Truetech Integrated Ltd Filleted Accounts Cover
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Company No. 09475861
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Truetech Integrated Ltd Directors Report Registrar
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The Directors present their report and the accounts for the year ended 31 March 2020.
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Principal activities
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Directors
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The Directors who served at any time during the year were as follows:
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C.A. Carver
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(Resigned 31 March 2020)
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J.D. Shepherd
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(Resigned 31 March 2020)
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Signed on behalf of the board
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H.V. Coatsworth
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Director
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22 May 2020
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Truetech Integrated Ltd Balance Sheet Registrar
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at
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Company No.
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Notes
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2020
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2019
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£
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£
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Fixed assets
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Tangible assets
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4
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Current assets
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Debtors
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5
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Cash at bank and in hand
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Creditors: Amount falling due within one year
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6
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(
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(
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Net current assets
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Total assets less current liabilities
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Provisions for liabilities
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Deferred taxation
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7
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(
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Net assets
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Capital and reserves
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Called up share capital
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Profit and loss account
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8
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Total equity
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As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.
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Approved by the board on 22 May 2020
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And signed on its behalf by:
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H.V. Coatsworth
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Director
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22 May 2020
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Truetech Integrated Ltd Notes to the Accounts Registrar
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for the year ended 31 March 2020
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1
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General information
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Its registered number is: 09475861
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Its registered office is:
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Its trading address is:
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18 Prospect Avenue
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Rushden
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Northamptonshire
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NN10 6DH
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Going concern
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2
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Accounting policies
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Turnover
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Tangible fixed assets and depreciation
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At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. |
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Plant and machinery
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Furniture, fittings and equipment
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Taxation
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Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively. |
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Trade and other debtors
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Trade and other creditors
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Leased assets
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Leases which do not transfer substantially all the risks and rewards of ownership to the Company are classified as operating leases. Assets held under finance leases are initially recognised as assets of the Company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the Company's policy on borrowing costs (see the accounting policy above). Assets held under finance leases are depreciated in the same way as owned assets. Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis. |
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Defined contribution pensions
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The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
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Defined benefit pensions
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The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
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Financial instruments
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Financial assets
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Basic financial assets, including trade and other receivables and cash and bank balances, are recognised and carried forward at transaction price. Financial assets are derecognised when:
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(a) The contractual rights to the cash flows from the asset expire or are settled;
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(b) Substantially all the risks and rewards of the ownership of the asset are transferred to another party; or
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(c) Control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
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Financial liabilities
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Basic financial liabilities, including trade and other payables, and loans from third parties are initially recognised and carried forward at transaction price.
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Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
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The company has only financial assets and financial liabilities of a kind that qualify as a basic financial instruments. Basic financial instruments are recognised initially at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest rate method.
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Effects of the COVID-19 pandemic on the company's financial statements
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The directors have carefully considered the potential impact of the COVID-19 pandemic on the finances of the company. Having reviewed the activities of the company and its assets and liabilities the directors do not consider that there is no reason to make any adjustment to the assets and liabilities of the company as shown in its financial statements for the year ended 31 March 2020.
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The directors do not consider that the pandemic causes a serious threat to the ability of the company to continue as a going concern for the foreseeable future.
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Provisions
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Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the balance sheet. |
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3
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Employees
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2020
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2019
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Number
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Number
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The average number of persons employed during the year :
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4
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Tangible fixed assets
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Plant and machinery
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Fixtures, fittings and equipment
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Total
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£
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£
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£
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Cost or revaluation
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At 1 April 2019
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Additions
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Disposals
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(
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(
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(
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At 31 March 2020
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Depreciation
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At 1 April 2019
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Charge for the year
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Disposals
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(
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(
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(
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At 31 March 2020
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Net book values
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At 31 March 2020
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At 31 March 2019
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5
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Debtors
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2020
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2019
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£
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£
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Trade debtors
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VAT recoverable
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Other debtors
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Prepayments and accrued income
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6
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Creditors:
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amounts falling due within one year
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2020
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2019
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£
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£
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Trade creditors
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Corporation tax
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Other taxes and social security
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Loans from directors
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Other creditors
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Accruals and deferred income
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7
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Provisions for liabilities
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Deferred taxation
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Accelerated Capital Allowances, Losses and Other Timing Differences
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Total
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£
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£
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At 1 April 2019
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350
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Charge to the profit and loss account for the period
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(350)
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(
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2020
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2019
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£
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£
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Accelerated capital allowances
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8
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Reserves
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9
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Dividends
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2020
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2019
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£
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£
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Dividends for the period:
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Dividends paid in the period
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86,000
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74,000
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74,000
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Dividends by type:
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Equity dividends
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86,000
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74,000
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10
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Related party transactions
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Dividends paid to the directors and their associates amounted to £86,000.
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11
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Related party disclosures
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2020
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2019
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Transactions with related parties
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£
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£
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Name of related party
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Description of relationship between the parties
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Director
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Description of transaction and general amounts involved
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Loan
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Amount due from/(to) the related party
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(11,202)
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(18,254)
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Provision for doubtful debts due from the related party
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-
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-
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Amounts written off in the period in respect of debts from/(to) the related party
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-
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-
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Name of related party
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Description of relationship between the parties
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Director
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Description of transaction and general amounts involved
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Loan
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Amount due from/(to) the related party
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(7,267)
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(327)
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Provision for doubtful debts due from the related party
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-
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-
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Amounts written off in the period in respect of debts from/(to) the related party
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-
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-
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