Liverpool City Sights Ltd
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Registered number: |
09648220
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Statement of Financial Position |
as at 31 March 2021
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Notes |
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2021 |
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2020 |
£ |
£ |
Fixed assets |
Tangible assets |
5 |
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189,179 |
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176,102 |
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Current assets |
Stocks |
6 |
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4,177 |
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4,177 |
Debtors |
7 |
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745,871 |
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393,536 |
Cash at bank and in hand |
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110 |
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- |
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750,158 |
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397,713 |
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Creditors: amounts falling due within one year |
8 |
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(964,318) |
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(590,303) |
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Net current liabilities |
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(214,160) |
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(192,590) |
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Total assets less current liabilities |
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(24,981) |
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(16,488) |
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Creditors: amounts falling due after more than one year |
9 |
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(50,000) |
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- |
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Provisions for liabilities |
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- |
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(2,012) |
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Net liabilities |
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(74,981) |
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(18,500) |
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Capital and reserves |
Called up share capital |
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100 |
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100 |
Revaluation reserve |
10 |
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4,985 |
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(18,286) |
Profit and loss account |
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(80,066) |
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(314) |
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Shareholder's funds |
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(74,981) |
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(18,500) |
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The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
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The member has 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 complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
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The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
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Mr P L Borg-Olivier |
Director |
Approved by the board on 30 March 2022
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Liverpool City Sights Ltd
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Notes to the Financial Statements |
for the year ended 31 March 2021
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1 |
Statutory Information |
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Liverpool City Sights Ltd is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. The presentation currency of the financial statements is the Pound Sterling (£). |
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2 |
Accounting policies |
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Basis of preparation |
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These financial statements have been prepared in accordance with Financial Report Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provision of section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
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Computer equipment |
15% on cost |
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Plant and machinery etc |
25% on cost |
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Motor Vehicles |
Restated at open market value due to |
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their vintage nature |
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Stocks |
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Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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Leased assets |
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A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate.
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3 |
Exceptional items |
2021 |
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2020 |
£ |
£ |
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Salamander Amphibious Vehicle Payments Written Off |
25,000 |
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254,800 |
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25,000 |
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254,800 |
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4 |
Employees |
2021 |
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2020 |
Number |
Number |
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Average number of persons employed by the company |
23 |
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28 |
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5 |
Tangible fixed assets |
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Computer Equipment |
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Plant and machinery etc |
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Motor vehicles |
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Total |
£ |
£ |
£ |
£ |
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Cost |
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At 1 April 2020 |
22,445 |
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48,648 |
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143,461 |
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214,554 |
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Additions |
1,527 |
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5,748 |
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4,100 |
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11,375 |
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Surplus on revaluation |
- |
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- |
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23,271 |
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23,271 |
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At 31 March 2021 |
23,972 |
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54,396 |
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170,832 |
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249,200 |
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Depreciation |
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At 1 April 2020 |
5,179 |
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25,747 |
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7,526 |
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38,452 |
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Charge for the year |
3,496 |
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8,867 |
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9,206 |
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21,569 |
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At 31 March 2021 |
8,675 |
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34,614 |
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16,732 |
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60,021 |
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Net book value |
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At 31 March 2021 |
15,297 |
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19,782 |
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154,100 |
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189,179 |
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At 31 March 2020 |
17,266 |
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22,901 |
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135,935 |
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176,102 |
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6 |
Stocks |
2021 |
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2020 |
£ |
£ |
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Tour bus headsets |
1,779 |
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1,779 |
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Memorabilia branded items |
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2,398 |
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2,398 |
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4,177 |
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4,177 |
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7 |
Debtors |
2021 |
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2020 |
£ |
£ |
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Trade debtors |
26,233 |
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25,430 |
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Deferred tax asset |
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13,844 |
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- |
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Other debtors |
705,794 |
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368,106 |
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745,871 |
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393,536 |
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8 |
Creditors: amounts falling due within one year |
2021 |
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2020 |
£ |
£ |
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Bank loans and overdrafts |
- |
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16,235 |
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Trade creditors |
12,885 |
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18,342 |
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Taxation and social security costs |
(4,000) |
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13,396 |
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Other creditors |
955,433 |
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542,330 |
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964,318 |
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590,303 |
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9 |
Creditors: amounts falling due after one year |
2021 |
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2020 |
£ |
£ |
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Bank loans |
50,000 |
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- |
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10 |
Revaluation reserve |
2021 |
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2020 |
£ |
£ |
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At 1 April 2020 |
(18,286) |
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- |
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Loss on Motor Vehicles Revaluation |
(18,286) |
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Gain on Motor Vehicles Revaluation |
23,271 |
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At 31 March 2021 |
4,985 |
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(18,286) |
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11 |
Pension commitments |
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The Company operates a defined contributions pension scheme. The assets of the scheme are held seprarately from those of the Company and are independantly administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £2,457 (2020: £7,338). Contributions were payable as at 31 March 2021 of £591 (2020: £2,144). |
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12 |
Directors' Advances, Credits and Guarantees |
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2021 |
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2020 |
£ |
£ |
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Mr P Borg-Olivier
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Balance outstanding at start of year |
(18,268) |
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(28,000) |
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Advances in the year |
(969) |
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(418) |
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Amounts repaid |
11,081 |
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10,150 |
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Amounts written off |
- |
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- |
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Amounts waived |
- |
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- |
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Balance outstanding at end of year |
(8,156) |
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(18,268) |
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The Balance Outstanding at the Year Ended 31 March 2021 of (£8,156), is funds owed to Mr P Borg-Olivier (2020: (£18,268) owed to Mr P Borg-Olivier). No interest is being charged by Mr P Borg-Olivier to Liverpool City Sights Ltd for the balance due to him in respect of 2021 and 2020 periods. |
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Mr J Borg-Olivier
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Balance outstanding at start of year |
(19,050) |
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(20,800) |
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Advances in the year |
(60,000) |
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1,750 |
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Amounts repaid |
2,879 |
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- |
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Amounts written off |
- |
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- |
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Amounts waived |
- |
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- |
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Balance outstanding at end of year |
(76,171) |
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(19,050) |
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The Balance Outstanding at the Year Ended 31 March 2021 of (£76,171), is funds owed to Mr J Borg-Olivier (2020: (£19,050) owed to Mr J Borg-Olivier). No interest is being charged by Mr J Borg-Olivier to Liverpool City Sights Ltd for the balance due to him in respect of 2021 and 2020 periods. |
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13 |
Related party transactions |
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Mr P Borg-Olivier, is a director of Olivier Estates Ltd which is a company registered in England and Wales. Liverpool City Sights Ltd owed Olivier Estates Ltd an amount at the Year Ended 31 March 2021 of £300,019, which is held within Other Credtors amounts falling due within one year (2020: £110,000). Mr J Borg-Olivier, is a director of Newsham Park Estates Ltd which is a company registered in England and Wales. Liverpool City Sights Ltd owed Newsham Park Estates Ltd an amount at the Year Ended 31 March 2021 of £428,074, which is held within Other Creditors amounts falling due within one year (2020: £368,073). Mr J Borg-Olivier, is a director of Hollywood Cars Ltd. Liverpool City Sights Ltd owed Hollywood Cars Ltd an amount at the Year Ended 31 March 2021of £13,764, which is held within Other Creditors amounts falling due within one year (2020: £NIL).
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