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Unaudited Financial Statements |
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for the Period 1 July 2016 to 31 December 2017 |
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Ovik Solutions Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Period 1 July 2016 to 31 December 2017 |
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for |
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Ovik Solutions Limited |
Ovik Solutions Limited (Registered number: 06374255) |
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Contents of the Financial Statements |
for the Period 1 July 2016 to 31 December 2017 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Ovik Solutions Limited |
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Company Information |
for the Period 1 July 2016 to 31 December 2017 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Senate Court |
Southernhay Gardens |
Exeter |
Devon |
EX1 1NT |
Ovik Solutions Limited (Registered number: 06374255) |
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Balance Sheet |
31 December 2017 |
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31.12.17 | 30.6.16 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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593,578 | 628,040 |
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CURRENT ASSETS |
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 (LIABILITIES)/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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Share premium |
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Retained earnings |
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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. |
Ovik Solutions Limited (Registered number: 06374255) |
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Balance Sheet - continued |
31 December 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered. |
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The financial statements were approved by the Board of Directors on
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Ovik Solutions Limited (Registered number: 06374255) |
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Notes to the Financial Statements |
for the Period 1 July 2016 to 31 December 2017 |
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1. | STATUTORY INFORMATION |
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Ovik Solutions 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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The directors have reviewed the company's forecasts and finance facilities and believe that despite the negate |
balance sheet, with their ongoing support, the company will manage its business risks successfully and will |
continue in operational existence for the foreseeable future. For this reason the accounts have been prepared on |
the going concern basis. |
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Turnover |
Turnover represents net invoiced sales of services, excluding value added tax. |
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When the outcome of a construction contract can be estimated reliably, contract revenue and contract costs are |
recognised as revenue and expenses respectively by reference to the stage of completion of the contract activity at |
the balance sheet date ('percentage-of-completion method'). When the outcome of a construction contract cannot |
be estimated reliably, contract revenue is recognised to the extent of contract costs incurred that are likely to be |
recoverable. When it is probable that total contract costs will exceed total contract revenue, the expected loss is |
recognised as an expense immediately. |
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Contract revenue comprises the initial amount of revenue agreed in the contract and variations in the contract work |
and claims that can be measured reliably. A variation or a claim is recognised as contract revenue when it is |
probable that the customer will approve the variation or negotiations have reached an advanced stage such that it |
is probable that the customer will accept the claim. |
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The stage of completion is measured by reference to the ratio of contract costs incurred to date to the estimated |
total costs for the contract. Costs incurred during the financial year in connection with future activity on a contract |
are excluded from the costs incurred to date when determining the stage of completion of a contract. Such costs |
are shown as construction contract work-in-progress on the balance sheet unless it is not probable that such |
contract costs are recoverable from the customers, in which case, such costs are recognised as an expense |
immediately. |
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At the balance sheet date, the cumulative costs incurred plus recognised profit (less recognised loss) on each |
contract is compared against the progress billings. Where the cumulative costs incurred plus the recognised profits |
(less recognised losses) exceed progress billings, the balance is presented as due from customers on construction |
contracts within 'trade and other receivables'. Where progress billings exceed the cumulative costs incurred plus |
recognised profits (less recognised losses), the balance is presented as due to customers on construction contracts |
within 'trade and other payables'. |
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Progress billings not yet paid by customers and retentions by customers are included within 'trade and other |
receivables'. Advances received are included within 'trade and other payables'. |
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Tangible fixed assets |
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Freehold property | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Computer equipment | - |
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Freehold property is shown at the most recent valuation. Any aggregate surplus or deficit from changes in market |
value is shown within other comprehensive income and transferred to the profit and loss account. |
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Ovik Solutions Limited (Registered number: 06374255) |
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Notes to the Financial Statements - continued |
for the Period 1 July 2016 to 31 December 2017 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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 period 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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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. |
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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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Presentation currency |
The financial statements are presented in Pound Sterling |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the period was
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings |
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COST |
At 1 July 2016 |
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Additions |
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At 31 December 2017 |
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DEPRECIATION |
At 1 July 2016 |
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Charge for period |
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At 31 December 2017 |
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NET BOOK VALUE |
At 31 December 2017 |
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At 30 June 2016 |
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Ovik Solutions Limited (Registered number: 06374255) |
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Notes to the Financial Statements - continued |
for the Period 1 July 2016 to 31 December 2017 |
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4. | TANGIBLE FIXED ASSETS - continued |
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Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 July 2016 |
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Additions |
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At 31 December 2017 |
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DEPRECIATION |
At 1 July 2016 |
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Charge for period |
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At 31 December 2017 |
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NET BOOK VALUE |
At 31 December 2017 |
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At 30 June 2016 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.17 | 30.6.16 |
£ | £ |
Trade debtors |
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Amounts recoverable on contract |
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Other debtors |
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Directors' loan accounts | 53,860 | 44,820 |
Tax |
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Prepayments |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.17 | 30.6.16 |
£ | £ |
Bank loans and overdrafts (see note 8) |
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Other loans (see note 8) |
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Hire purchase contracts |
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Trade creditors |
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Corporation Tax |
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Social security and other taxes |
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VAT | 49,781 | 24,371 |
Other creditors |
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Accrued expenses |
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Ovik Solutions Limited (Registered number: 06374255) |
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Notes to the Financial Statements - continued |
for the Period 1 July 2016 to 31 December 2017 |
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7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.17 | 30.6.16 |
£ | £ |
Bank loans (see note 8) |
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Other loans (see note 8) |
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Hire purchase contracts |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal | 73,991 | 166,158 |
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8. | LOANS |
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An analysis of the maturity of loans is given below: |
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31.12.17 | 30.6.16 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
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Bank loans |
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Other loan - Loan |
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Amounts falling due between one and two years: |
Bank loans - 1-2 years |
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Other loans - 1-2 yrs | 29,512 |
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Amounts falling due between two and five years: |
Bank loans - 2-5 years |
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Other loans - 2-5 yrs |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal | 73,991 | 166,158 |
Ovik Solutions Limited (Registered number: 06374255) |
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Notes to the Financial Statements - continued |
for the Period 1 July 2016 to 31 December 2017 |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31.12.17 | 30.6.16 |
£ | £ |
Bank overdraft |
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Bank loans |
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Other loan - Loan |
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- | 135,586 |
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The above are secured by way of fixed and floating chare over the company assets. |
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The directors D Hermer and J Hermer have both provided personal guarantees against Other Loans. |
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10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to directors subsisted during the period ended 31 December 2017 and the year |
ended 30 June 2016: |
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31.12.17 | 30.6.16 |
£ | £ |
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Balance outstanding at start of period |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of period |
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Balance outstanding at start of period |
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( |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of period |
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The directors have provided personal guarantee in relation to th South West Investment Group (Capital) Limited |
loan. The personal guarantee covered the whole amount of the debt and £56,276 (016: £135,586) was outstanding |
as at the year end. |
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The directors have provided personal guarantees in relation to the Funding Circle loan. The personal guarantee |
covered the whole amount of the debt and £63,946 (2016: £176,570) was outstanding as at the year end. |
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11. | UNDISTRIBUTABLE RESERVES |
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The profit and loss account includes undistributable reserves of £65,830 in respect of freehold property which has |
been revalued to fair value. |