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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2017 |
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MEMORIA (VALE OF GLAMORGAN) LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2017 |
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FOR |
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MEMORIA (VALE OF GLAMORGAN) LIMITED |
MEMORIA (VALE OF GLAMORGAN) LIMITED (REGISTERED NUMBER: 07627314) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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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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MEMORIA (VALE OF GLAMORGAN) LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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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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Chartered Accountants & Registered Auditors |
42 King Edward Court |
Windsor |
Berkshire |
SL4 1TG |
MEMORIA (VALE OF GLAMORGAN) LIMITED (REGISTERED NUMBER: 07627314) |
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STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 5 |
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CURRENT ASSETS |
Inventories |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
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( |
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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. |
MEMORIA (VALE OF GLAMORGAN) LIMITED (REGISTERED NUMBER: 07627314) |
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STATEMENT OF FINANCIAL POSITION - continued |
31 DECEMBER 2017 |
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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 and authorised for issue by the Board of Directors on
and were signed on its behalf by: |
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MEMORIA (VALE OF GLAMORGAN) LIMITED (REGISTERED NUMBER: 07627314) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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1. | STATUTORY INFORMATION |
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Memoria (Vale of Glamorgan) Limited is a
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and Wales. The company's registered number and registered office address can be found on the |
Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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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 |
Revenue 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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Long Leasehold | 2.87% on cost |
Office Equipment /Computers | 33.33% on cost |
Sound System | 20.00% on cost |
Fixtures and Fittings | 10.00% on cost |
Cremator | 6.67% on cost |
Roads | 2.00% on cost |
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Stocks |
Inventories are valued at the lower of cost and net realisable value, after making due allowance for |
obsolete and slow moving items. |
MEMORIA (VALE OF GLAMORGAN) LIMITED (REGISTERED NUMBER: 07627314) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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3. | ACCOUNTING POLICIES - continued |
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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 where transactions or events have occurred at the date that will result in an |
obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions. |
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Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of |
fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, |
only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets |
concerned. However, no provision is made where, on the basis of all available evidence at the balance |
sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets |
and charged to tax only where the replacement assets are sold. |
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Deferred tax assets are recognised only to the extent that the directors consider that it is more likely |
than not that there will be suitable taxable profits from which the future reversal of the underlying timing |
differences can be deducted. |
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Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the |
periods in which timing differences reverse, based on tax rates and laws enacted or substantively |
enacted at the balance sheet date. |
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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 accounts receivable and payable, loans from banks |
and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
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Debt instruments like loans and other accounts receivable and payable are initially measured at |
present value of the future payments and subsequently at amortised cost using the effective interest |
method. Debt instruments that are payable or receivable within one year, typically trade payables or |
receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other |
consideration expected to be paid or received. However if the arrangements of a short-term instrument |
constitute a financial transaction, like the payment of a trade debt deferred beyond normal business |
terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan |
not at market rate, the financial asset or liability is measured, initially and subsequently, at the present |
value of the future payments discounted at a market rate of interest for a similar debt instrument. |
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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. If objective evidence of impairment is found, an |
impairment loss is recognised in profit or loss. |
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For financial assets measured at amortised cost, the impairment loss is measured as the difference |
between an asset's carrying amount and the present value of estimated cash flows discounted at the |
asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate |
for measuring any impairment loss is the current effective interest rate determined under the contract. |
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For financial assets measured at cost less impairment, the impairment loss is measured as the |
difference between an asset's carrying amount and the best estimate, which is an approximation, of |
the amount that the company would receive for the asset if it were to be sold at the reporting date. |
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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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MEMORIA (VALE OF GLAMORGAN) LIMITED (REGISTERED NUMBER: 07627314) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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5. | PROPERTY, PLANT AND EQUIPMENT |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 January 2017 |
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Additions |
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At 31 December 2017 |
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DEPRECIATION |
At 1 January 2017 |
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Charge for year |
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At 31 December 2017 |
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NET BOOK VALUE |
At 31 December 2017 |
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At 31 December 2016 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2017 | 2016 |
£ | £ |
Bank loans |
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MEMORIA (VALE OF GLAMORGAN) LIMITED (REGISTERED NUMBER: 07627314) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
2017 | 2016 |
£ | £ |
Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans due in more than 5 years by
instalments |
1,260,199 |
1,801,471 |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2017 | 2016 |
£ | £ |
Natwest Loan | 2,134,414 | 2,220,343 |
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The bank loans are secured by means of a legal charge dated 1 August 2011 and held on the land. |
The loans are also secured by a debenture dated 1 August 2011 over the business and assets of the |
group and a deed of subordination held over the loan owed to Memoria Limited. |
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10. | RELATED PARTY DISCLOSURES |
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During the year ended 31 December 2017, the company entered into the following material |
transactions that have not been concluded under normal market conditions: |
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2017 | 2016 |
Category of related party | Nature of the transaction | £ | £ |
Ultimate parent undertaking | Loan repayment | 170,400 | 123,010 |
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The following balances were outstanding with the related parties at the year end: |
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2017 | 2016 |
Category of related party | Nature of the balance | £ | £ |
Ultimate parent undertaking | Loan accounts | (656,916 | ) | (827,316 | ) |
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As at 31 December 2017, the company owed £656,916 (2016: £827,316) to a fellow group |
undertaking. The loan is unsecured, interest-free and is repayable on demand. |
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In addition to the above transactions, on 24 January 2017 the company also provided an unlimited |
cross guarantee to National Westminster Bank PLC for the liabilities of Memoria Limited, the |
company's immediate and ultimate parent undertaking. |
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11. | ULTIMATE CONTROLLING PARTY |
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The immediate and the ultimate parent undertaking is Memoria Limited, a company incorporated in |
England and Wales. |
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The directors of Memoria Limited are considered to be the ultimate controlling party. |