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FINANCIAL STATEMENTS
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CONTENTS
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PAGE
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Officers and professional advisers
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1
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Strategic report
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2
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Director's report
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3
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Independent auditor's report to the members
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5
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Consolidated profit and loss account
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9
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Company statement of income and retained earnings
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10
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Consolidated balance sheet
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11
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Balance sheet
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12
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Consolidated cash flow statement
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13
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Notes to the financial statements
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14
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OFFICERS AND PROFESSIONAL ADVISERS
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Director
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Company secretary
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Registered office
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Auditor
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Chartered Accountants & statutory auditor
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Cedar House
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Hazell Drive
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Newport
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NP10 8FY
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STRATEGIC REPORT
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2020 | 2019 | ||
Turnover (£'000) | 21,381 | 26,681 | |
Gross Profit (%) | 5.7 | 7.6 | |
Profit before taxation (£'000) | 562 | 185 | |
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Director
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DIRECTOR'S REPORT
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Director
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF
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(Senior Statutory Auditor)
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For and on behalf of
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Chartered Accountants & statutory auditor
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Cedar House
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Hazell Drive
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Newport
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NP10 8FY
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CONSOLIDATED PROFIT AND LOSS ACCOUNT
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2020
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2019
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Note
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£
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£
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TURNOVER
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4
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Cost of sales
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(
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(
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-------------
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-------------
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GROSS PROFIT
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Administrative expenses
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(
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(
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Other operating income
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–
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------------
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------------
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OPERATING PROFIT
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5
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Interest payable and similar expenses
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(
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(
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------------
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------------
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PROFIT BEFORE TAXATION
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Tax on profit
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8
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(
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(
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---------
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---------
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PROFIT FOR THE FINANCIAL YEAR AND TOTAL COMPREHENSIVE INCOME
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---------
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---------
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Dividends paid and payable
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9
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(
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(
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RETAINED EARNINGS AT THE START OF THE YEAR
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------------
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RETAINED EARNINGS AT THE END OF THE YEAR
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------------
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------------
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COMPANY STATEMENT OF INCOME AND RETAINED EARNINGS
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2020
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2019
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Note
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£
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£
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Profit for the financial year and total comprehensive income
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Dividends paid and payable
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9
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(
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(
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RETAINED EARNINGS AT THE START OF THE YEAR
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------------
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RETAINED EARNINGS AT THE END OF THE YEAR
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------------
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CONSOLIDATED BALANCE SHEET
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2020
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2019
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Note
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£
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£
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Intangible assets
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10
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Tangible assets
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11
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---------
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---------
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Stocks
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13
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Debtors
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14
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Cash at bank and in hand
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------------
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CREDITORS: amounts falling due within one year
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16
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(
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(
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------------
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NET CURRENT ASSETS
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------------
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------------
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TOTAL ASSETS LESS CURRENT LIABILITIES
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PROVISIONS
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17
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(
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(
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------------
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------------
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NET ASSETS
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------------
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Called up share capital
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20
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Profit and loss account
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------------
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SHAREHOLDERS FUNDS
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------------
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Director
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BALANCE SHEET
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2020
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2019
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Note
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£
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£
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Intangible assets
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10
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Tangible assets
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11
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---------
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---------
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Stocks
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13
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Debtors
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14
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Cash at bank and in hand
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------------
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CREDITORS: amounts falling due within one year
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16
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(
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(
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------------
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NET CURRENT ASSETS
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------------
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------------
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TOTAL ASSETS LESS CURRENT LIABILITIES
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PROVISIONS
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17
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(
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(
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------------
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NET ASSETS
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------------
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Called up share capital
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20
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Profit and loss account
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------------
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SHAREHOLDERS FUNDS
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Director
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CONSOLIDATED CASH FLOW STATEMENT
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2020
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2019
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Note
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£
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£
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Profit for the financial year
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Adjustments for:
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Depreciation of tangible assets
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165,047
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152,338
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Amortisation of intangible assets
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Government grant income
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(
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–
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Interest payable and similar expenses
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Gains on disposal of tangible assets
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(
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(
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Tax on profit
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Accrued income
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(
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(
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Changes in:
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Stocks
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(
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Trade and other debtors
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Trade and other creditors
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(
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(
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---------
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---------
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Cash generated from operations
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(
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(
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Interest paid
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(
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(
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Tax paid
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(
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(
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---------
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--------
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Net cash used in operating activities
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(
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(
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---------
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--------
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Purchase of tangible assets
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(
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(
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Proceeds from sale of tangible assets
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---------
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---------
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Net cash used in investing activities
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(
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(
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---------
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---------
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Proceeds from loans from group undertakings
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–
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Government grant income
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–
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Dividends paid
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(
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(
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---------
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---------
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Net cash from/(used in) financing activities
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(
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---------
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---------
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NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS
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(
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CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR
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(1,124,109)
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(752,191)
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------------
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CASH AND CASH EQUIVALENTS AT END OF YEAR
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15
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(
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(
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------------
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NOTES TO THE FINANCIAL STATEMENTS
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Goodwill
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-
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5 - 10% straight line
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Freehold Property
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-
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Leasehold Property
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-
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Plant & Machinery
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-
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20% Straight Line
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Fixtures & Fittings
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-
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33.33% Straight Line
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Motor Vehicles
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-
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2020
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2019
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£
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£
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Sale of goods
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-------------
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-------------
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2020
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2019
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£
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£
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Amortisation of intangible assets
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Depreciation of tangible assets
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Gains on disposal of tangible assets
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(
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(
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---------
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---------
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2020
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2019
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No.
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No.
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Production staff
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Administrative staff
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----
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----
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----
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----
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2020
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2019
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£
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£
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Wages and salaries
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------------
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------------
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2020
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2019
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£
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£
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Remuneration
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-------
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-------
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2020
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2019
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£
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£
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UK current tax expense
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Adjustments in respect of prior periods
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(
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---------
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--------
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Total current tax
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---------
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--------
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Origination and reversal of timing differences
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(
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---------
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--------
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Tax on profit
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---------
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--------
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2020
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2019
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£
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£
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Profit on ordinary activities before taxation
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---------
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---------
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Profit on ordinary activities by rate of tax
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Adjustment to tax charge in respect of prior periods
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5,399
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Effect of expenses not deductible for tax purposes
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Effect of capital allowances and depreciation
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Effect of different UK tax rates on some earnings
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7,573
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2,026
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---------
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---------
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Tax on profit
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---------
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---------
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2020
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2019
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£
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£
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Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
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---------
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---------
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Group
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Goodwill
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£
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Cost
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At 1 January 2020 and 31 December 2020
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---------
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Amortisation
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At 1 January 2020
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Charge for the year
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---------
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At 31 December 2020
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---------
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Carrying amount
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At 31 December 2020
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---------
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At 31 December 2019
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---------
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Company
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Goodwill
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£
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Cost
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At 1 January 2020 and 31 December 2020
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---------
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Amortisation
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At 1 January 2020
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Charge for the year
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---------
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At 31 December 2020
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---------
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Carrying amount
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At 31 December 2020
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---------
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At 31 December 2019
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---------
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Group and company
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Long leasehold property
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Plant and machinery
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Fixtures and fittings
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Motor vehicles
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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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£
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Cost
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|||||
At 1 January 2020
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|
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Additions
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–
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Disposals
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(
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–
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–
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(
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(
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------------
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---------
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--------
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--------
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------------
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At 31 December 2020
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|
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------------
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---------
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--------
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--------
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------------
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Depreciation
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|||||
At 1 January 2020
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|
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Charge for the year
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Disposals
|
(
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–
|
–
|
(
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(
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------------
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---------
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--------
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--------
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------------
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At 31 December 2020
|
|
|
|
|
|
------------
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---------
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--------
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--------
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------------
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Carrying amount
|
|||||
At 31 December 2020
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|
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------------
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---------
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--------
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--------
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------------
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At 31 December 2019
|
|
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|
------------
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---------
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--------
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--------
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------------
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Company
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Shares in group undertakings
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£
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Cost
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At 1 January 2020 and 31 December 2020
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|
---------
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Impairment
|
|
At 1 January 2020 and 31 December 2020
|
|
---------
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Carrying amount
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At 1 January 2020 and 31 December 2020
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–
|
---------
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At 31 December 2019
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–
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---------
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Class of share
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Percentage of shares held
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Subsidiary undertakings
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||
|
Ordinary
|
100
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Group
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Company
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|||
2020
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2019
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2020
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2019
|
|
£
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£
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£
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£
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Stock
|
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|
|
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Work in progress
|
–
|
(
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–
|
(
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------------
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------------
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------------
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------------
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------------
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------------
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------------
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------------
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Group
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Company
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|||
2020
|
2019
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2020
|
2019
|
|
£
|
£
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£
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£
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|
Trade debtors
|
|
|
|
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Prepayments and accrued income
|
|
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Director's loan account
|
–
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–
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Other debtors
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|
|
|
---------
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------------
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---------
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------------
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|
---------
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------------
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---------
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------------
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2020
|
2019
|
|
£
|
£
|
|
Cash at bank and in hand
|
|
|
Bank overdrafts
|
(
|
(
|
---------
|
------------
|
|
(
|
(
|
|
---------
|
------------
|
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Group
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Company
|
|||
2020
|
2019
|
2020
|
2019
|
|
£
|
£
|
£
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£
|
|
Bank loans and overdrafts
|
|
|
|
|
Trade creditors
|
|
|
|
|
Amounts owed to group undertakings
|
–
|
–
|
–
|
|
Accruals and deferred income
|
|
|
|
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Corporation tax
|
|
|
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Social security and other taxes
|
|
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|
|
Director loan accounts
|
|
–
|
|
–
|
Stocking loan
|
797,388
|
1,252,456
|
797,388
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1,252,456
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Other creditors
|
|
|
|
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------------
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------------
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------------
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------------
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------------
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------------
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------------
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------------
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Group and company
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Deferred tax (note 18)
|
£
|
|
At 1 January 2020
|
|
Charge against provision
|
(
|
--------
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|
At 31 December 2020
|
|
--------
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|
Group
|
Company
|
|||
2020
|
2019
|
2020
|
2019
|
|
£
|
£
|
£
|
£
|
|
Included in provisions (note 17)
|
|
|
|
|
--------
|
--------
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--------
|
--------
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Group
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Company
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|||
2020
|
2019
|
2020
|
2019
|
|
£
|
£
|
£
|
£
|
|
Accelerated capital allowances
|
|
|
|
|
--------
|
--------
|
--------
|
--------
|
|
Group
|
Company
|
|||
2020
|
2019
|
2020
|
2019
|
|
£
|
£
|
£
|
£
|
|
Deferred government grants due within one year
|
|
–
|
|
–
|
--------
|
----
|
--------
|
----
|
|
Government grants recognised directly in income
|
|
–
|
|
–
|
---------
|
----
|
---------
|
----
|
|
2020
|
2019
|
|||
No.
|
£
|
No.
|
£
|
|
|
|
10,000
|
|
10,000
|
--------
|
--------
|
--------
|
--------
|
|
At 1 Jan 2020
|
Cash flows
|
At 31 Dec 2020
|
|
£
|
£
|
£
|
|
Cash at bank and in hand
|
|
(7,608)
|
|
Bank overdrafts
|
(1,136,784)
|
570,318
|
(566,466)
|
Debt due within one year
|
–
|
(308,515)
|
(308,515)
|
------------
|
---------
|
---------
|
|
(
|
|
(
|
|
------------
|
---------
|
---------
|
|
Group
|
Company
|
|||
2020
|
2019
|
2020
|
2019
|
|
£
|
£
|
£
|
£
|
|
Not later than 1 year
|
|
–
|
|
–
|
Later than 1 year and not later than 5 years
|
|
–
|
|
–
|
--------
|
----
|
--------
|
----
|
|
|
–
|
|
–
|
|
--------
|
----
|
--------
|
----
|
|
2020
|
|||||
Balance brought forward
|
Advances/ (credits) to the director
|
Amounts repaid
|
Balance outstanding
|
||
£
|
£
|
£
|
£
|
||
|
|
|
(
|
(
|
|
---------
|
---------
|
---------
|
---------
|
||
2019
|
|||||
Balance brought forward
|
Advances/ (credits) to the director
|
Amounts repaid
|
Balance outstanding
|
||
£
|
£
|
£
|
£
|
||
|
|
|
(
|
201,511
|
|
---------
|
---------
|
---------
|
---------
|
||