STATION FLOORING (UK) LTD |
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BALANCE SHEET |
AS AT 31 December 2016 |
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Notes |
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2016 |
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2015 |
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£ |
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£ |
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FIXED ASSETS |
Intangible assets |
7 |
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- |
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4 |
Tangible assets |
8 |
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8,944 |
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13,434 |
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8,944 |
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13,438 |
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CURRENT ASSETS |
Stock |
84,500 |
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96,500 |
Debtors |
9 |
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11,494 |
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5,695 |
Cash at bank and in hand |
68,596 |
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31,920 |
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164,590 |
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134,115 |
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CREDITORS: Amounts falling due |
10 |
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148,390 |
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131,638 |
within one year |
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NET CURRENT ASSETS |
16,200 |
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2,477 |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
25,144 |
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15,915 |
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Provisions for liabilities and charges |
1,789 |
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2,687 |
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NET ASSETS |
23,355 |
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13,228 |
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CAPITAL AND RESERVES |
Called up share capital |
105 |
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|
105 |
Distributable profit and loss account |
23,250 |
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13,123 |
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SHAREHOLDERS' FUNDS |
23,355 |
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13,228 |
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These accounts have been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
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For the financial year ended 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
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Members have not required the company to obtain an audit in accordance with section 476 of the Act.
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The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing accounts which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit or loss for the 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 accounts, so far as applicable to the company.
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As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report. |
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Signed on behalf of the board of directors |
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Nigel Moss |
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Graham Brewerton |
Director |
Director |
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Date approved by the board: 25 September 2017
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STATION FLOORING (UK) LTD |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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1 |
GENERAL INFORMATION |
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Station Flooring (UK) Ltd is a private company limited by shares and incorporated in England and Wales. Its registered office is: |
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The Old Garrick Building |
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Station Road |
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Didcot |
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Oxon |
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OX11 7NR |
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The financial statements are presented in Sterling, which is the functional currency of the company. |
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2 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
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Basis of preparation of financial statements |
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These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
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Revenue recognition |
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Depreciation has been provided at the following rate so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives.
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Plant and machinery |
Reducing balance basis at 25% per annum
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Furniture and fittings |
Reducing balance basis at 25% per annum
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Motor vehicles |
Reducing balance basis at 25% per annum
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Computer equipment |
Straight line basis at 33% per annum
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On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses. |
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Financial Instruments |
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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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Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in profit and loss.
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Creditors |
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Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost using the effective interest method.
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Leases |
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Leases are classified as finance leases when they transfer substantially all the risks and rewards of ownership of the leased assets to the company. Other leases that do not transfer substantially all the risks and rewards of ownership of the leased assets to the company are classified as operating leases.
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Payments applicable to operating leases are charged against profit on a straight line basis over the lease term.
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Payments received under operating leases are recognised as income over the lease term on a straight-line basis.
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2 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…) |
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Work in progress |
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Current and deferred tax assets and liabilities are not discounted.
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3 |
TRANSITION TO FRS 102 |
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This is the first year in which the financial statements have been prepared under FRS 102. Note 13 gives an explanation of the effects of the transition.
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4 |
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS |
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No significant accounting estimates and judgements have had to be made by the directors in preparing these financial statements. |
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5 |
EMPLOYEES |
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The average number of persons employed by the company (including directors) during the year was: |
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2016 |
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2015 |
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Average number of employees |
12 |
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12 |
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6 |
DIRECTORS' REMUNERATION |
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2016 |
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2015 |
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Remuneration paid to the directors during the year was: |
11,289 |
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9,147 |
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7 |
INTANGIBLE FIXED ASSETS |
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Net goodwill |
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Other intangible fixed assets |
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Total |
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£ |
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£ |
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£ |
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Cost |
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At 1 January 2016 |
2 |
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2 |
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4 |
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At 31 December 2016 |
2 |
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2 |
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4 |
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Accumulated amounts written off |
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Charge for year |
2 |
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2 |
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4 |
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At 31 December 2016 |
2 |
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2 |
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4 |
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Net book value |
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At 1 January 2016 |
2 |
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2 |
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4 |
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At 31 December 2016 |
- |
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- |
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- |
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8 |
TANGIBLE ASSETS |
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Plant and machinery |
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Furniture and fittings |
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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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Cost |
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At 1 January 2016 |
10,949 |
|
1,610 |
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17,213 |
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1,726 |
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31,498 |
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Additions |
2,557 |
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- |
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- |
|
508 |
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3,065 |
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Disposals |
- |
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- |
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(10,513) |
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- |
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(10,513) |
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At 31 December 2016 |
13,506 |
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1,610 |
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6,700 |
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2,234 |
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24,050 |
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Accumulated depreciation |
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At 1 January 2016 |
6,015 |
|
876 |
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9,951 |
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1,222 |
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18,064 |
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Charge for year |
1,590 |
|
183 |
|
707 |
|
640 |
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3,120 |
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Disposals |
- |
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- |
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(6,078) |
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- |
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(6,078) |
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At 31 December 2016 |
7,605 |
|
1,059 |
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4,580 |
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1,862 |
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15,106 |
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Net book value |
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At 1 January 2016 |
4,934 |
|
734 |
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7,262 |
|
504 |
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13,434 |
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At 31 December 2016 |
5,901 |
|
551 |
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2,120 |
|
372 |
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8,944 |
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9 |
DEBTORS |
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2016 |
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2015 |
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£ |
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£ |
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Trade debtors |
7,201 |
|
300 |
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Prepayments and accrued income |
2,043 |
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3,145 |
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Other debtors |
2,250 |
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2,250 |
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11,494 |
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5,695 |
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10 |
CREDITORS: Amounts falling due within one year |
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2016 |
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2015 |
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£ |
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£ |
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Trade creditors |
53,870 |
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75,364 |
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Corporation tax |
27,776 |
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13,598 |
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Other taxation and social security |
58,241 |
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35,974 |
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Accruals and deferred income |
2,804 |
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3,705 |
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Other creditors |
5,699 |
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2,997 |
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148,390 |
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131,638 |
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11 |
CONTINGENCIES AND COMMITMENTS |
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Other Commitments |
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Amounts falling due under operating leases: |
2016 |
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2015 |
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£ |
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£ |
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In less than one year |
21,632 |
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23,681 |
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In more than one but less than five years |
9,470 |
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21,632 |
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31,102 |
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45,313 |
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Amounts falling due under operating leases for land and buildings: |
2016 |
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2015 |
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£ |
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£ |
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In less than one year |
9,000 |
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9,000 |
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12 |
RELATED PARTY TRANSACTIONS |
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The maximum amounts due to the company from the directors during the year were as follows: |
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2016 |
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2015 |
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£ |
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£ |
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Nigel Moss |
4,618 |
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- |
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Graham Brewerton |
9,060 |
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- |
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13,678 |
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- |
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The directors made advances to the company during the year. The following amounts were due to the directors at the year end: |
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2016 |
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2015 |
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£ |
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£ |
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Nigel Moss |
8 |
|
67 |
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Graham Brewerton |
915 |
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- |
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923 |
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67 |
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During the year, the following transactions with related parties took place: |
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Nigel Moss
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Director |
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2016 |
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2015 |
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£ |
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£ |
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Administrative expenses |
2,131 |
|
2,320 |
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Expenses reimbursed |
2,190 |
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2,244 |
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Dividends Paid |
48,000 |
|
36,000 |
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Increase in loans due to advances |
48,000 |
|
36,000 |
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Other transaction |
- |
|
75 |
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Amount due to / (from) related party at 31 December 2016 |
8 |
|
67 |
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12 |
RELATED PARTY TRANSACTIONS (continued…) |
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Graham Brewerton
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Director |
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|
2016 |
|
2015 |
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|
£ |
|
£ |
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Expenses reimbursed |
(435) |
|
- |
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Dividends Paid |
48,000 |
|
27,000 |
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Increase in loans due to advances |
(48,000) |
|
(27,000) |
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Decrease in loans due to repayments |
1,350 |
|
- |
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Amount due to related party at 31 December 2016 |
915 |
|
- |
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13 |
RECONCILIATIONS ON ADOPTION OF FRS 102 |
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These financial statements for the year ended 31 December 2016 are the first financial statements that comply with FRS 102. The date of transition to FRS 102 is 1 January 2015. |
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Profit and loss for the year ended 31 December 2015 |
£ |
|
Profit for the year under former UK GAAP |
46,372 |
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Profit for the year under FRS 102 |
46,372 |
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Balance sheet at 31 December 2015 |
£ |
|
Equity under former UK GAAP |
13,228 |
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Equity under FRS 102 |
13,228 |
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Balance sheet at 1 January 2015 |
£ |
|
Equity under former UK GAAP |
41,856 |
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Equity under FRS 102 |
41,856 |
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