28/02/2019
2019-02-28
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No description of principal activities is disclosed
2018-03-01
Sage Accounts Production 18.30 - FRS
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2018-03-01
2019-02-28
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07995218
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2019-02-28
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2018-02-28
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2019-02-28
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2019-02-28
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2018-02-28
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2019-02-28
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2019-02-28
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07995218
1
2018-03-01
2019-02-28
Company registration number:
07995218
D & S Electrical Distributors Limited
Unaudited filleted financial statements
28 February 2019
D & S Electrical Distributors Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
D & S Electrical Distributors Limited
Directors and other information
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Directors
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Mr Richard Degg
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Mr Spencer Smallwood
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(Resigned 31 August 2019)
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Company number
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07995218
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Registered office
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98 Lancaster Road
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Newcastle under Lyme
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Staffordshire
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ST5 1DS
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Business address
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Unit 13 Rosevale Road
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Parkhouse Industrial Estate
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Newcastle under Lyme
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Staffordshire
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ST5 7EF
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Accountants
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Jacksons
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Chartered Accountants
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Deansfield House
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98 Lancaster Road
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Newcastle under Lyme
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Staffordshire
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ST5 1DS
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D & S Electrical Distributors Limited
Statement of financial position
28 February 2019
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2019
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2018
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Note
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£
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£
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£
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£
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Fixed assets
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Tangible assets
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5
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51,472
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16,767
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_______
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_______
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51,472
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16,767
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Current assets
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Stocks
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157,140
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157,634
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Debtors
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6
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305,958
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229,351
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Cash at bank and in hand
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7,164
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11,188
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_______
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_______
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470,262
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398,173
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Creditors: amounts falling due
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within one year
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7
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(
378,835)
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(
308,951)
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_______
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_______
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Net current assets
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91,427
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89,222
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_______
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_______
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Total assets less current liabilities
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142,899
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105,989
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Creditors: amounts falling due
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after more than one year
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8
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(
4,340)
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(
8,162)
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Provisions for liabilities
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(
9,780)
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(
3,186)
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_______
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_______
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Net assets
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128,779
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94,641
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_______
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_______
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Capital and reserves
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Called up share capital
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400
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400
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Capital redemption reserve
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200
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200
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Profit and loss account
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128,179
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94,041
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_______
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_______
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Shareholders funds
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128,779
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94,641
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_______
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_______
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For the year ending 28 February 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
08 October 2019
, and are signed on behalf of the board by:
Mr Richard Degg
Director
Company registration number:
07995218
D & S Electrical Distributors Limited
Notes to the financial statements
Year ended 28 February 2019
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 98 Lancaster Road, Newcastle under Lyme, Staffordshire, ST5 1DS.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. 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 capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
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Short leasehold property
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-
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Straight line over the life of the lease
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Fittings fixtures and equipment
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-
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25% straight line
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Motor vehicles
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-
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25% reducing balance
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Computer equipment
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-
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Straight line over 3 years
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If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4.
Staff costs
The average number of persons employed by the company during the year amounted to
7
(2018:
7
).
5.
Tangible assets
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Short leasehold property
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Fixtures, fittings and equipment
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Motor vehicles
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Computer equipment
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Total
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£
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£
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£
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£
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£
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Cost
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At 1 March 2018
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12,603
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12,859
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22,300
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12,994
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60,756
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Additions
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-
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-
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-
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47,852
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47,852
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_______
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_______
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_______
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_______
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_______
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At 28 February 2019
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12,603
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12,859
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22,300
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60,846
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108,608
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_______
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_______
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_______
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_______
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_______
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Depreciation
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At 1 March 2018
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12,603
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11,054
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9,417
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10,915
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43,989
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Charge for the year
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-
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461
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3,221
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9,465
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13,147
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_______
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_______
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_______
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_______
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_______
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At 28 February 2019
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12,603
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11,515
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12,638
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20,380
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57,136
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_______
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_______
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_______
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_______
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_______
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Carrying amount
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At 28 February 2019
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-
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1,344
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9,662
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40,466
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51,472
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|
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|
_______
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_______
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_______
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_______
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_______
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At 28 February 2018
|
-
|
1,805
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12,883
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2,079
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16,767
|
|
|
|
|
_______
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_______
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_______
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_______
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_______
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|
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6.
Debtors
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2019
|
2018
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£
|
£
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Trade debtors
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304,010
|
227,872
|
|
Other debtors
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1,948
|
1,479
|
|
|
|
_______
|
_______
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|
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305,958
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229,351
|
|
|
|
_______
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_______
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|
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|
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|
7.
Creditors: amounts falling due within one year
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2019
|
2018
|
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£
|
£
|
|
Trade creditors
|
|
130,293
|
96,381
|
|
Corporation tax
|
|
22,964
|
24,904
|
|
Social security and other taxes
|
|
20,297
|
16,316
|
|
Other creditors
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|
205,281
|
171,350
|
|
|
|
_______
|
_______
|
|
|
|
378,835
|
308,951
|
|
|
|
_______
|
_______
|
|
|
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|
|
Other creditors includes £201,273 owed to Barclays Bank plc (2018 : £131,663) in respect of factored debts who hold a charge over all monies due or become due from the company, under the terms of the agreement.The net obligations under finance leases and hire purchase contracts included within other creditors are secured.
8.
Creditors: amounts falling due after more than one year
|
|
|
2019
|
2018
|
|
|
|
£
|
£
|
|
Other creditors
|
|
4,340
|
8,162
|
|
|
|
_______
|
_______
|
|
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|
The net obligations under finance leases and hire purchase contracts included within other creditors are secured.
9.
Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
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|
£ |
£ |
|
|
|
Later than 1 year and not later than 5 years |
5,600
|
- |
|
_______ |
_______ |
|
|
|
10.
Related party transactions
Mr Richard Degg
and Mr Spencer Smallwood
are related parties by virtue of their directorship of and shareholding in the company. Mr Richard Degg
has provided the company with an interest free loan such that at the year end the company owed him the sum of £nil (2018 : £17,380).Mr Spencer Smallwood has provided the company with an interest free loan such that at the year end the company owed him the sum of £nil (2018 : £17,500).Mrs Cassandra Degg and Miss Victoria Jackson are related parties by virtue of their shareholding in the company.The directors have provided personal guarantees to Barclays Bank plc in respect of factored debts totalling £80,000.
11.
Controlling party
No one party controls the company.