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REPORT OF THE DIRECTORS AND |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED |
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29 JUNE 2020 |
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FOR |
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THE POLISH SHOP CASH AND CARRY LTD |
REGISTERED NUMBER:
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REPORT OF THE DIRECTORS AND |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED |
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29 JUNE 2020 |
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FOR |
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THE POLISH SHOP CASH AND CARRY LTD |
THE POLISH SHOP CASH AND CARRY LTD (REGISTERED NUMBER: 06618564) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 JUNE 2020 |
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Company Information | 1 |
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Report of the Directors | 2 |
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Report of the Accountants | 3 |
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Income Statement | 4 |
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Balance Sheet | 5 |
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Notes to the Financial Statements | 7 |
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THE POLISH SHOP CASH AND CARRY LTD |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 29 JUNE 2020 |
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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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36 Lichfield Street |
Walsall |
West Midlands |
WS1 1TJ |
THE POLISH SHOP CASH AND CARRY LTD (REGISTERED NUMBER: 06618564) |
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REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 29 JUNE 2020 |
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The directors present their report with the financial statements of the company for the year ended 29 June 2020. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of wholesalers of food and other goods. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 30 June 2019 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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THE POLISH SHOP CASH AND CARRY LTD |
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REPORT OF THE ACCOUNTANTS TO THE DIRECTORS OF |
THE POLISH SHOP CASH AND CARRY LTD |
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In accordance with the engagement letter dated 3 September 2010 and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company which comprise the income statement, the balance sheet and the related notes from the accounting records and information and explanations you have given to us. |
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This report is made to the company's board of directors, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the company's board of directors that we have done so, and state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's board of directors, for our work or for this report. |
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You have acknowledged on the balance sheet for the year ended 29 June 2020, your duty to ensure that the company has kept adequate accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year. |
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We have not been instructed to carry out an audit of the financial statements. 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 financial statements. |
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36 Lichfield Street |
Walsall |
West Midlands |
WS1 1TJ |
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THE POLISH SHOP CASH AND CARRY LTD (REGISTERED NUMBER: 06618564) |
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INCOME STATEMENT |
FOR THE YEAR ENDED 29 JUNE 2020 |
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29.6.20 | 29.6.19 |
Notes | £ | £ |
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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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269,593 | 236,724 |
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Other operating income |
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OPERATING PROFIT | 4 |
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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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THE POLISH SHOP CASH AND CARRY LTD (REGISTERED NUMBER: 06618564) |
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BALANCE SHEET |
29 JUNE 2020 |
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29.6.20 | 29.6.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 6 |
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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 |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES | 10 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 11 |
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Retained earnings | 12 |
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SHAREHOLDERS' FUNDS |
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THE POLISH SHOP CASH AND CARRY LTD (REGISTERED NUMBER: 06618564) |
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BALANCE SHEET - continued |
29 JUNE 2020 |
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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. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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THE POLISH SHOP CASH AND CARRY LTD (REGISTERED NUMBER: 06618564) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 JUNE 2020 |
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1. | STATUTORY INFORMATION |
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The Polish Shop Cash And Carry Ltd is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Goodwill |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
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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 items. |
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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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THE POLISH SHOP CASH AND CARRY LTD (REGISTERED NUMBER: 06618564) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 JUNE 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 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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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
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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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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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29.6.20 | 29.6.19 |
£ | £ |
Depreciation - owned assets |
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Depreciation - assets on hire purchase contracts |
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Goodwill amortisation |
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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: |
29.6.20 | 29.6.19 |
£ | £ |
Current tax: |
UK corporation tax |
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Deferred tax |
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( |
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Tax on profit |
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THE POLISH SHOP CASH AND CARRY LTD (REGISTERED NUMBER: 06618564) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 JUNE 2020 |
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6. | INTANGIBLE FIXED ASSETS |
Goodwill |
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COST |
At 30 June 2019 |
and 29 June 2020 |
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AMORTISATION |
At 30 June 2019 |
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Charge for year |
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At 29 June 2020 |
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NET BOOK VALUE |
At 29 June 2020 |
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At 29 June 2019 |
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7. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 30 June 2019 |
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Additions |
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At 29 June 2020 |
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DEPRECIATION |
At 30 June 2019 |
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Charge for year |
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At 29 June 2020 |
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NET BOOK VALUE |
At 29 June 2020 |
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At 29 June 2019 |
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THE POLISH SHOP CASH AND CARRY LTD (REGISTERED NUMBER: 06618564) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 JUNE 2020 |
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7. | TANGIBLE FIXED ASSETS - continued |
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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 30 June 2019 |
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Transfer to ownership | (6,750 | ) | (34,700 | ) | (41,450 | ) |
At 29 June 2020 |
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DEPRECIATION |
At 30 June 2019 |
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Transfer to ownership | (3,903 | ) | (20,062 | ) | (23,965 | ) |
At 29 June 2020 |
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NET BOOK VALUE |
At 29 June 2020 |
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At 29 June 2019 |
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8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.6.20 | 29.6.19 |
£ | £ |
Trade debtors |
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Other debtors |
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Prepayments |
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9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.6.20 | 29.6.19 |
£ | £ |
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 | 24,613 | 66,438 |
Other Creditors |
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Directors' loan accounts | 168,852 | 233,469 |
Accruals and deferred income |
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10. | PROVISIONS FOR LIABILITIES |
29.6.20 | 29.6.19 |
£ | £ |
Deferred tax | 14,713 | 13,472 |
THE POLISH SHOP CASH AND CARRY LTD (REGISTERED NUMBER: 06618564) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 JUNE 2020 |
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10. | PROVISIONS FOR LIABILITIES - continued |
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Deferred |
tax |
£ |
Balance at 30 June 2019 |
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Provided during year |
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Balance at 29 June 2020 |
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11. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 29.6.20 | 29.6.19 |
value: | £ | £ |
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Ordinary shares | £1 | 100 | 100 |
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12. | RESERVES |
Retained |
earnings |
£ |
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At 30 June 2019 |
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Profit for the year |
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Dividends | ( |
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At 29 June 2020 |
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13. | RELATED PARTY DISCLOSURES |
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NA Widelcu Limited is a company in which the directors have a material interest as shareholders. At 29 June 2020 NA Widelcu Limited owed the company £171,739 (2019: £83,690). This loan is interest free and repayable on demand. |
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Fashion by Duda Limited is a company in which the director, Miss M. Duda has a material interest as a shareholder. At 29 June 2020, Fashion by Duda Limited owed the company £56,467 (2019: £11,920). This loan is interest free and repayable on demand. |