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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020 |
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RICHARD COURT FORESTRY ENGINEERING LTD |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020 |
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FOR |
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RICHARD COURT FORESTRY ENGINEERING LTD |
RICHARD COURT FORESTRY ENGINEERING LTD (REGISTERED NUMBER: 05917150) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2020 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 4 |
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RICHARD COURT FORESTRY ENGINEERING LTD |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2020 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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1 The Old Stables |
Eridge Park |
Tunbridge Wells |
Kent |
TN3 9JT |
RICHARD COURT FORESTRY ENGINEERING LTD (REGISTERED NUMBER: 05917150) |
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STATEMENT OF FINANCIAL POSITION |
31 MARCH 2020 |
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2020 | 2019 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 | ( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | 7 | ( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(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. |
RICHARD COURT FORESTRY ENGINEERING LTD (REGISTERED NUMBER: 05917150) |
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STATEMENT OF FINANCIAL POSITION - continued |
31 MARCH 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
signed on its behalf by: |
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RICHARD COURT FORESTRY ENGINEERING LTD (REGISTERED NUMBER: 05917150) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2020 |
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1. | STATUTORY INFORMATION |
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Richard Court Forestry Engineering Ltd is a
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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 |
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Turnover |
For sale of goods: |
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Turnover is recognised to the extent it is probable that economic benefit will flow to the company, and that it can be |
reliably measured. Turnover is measured at the fair value of consideration received or receivable, net of discounts, |
rebates, VAT and other sales taxes. |
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Turnover from the sale of goods is recognised when the following conditions are satisfied: |
- the significant risks and rewards of ownership are transferred to the customer; |
- the company does not retain managerial involvement, nor control over the goods sold; |
- the amount of turnover can be reliably measured; |
- the right to consideration due for the transaction is probable; and |
- the costs incurred, or to be incurred, can be reliably measured. |
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Turnover is recognised upon dispatch or collection of the goods by the customer. |
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Monies received in respect of advanced orders are treated as deposits until the criteria for recognition as turnover is |
met. |
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For provision of services: |
Turnover is recognised to the extent it is probable that economic benefit will flow to the company, and that it can be |
reliably measured. Turnover is measured at the fair value of consideration received or receivable, net of discounts, |
rebates, VAT and other sales taxes. |
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Turnover from the provision of services is recognised in the period in which the services are provided in accordance |
with the stage of completion of the contract when the following conditions are satisfied: |
- the amount of turnover can be measured reliably; |
- it is probable that consideration due will be received; |
- the stage of completion of the contract at the reporting date can be measured reliably, and |
- the costs incurred, or to be incurred, can be measured reliably. |
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Turnover recognised but not billed at the reporting date is treated as amounts recoverable on contracts due within |
one year. |
RICHARD COURT FORESTRY ENGINEERING LTD (REGISTERED NUMBER: 05917150) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Tangible fixed assets |
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Improvements to property | - |
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Plant and machinery | - |
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Motor vehicles | - |
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Computer equipment | - |
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Tangible fixed assets are held under the cost model, and are stated at their historical cost less accumulated |
depreciation and impairment losses. Cost includes directly attributable expenditure in bringing the asset into the |
location and condition necessary for operation. |
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The assets' residual values; useful lives and depreciation methods are reviewed periodically and prospectively |
adjusted where appropriate; or where there is an indication of a significant change since the last reporting date. |
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Gains and losses on disposal are determined by comparing the proceeds with the carrying amount, and are |
recognised in the statement of income and retained earnings. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
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Cost is calculated using the cost of purchase of finished goods for resale. |
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At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to |
the estimated realisable value, and the impairment is immediately recognised in the statement of income and retained |
earnings. |
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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 debtors and creditors; loans from banks and other third parties; loans to related |
parties and investments in non-puttable ordinary shares. |
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Debt instruments, other than those wholly payable or receivable within one year, including loans and other accounts |
receivable and payable are initially measured at the present value of future cash flows, and subsequently measured at |
amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, |
typically trade debtors and creditors, are measured at the undiscounted amount of consideration expected to be paid |
or received. If the arrangements of a short term instrument constitute a financing transaction, like the payment of a |
trade debt deferred beyond normal business terms or financed at a rate of interest that is not at a market rate, the |
financial asset or liability is initially measured at the present value of future cash flows discounted at a market rate of |
interest for a similar debt instrument, and subsequently measured at amortised cost. |
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Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for |
objective evidence of impairment, and such impairments is recognised in total comprehensive income. |
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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 statement of financial position date. |
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RICHARD COURT FORESTRY ENGINEERING LTD (REGISTERED NUMBER: 05917150) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2020 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement |
of financial position 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 |
The company's functional and presentation currency is GBP. |
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At each reporting date, foreign currency monetary items are translated using the closing rate. Non-monetary items |
measured at historical cost are translated using the exchange rate at the date of the transaction. Non-monetary |
items at fair value are measured using the exchange rate when fair value was determined. |
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Foreign exchange gains and losses resulting from the settlement of transactions and from translation of monetary |
assets and liabilities denominated in foreign currencies at the reporting date are recognised in the statement of |
income and retained earnings. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to the statement of income and retained earnings on a straight line |
basis over the term of the lease. |
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Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets |
acquired by hire purchase are depreciated over the useful economic life. Assets acquired by finance lease are |
depreciated over the term of the lease, or useful economic life if shorter. |
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Finance leases are those where substantially all of the risks and benefits of ownership are assumed by the company. |
Obligations under such agreements are included in creditors, net of finance charges allocated to future periods. The |
finance element of the rental payment is charged to the statement of income and retained earnings 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. A defined contribution scheme is a plan under which |
the company pays fixed contributions into a separate legal entity. Once the contributions have been paid, the |
company has no further payment obligations. |
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Contributions payable to the company's pension scheme are recognised in the statement of income and retained |
earnings in the period to which they fall due. Amounts not paid by the reporting date are shown within accruals as a |
liability in the balance sheet. The assets of the plan are held separately from the company in independently |
administered funds. |
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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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RICHARD COURT FORESTRY ENGINEERING LTD (REGISTERED NUMBER: 05917150) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2020 |
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4. | TANGIBLE FIXED ASSETS |
Improvements |
to | Plant and | Motor | Computer |
property | machinery | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2019 |
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Additions |
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Disposals |
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At 31 March 2020 |
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DEPRECIATION |
At 1 April 2019 |
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Charge for year |
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Eliminated on disposal |
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At 31 March 2020 |
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NET BOOK VALUE |
At 31 March 2020 |
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At 31 March 2019 |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and | Motor |
machinery | vehicles | Totals |
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COST |
At 1 April 2019 |
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Additions |
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Transfer to ownership | - | (59,396 | ) | (59,396 | ) |
At 31 March 2020 |
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DEPRECIATION |
At 1 April 2019 |
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Charge for year |
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Transfer to ownership | - | (38,155 | ) | (38,155 | ) |
At 31 March 2020 |
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NET BOOK VALUE |
At 31 March 2020 |
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At 31 March 2019 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
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Amounts recoverable on contract |
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RICHARD COURT FORESTRY ENGINEERING LTD (REGISTERED NUMBER: 05917150) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2020 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Hire purchase contracts |
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Trade creditors |
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Tax |
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Social security and other taxes |
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VAT | 19,475 | 30,939 |
Other creditors |
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Pension fund | 595 | 278 |
Directors' current accounts | 470 | 39,528 |
Accruals and deferred income |
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7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2020 | 2019 |
£ | £ |
Hire purchase contracts |
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Other creditors |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2020 | 2019 |
£ | £ |
Hire purchase contracts | 41,617 | 24,319 |
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9. | PENSION COMMITMENTS |
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The charge for the year was £2,777 (2019 - £1,476). There was £595 (2019 - £278) due and not paid at the |
reporting date. |
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10. | ULTIMATE CONTROLLING PARTY |
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The directors deem there is no overall controlling party, as defined by FRS102. |
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11. | FIRST TIME ADOPTION |
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The transition to FRS 102 (section 1A) from FRS 105 has not affected the financial performance or position of the |
entity. |