REGISTERED NUMBER:
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VOLARE (CARDIFF) LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 APRIL 2020 |
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REGISTERED NUMBER:
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VOLARE (CARDIFF) LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 APRIL 2020 |
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VOLARE (CARDIFF) LIMITED (REGISTERED NUMBER: 08970557) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2020 |
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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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VOLARE (CARDIFF) LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 30 APRIL 2020 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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VOLARE (CARDIFF) LIMITED (REGISTERED NUMBER: 08970557) |
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BALANCE SHEET |
30 APRIL 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks | 5 |
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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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NET (LIABILITIES)/ASSETS | ( |
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CAPITAL AND RESERVES |
Called up share capital | 10 |
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Retained earnings | 11 | ( |
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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. |
VOLARE (CARDIFF) LIMITED (REGISTERED NUMBER: 08970557) |
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BALANCE SHEET - continued |
30 APRIL 2020 |
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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 and authorised for issue on
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VOLARE (CARDIFF) LIMITED (REGISTERED NUMBER: 08970557) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2020 |
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1. | STATUTORY INFORMATION |
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Volare (Cardiff) Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historic cost convention. |
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Going Concern |
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The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. In making their assessment, the directors have reviewed the balance sheet, the likely future cashflows of the business and have considered the facilities that are available to the company along with their continued support. |
At the date of approving the financial statements the Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and that the going concern basis of accounting remains appropriate. The directors continue to adopt the going concern basis of accounting in 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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Computer equipment | - |
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Government grants |
Government grants are recognised at the fair value of the asset received or receivable when there is a reasonable assurance that the grant conditions will be met and the grants will be received. |
A grant that specifies performance conditions are recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised with deferred income. |
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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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VOLARE (CARDIFF) LIMITED (REGISTERED NUMBER: 08970557) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2020 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year 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. |
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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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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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Provisions |
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefit will be required in settlement and the amount can be reliable estimated. |
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Impairments |
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Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the assets cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
VOLARE (CARDIFF) LIMITED (REGISTERED NUMBER: 08970557) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Cash and cash equivalents |
Cash and cash equivalents are basic financial instruments and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
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Financial instruments |
The company has elected to apply the provisions of Section 11 "Basic Financial Instruments". |
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Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Financial assets are liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
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Basic financial assets |
Basic financial assets, which include trade and other debtors, loans to related companies and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest. |
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Basic financial liabilities |
Basic financial liabilities, including trade and other creditors, loans to related companies and bank loans are initially recognised at transaction price unless the arrangement constitutes a financial transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. |
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Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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VOLARE (CARDIFF) LIMITED (REGISTERED NUMBER: 08970557) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2020 |
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Computer |
machinery | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 May 2019 |
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Additions |
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At 30 April 2020 |
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DEPRECIATION |
At 1 May 2019 |
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Charge for year |
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At 30 April 2020 |
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NET BOOK VALUE |
At 30 April 2020 |
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At 30 April 2019 |
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5. | STOCKS |
2020 | 2019 |
£ | £ |
Stocks |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Other debtors |
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Loans to Connected Companies | 61,038 | - |
Prepayments |
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VOLARE (CARDIFF) LIMITED (REGISTERED NUMBER: 08970557) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2020 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Other loans |
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Tax |
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Social security and other taxes |
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VAT | 19,836 | 18,555 |
Other creditors |
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Directors' current accounts | 61,524 | 55,474 |
Accruals and deferred income |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR |
2020 | 2019 |
£ | £ |
Other loans - 1-2 years |
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9. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2020 | 2019 |
£ | £ |
Within one year |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2019 |
value: | £ | £ |
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Ordinary | £1 | 300 | 300 |
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11. | RESERVES |
Retained |
earnings |
£ |
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At 1 May 2019 |
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Profit for the year |
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Dividends | ( |
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At 30 April 2020 | ( |
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VOLARE (CARDIFF) LIMITED (REGISTERED NUMBER: 08970557) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2020 |
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12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following (advances) and credits to directors subsisted during the years ended 30 April 2020 and 30 April 2019: |
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2020 | 2019 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid |
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( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid |
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( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid |
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( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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The amounts are at fair value, interest free and repayable on demand. |
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13. | RELATED PARTY DISCLOSURES |
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During the year, total dividends of £62,475 were paid to the directors . |
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As at 30 April 2020 an amount of £57,533 was owed to the company by Andosa Limited (2019 - nil) a company under common control. |
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As at 30 April 2020 an amount of £3,505 was owed to the company by Vedeva Cardiff Limited (2019 - nil) a company under common control. |
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All amounts due to the company are interest free and considered repayable on demand. |
VOLARE (CARDIFF) LIMITED (REGISTERED NUMBER: 08970557) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2020 |
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14. | NON-ADJUSTING POST BALANCE SHEET EVENTS |
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Within note 2 the directors have considered the impact of Covid-19 on the operations of the entity and the entities ability to continue as a going concern. The directors are confident that the entity has adequate resources to continue in operational existence for the foreseeable future. |
The directors consider this a non-adjusting post balance sheet event. |
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15. | ULTIMATE CONTROLLING PARTY |
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