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Report of the Directors and |
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Unaudited Financial Statements for the Year Ended 31 December 2016 |
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TITON INTERNATIONAL LTD |
DRAFT
22/09/17 15:17 |
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REGISTERED NUMBER:
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Report of the Directors and |
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Unaudited Financial Statements for the Year Ended 31 December 2016 |
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for |
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TITON INTERNATIONAL LTD |
TITON INTERNATIONAL LTD (REGISTERED NUMBER: 05180771) |
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Contents of the Financial Statements |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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DRAFT
22/09/17 15:17 |
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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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Statement of Directors' Responsibilities | 3 |
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Income Statement | 4 |
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Balance Sheet | 5 |
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Notes to the Financial Statements | 6 |
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TITON INTERNATIONAL LTD |
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Company Information |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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DRAFT
22/09/17 15:17 |
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 |
Third Floor |
126-134 Baker Street |
London |
W1U 6UE |
TITON INTERNATIONAL LTD (REGISTERED NUMBER: 05180771) |
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Report of the Directors |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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DRAFT
22/09/17 15:17 |
The directors present their report with the financial statements of the company for the year ended 31 December 2016. |
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PRINCIPAL ACTIVITY |
The principal activity of the company continued to be that of providing consultancy services to the commercial intelligence and |
security markets. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2016 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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TITON INTERNATIONAL LTD (REGISTERED NUMBER: 05180771) |
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Statement of Directors' Responsibilities |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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DRAFT
22/09/17 15:17 |
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law |
and regulations. |
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Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they |
are 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 directors are 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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The directors are 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 them to ensure that |
the financial statements comply with the Companies Act 2006. They are 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. |
TITON INTERNATIONAL LTD (REGISTERED NUMBER: 05180771) |
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Income Statement |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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2016 | 2015 |
Notes | £ | £ |
DRAFT
22/09/17 15:17 |
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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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(46,261 | ) | (143,424 | ) |
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Other operating income |
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OPERATING LOSS | 4 | ( |
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Interest receivable and similar income |
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(21,467 | ) | (53,141 | ) |
Amounts written off investments | 100 | 41 |
LOSS BEFORE TAXATION | ( |
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Tax on loss | 5 |
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LOSS FOR THE FINANCIAL YEAR | ( |
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TITON INTERNATIONAL LTD (REGISTERED NUMBER: 05180771) |
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Balance Sheet |
31 DECEMBER 2016 |
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2016 | 2015 |
Notes | £ | £ | £ | £ |
DRAFT
22/09/17 15:17 |
FIXED ASSETS |
Tangible assets | 6 |
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Investments | 7 |
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CURRENT ASSETS |
Stocks | 8 |
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Debtors | 9 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 10 |
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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 | 12 |
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Share premium | 13 |
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Retained earnings | 13 | ( |
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SHAREHOLDERS' FUNDS | ( |
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The directors acknowledge their responsibilities for: |
(a) | 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. |
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The financial statements were authorised for issue by the Board of Directors on
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TITON INTERNATIONAL LTD (REGISTERED NUMBER: 05180771) |
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Notes to the Financial Statements |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
DRAFT
22/09/17 15:17 |
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1. | STATUTORY INFORMATION |
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Titon International Ltd is a
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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 |
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Preparation of consolidated financial statements |
The financial statements present information about the company as an individual undertaking and not about its group. The |
company and its subsidiary undertaking comprise a small-sized group. The company has therefore taken advantage of the |
exemptions provided by section 398 of the Companies Act 2006 not to prepare group accounts. |
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Turnover |
Turnover represents amounts receivable for services net of VAT, except in respect of service contracts where turnover is |
recognised when the company obtains the right to consideration. |
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Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset |
over its estimated useful life. |
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Equipment 33% on cost |
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Fixtures & Fittings 20% on cost |
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Investments in subsidiaries and associates |
Investments in subsidiary and associate undertakings are recognised at cost. |
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Stocks |
Work in progress is valued at the lower of cost and net realisable value. |
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Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing |
stocks to their present location and condition. |
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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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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. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. |
Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. |
Exchange differences are taken into account in arriving at the operating result. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
TITON INTERNATIONAL LTD (REGISTERED NUMBER: 05180771) |
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Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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2. | ACCOUNTING POLICIES - continued |
DRAFT
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Going concern |
The financial statements have been prepared on a going concern basis, notwithstanding the fact that the company has a net |
deficit on the balance sheet. The financial statements do not include the adjustments that would result if the company was |
unable to continue as a going concern. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | OPERATING LOSS |
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The operating loss is stated after charging: |
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2016 | 2015 |
£ | £ |
Depreciation - owned assets |
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5. | TAXATION |
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Analysis of the tax charge |
No liability to UK corporation tax arose for the year ended 31 December 2016 nor for the year ended 31 December 2015. |
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6. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
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COST |
At 1 January 2016 |
and 31 December 2016 |
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DEPRECIATION |
At 1 January 2016 |
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Charge for year |
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At 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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7. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
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COST |
At 1 January 2016 |
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Impairments | ( |
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At 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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TITON INTERNATIONAL LTD (REGISTERED NUMBER: 05180771) |
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Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
DRAFT
22/09/17 15:17 |
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8. | STOCKS |
2016 | 2015 |
£ | £ |
Work-in-progress |
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9. | DEBTORS |
2016 | 2015 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
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Other debtors |
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Called up share capital not paid |
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Prepayments |
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Amounts falling due after more than one year: |
Other debtors |
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Aggregate amounts |
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10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Bank loans and overdrafts (see note 11) |
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Trade creditors |
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VAT | 1,915 | 1,975 |
Other creditors | 250 | - |
Comapany Credit card | 3,983 | - |
Directors' current accounts | 28,426 | 68,956 |
Accrued expenses |
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11. | LOANS |
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An analysis of the maturity of loans is given below: |
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2016 | 2015 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
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The bank overdraft is secured by way of a personal guarantee from Mr. D. Henry, a company director. |
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12. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2016 | 2015 |
value: | £ | £ |
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Ordinary A Shares | 1 | 100 | 100 |
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Ordinary B Shares | 1 | 10 | 10 |
110 | 110 |
TITON INTERNATIONAL LTD (REGISTERED NUMBER: 05180771) |
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Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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12. | CALLED UP SHARE CAPITAL - continued |
DRAFT
22/09/17 15:17 |
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The 'A' Ordinary Shares and the 'B' Ordinary Shares rank pari passu for participation in all aspects save that the holders of |
non-voting 'B' Shares are not entitled to receive notice of or to attend or vote at any general meeting or to participate in any |
dividend declared. |
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13. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
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At 1 January 2016 | ( |
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(33,068 | ) |
Deficit for the year | ( |
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At 31 December 2016 | ( |
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(54,635 | ) |
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14. | RELATED PARTY DISCLOSURES |
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An amount of £21,926 (2015: £61,456) was due to Mr.J.T.Holmes and £6,500 (2015 : £7,500) to Mr D.Henry as at the |
balance sheet date. |
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15. | ULTIMATE CONTROLLING PARTY |
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There is no ultimate controlling party. |