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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED |
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31 DECEMBER 2018 |
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FOR |
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ROUND WOOD OF MAYFIELD LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED |
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31 DECEMBER 2018 |
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FOR |
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ROUND WOOD OF MAYFIELD LIMITED |
ROUND WOOD OF MAYFIELD LIMITED (REGISTERED NUMBER: 06791312) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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Balance Sheet | 1 |
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Notes to the Financial Statements | 3 |
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ROUND WOOD OF MAYFIELD LIMITED (REGISTERED NUMBER: 06791312) |
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BALANCE SHEET |
31 DECEMBER 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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Investments | 6 |
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CURRENT ASSETS |
Stocks |
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Debtors | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS/(LIABILITIES) |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than
one year |
9 |
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PROVISIONS FOR LIABILITIES | 11 | ( |
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NET ASSETS |
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ROUND WOOD OF MAYFIELD LIMITED (REGISTERED NUMBER: 06791312) |
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BALANCE SHEET - continued |
31 DECEMBER 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 12 |
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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. |
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In accordance with Section 444 of the Companies Act 2006, the Profit & Loss Account has not been delivered. |
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The financial statements were approved by the Board of Directors on
its behalf by: |
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ROUND WOOD OF MAYFIELD LIMITED (REGISTERED NUMBER: 06791312) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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1. | STATUTORY INFORMATION |
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Round Wood of Mayfield Limited is a
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and Wales. The company's registered number and registered office address are as below: |
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Registered number: | 06791312 |
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Registered office: | Round Wood |
Newick Lane |
Mayfield |
East Sussex |
TN20 6RG |
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2. | STATEMENT OF COMPLIANCE |
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3. | 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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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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Equipment | - |
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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. |
ROUND WOOD OF MAYFIELD LIMITED (REGISTERED NUMBER: 06791312) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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3. | ACCOUNTING POLICIES - continued |
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Financial instruments |
Financial liabilities and equity instruments are classified according to the substance of the |
contractual arrangements entered into. An equity instrument is any contract that evidences a |
residual interest in the assets of the entity after deducting all of its financial liabilities. |
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Where the contractual obligations of financial instruments (including share capital) are equivalent |
to a similar debt instrument, those financial instruments are classed as financial liabilities. |
Financial liabilities are presented as such on the balance sheet. Finance costs and gains or |
losses relating to financial liabilities are included in the profit and loss account. Finance costs are |
calculated so as to produce a constant rate of return on the outstanding liability. |
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Where the contractual terms of share capital do not have any terms meeting the definition of a |
financial liability then this is classed as an equity instrument. Dividends and distributions relating |
to equity instruments are debited direct to equity. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & 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 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 |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange |
ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at |
the rate of exchange ruling at the date of transaction. Exchange differences are taken into |
account in arriving at the operating result. |
ROUND WOOD OF MAYFIELD LIMITED (REGISTERED NUMBER: 06791312) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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3. | ACCOUNTING POLICIES - continued |
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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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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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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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5. | TANGIBLE FIXED ASSETS |
Fixtures |
Leasehold | Plant and | and |
improvements | machinery | fittings |
£ | £ | £ |
COST |
At 1 January 2018 |
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Additions |
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Disposals |
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At 31 December 2018 |
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DEPRECIATION |
At 1 January 2018 |
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Charge for year |
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Eliminated on disposal |
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At 31 December 2018 |
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NET BOOK VALUE |
At 31 December 2018 |
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At 31 December 2017 |
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ROUND WOOD OF MAYFIELD LIMITED (REGISTERED NUMBER: 06791312) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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5. | TANGIBLE FIXED ASSETS - continued |
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Motor |
vehicles | Equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2018 |
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Additions |
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Disposals | ( |
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At 31 December 2018 |
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DEPRECIATION |
At 1 January 2018 |
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Charge for year |
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Eliminated on disposal | ( |
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( |
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At 31 December 2018 |
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NET BOOK VALUE |
At 31 December 2018 |
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At 31 December 2017 |
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ROUND WOOD OF MAYFIELD LIMITED (REGISTERED NUMBER: 06791312) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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5. | 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 | Equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2018 |
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Additions |
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Disposals | ( |
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Transfer to ownership | - | (66,977 | ) | - | (66,977 | ) |
Reclassification/transfer |
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At 31 December 2018 |
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DEPRECIATION |
At 1 January 2018 |
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Charge for year |
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Eliminated on disposal | ( |
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Transfer to ownership | - | (44,651 | ) | - | (44,651 | ) |
At 31 December 2018 |
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NET BOOK VALUE |
At 31 December 2018 |
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At 31 December 2017 |
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6. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 1 January 2018 |
and 31 December 2018 |
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NET BOOK VALUE |
At 31 December 2018 |
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At 31 December 2017 |
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ROUND WOOD OF MAYFIELD LIMITED (REGISTERED NUMBER: 06791312) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors | 118,940 | 37,131 |
Amounts receivable on contracts |
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The Pot Company (UK) |
intercompany | 279,203 | 117,273 |
The Round Wood (Group) |
intercompany | - | 133,291 |
Prepayments and accrued income |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts |
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Payments on account |
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Trade creditors |
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Corporation tax |
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PAYE and social security |
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VAT | 65,044 | 37,551 |
Other creditors |
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Wages control account | - | 312 |
Pension fund | 14,385 | 1,870 |
Roundwood Trading intercompany | - | 89,191 |
The Round Wood (Group) |
intercompany account | 12,535 | - |
Directors' current accounts | 45 | 169,741 |
Accruals and deferred income |
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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2018 | 2017 |
£ | £ |
Hire purchase contracts |
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10. | SECURED DEBTS |
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Metro Bank Plc has a fixed and floating charge over all assets owned by the company. |
ROUND WOOD OF MAYFIELD LIMITED (REGISTERED NUMBER: 06791312) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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11. | PROVISIONS FOR LIABILITIES |
2018 | 2017 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
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Deferred |
tax |
£ |
Balance at 1 January 2018 |
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Provided during year |
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Balance at 31 December 2018 |
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12. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2018 | 2017 |
value: | £ | £ |
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Ordinary | £1 | 100 | 100 |
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13. | RELATED PARTY DISCLOSURES |
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The trade and the assets of Roundwood Trading Limited, a wholly owned subsidiary of The |
Round Wood (Group) Limited, were transferred to Round Wood of Mayfield Limited and The Pot |
Company (UK) Ltd. The intercompany loan balance of £229,117 has been written off in these |
accounts. |
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Included in other debtors is £279,203 (2017: £117,273) owed by The Pot Company (UK) Limited, |
which is also a wholly owned subsidiary of The Round Wood (Group) Limited. During the year, the |
company received £225,541 (2017: £83,114) from The Pot Company (UK) Limited for goods and |
services. The company also made a recharge for the use of it's assets amounting to £9,821 |
(2017: £7,953). |
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Included in other creditors is £12,535 (2017: £133,291 included in other debtors) owed by The |
Round Wood (Group) Limited. |
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Included in Advertising & Marketing are payments totalling £44,200 (2017: £Nil) to Memory Mates |
a business owned by Mr J Frost, a director. The transactions were carried out on normal |
commercial terms. |
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14. | ULTIMATE CONTROLLING PARTY |
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The Ultimate Controlling Party is The Round Wood (Group) Limited. |