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31/03/2023
2023-03-31
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No description of principal activities is disclosed
2022-05-01
Sage Accounts Production 21.0 - FRS102_2021
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xbrli:shares
iso4217:GBP
13917259
2022-05-01
2023-03-31
13917259
2023-03-31
13917259
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2023-03-31
13917259
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13917259
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13917259
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13917259
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13917259
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13917259
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2023-03-31
Company registration number:
13917259
Universal Racing Services Limited
Unaudited filleted financial statements
31 March 2023
Universal Racing Services Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Universal Racing Services Limited
Directors and other information
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Directors |
Mrs Claire Eagling |
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Mr Daniel Eagling |
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Mr Clive Wood |
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Company number |
13917259 |
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Registered office |
Mill Road |
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Foxley |
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Dereham |
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Norfolk |
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NR20 4QT |
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Accountants |
i-Accounting Solutions Ltd |
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The Enterprise Centre |
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University of East Anglia |
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Norwich |
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Norfolk |
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NR4 7TJ |
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Universal Racing Services Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Universal Racing Services Limited
Period ended 31 March 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Universal Racing Services Limited for the period ended 31 March 2023 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of Universal Racing Services Limited, as a body, in accordance with the terms of our engagement letter dated 22 March 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Universal Racing Services Limited and state those matters that we have agreed to state to the board of directors of Universal Racing Services Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Universal Racing Services Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Universal Racing Services Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Universal Racing Services Limited. You consider that Universal Racing Services Limited is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of Universal Racing Services Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
i-Accounting Solutions Ltd
Chartered Certified Accountants
The Enterprise Centre
University of East Anglia
Norwich
Norfolk
NR4 7TJ
1 November 2023
Universal Racing Services Limited
Statement of financial position
31 March 2023
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31/03/23 |
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Note |
£ |
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£ |
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Fixed assets |
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Intangible assets |
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5 |
91,833 |
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Tangible assets |
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6 |
5,068 |
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_______ |
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96,901 |
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Current assets |
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Stocks |
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60,000 |
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Debtors |
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7 |
22,846 |
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Cash at bank and in hand |
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11,487 |
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_______ |
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94,333 |
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Creditors: amounts falling due |
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within one year |
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8 |
(
182,291) |
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_______ |
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Net current liabilities |
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(
87,958) |
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_______ |
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Total assets less current liabilities |
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8,943 |
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Provisions for liabilities |
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(
184) |
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_______ |
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Net assets |
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8,759 |
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_______ |
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Capital and reserves |
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Called up share capital |
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9 |
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Profit and loss account |
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8,750 |
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_______ |
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Shareholders funds |
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8,759 |
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_______ |
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For the period ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
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The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
31 October 2023
, and are signed on behalf of the board by:
Mr Daniel Eagling
Mrs Claire Eagling
Director
Director
Company registration number:
13917259
Universal Racing Services Limited
Statement of changes in equity
Period ended 31 March 2023
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Called up share capital |
Profit and loss account |
Total |
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£ |
£ |
£ |
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At 1 May 2022 |
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- |
- |
- |
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Profit for the period |
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8,750 |
8,750 |
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_______ |
_______ |
_______ |
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Total comprehensive income for the period |
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8,750 |
8,750 |
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Issue of shares |
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9 |
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9 |
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_______ |
_______ |
_______ |
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Total investments by and distributions to owners |
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9 |
- |
9 |
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_______ |
_______ |
_______ |
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At 31 March 2023 |
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9 |
8,750 |
8,759 |
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_______ |
_______ |
_______ |
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Universal Racing Services Limited
Notes to the financial statements
Period ended 31 March 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hollytrees, Mill Road, Foxley, Dereham, Norfolk, NR20 4QT.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods).
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all capital allowance/depreciation tiiming differences at the reporting date.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
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Goodwill |
- |
10% % |
straight line |
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If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
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Plant and machinery |
- |
25 % |
reducing balance |
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If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are recognised at the transaction price.
Debt instruments are subsequently measured at amortised cost.
4.
Staff costs
The average number of persons employed by the company during the period amounted to
2
The aggregate payroll costs incurred during the period were:
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Period |
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ended |
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31/03/23 |
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£ |
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Wages and salaries |
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8,000 |
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_______ |
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5.
Intangible assets
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Goodwill |
Total |
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£ |
£ |
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Cost |
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At 1 May 2022 |
- |
- |
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Additions |
95,000 |
95,000 |
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_______ |
_______ |
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At 31 March 2023 |
95,000 |
95,000 |
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_______ |
_______ |
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Amortisation |
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At 1 May 2022 |
- |
- |
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Charge for the period |
3,167 |
3,167 |
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_______ |
_______ |
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At 31 March 2023 |
3,167 |
3,167 |
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_______ |
_______ |
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Carrying amount |
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At 31 March 2023 |
91,833 |
91,833 |
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_______ |
_______ |
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6.
Tangible assets
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Plant and machinery |
Total |
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£ |
£ |
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Cost |
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At 1 May 2022 |
- |
- |
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Additions |
5,657 |
5,657 |
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_______ |
_______ |
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At 31 March 2023 |
5,657 |
5,657 |
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_______ |
_______ |
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Depreciation |
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At 1 May 2022 |
- |
- |
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Charge for the year |
589 |
589 |
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_______ |
_______ |
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At 31 March 2023 |
589 |
589 |
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_______ |
_______ |
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Carrying amount |
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At 31 March 2023 |
5,068 |
5,068 |
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_______ |
_______ |
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7.
Debtors
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31/03/23 |
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£ |
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Trade debtors |
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18,955 |
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Other debtors |
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3,891 |
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_______ |
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22,846 |
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_______ |
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8.
Creditors: amounts falling due within one year
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31/03/23 |
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£ |
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Bank loans and overdrafts |
|
507 |
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Trade creditors |
|
2,798 |
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Corporation tax |
|
2,597 |
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Social security and other taxes |
|
400 |
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Other creditors |
|
175,989 |
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_______ |
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182,291 |
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_______ |
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