REGISTERED NUMBER:
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Miscombe (London) Limited |
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Financial Statements for the Year Ended 30th September 2019 |
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REGISTERED NUMBER:
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Miscombe (London) Limited |
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Financial Statements for the Year Ended 30th September 2019 |
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Miscombe (London) Limited (Registered number: 09447647) |
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Contents of the Financial Statements |
for the Year Ended 30th September 2019 |
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Page |
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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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Directors' Responsibilities Statement | 10 |
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Independent Chartered Accountants' Review Report | 11 |
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Miscombe (London) Limited |
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Company Information |
for the Year Ended 30th September 2019 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
4 High Street |
Alton |
Hampshire |
GU34 1BU |
Miscombe (London) Limited (Registered number: 09447647) |
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Balance Sheet |
30th September 2019 |
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2019 | 2018 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investment property | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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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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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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Miscombe (London) Limited (Registered number: 09447647) |
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Balance Sheet - continued |
30th September 2019 |
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2019 | 2018 |
Notes | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 9 |
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Revaluation reserve | 10 |
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Retained earnings | 10 |
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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. |
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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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Miscombe (London) Limited (Registered number: 09447647) |
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Notes to the Financial Statements |
for the Year Ended 30th September 2019 |
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1. | STATEMENT OF COMPLIANCE |
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Miscombe (London) Limited is a private company, limited by shares, incorporated in England and |
Wales. The address of the registered office is 1 Jacobs Yard, North Lane, Buriton, Petersfield, GU31 |
5RR. The registration number is 09447647. |
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The financial statements are presented in sterling, which is the functional currency of the company, |
and rounded to the nearest pound. |
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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 the provisions of Section 1A |
"Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in |
the UK and Republic of Ireland" and the Companies Act 2006. |
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The financial statements have been prepared under the historical cost convention, with the |
exception of investment properties that are held at fair value. |
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Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard |
102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose |
related party transactions with wholly owned subsidiaries within the group. |
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Turnover |
Turnover is recognised to the extent that is probable that the economic benefits will flow to the |
Company and the turnover can be reliably measured. Turnover is measured as the fair value of the |
consideration received or receivable, excluding value added tax. The following criteria must also be |
met before turnover is recognised: |
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Rent receivable |
Turnover comprises rent receivable from the Company's investment properties, exclusive of value |
added tax where applicable. |
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Tangible fixed assets |
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Fixtures and fittings | - |
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The assets residual values, useful lives and depreciation methods are reviewed and adjusted |
prospectively if appropriate. |
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Investment property |
Investment property is carried at fair value determined annually by the directors and derived from |
available market information. Changes in fair value are recognised in the Income Statement and no |
depreciation is provided on these assets. |
Miscombe (London) Limited (Registered number: 09447647) |
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Notes to the Financial Statements - continued |
for the Year Ended 30th September 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
Financial assets and financial liabilities are recognised when the Company becomes party to the |
contractual provisions of the financial instrument. |
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Cash and cash equivalents |
These comprise cash at bank. |
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Debtors |
Debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for |
estimated irrecoverable amounts are recognised in the Income Statement when there is objective |
evidence that the asset is impaired. |
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Creditors |
Creditors are not interest bearing and are stated at their nominal value. |
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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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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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Miscombe (London) Limited (Registered number: 09447647) |
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Notes to the Financial Statements - continued |
for the Year Ended 30th September 2019 |
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
£ |
COST |
At 1st October 2018 |
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Additions |
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At 30th September 2019 |
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DEPRECIATION |
At 1st October 2018 |
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Charge for year |
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At 30th September 2019 |
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NET BOOK VALUE |
At 30th September 2019 |
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At 30th September 2018 |
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5. | INVESTMENT PROPERTY |
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Total |
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FAIR VALUE |
At 1st October 2018 | 5,633,076 |
Revaluations | (437,781 | ) |
At 30th September 2019 | 5,195,295 |
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Miscombe (London) Limited (Registered number: 09447647) |
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Notes to the Financial Statements - continued |
for the Year Ended 30th September 2019 |
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5. | INVESTMENT PROPERTY - continued |
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Fair Value at 30th September 2019 is represented by: |
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£ |
Valuation b/f | 547,689 |
Valuation 2018 | (90,746 | ) |
Valuation 2019 | (437,781 | ) |
Cost | 5,176,133 |
5,195,295 |
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If investment properties had not been revalued they would have been included at the following |
historical cost: |
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2019 | 2018 |
£ | £ |
Cost | 5,176,133 | 5,176,133 |
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The properties are held at the fair value as estimated by the directors, based on their knowledge of |
the market and industry information. |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
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Prepayments and accrued income |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Tax |
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VAT | 8,961 | 9,422 |
Other creditors |
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Accruals and deferred income |
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Miscombe (London) Limited (Registered number: 09447647) |
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Notes to the Financial Statements - continued |
for the Year Ended 30th September 2019 |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2019 | 2018 |
£ | £ |
Amounts owed to group undertakings |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | £ | £ |
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Ordinary | £1 | 1 | 1 |
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10. | RESERVES |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
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At 1st October 2018 |
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4,014,428 |
Deficit for the year | ( |
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Transfer | 240,783 | (240,783 | ) | - |
At 30th September 2019 |
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3,797,247 |
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Revaluation reserve |
To assist with the identification of profits available for distribution this reserve represents changes in |
the fair value of the company's investment property to the extent that they are not considered to be |
distributable to the company's shareholders, less any related provision for current or deferred tax. |
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Retained earnings |
This reserve comprises all current and prior period retained profits and losses after deducting any |
distributions made to the company's shareholders. |
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11. | RELATED PARTY DISCLOSURES |
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The Company has a registered charge over one of its freehold investment properties in favour of the |
bankers of Miscombe Limited, a company under common control. |
Miscombe (London) Limited (Registered number: 09447647) |
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Notes to the Financial Statements - continued |
for the Year Ended 30th September 2019 |
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12. | POST BALANCE SHEET EVENTS |
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Since March 2020, the outbreak of Covid-19 has caused material disruptions to businesses around |
the world, leading to an economic slowdown. Global equity markets have experienced significant |
volatility and weakness. At the date these financial statements were authorised for issue, the fair |
value of the company's investment properties is not considered to have been materially impacted by |
the outbreak. The company also has no immediate plans to dispose of any of the investment |
properties and therefore any movement in fair value would be considered temporary only. |
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The key source of income for the company is rental income, since the outbreak of Covid-19 some |
deferred payment arrangements have been agreed and the company is confident that the full rents |
will be received. |
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The company and related companies have significant bank and cash reserves built up over a number |
of years which should be more than sufficient for the foreseeable future to withstand any potential |
cashflow or operational difficulties caused by the impact of Covid-19 and the related lockdown. |
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These factors above are not considered to impact the going concern status of the company. |
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13. | ULTIMATE CONTROLLING PARTY |
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The company's immediate parent undertaking is Miscombe Group Limited, a company incorporated |
in England and Wales. The ultimate parent undertaking is Miscombe Trading Limited a company |
incorporated in England and Wales. |
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The registered office for both of these companies is 1 Jacobs Yard, North Lane, Buriton, Petersfield, |
Hampshire, GU31 5RR. |
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The smallest and largest group in which results are consolidated is that headed by Miscombe Group |
Limited. The consolidated financial statements are available to the public and can be obtained from |
Companies House (https://beta.companieshouse.gov.uk/). |
Directors' Responsibilities Statement |
on the Unaudited Financial Statements of |
Miscombe (London) Limited |
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The following reproduces the text of the report prepared for the directors and members in respect of the |
company's annual unaudited financial statements. In accordance with the Companies Act 2006, the |
company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and |
certain other primary statements and the Report of the Directors are not required to be filed with the |
Registrar of Companies. |
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We confirm that as directors we have met our duty in accordance with the Companies Act 2006 to: |
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- | ensure that the company has kept proper accounting records; |
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prepare financial statements which give a true and fair view of the state of affairs of the company as at
30th September 2019 and of its loss for that period in accordance with United Kingdom Generally Accepted Accounting Practice; and |
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follow the applicable accounting policies, subject to any material departures disclosed and explained in
the notes to the financial statements. |
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ON BEHALF OF THE BOARD: |
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19th June 2020 |
Independent Chartered Accountants' Review Report to the Directors of |
Miscombe (London) Limited |
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The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
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We have reviewed the financial statements of Miscombe (London) Limited for the year ended 30th September 2019, which comprise the Income Statement, Balance Sheet and the related notes 1 to 13. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. |
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This report is made solely to the company's directors, as a body, in accordance with our terms of engagement. Our review has been undertaken so that we might state to the directors those matters that we have agreed with them in our engagement letter and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's directors as a body for our work, for this report or the conclusions we have formed. |
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Directors' responsibility for the financial statements |
As explained more fully in the Directors' Responsibilities Statement set out on page twelve, the directors |
are responsible for the preparation of the financial statements and for being satisfied that they give a true |
and fair view. |
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Accountants' responsibility |
Our responsibility is to express a conclusion based on our review of the financial statements. We |
conducted our review in accordance with International Standard on Review Engagements (ISRE) 2400 |
(Revised), 'Engagements to review historical financial statements' and ICAEW Technical Release TECH |
09/13AAF 'Assurance review engagements on historical financial statements'. ISRE 2400 also requires us to |
comply with the ICAEW Code of Ethics. |
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Scope of the assurance review |
A review of financial statements in accordance with ISRE 2400 (Revised) is a limited assurance engagement. |
We have performed additional procedures to those required under a compilation engagement. These |
primarily consist of making enquiries of management and others within the entity, as appropriate, applying |
analytical procedures and evaluating the evidence obtained. The procedures performed in a review are |
substantially less than those performed in an audit conducted in accordance with International Standards |
on Auditing (UK and Ireland). Accordingly, we do not express an audit opinion on these financial |
statements. |
Independent Chartered Accountants' Review Report to the Directors of |
Miscombe (London) Limited |
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Conclusion |
Based on our review, nothing has come to our attention that causes us to believe that the financial statements have not been prepared: |
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so as to give a true and fair view of the state of the company's affairs as at 30th September 2019 and of
its loss for the year then ended; |
- | in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | in accordance with the requirements of the Companies Act 2006. |
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Chartered Accountants |
4 High Street |
Alton |
Hampshire |
GU34 1BU |
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