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REPORT OF THE DIRECTOR AND |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2015 |
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EXCEL ADHESIVES LTD |
REGISTERED NUMBER:
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REPORT OF THE DIRECTOR AND |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2015 |
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FOR |
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EXCEL ADHESIVES LTD |
EXCEL ADHESIVES LTD (REGISTERED NUMBER: 05736248) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2015 |
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Company Information | 1 |
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Report of the Director | 2 |
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Report of the Independent Auditors | 3 |
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Profit and Loss Account | 5 |
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Balance Sheet | 6 |
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Notes to the Financial Statements | 7 |
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EXCEL ADHESIVES LTD |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2015 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Statutory Auditor |
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EXCEL ADHESIVES LTD (REGISTERED NUMBER: 05736248) |
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REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 31 DECEMBER 2015 |
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The director presents his report with the financial statements of the company for the year ended 31 December 2015. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of distribution and manufacture of |
adhesives. |
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DIRECTOR |
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STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Report of the Director and the financial statements in accordance |
with applicable law and regulations. |
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Company law requires the director to prepare financial statements for each financial year. Under that law the |
director has elected to prepare the financial statements in accordance with United Kingdom Generally |
Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company |
law the director must not approve the financial statements unless he is satisfied that they give a true and fair |
view of the state of affairs of the company and of the profit or loss of the company for that period. In |
preparing these financial statements, the director is required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the
company will continue in business. |
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The director is responsible for keeping adequate accounting records that are sufficient to show and explain |
the company's transactions and disclose with reasonable accuracy at any time the financial position of the |
company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is |
also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the |
prevention and detection of fraud and other irregularities. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the |
Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he |
ought to have taken as a director in order to make himself aware of any relevant audit information and to |
establish that the company's auditors are aware of that information. |
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AUDITORS |
The auditors, Wilkins Kennedy LLP, will be proposed for re-appointment at the forthcoming Annual General |
Meeting. |
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This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 |
relating to small companies. |
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ON BEHALF OF THE BOARD: |
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
EXCEL ADHESIVES LTD |
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We have audited the financial statements of Excel Adhesives Ltd for the year ended 31 December 2015 on |
pages five to nine. The financial reporting framework that has been applied in their preparation is applicable |
law and the Financial Reporting Standard for Smaller Entities (effective January 2015) (United Kingdom |
Generally Accepted Accounting Practice applicable to Smaller Entities). |
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This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of |
the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's |
members those matters we are required to state to them in a Report of the Auditors and for no other purpose. |
To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the |
company and the company's members as a body, for our audit work, for this report, or for the opinions we |
have formed. |
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Respective responsibilities of director and auditors |
As explained more fully in the Statement of Director's Responsibilities set out on page two, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors. |
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Scope of the audit of the financial statements |
An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient |
to give reasonable assurance that the financial statements are free from material misstatement, whether |
caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to |
the company's circumstances and have been consistently applied and adequately disclosed; the |
reasonableness of significant accounting estimates made by the director; and the overall presentation of the |
financial statements. In addition, we read all the financial and non-financial information in the Report of the |
Director to identify material inconsistencies with the audited financial statements and to identify any |
information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge |
acquired by us in the course of performing the audit. If we become aware of any apparent material |
misstatements or inconsistencies we consider the implications for our report. |
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Opinion on financial statements |
In our opinion the financial statements: |
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give a true and fair view of the state of the company's affairs as at 31 December 2015 and of its loss for
the year then ended; |
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice
applicable to Smaller Entities; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Opinion on other matter prescribed by the Companies Act 2006 |
In our opinion the information given in the Report of the Director for the financial year for which the financial |
statements are prepared is consistent with the financial statements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
EXCEL ADHESIVES LTD |
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Matters on which we are required to report by exception |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to |
report to you if, in our opinion: |
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adequate accounting records have not been kept, or returns adequate for our audit have not been received
from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit; or |
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the director was not entitled to prepare the financial statements in accordance with the small companies
regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Director. |
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for and on behalf of
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Statutory Auditor |
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EXCEL ADHESIVES LTD (REGISTERED NUMBER: 05736248) |
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PROFIT AND LOSS ACCOUNT |
FOR THE YEAR ENDED 31 DECEMBER 2015 |
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2015 | 2014 |
Notes | £ | £ | £ | £ |
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TURNOVER |
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Cost of sales |
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GROSS PROFIT |
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Distribution costs |
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Administrative expenses |
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187,749 | 171,754 |
OPERATING LOSS and |
LOSS ON ORDINARY ACTIVITIES
BEFORE TAXATION |
2 |
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( |
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Tax on loss on ordinary activities | 3 |
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LOSS FOR THE FINANCIAL YEAR | ( |
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EXCEL ADHESIVES LTD (REGISTERED NUMBER: 05736248) |
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BALANCE SHEET |
31 DECEMBER 2015 |
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2015 | 2014 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 8 |
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Profit and loss account | 9 | ( |
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SHAREHOLDERS' FUNDS | ( |
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The financial statements were approved by the director on
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EXCEL ADHESIVES LTD (REGISTERED NUMBER: 05736248) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2015 |
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1. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
The financial statements have been prepared on a going concern basis as the parent company, ONA |
International Corporation, incorporated in the United States of America, has agreed to provide such |
financial support as is required to enable the company to continue to trade. |
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Accounting convention |
The financial statements have been prepared under the historical cost convention and in accordance |
with the Financial Reporting Standard for Smaller Entities (effective January 2015). |
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Turnover |
Turnover represents net invoiced sales of goods, excluding value added tax. |
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Tangible fixed assets |
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Plant and machinery | - |
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Fixtures and equipment | - |
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Motor vehicles | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for |
obsolete and slow moving items. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the balance sheet date. Deferred tax assets are recognised to the extent they are regarded as |
recoverable. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at |
the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of |
exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at |
the operating result. |
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2. | OPERATING LOSS |
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The operating loss is stated after charging: |
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2015 | 2014 |
£ | £ |
Depreciation - owned assets |
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Auditors' remuneration |
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Director's remuneration and other benefits etc |
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3. | TAXATION |
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Analysis of the tax charge |
No liability to UK corporation tax arose on ordinary activities for the year ended 31 December 2015 nor |
for the year ended 31 December 2014. |
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At 31 December 2015, the company had tax losses available to carry forward and offset against future |
taxable profits of £468,276 (2014: £423,371). |
EXCEL ADHESIVES LTD (REGISTERED NUMBER: 05736248) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2015 |
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor |
machinery | equipment | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2015 |
and 31 December 2015 |
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DEPRECIATION |
At 1 January 2015 |
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Charge for year |
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At 31 December 2015 |
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NET BOOK VALUE |
At 31 December 2015 |
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At 31 December 2014 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2015 | 2014 |
£ | £ |
Trade debtors | 147,730 | 117,016 |
Amounts owed from group | 25,115 | 14,388 |
Prepayments | 1,174 | 1,996 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2015 | 2014 |
£ | £ |
Trade creditors |
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Social security and other taxes |
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Value added tax |
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Other creditors |
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Amounts owed to group undertakings | 574,840 | 592,555 |
Accrued expenses | 6,587 | 5,492 |
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7. | PROVISIONS FOR LIABILITIES |
2015 | 2014 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
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Tax losses | (2,644 | ) | (2,647 | ) |
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EXCEL ADHESIVES LTD (REGISTERED NUMBER: 05736248) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2015 |
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8. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2015 | 2014 |
value: | £ | £ |
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Ordinary | £1 |
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9. | RESERVES |
Profit |
and loss |
account |
£ |
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At 1 January 2015 | ( |
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Deficit for the year | ( |
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At 31 December 2015 | ( |
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10. | ULTIMATE PARENT COMPANY |
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The company is a wholly owned subsidiary undertaking of
incorporated in the United States of America. |
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The intermediate parent company and also the smallest company preparing consolidated accounts is |
ONA Corporation, a company incorporated in United States of America. |
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The company's ultimate parent undertaking is CFS Group, being a company incorporated in Canada. |
This is the largest group undertaking preparing group accounts. The accounts are not available to the |
public. |
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11. | RELATED PARTY DISCLOSURES |
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During the year, the company provided consultancy services of £5,925 (2014: £5,098) to IFS Industries |
Inc and £4,802 (2014: £5,098) to Multibond Inc, both of which are part of the CFS Group. |
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In addition, the company purchased goods amounting to £nil (2014: £101,215) from IFS Industries Inc |
and £1,863 (2014: £19,578) from S.C. Multibond Dural SRL. |
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IFS Industries Inc owed £11,023 (2014: £5,098) and Dural, Division of Multibond owed £14,092 (2014: |
£9,290) to the company at the year end. |
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At the balance sheet date company owed £456,145 (2014: £456,172) to CFS Group, £116,832 (2014: |
£116,832) to IFS Industries Inc and £1,863 (2014: £19,578) to S.C.Multibond Dural SRL. |