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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE PERIOD 1 APRIL 2018 TO 30 SEPTEMBER 2018 |
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BST ELECTRICAL LTD |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE PERIOD 1 APRIL 2018 TO 30 SEPTEMBER 2018 |
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FOR |
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BST ELECTRICAL LTD |
BST ELECTRICAL LTD (REGISTERED NUMBER: 07825336) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 APRIL 2018 TO 30 SEPTEMBER 2018 |
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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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BST ELECTRICAL LTD |
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COMPANY INFORMATION |
FOR THE PERIOD 1 APRIL 2018 TO 30 SEPTEMBER 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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ACCOUNTANTS: |
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Chartered Accountants |
Chargrove House |
Shurdington Road |
Cheltenham |
Gloucestershire |
GL51 4GA |
BST ELECTRICAL LTD (REGISTERED NUMBER: 07825336) |
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BALANCE SHEET |
30 SEPTEMBER 2018 |
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2018 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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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 ASSETS/(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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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS/(LIABILITIES) |
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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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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 |
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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. |
BST ELECTRICAL LTD (REGISTERED NUMBER: 07825336) |
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BALANCE SHEET - continued |
30 SEPTEMBER 2018 |
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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 by the Board of Directors on
its behalf by: |
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BST ELECTRICAL LTD (REGISTERED NUMBER: 07825336) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 APRIL 2018 TO 30 SEPTEMBER 2018 |
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1. | STATUTORY INFORMATION |
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BST Electrical Ltd 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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The presentation currency of the financial statements is the Pound Sterling (£). |
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These financial statements cover the 1 April 2018 to 30 September 2018 which has led to a shortened |
period of 6 months and therefore, are not entirely comparable. The reason for the shorter period is due |
to the directors' deciding to change the financial year end to 30 September to fall in line with the |
company management information. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents net invoiced sales of goods and services, excluding VAT. Turnover also includes |
amounts recoverable under contract in so far as that income relates to work carried out in the year and |
includes the appropriate amount of retentions relevant to work done at the Balance Sheet date. |
Revenue is recognised upon completion of contracts. |
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Goodwill |
Goodwill, being the amount paid in connection with the acquisition of a business in 2013, has been fully |
amortised. |
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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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Computer 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. |
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Financial instruments |
Financial Instruments are classified by the directors as basic or advanced following the conditions in |
FRS 102 Section 11. Basic financial instruments are recognised at amortised cost using the effective |
interest method. |
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Taxation |
Taxation for the period 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. |
BST ELECTRICAL LTD (REGISTERED NUMBER: 07825336) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 APRIL 2018 TO 30 SEPTEMBER 2018 |
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2. | 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. |
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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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Going concern |
The Directors refinanced the business in the period following the collapse of Carillion and significant |
bad debt in the prior period. The Directors and Shareholders have shown their commitment and |
continuing support for the business with a share issue raising £335,000. In addition the Directors have |
negotiated a new finance facility to provide working capital to fund ongoing contracts and new work. |
Based on this, the directors confirm that the going concern basis remains appropriate. |
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Provisions |
Provisions are set up only where it is probable that a present obligation exists as a result of an event |
prior to the balance sheet date and that a payment will be required in settlement that can be estimated |
reliably. Where material, provisions are calculated on a discounted basis. |
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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. | INTANGIBLE FIXED ASSETS |
Goodwill |
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COST |
At 1 April 2018 |
and 30 September 2018 |
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AMORTISATION |
At 1 April 2018 |
and 30 September 2018 |
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NET BOOK VALUE |
At 30 September 2018 |
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At 31 March 2018 |
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BST ELECTRICAL LTD (REGISTERED NUMBER: 07825336) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 APRIL 2018 TO 30 SEPTEMBER 2018 |
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5. | TANGIBLE FIXED ASSETS |
Plant and | Computer |
machinery | equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2018 |
and 30 September 2018 |
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DEPRECIATION |
At 1 April 2018 |
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Charge for period |
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At 30 September 2018 |
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NET BOOK VALUE |
At 30 September 2018 |
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At 31 March 2018 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2018 |
£ | £ |
Trade debtors |
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Amounts recoverable on contract |
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Other debtors |
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Directors' current accounts |
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Prepayments & Accrued Income |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2018 |
£ | £ |
Bank loans and overdrafts |
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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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CIS due to HMRC |
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Net Wages | 5,788 | 775 |
Pension control |
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VAT |
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Other creditors |
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Factored debt |
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Directors' current accounts |
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Accrued expenses |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2018 | 2018 |
£ | £ |
Bank loans - 2-5 years |
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BST ELECTRICAL LTD (REGISTERED NUMBER: 07825336) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 APRIL 2018 TO 30 SEPTEMBER 2018 |
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9. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to directors subsisted during the period ended 30 September 2018 |
and the year ended 31 March 2018: |
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2018 | 2018 |
£ | £ |
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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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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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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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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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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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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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BST ELECTRICAL LTD (REGISTERED NUMBER: 07825336) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 APRIL 2018 TO 30 SEPTEMBER 2018 |
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9. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued |
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No interest has been charged on the balances and there are no set repayment terms. |
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10. | SECURED DEBTS |
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The company had 3 charges registered at companies house, one of which has been satisfied in the |
period ended 30 September 2018: |
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The charge which has been satisfied in the period was an all assets debenture given in favour of |
Lloyds Bank Commercial Finance Limited, created on 23 July 2015 and contained both fixed and |
floating charges. The floating charge covered all the property and undertaking of the company. This |
also contained a negative pledge. |
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There is a debenture deed given in favour of Lloyds Bank PLC created on 12 February 2013. The |
amount is secured on all monies due or to become due from the company to the chargee on any |
account whatsoever. The deed contains both fixed and floating charges over the undertaking and all |
property and assets, present and future; including goodwill, book debts uncalled capital, buildings, |
fixtures and fixed plant and machinery. |
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There is also an all land debenture given in favour of Bibby Financial Services Limited, which was |
created in this period on 23 August 2018 and contains both fixed and floating charges. The floating |
charge covers all the property and undertaking of the company. This also contains a negative pledge. |