REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2021 |
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MR LEE'S PURE FOODS CO. LTD |
REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2021 |
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FOR |
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MR LEE'S PURE FOODS CO. LTD |
MR LEE'S PURE FOODS CO. LTD (REGISTERED NUMBER: 09679948) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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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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MR LEE'S PURE FOODS CO. LTD |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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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 |
3 Durrant Road |
Bournemouth |
Dorset |
BH2 6NE |
MR LEE'S PURE FOODS CO. LTD (REGISTERED NUMBER: 09679948) |
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BALANCE SHEET |
31 DECEMBER 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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Investments | 6 |
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CURRENT ASSETS |
Stocks | 7 |
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Debtors | 8 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 9 |
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NET CURRENT (LIABILITIES)/ASSETS | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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MR LEE'S PURE FOODS CO. LTD (REGISTERED NUMBER: 09679948) |
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BALANCE SHEET - continued |
31 DECEMBER 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital |
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Share premium |
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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 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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MR LEE'S PURE FOODS CO. LTD (REGISTERED NUMBER: 09679948) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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1. | STATUTORY INFORMATION |
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Mr Lee's Pure Foods Co. Ltd is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Prior to the year end, following an exercise to identify a prospective purchaser for the business, the board of directors and over 75% of shareholders accepted an offer from The MeeLee Food Company Limited to exchange their shares in Mr Lees Pure Food Co Limited for shares in MeeLee. That transaction is in the process of completing and, in the meantime, MeeLee is providing unsecured funding so that Mr Lees can continue to trade and meet its debts as they fall due. |
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In light of the above the financial statements have been prepared on the going concern basis. |
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Preparation of consolidated financial statements |
The financial statements contain information about Mr Lee's Pure Foods Co. Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
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Turnover |
Turnover is measured at fair value of the consideration received or receivable, after the deduction of discounts, rebates, value added tax and other sales taxes. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
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New product development is being amortised over it's estimated useful life of five years. |
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Intellectual property is being amortised over it's estimated useful life of ten years. |
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Website and domain names are being amortised evenly over their estimated useful life of five years. |
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Vending machine development is being amortised over it's estimated useful life of five years. |
MR LEE'S PURE FOODS CO. LTD (REGISTERED NUMBER: 09679948) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Tangible fixed assets |
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Short leasehold | - |
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Vending machines | - |
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Plant and machinery | - |
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Fixtures, fittings and office equipment | - |
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Motor vehicles | - |
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Computer equipment | - |
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To the extent that vending machines are operating in a test environment, no depreciation has been charged. When the assets are brought into use they will be depreciated in accordance with the appropriate accounting policy. |
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Investments in subsidiaries |
Investments in subsidiaries are recognised at cost less impairment. |
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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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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. |
MR LEE'S PURE FOODS CO. LTD (REGISTERED NUMBER: 09679948) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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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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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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MR LEE'S PURE FOODS CO. LTD (REGISTERED NUMBER: 09679948) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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4. | INTANGIBLE FIXED ASSETS |
Website |
New | and | Vending |
product | Intellectual | domain | machine |
development | property | names | development | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2021 |
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Additions |
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Disposals |
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Reclassification/transfer |
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At 31 December 2021 |
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AMORTISATION |
At 1 January 2021 |
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Amortisation for year |
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Eliminated on disposal |
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Reclassification/transfer |
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At 31 December 2021 |
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NET BOOK VALUE |
At 31 December 2021 |
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At 31 December 2020 |
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MR LEE'S PURE FOODS CO. LTD (REGISTERED NUMBER: 09679948) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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5. | TANGIBLE FIXED ASSETS |
Short | Vending | Plant and |
leasehold | machines | machinery |
£ | £ | £ |
COST |
At 1 January 2021 |
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Additions |
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Disposals | ( |
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Reclassification/transfer |
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At 31 December 2021 |
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DEPRECIATION |
At 1 January 2021 |
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Charge for year |
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Eliminated on disposal | ( |
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Reclassification/transfer |
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At 31 December 2021 |
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NET BOOK VALUE |
At 31 December 2021 |
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At 31 December 2020 |
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MR LEE'S PURE FOODS CO. LTD (REGISTERED NUMBER: 09679948) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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5. | TANGIBLE FIXED ASSETS - continued |
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Fixtures, |
fittings |
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office | Motor | Computer |
equipment | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2021 |
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Additions |
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Disposals | ( |
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Reclassification/transfer |
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At 31 December 2021 |
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DEPRECIATION |
At 1 January 2021 |
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Charge for year |
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Eliminated on disposal | ( |
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Reclassification/transfer |
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At 31 December 2021 |
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NET BOOK VALUE |
At 31 December 2021 |
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At 31 December 2020 |
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6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakin |
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COST |
At 1 January 2021 |
and 31 December 2021 |
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NET BOOK VALUE |
At 31 December 2021 |
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At 31 December 2020 |
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MR LEE'S PURE FOODS CO. LTD (REGISTERED NUMBER: 09679948) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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7. | STOCKS |
2021 | 2020 |
£ | £ |
Stocks |
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8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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Corporation tax |
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VAT |
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Called up share capital not paid |
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Prepayments and accrued income |
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9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans and overdrafts (see note 10) |
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Trade creditors |
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Social security and other taxes |
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Other creditors |
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Directors' current accounts | 150,000 | - |
Accruals and deferred income |
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During the previous year the company received loans of £1,225,000 on which interest is charged at 8% per annum. These loans are convertible into shares and carry the right to a 20% discount on the value of the shares at the time of conversion. In the event that conversion does not take place a premium of 100% of the loan capital is payable. No provision has been made for this premium. |
MR LEE'S PURE FOODS CO. LTD (REGISTERED NUMBER: 09679948) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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10. | LOANS |
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An analysis of the maturity of loans is given below: |
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2021 | 2020 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
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11. | RELATED PARTY DISCLOSURES |
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TRANSACTIONS WITH GROUP COMPANIES |
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At the balance sheet date, the amount due from group companies in respect of trade debtors and other loans was £1,297,593 (2020 - £971,377). These balances are non interest bearing and no terms of repayment have been agreed. During the current year a balance of £43,684 (2020 - £1,316,947) due from a group company was written off and that company is in the process of being closed. |
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The recoverability of these balances is dependent on the future trading performance of the group. |
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TRANSACTIONS WITH OTHER RELATED PARTIES |
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At the previous balance sheet date there was also an amount of £194,603 due from the trustees of a trust that had been established for the benefit of employees of the company. As indicated in note 5, full provision was made in the previous year and therefore the amount included in the balance sheet is £NIL (2020 - £NIL). |
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TRANSACTIONS WITH DIRECTORS |
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Non interest bearing loans on which no terms of repayment have been agreed. The amount due to the related parties at the balance sheet date amounted to £150,000 (2020 - £NIL). |