you if, in our opinion: |
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adequate accounting records have not been kept, or returns adequate for our audit have not been received
from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
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Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is |
responsible for the preparation of the financial statements and for being satisfied that they give a true and fair |
view, and for such internal control as the director determines necessary to enable the preparation of financial |
statements that are free from material misstatement, whether due to fraud or error. |
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In preparing the financial statements, the director is 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 director either intends to liquidate the company or to cease |
operations, or has no realistic alternative but to do so. |
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Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free |
from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes |
our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit |
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 users taken on the basis of these |
financial statements. |
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A further description of our responsibilities for the audit of the financial statements is located on the Financial |
Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our |
Report of the Auditors. |
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Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of |
the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's |
members those matters we are required to state to them in a Report of the Auditors 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 audit work, for this report, or for the opinions we |
have formed. |
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for and on behalf of
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Chartered Accountants |
Statutory Auditor |
Regent's Court |
Princess Street |
Hull |
East Yorkshire |
HU2 8BA |
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C F Struthers (Hull) Limited (Registered number: 05076739) |
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Statement of Comprehensive Income |
for the year ended 31st December 2017 |
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2017 | 2016 |
Notes | £ | £ |
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TURNOVER |
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OPERATING PROFIT |
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Income from shares in group
undertakings |
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PROFIT BEFORE TAXATION |
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Tax on profit | 4 |
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PROFIT FOR THE FINANCIAL YEAR |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR |
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C F Struthers (Hull) Limited (Registered number: 05076739) |
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Balance Sheet |
31st December 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 6 |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 8 |
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Retained earnings | 9 |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the director on
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C F Struthers (Hull) Limited (Registered number: 05076739) |
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Statement of Changes in Equity |
for the year ended 31st December 2017 |
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Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
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Balance at 1st January 2016 |
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Changes in equity |
Dividends | - | ( |
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Total comprehensive income | - |
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Balance at 31st December 2016 |
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Changes in equity |
Dividends | - | ( |
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Total comprehensive income | - |
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Balance at 31st December 2017 |
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C F Struthers (Hull) Limited (Registered number: 05076739) |
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Notes to the Financial Statements |
for the year ended 31st December 2017 |
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1. | STATUTORY INFORMATION |
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C F Struthers (Hull) Limited is a
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The company's registered number and registered office address can be found on the Company |
Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
The financial statements have been prepared in accordance with applicable accounting standards |
including Financial Reporting Standards 102 "The Financial Reporting Standard Applicable in the UK |
and Republic of Ireland" (FRS 102) and the Companies Act 2006. The financial statements have been |
prepared on a going concern basis under the historical cost convention, modified to include certain |
items at fair value. |
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The significant accounting policies applied in the preparation of these financial statements are set out |
below. These policies have been consistently applied to all years presented unless otherwise stated. |
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Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemptions in preparing these financial |
statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and |
Republic of Ireland": |
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• | the requirements of Section 7 Statement of Cash Flows; |
• | the requirement of Section 3 Financial Statement Presentation paragraph 3.17(d); |
• | the requirement of Section 33 Related Party Disclosures paragraph 33.7. |
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Preparation of consolidated financial statements |
The financial statements contain information about C F Struthers (Hull) Limited as an individual |
company and do not contain consolidated financial information as the parent of a group. The company |
is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare |
consolidated financial statements as it and its subsidiary undertaking are included by full consolidation |
in the consolidated financial statements of its parent, C F Struthers (Holdings) Limited, Millennium |
Works,Valletta Street, Hull, HU9 5NP. |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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Taxation |
Taxation for the year comprises current and deferred tax. 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 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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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods |
different from those in which they are recognised in financial statements. Deferred tax is measured |
using tax rates and laws that have been enacted or substantively enacted by the year end and that are |
expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable |
that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
C F Struthers (Hull) Limited (Registered number: 05076739) |
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Notes to the Financial Statements - continued |
for the year ended 31st December 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Investments |
Investments are recognised initially at fair value which is normally the transaction price excluding |
transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares |
are publicly traded or their fair value can otherwise be measured reliably. Other investments are |
measured at cost less impairment. |
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3. | EMPLOYEES AND DIRECTORS |
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There were no staff costs for the year ended 31st December 2017 nor for the year ended |
31st December 2016. |
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The average number of employees during the year was as follows: |
2017 | 2016 |
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Directors | 1 | 1 |
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2017 | 2016 |
£ | £ |
Director's remuneration |
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Amounts paid by subsidiary undertakings in respect of the director of C F Struthers (Hull) Limited were |
as follows: |
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2017 | 2016 |
£ | £ |
Directors' emoluments and benefits in kind | 36,417 | 32,631 |
Directors' pension contributions to money purchase schemes | 16,500 | 18,000 |
52,917 | 50,631 |
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One director was accruing benefits under a money purchase pension |
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4. | TAXATION |
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Analysis of the tax charge |
No liability to UK corporation tax arose for the year ended 31st December 2017 nor for the year ended |
31st December 2016. |
C F Struthers (Hull) Limited (Registered number: 05076739) |
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Notes to the Financial Statements - continued |
for the year ended 31st December 2017 |
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4. | TAXATION - continued |
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Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The |
difference is explained below: |
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2017 | 2016 |
£ | £ |
Profit before tax |
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Profit multiplied by the standard rate of corporation tax in the UK of
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Effects of: |
Income not taxable for tax purposes | ( |
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Total tax charge | - | - |
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5. | DIVIDENDS |
2017 | 2016 |
£ | £ |
Ordinary shares of £1 each |
Interim |
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6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1st January 2017 |
and 31st December 2017 |
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NET BOOK VALUE |
At 31st December 2017 |
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At 31st December 2016 |
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The company's investments at the Balance Sheet date in the share capital of companies include the |
following: |
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Registered office: Millenium Works, Valletta Street, Hull, East Yorkshire, HU9 5NP. |
Nature of business:
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Class of shares: | holding |
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2017 | 2016 |
£ | £ |
Aggregate capital and reserves |
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Profit for the year |
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C F Struthers (Hull) Limited (Registered number: 05076739) |
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Notes to the Financial Statements - continued |
for the year ended 31st December 2017 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Amounts owed to group undertakings |
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Other creditors |
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Accruals and deferred income |
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8. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2017 | 2016 |
value: | £ | £ |
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Ordinary | £1 | 50,000 | 50,000 |
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9. | RESERVES |
Retained |
earnings |
£ |
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At 1st January 2017 |
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Profit for the year |
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Dividends | ( |
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At 31st December 2017 |
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Retained earnings |
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Retained earnings represents cumulative profits and losses net of dividends and other adjustments. |
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10. | CONTINGENT LIABILITIES |
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The company has entered into a multilateral guarantee in respect of bank borrowings of the entire |
group. At 31st December 2017 the potential liability under this arrangement was £172,500 (2016 |
£262,500). |
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11. | RELATED PARTY DISCLOSURES |
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The company has taken advantage of the exemptions available under FRS102 in respect of |
transactions and balances with its parent company C F Struthers (Holdings) Limited and its subsidiary |
C F Struthers Limited. |
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2017 | 2016 |
£ | £ |
Amount due to related party |
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12. | ULTIMATE CONTROLLING PARTY |
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At 31 December 2017, the company was controlled by N Burton who owns 100% of the ordinary |
shares in the ultimate parent company. |
C F Struthers (Hull) Limited (Registered number: 05076739) |
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Notes to the Financial Statements - continued |
for the year ended 31st December 2017 |
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13. | PARENT COMPANY |
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The parent company is
C F Struthers (Holdings) Limited
, a company registered in England and Wales.
C F Struthers (Holdings) Limited is also the company's ultimate parent undertaking and its registered office is Millennium Works, Valetta Street, Hull, East Yorkshire, HU9 5NP. Copies of C F Struthers (Holdings) Limited's financial statements can be obtai ned from Companies House. |