Company registration number:
05285212
The Mind at Work Limited
Unaudited filleted financial statements
31 December 2017
The Mind at Work Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
The Mind at Work Limited
Directors and other information
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Directors
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D Rudkin
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P Ascher
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J Madsen
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Secretary
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P Ascher
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Company number
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05285212
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Registered office
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34 Coleshill Road
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Teddington
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Middlesex
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TW11 0LJ
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Business address
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34 Coleshill Road
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Teddington
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Middlesex
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TW11 0LJ
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Accountants
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Brian Paul Limited
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Chase Green House
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42 Chase Side
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Enfield
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Middlesex
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EN2 6NF
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The Mind at Work Limited
Statement of financial position
31st December 2017
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2017
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2016
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Note
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£
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£
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£
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£
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Fixed assets
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Tangible assets
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6
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30,345
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24,490
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_______
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_______
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30,345
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24,490
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Current assets
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Debtors
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7
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332,866
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126,783
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Cash at bank and in hand
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1,006,302
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563,282
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_______
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_______
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1,339,168
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690,065
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Creditors: amounts falling due
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within one year
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8
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(
294,285)
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(
111,227)
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_______
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_______
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Net current assets
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1,044,883
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578,838
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_______
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_______
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Total assets less current liabilities
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1,075,228
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603,328
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_______
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_______
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Net assets
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1,075,228
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603,328
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_______
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_______
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Capital and reserves
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Called up share capital
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9
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30
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30
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Profit and loss account
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1,075,198
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603,298
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_______
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_______
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Shareholders funds
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1,075,228
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603,328
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_______
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_______
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For the year ending 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
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The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
25 September 2018
, and are signed on behalf of the board by:
D Rudkin
Director
Company registration number:
05285212
The Mind at Work Limited
Notes to the financial statements
Year ended 31st December 2017
1.
General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is The Mind At Work Limited, 34 Coleshill Road, Teddington, Middlesex, TW11 0LJ.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for services supplied and services rendered, net of discounts and Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
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Fittings fixtures and equipment
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-
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25 %
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Website
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-
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25 %
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Defined contribution plans
The pensions cost charged in the financial statements represents the contribution payable by the company during the year.
4.
Turnover
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5.
Staff costs
The average number of persons employed by the company during the year amounted to
6
(2016:
4
).
6.
Tangible assets
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Plant and machinery
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Fixtures, fittings and equipment
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Total
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£
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£
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£
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Cost
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At 1st January 2017
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26,212
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41,550
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67,762
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Additions
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3,025
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12,944
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15,969
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_______
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_______
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_______
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At 31st December 2017
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29,237
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54,494
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83,731
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_______
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Depreciation
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At 1st January 2017
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9,896
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33,376
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43,272
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Charge for the year
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4,835
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5,279
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10,114
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_______
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_______
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At 31st December 2017
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14,731
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38,655
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53,386
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_______
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_______
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_______
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Carrying amount
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At 31st December 2017
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14,506
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15,839
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30,345
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_______
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_______
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_______
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At 31st December 2016
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16,316
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8,174
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24,490
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_______
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_______
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_______
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7.
Debtors
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2017
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2016
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£
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£
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Trade debtors
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317,609
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123,786
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Prepayments and accrued income
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13,864
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1,604
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Other debtors
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1,393
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1,393
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_______
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_______
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332,866
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126,783
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_______
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_______
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8.
Creditors: amounts falling due within one year
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2017
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2016
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£
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£
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Payments received on account
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15,000
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-
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Trade creditors
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51,196
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14,233
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Accruals and deferred income
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25,250
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3,528
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Corporation tax
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191,650
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77,246
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Social security and other taxes
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8,619
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15,563
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Director loan accounts
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816
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657
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Other creditors
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1,754
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-
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_______
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_______
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294,285
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111,227
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_______
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_______
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9.
Called up share capital
Authorised share capital
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2017
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2016
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No
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£
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No
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£
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Ordinary shares
shares of £
1.00 each
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10,000
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10,000
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10,000
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10,000
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Ordinary A shares
shares of £
1.00 each
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10
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10
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10
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10
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_______
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_______
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_______
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_______
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10,010
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10,010
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10,010
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10,010
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_______
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_______
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_______
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_______
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Issued, called up and fully paid
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2017
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2016
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No
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£
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No
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£
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Ordinary shares
shares of £
1.00 each
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20
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20
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20
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20
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Ordinary A shares
shares of £
1.00 each
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10
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10
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10
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10
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_______
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_______
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_______
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_______
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30
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30
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30
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30
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_______
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_______
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_______
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_______
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10.
Related party transactions
During the year dividends amounting to £102,000 (2016:£130,000) have been paid to
D Rudkin
and P Ascher
of £235,000 (2016: £175,000).Included within other debtors (Note 10) is an amount owed of £1,393 (2016: £1,393) from The Retreat Group Limited, a company under the common control of D Rudkin
and P Ascher.
11.
Controlling party
By virtue of his shareholding therein D Rudkin exercises control over the company.