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REPORT OF THE DIRECTOR AND |
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2018 |
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FOR |
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P K PRODUCE LIMITED |
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REGISTERED NUMBER:
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REPORT OF THE DIRECTOR AND |
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2018 |
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FOR |
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P K PRODUCE LIMITED |
P K PRODUCE LIMITED (REGISTERED NUMBER: 05218735) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2018 |
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Company Information | 1 |
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Report of the Director | 2 |
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Chartered Accountants' Report | 3 |
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Income Statement | 4 |
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Balance Sheet | 5 |
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Statement of Changes in Equity | 6 |
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Notes to the Financial Statements | 7 |
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P K PRODUCE LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 30 SEPTEMBER 2018 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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4 Mount Ephraim Road |
Tunbridge Wells |
Kent |
TN1 1EE |
P K PRODUCE LIMITED (REGISTERED NUMBER: 05218735) |
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REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 30 SEPTEMBER 2018 |
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The director presents his report with the financial statements of the company for the year ended 30 September 2018. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of the distribution of fruit and vegetables. |
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GOING CONCERN |
Accounting standards require the director to consider the appropriateness of the going concern basis when preparing |
the financial statements. The director confirms that he considers that the going concern basis remains appropriate. The |
director believes that the company has sufficient resources to continue in operational existence for the foreseeable |
future. The director believes this to be the case as the company has positive reserves, cash balances and no significant |
long term liabilities. Thus he continues to adopt the going concern basis of accounting in preparing the annual financial |
statements. |
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DIRECTOR |
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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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CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
P K PRODUCE LIMITED |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
financial statements of P K Produce Limited for the year ended 30 September 2018 which comprise the profit and loss |
account, the balance sheet and the related notes from the company's accounting records and from information and |
explanations you have given to us. |
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As a member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical |
and other professional requirements which are detailed at icaew.com/regulations. |
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This report is made solely to the director of P K Produce Limited in accordance with the terms of our engagement letter |
dated 27th October 2017. Our work has been undertaken solely to prepare for your approval the financial statements of |
P K Produce Limited and state those matters that we have agreed to state to the director of P K Produce Limited in this |
report in accordance with AAF 7/16 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do |
not accept or assume responsibility to anyone other than P K Produce Limited and its director for our work or for this |
report. |
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It is your duty to ensure that P K Produce Limited has kept adequate accounting records and to prepare statutory |
financial statements that give a true and fair view of the company's assets, liabilities, financial position and profit. You |
consider that P K Produce Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or review of the financial statements of P K Produce Limited. For this |
reason, we have not verified the accuracy or completeness of the accounting records or information and explanations |
you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
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4 Mount Ephraim Road |
Tunbridge Wells |
Kent |
TN1 1EE |
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P K PRODUCE LIMITED (REGISTERED NUMBER: 05218735) |
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INCOME STATEMENT |
FOR THE YEAR ENDED 30 SEPTEMBER 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
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TURNOVER |
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Cost of sales |
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GROSS PROFIT |
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Distribution costs |
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Administrative expenses |
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111,232 | 122,657 |
OPERATING PROFIT | 4 |
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Interest receivable and similar income |
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74,777 | 47,842 |
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Interest payable and similar expenses |
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PROFIT BEFORE TAXATION |
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Tax on profit | 5 |
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PROFIT FOR THE FINANCIAL YEAR |
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P K PRODUCE LIMITED (REGISTERED NUMBER: 05218735) |
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BALANCE SHEET |
30 SEPTEMBER 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 7 |
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CURRENT ASSETS |
Stocks |
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Debtors | 8 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 9 |
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NET CURRENT ASSETS/(LIABILITIES) |
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( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
10 |
( |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 12 |
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Capital redemption reserve | 13 |
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Retained earnings | 13 |
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SHAREHOLDERS' FUNDS |
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The director acknowledges his responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
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 approved and authorised for issue by the director on
by: |
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P K PRODUCE LIMITED (REGISTERED NUMBER: 05218735) |
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STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 SEPTEMBER 2018 |
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Called up | Capital |
share | Retained | redemption | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
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Balance at 1 October 2016 |
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Changes in equity |
Dividends | - | ( |
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Total comprehensive income | - |
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Balance at 30 September 2017 |
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Changes in equity |
Dividends | - | ( |
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Total comprehensive income | - |
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Balance at 30 September 2018 |
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P K PRODUCE LIMITED (REGISTERED NUMBER: 05218735) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2018 |
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1. | STATUTORY INFORMATION |
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P K Produce Limited 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. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover comprises revenue recognised by the company in respect of goods and services supplied during the |
year, exclusive of Value Added Tax and trade discounts. |
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Revenue is recognised when goods are delivered to customers. |
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Tangible fixed assets |
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Leasehold land & buildings | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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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 stocks. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. |
Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets |
acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially |
all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are |
included in creditors net of the finance charge allocated to future periods. The finance element of the rental |
payment is charged to the Profit and Loss account so as to produce a constant periodic rate of charge on the net |
obligation outstanding in each period. |
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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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Going concern |
Accounting standards require the director to consider the appropriateness of the going concern basis when |
preparing the financial statements. The director confirms that he considers that the going concern basis remains |
appropriate. The director believes that the company has sufficient resources to continue in operational existence |
for the foreseeable future. The director believes this to be the case as the company has positive reserves, cash |
balances and no significant long term liabilities. Thus he continues to adopt the going concern basis of |
accounting in preparing the annual financial statements. |
P K PRODUCE LIMITED (REGISTERED NUMBER: 05218735) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Debtors |
Short term debtors are measured at transaction price, less any impairment. |
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Creditors |
Short term creditors are measured at the transaction price. |
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Cash and Equivalents |
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice |
of not more then 24 hours. Cash equivalents are highly liquid investments that mature in no more than three |
months from the date of acquisition and that are readily convertible to known accounts of cash with significant |
risk of change in value. |
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Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial |
assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third |
parties, loans to related parties and investments in non-puttable ordinary shares. |
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Operating lease commitments |
Rentals under operating leases are charged to the Profit and loss account on a straight line basis over the lease |
term. |
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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 the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic |
of Ireland": |
- the requirements of Section 7 Statement of Cash Flows; |
- the requirements of Section 3 Financial Statement Presentation paragraph 3.17 (d); |
- the requirements of Section 11 Financial Instruments paragraphs 11.39 to 11.48A; |
- the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.29; |
- the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23; |
- the requirements of Section 33 Related Party Disclosures paragraph 33.7. |
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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 PROFIT |
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The operating profit is stated after charging: |
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2018 | 2017 |
£ | £ |
Depreciation - owned assets |
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5. | TAXATION |
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Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2018 | 2017 |
£ | £ |
Current tax: |
UK corporation tax |
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Deferred tax | ( |
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Tax on profit |
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P K PRODUCE LIMITED (REGISTERED NUMBER: 05218735) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2018 |
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6. | DIVIDENDS |
2018 | 2017 |
£ | £ |
Ordinary shares of £1 each |
Final | 50,500 | 32,271 |
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7. | TANGIBLE FIXED ASSETS |
Leasehold | Fixtures |
land & | Plant and | and | Motor |
buildings | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 October 2017 |
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Additions |
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Disposals |
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At 30 September 2018 |
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DEPRECIATION |
At 1 October 2017 |
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Charge for year |
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Eliminated on disposal |
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At 30 September 2018 |
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NET BOOK VALUE |
At 30 September 2018 |
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At 30 September 2017 |
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NBV of fixed assets, included in the above, which are held under hire purchase contracts are £112,338 (2017 - |
£103,001). |
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8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
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Other debtors |
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9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Hire purchase contracts (see note 11) |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Liabilities for hire purchase contracts are secured upon the assets to which they relate. |
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10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2018 | 2017 |
£ | £ |
Hire purchase contracts (see note 11) |
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P K PRODUCE LIMITED (REGISTERED NUMBER: 05218735) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2018 |
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11. | LEASING AGREEMENTS |
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Minimum lease payments fall due as follows: |
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Hire purchase contracts |
2018 | 2017 |
£ | £ |
Net obligations repayable: |
Within one year |
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Between one and five years |
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Non-cancellable |
operating leases |
2018 | 2017 |
£ | £ |
Within one year |
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Between one and five years |
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12. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2018 | 2017 |
value: | £ | £ |
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Ordinary A | £1 | 800 | 800 |
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Ordinary B | £1 | 50 | 50 |
850 | 850 |
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13. | RESERVES |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
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At 1 October 2017 |
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89,227 |
Profit for the year |
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Dividends | ( |
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At 30 September 2018 |
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94,288 |
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14. | RELATED PARTY DISCLOSURES |
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During the year, £33,230 of dividends (2017 - £30,271) were paid to P Kingsland, a director. Additionally, |
£17,270 (2017 - £2,000) of dividends were paid to his wife, Mrs E Kingsland. |
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Included within other creditors is £10,000 owing to P Kingsland (2017 - £10,000 in other debtors). |