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Report of the Directors and |
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Audited Financial Statements for the Year Ended 31 March 2018 |
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BB Property Ventures Limited |
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REGISTERED NUMBER:
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Report of the Directors and |
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Audited Financial Statements for the Year Ended 31 March 2018 |
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BB Property Ventures Limited |
BB Property Ventures Limited (Registered number: 06661845) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2018 |
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Page |
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Company Information | 1 |
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Report of the Directors | 2 |
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Report of the Independent Auditors | 4 |
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Statement of Comprehensive Income | 6 |
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Balance Sheet | 7 |
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Statement of Changes in Equity | 8 |
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Notes to the Financial Statements | 9 |
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BB Property Ventures Limited |
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Company Information |
for the Year Ended 31 March 2018 |
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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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AUDITORS: |
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Statutory Auditor and Chartered Accountants. |
101 Cambridge Science Park |
Milton Road |
Cambridge |
CB4 0FY |
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BANKERS: |
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Portsmouth Commercial Office |
1st Floor, Bay House |
North Harbour Business Park |
Portsmouth |
Hampshire |
PO6 4RS |
BB Property Ventures Limited (Registered number: 06661845) |
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Report of the Directors |
for the Year Ended 31 March 2018 |
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The directors present their report with the financial statements of the company for the year ended 31 March 2018. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of the development of residential properties. |
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EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2017 to the date of this report. |
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DIRECTORS' RESPONSIBILITIES STATEMENT |
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with |
applicable law and regulations. |
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Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have |
elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice |
(United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial |
Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the |
financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of |
the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will
continue in business. |
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The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's |
transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to |
ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the |
assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
The directors confirm that: |
so far as each director is aware, there is no relevant audit information of which the company's auditor is unaware; and |
the directors have taken all the steps that they ought to have taken as directors in order to make themselves aware of any |
relevant audit information and to establish that the company's auditor is aware of that information. |
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AUDITORS |
The auditors, Grant Thornton UK LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
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BB Property Ventures Limited (Registered number: 06661845) |
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Report of the Directors |
for the Year Ended 31 March 2018 |
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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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BY ORDER OF THE BOARD: |
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Report of the Independent Auditors to the Members of |
BB Property Ventures Limited (Registered number: 06661845) |
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Opinion |
We have audited the financial statements of BB Property Ventures Limited (the 'company') for the year ended |
31 March 2018 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity |
and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting |
framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including |
Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United |
Kingdom Generally Accepted Accounting Practice). |
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In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 March 2018 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our |
responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial |
statements section of our report. We are independent of the company in accordance with the ethical requirements that are |
relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our |
other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is |
sufficient and appropriate to provide a basis for our opinion. |
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Who we are reporting to |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the |
Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters |
we are required to state to them in a Report of the Auditors 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 members as a body, for our |
audit work, for this report, or for the opinions we have formed. |
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Conclusions relating to going concern |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you |
where: |
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the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate;
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the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant
doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
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Other information |
The directors are responsible for the other information. The other information comprises the information in the Report of the |
Directors, other than the financial statements and our auditor's report thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly |
stated in our report, we do not express any form of assurance conclusion thereon. |
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In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, |
consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in |
the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material |
misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material |
misstatement of the other information. If, based on the work we have performed, we conclude that there is a material |
misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Report of the Independent Auditors to the Members of |
BB Property Ventures Limited (Registered number: 06661845) |
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Opinion on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
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the information given in the Report of the Directors for the financial year for which the financial statements are prepared
is consistent with the financial statements; and |
- | the Report of the Directors has been prepared in accordance with applicable legal requirements. |
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Matters on which we are required to report under the Companies Act 2006 |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we |
have not identified material misstatements in the Report of the Directors. |
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Matters on which we are required to report by exception |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, |
in our opinion: |
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from
branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit; or |
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the directors were not entitled to prepare the financial statements in accordance with the small companies regime and
take advantage of the small companies' exemption in preparing the Report of the Directors and from the requirement to prepare a Strategic Report. |
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Responsibilities of directors |
As explained more fully in the Directors' Responsibilities Statement set out on page two, the directors are responsible for the |
preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control |
as the directors determine necessary to enable the preparation of financial statements that are free from material |
misstatement, whether due to fraud or error. |
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In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going |
concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless |
the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
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Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material |
misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable |
assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will |
always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material |
if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on |
the basis of these financial statements. |
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A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting |
Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
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for and on behalf of
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Statutory Auditor and Chartered Accountants. |
Cambridge |
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BB Property Ventures Limited (Registered number: 06661845) |
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Statement of Comprehensive Income |
for the Year Ended 31 March 2018 |
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31.3.18 | 31.3.17 |
Notes | £ | £ |
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TURNOVER |
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Cost of sales | ( |
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GROSS PROFIT |
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Administrative costs |
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OPERATING PROFIT |
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Interest receivable and similar income |
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PROFIT BEFORE TAXATION |
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Tax on profit | 3 |
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PROFIT FOR THE FINANCIAL YEAR |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR |
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BB Property Ventures Limited (Registered number: 06661845) |
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Balance Sheet |
31 March 2018 |
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31.3.18 | 31.3.17 |
Notes | £ | £ |
CURRENT ASSETS |
Stocks and work in progress | 4 |
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Debtors | 5 |
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Cash at bank |
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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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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The accounts were approved by the Board of Directors on
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BB Property Ventures Limited (Registered number: 06661845) |
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Statement of Changes in Equity |
for the Year Ended 31 March 2018 |
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Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
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Balance at 1 April 2016 |
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Changes in equity |
Total comprehensive income | - |
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Balance at 31 March 2017 |
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Changes in equity |
Total comprehensive income | - |
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Balance at 31 March 2018 |
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BB Property Ventures Limited (Registered number: 06661845) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2018 |
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1. | STATUTORY INFORMATION |
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BB Property Ventures Limited 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 |
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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Stocks |
Stocks and work in progress are stated at the lower of cost and net realisable value. Cost comprises land purchases, |
building costs and directly attributable overheads. Net realisable value is based on estimated selling price less |
further costs expected to be incurred to completion and disposal. |
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Taxation |
Taxation for the year comprises current and deferred tax. 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 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 taxation |
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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Financial instruments |
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as |
either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a |
residual interest in the assets of the company after deducting all of its liabilities. |
BB Property Ventures Limited (Registered number: 06661845) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2018 |
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3. | TAXATION |
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Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.3.18 | 31.3.17 |
£ | £ |
Current tax: |
UK corporation tax |
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Tax on profit |
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UK corporation tax has been charged at
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4. | STOCKS AND WORK IN PROGRESS |
31.3.18 | 31.3.17 |
£ | £ |
Stocks and work in progress |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.18 | 31.3.17 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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VAT |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.18 | 31.3.17 |
£ | £ |
Trade creditors |
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Amounts owed to participating interests |
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Tax |
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Other creditors |
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Accruals and deferred income |
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7. | POST BALANCE SHEET EVENTS |
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There have been no other events since the balance sheet date that materially affect the state of affairs of the company |
as at 31 March 2018 or that requires disclosure. |
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8. | CONTROLLING PARTY |
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The company is jointly owned by Metis Homes Limited and Bargate Homes Limited. Both of these companies are |
incorporated in the UK. |