White Spring Company Limited
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Balance Sheet |
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for the Period Ended 30 June 2019 |
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Company registration number 04524814 |
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2019 |
2018 |
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Notes |
£ |
£ |
Fixed assets |
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Intangible fixed assets |
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2 |
1,008,577
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493,338
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Tangible fixed assets |
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3 |
54,921
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63,649
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_______ |
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Total fixed assets |
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1,063,498
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556,987
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Current assets |
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Debtors |
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4 |
583,886
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731,057
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Cash at bank and in hand |
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424
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5,261
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Total current assets/(liabilities) |
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584,310
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736,318
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Creditors |
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Creditors - amounts falling |
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due within one year |
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5 |
1,803,665
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1,695,116
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Net current assets |
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(1,219,355) |
(958,798) |
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Total assets less current liabilities |
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(155,857) |
(401,811) |
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Creditors - amounts falling |
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due after more than one year |
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6 |
242,867
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44,710
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Provision for liabilities |
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8 |
134,500
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92,290
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_______ |
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Long term creditors |
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377,367 |
137,000 |
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_______ |
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Net assets/(liabilities) |
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(533,224) |
(538,811) |
Capital and reserves |
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Called up share capital |
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9 |
10,273
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10,273
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Share premium |
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920,691
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920,691
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Profit and loss account |
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10 |
(1,464,288) |
(1,469,875) |
Other reserves |
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100
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100
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_______ |
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Total shareholders funds |
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(533,224) |
(538,811) |
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Page 4 |
White Spring Company Limited
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Balance Sheet |
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for the Period Ended 30 June 2019 |
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These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
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The option not to file the profit and loss account has been taken. |
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For the year ending 30 June 2019 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
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The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
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The members have agreed to the preparation of abridged accounts.
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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 accounts.
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The financial statements were approved by the Board of Directors on |
2019-07-31
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SIGNED ON BEHALF OF THE BOARD BY |
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Name |
M Topham |
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Status |
Director |
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The notes form part of these financial statements |
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Page 5 |
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White Spring Company Limited
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Notes to the Financial Statements |
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for the Period Ended 30 June 2019 |
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1. Accounting policies |
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Basis of preparation |
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The financial statements have been prepared under the historical cost convention and in accordance with the small companies regime.
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Going Concern |
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The company has a deficit on shareholders' funds and relies upon the support of its shareholders and creditors,which has been confirmed for a period of at least twelve months from the approval of the financial statements.Accordingly the directors have prepared the financial statements on the going concern basis.
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Long-term and ongoing contracts turnover represents the value of work done including estimates of |
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amounts not yet invoiced and is recognised by reference to the stage of completion. |
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Tangible fixed assets Depreciation |
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Depreciation is provided, after taking account of any grants receivable, at the following annual rates in order to write off each asset over its estimated useful life.
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Fixtures and fittings |
20% reducing balance
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Office equipment |
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25% reducing balance
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Motor vehicles |
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20% reducing balance
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Intangible fixed assets |
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Intangible fixed assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives, not to exceed twenty years. Impairment of intangible assets is only reviewed where circumstance indicate that the carrying value of an asset may not be fully recoverable.
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Deferred taxation |
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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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Hire purchase and leasing commitments |
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Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability. Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.
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Foreign currencies |
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Assets and liabilities in foreign currencies are translated into sterling at the rates of exchangeruling at the balance sheet date. Transactions in foreign currencies are translated into sterling atthe rate of exchange ruling at the date of the transaction. Exchange differences are taken intoaccount in arriving at the operating profit.
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Pension costs |
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The company operates a defined contribution pension scheme for employees. The annual contributionspayable are charged to the profit and loss account.
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Page 6 |
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White Spring Company Limited |
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Notes to the Financial Statements |
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for the Period Ended 30 June 2019 |
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2. Intangible fixed assets |
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Intellectual |
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Total |
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property |
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Cost |
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£ |
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£ |
At 1 July 2018 |
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2,671,892
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2,671,892
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Additions |
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1,010,936
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1,010,936
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Disposals |
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126,223
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126,223
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At 30 June 2019 |
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3,556,605
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3,556,605
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Amortisation |
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At 1 July 2018 |
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2,178,554
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2,178,554
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Charge during the period |
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369,474
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369,474
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At 30 June 2019 |
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2,548,028
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2,548,028
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Net book value |
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At 30 June 2019 |
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1,008,577
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1,008,577
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At 30 June 2018 |
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493,338
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493,338
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3. Tangible fixed assets |
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Fixtures |
Office |
Motor |
Total |
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and fittings |
equipment |
vehicles |
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Cost |
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£ |
£ |
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At 1 July 2018 |
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56,551
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135,509
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29,990
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222,050
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Additions |
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7,072
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7,072
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At 30 June 2019 |
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56,551
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142,581
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29,990
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229,122
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Depreciation |
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At 1 July 2018 |
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43,271
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107,622
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7,508
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158,401
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Charge for year |
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2,656
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7,532
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5,612
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15,800
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At 30 June 2019 |
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45,927
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115,154
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13,120
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174,201
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Net book value |
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At 30 June 2019 |
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10,624
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27,427
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16,870
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54,921
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At 30 June 2018 |
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13,280
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27,887
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22,482
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63,649
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Assets held under hire purchase agreements are |
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2019 |
2018 |
capitalised and disclosed under tangible fixed assets at |
29,990
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their fair value. The capital element of the future |
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payments is treated as a liability and the interest is |
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charged to the profit and loss on a straight-line basis |
5,623
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Page 7 |
White Spring Company Limited
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Notes to the Financial Statements |
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for the Period Ended 30 June 2019 |
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4. Debtors |
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2019 |
2018 |
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Trade debtors |
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214,825
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270,286
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Other debtors |
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337,147
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375,123
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Prepayments and accrued income |
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31,914
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85,648
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Total |
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583,886
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731,057
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5. Creditors amounts falling due within one year |
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2019 |
2018 |
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Bank loans and overdrafts |
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262,437
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505,000
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Amounts due under finance leases and |
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hire purchase contracts |
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5,182
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5,182
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Trade creditors |
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327,308
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71,469
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Other taxation and social security |
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134,953
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97,468
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Accruals and deferred income |
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888,993
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976,784
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Other creditors |
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184,792
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39,213
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Total |
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1,803,665
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1,695,116
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6. Creditors amounts falling due after more than one year |
2019 |
2018 |
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Bank loans |
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225,969
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19,607
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Amounts due under finance leases and |
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hire purchase contracts |
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16,898
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25,103
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Total |
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242,867
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44,710
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Page 8 |
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White Spring Company Limited
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Notes to the Financial Statements |
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for the Period Ended 30 June 2019 |
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7. Borrowings |
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2019 |
2018 |
The following loans are included within creditors |
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£ |
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Within one year |
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262,437
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505,000
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Total |
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262,437
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505,000
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8. Provisions for liabilities |
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£ |
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Provisions at 1 July 2018 |
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92,290
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Movements to |
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42,210
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Movements from |
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At 30 June 2019 |
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134,500
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9. Share capital |
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2019 |
2018 |
Authorised type |
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Par value |
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£ |
£ |
Ordinary Shares |
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0 |
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10,273 |
10,273 |
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Total |
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10,273 |
10,273 |
Allotted, called up and paid |
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£ |
£ |
Ordinary Shares |
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10,273
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10,273
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Total |
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10,273 |
10,273 |
10. Reserves/Retained profit |
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Retained profit reconciliation |
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£ |
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Reserves at 1 July 2018 |
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(1,469,875) |
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Profit/(Loss) for year |
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5,587
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Dividends paid |
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________ |
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Retained Profit/(Loss) at 30 June 2019 |
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(1,464,288) |
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Page 9 |
White Spring Company Limited
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Notes to the Financial Statements |
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for the Period Ended 30 June 2019 |
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11. Related party transactions |
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The ultimate controlling party during the period |
1st July 2018 to 30th June 2019
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Related party name |
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Gary White
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The principal director was owed £ 18,995 at 30th June 2019 (2018 the company was owed £ 118,289). The director is a director of two companies which supplied services to White Springs. Marketing services £ 18,471 & £ 14,376 was owed at 30/6/19 (2018 £ 13,087, nil), and asset hire £ 2,875 & nothing was owed (2018 nil, nil)A director provided services of £ 46,180 & was owed £ 109,438 (2018 £ 11,989, £ 3,930)A director provided services of £ 14,594 & was owed £ 13,379 (2018 £ 34,239, £ 4,176)A former director provided services of £ 16,500 & was owed £ 9,500 (2018 £ 25,000, nil)
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12. Contingent liabilities |
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Page 10 |
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