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REGISTERED NUMBER:
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Merricks Solicitors Limited |
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Unaudited Financial Statements |
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for the Year Ended 31st May 2018 |
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REGISTERED NUMBER:
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Merricks Solicitors Limited |
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Unaudited Financial Statements |
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for the Year Ended 31st May 2018 |
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Merricks Solicitors Limited (Registered number: 09492583)
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Contents of the Financial Statements
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for the Year Ended 31st May 2018
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Page
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Company Information
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1
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Statement of Financial Position
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2
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Notes to the Financial Statements
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4
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Merricks Solicitors Limited
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Company Information
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for the Year Ended 31st May 2018
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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
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12 Southgate Street
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LAUNCESTON
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Cornwall
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PL15 9DP
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Merricks Solicitors Limited (Registered number: 09492583)
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Statement of Financial Position
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31st May 2018
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2018
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2017
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Notes
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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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Intangible assets
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4
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Tangible assets
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5
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CURRENT ASSETS
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Debtors
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6
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Cash in hand
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CREDITORS
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Amounts falling due within one year
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7
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NET CURRENT ASSETS
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TOTAL ASSETS LESS CURRENT LIABILITIES
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CREDITORS
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Amounts falling due after more than one year
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8
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(
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(
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PROVISIONS FOR LIABILITIES
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(
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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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Retained earnings
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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
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(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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Merricks Solicitors Limited (Registered number: 09492583)
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Statement of Financial Position - continued
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31st May 2018
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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 on
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Merricks Solicitors Limited (Registered number: 09492583)
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Notes to the Financial Statements
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for the Year Ended 31st May 2018
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1.
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STATUTORY INFORMATION
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Merricks Solicitors Limited is a
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registered number and registered office address can be found on the Company Information page.
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2.
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ACCOUNTING POLICIES
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Basis of preparing the financial statements
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Turnover
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Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value
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added tax and other sales taxes.
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Revenue is recognised to take into account the type of work, its completeness and its ultimate profitability.
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Goodwill
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Tangible fixed assets
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Plant and machinery etc
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-
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Taxation
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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 statement of financial position date. |
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Deferred tax
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Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of |
financial position 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
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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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Holiday pay accrual
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Under the new accounting standard FRS102 Section 1A there is a requirement to accrue for unpaid holiday pay at the
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financial year end.
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Merricks Solicitors Ltd has not provided for the holiday pay accrual at the 31st May 2017 or 31st May 2018 which is a
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departure from the requirement under FRS102 Section 1A. In the directors opinion the cost of ascertaining the holiday pay
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accrual would be an undue cost and the effect would not materially affect the profit as at 31st May 2018.
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3.
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EMPLOYEES AND DIRECTORS
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The average number of employees during the year was
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Merricks Solicitors Limited (Registered number: 09492583)
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Notes to the Financial Statements - continued
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for the Year Ended 31st May 2018
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4.
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INTANGIBLE FIXED ASSETS
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Goodwill
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£
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COST
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At 1st June 2017
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and 31st May 2018
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AMORTISATION
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At 1st June 2017
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Charge for year
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At 31st May 2018
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NET BOOK VALUE
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At 31st May 2018
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At 31st May 2017
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5.
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TANGIBLE FIXED ASSETS
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Plant and
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machinery
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etc
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£
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COST
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At 1st June 2017
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Additions
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At 31st May 2018
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DEPRECIATION
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At 1st June 2017
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Charge for year
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At 31st May 2018
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NET BOOK VALUE
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At 31st May 2018
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At 31st May 2017
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6.
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DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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2018
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2017
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£
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£
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Trade debtors
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Other debtors
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Merricks Solicitors Limited (Registered number: 09492583)
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Notes to the Financial Statements - continued
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for the Year Ended 31st May 2018
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7.
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CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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2018
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2017
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£
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£
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Bank loans and overdrafts
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Trade creditors
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Amounts owed to participating interests
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9,722
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Taxation and social security
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Other creditors
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8.
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CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
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2018
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2017
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£
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£
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Other creditors
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Amounts falling due in more than five years:
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Repayable by instalments
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Other loans more 5yrs instal
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8,317
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35,051
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9.
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LEASING AGREEMENTS
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Minimum lease payments under non-cancellable operating leases fall due as follows:
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2018
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2017
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£
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£
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Within one year
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Between one and five years
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10.
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SECURED DEBTS
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Barclays Bank PLC have a fixed and floating charge over all the property of the company.
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11.
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DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
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The following advances and credits to directors subsisted during the year ended 31st May 2018 and the period ended
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31st May 2017:
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2018
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2017
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£
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£
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Balance outstanding at start of year
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Amounts advanced
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87,754
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Amounts repaid
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52,781
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Amounts written off
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-
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Amounts waived
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Balance outstanding at end of year
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34,973
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Merricks Solicitors Limited (Registered number: 09492583)
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Notes to the Financial Statements - continued
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for the Year Ended 31st May 2018
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11.
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DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued
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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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Amounts written off
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-
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Amounts waived
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Balance outstanding at end of year
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The directors loan to Mr R.F Merrick was repaid by way of a dividend declared on the 22/02/2019. |
Interest has been applied to the loan at HMRC approved rates. |
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During the year a further loan was made to both R.F & T.F Merrick jointly, this loan has not been repaid within 9 months of |
the year end and s455 tax has been provided for. |
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12.
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RELATED PARTY DISCLOSURES
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The amount owed to Beronwade as at 31st May 2018 is £9,722.
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The company also pays rent for a property owned by the directors Mr RF Merrick and Mr TF Merrick, the amount paid in the
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year was £2,896.
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