Church Farm at Rusticus Limited Filleted Accounts Cover
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Company No. 10762344
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Church Farm at Rusticus Limited Directors Report Registrar
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The Director presents his report and the accounts for the year ended 31 December 2019.
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Principal activities
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Director
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The Director who served at any time during the year was as follows:
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Patrick Atkinson
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Signed on behalf of the board
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Patrick Atkinson
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Director
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29 September 2020
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Church Farm at Rusticus Limited Balance Sheet Registrar
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at
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Company No.
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Notes
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2019
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2018
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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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Stocks
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6
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Debtors
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7
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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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8
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(
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(
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Net current (liabilities)/assets
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(
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Total assets less current liabilities
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Creditors: Amounts falling due after more than one year
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9
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(
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(
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Net liabilities
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(
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(
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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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13
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(
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(
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Total equity
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(
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(
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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 29 September 2020
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And signed on its behalf by:
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Patrick Atkinson
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Director
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29 September 2020
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Church Farm at Rusticus Limited Notes to the Accounts Registrar
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for the year ended 31 December 2019
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1
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General information
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Its registered number is: 10762344
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Its registered office is:
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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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Intangible fixed assets
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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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Freehold buildings
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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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Stocks
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When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs. Work in progress is reflected in the accounts on a contract by contract basis by recording revenue and related costs as contract activity progresses. |
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Trade and other debtors
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Trade and other creditors
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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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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 director has 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 director does 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 December 2019.
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The director does 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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2019
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2018
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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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Intangible fixed assets
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Goodwill
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Total
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£
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£
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Cost
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At 1 January 2019
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At 31 December 2019
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Amortisation and impairment
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At 1 January 2019
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Charge for the year
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At 31 December 2019
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Net book values
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At 31 December 2019
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At 31 December 2018
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5
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Tangible fixed assets
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Land and buildings
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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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£
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Cost or revaluation
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At 1 January 2019
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Additions
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At 31 December 2019
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Depreciation
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At 1 January 2019
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Charge for the year
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At 31 December 2019
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Net book values
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At 31 December 2019
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At 31 December 2018
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6
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Stocks
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2019
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2018
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£
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£
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Finished goods
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7
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Debtors
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2019
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2018
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£
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£
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Trade debtors
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Other debtors
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Prepayments and accrued income
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8
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Creditors:
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amounts falling due within one year
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2019
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2018
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£
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£
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Bank loans and overdrafts
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Obligations under finance lease and hire purchase contracts
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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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Other creditors
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Accruals and deferred income
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9
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Creditors:
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amounts falling due after more than one year
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2019
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2018
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£
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£
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Bank loans and overdrafts
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Obligations under finance lease and hire purchase contracts
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Liabilities repayable in more than five years after the balance sheet date
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Amount repayable otherwise than by instalments
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3,456,895
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3,640,401
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10
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Creditors: secured liabilities
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2019
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2018
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£
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£
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The aggregate amount of secured liabilities included within creditors
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11
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Contingent liabilities
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The company has provided guarantees in respect of the bank borrowings of other companies owned by the director P.S Atkinson:
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At 31 March:
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2020
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2019
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£
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£
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These guarantees totalled
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4,362,016
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4,651,188
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4,362,016
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4,651,188
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12
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Related party transactions
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2019
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2018
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£
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£
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Rent paid to directors, P.S Atkinson and his wife for use of the property
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2,550
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2,550
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Amount owed by the company to Fieldhouse Limited
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(64)
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-
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Amount owed by the company to Church Farm Nursing Home Limited
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(399,786)
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(103,472)
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Amount owed to the company by Crusader Products Limited
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315,232
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303,108
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The director of Church Farm at Rusticus Limited is also a director of the companies listed above.
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The above balances are unsecured, free of interest and repayable upon demand with the exception of the balance due from Crusader Products Limited. This balance is repayable over a period of 9 years and bears interest at 4%.
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13
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Reserves
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