REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JULY 2021 |
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WATFORD CONTROL INSTRUMENTS LTD |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JULY 2021 |
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FOR |
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WATFORD CONTROL INSTRUMENTS LTD |
WATFORD CONTROL INSTRUMENTS LTD (REGISTERED NUMBER: 10186990) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 30 July 2021 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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WATFORD CONTROL INSTRUMENTS LTD |
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COMPANY INFORMATION |
for the year ended 30 July 2021 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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4th Floor |
Venture House |
27-29 Glasshouse Street |
London |
W1B 5DF |
WATFORD CONTROL INSTRUMENTS LTD (REGISTERED NUMBER: 10186990) |
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BALANCE SHEET |
30 July 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Property, plant and equipment | 5 |
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CURRENT ASSETS |
Inventories | 6 |
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Debtors | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
9 |
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PROVISIONS FOR LIABILITIES | 13 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 14 |
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Retained earnings | 15 |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
WATFORD CONTROL INSTRUMENTS LTD (REGISTERED NUMBER: 10186990) |
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BALANCE SHEET - continued |
30 July 2021 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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WATFORD CONTROL INSTRUMENTS LTD (REGISTERED NUMBER: 10186990) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 30 July 2021 |
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1. | STATUTORY INFORMATION |
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Watford Control Instruments Ltd is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover and revenue recognition |
Turnover is the total amount, excluding value added tax, receivable by the company in the ordinary course of business for services provided and goods supplied as a principal. |
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Revenue consists primarily of installation fees which is recognised at the date of installation. |
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Any payments received and billings in advance of the installation date are deferred until the services are provided. |
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Any unbilled revenues for installations occurred are accrued at the end of each period. |
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Goodwill |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
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Property plant and equipment |
Property, plant and equipment are initially measured at cost (or deemed cost) and are subsequently measured at cost or valuation, net of depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration. |
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Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful |
life. |
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Plant and Machinery - 5 years |
Fixtures and fittings - 4 years |
Motor vehicles - 4 years |
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The carrying values of tangible fixed assets are reviewed for impairment when events or changes in |
circumstances indicate the carrying value may not be recoverable. |
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Stocks |
Inventories 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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WATFORD CONTROL INSTRUMENTS LTD (REGISTERED NUMBER: 10186990) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 July 2021 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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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. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Leases |
Assets obtained under hire purchase and finance lease agreements are capitalised in the balance sheet and depreciated over their useful lives. The interest element is charged to the profit and loss account over the period of the agreement. |
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Rentals paid under operating leases are charged to income on a straight-line basis over the term of the lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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Provisions for liabilities |
A provision for warranties is recognised when the underlying products or services are sold. The provision is based on the directors best estimates of the expected future costs of the warranties as insignificant historic data exists to weigh the possible outcomes against their associated probabilities. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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WATFORD CONTROL INSTRUMENTS LTD (REGISTERED NUMBER: 10186990) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 July 2021 |
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4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
Goodwill | assets | Totals |
£ | £ | £ |
COST |
At 31 July 2020 |
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Additions |
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At 30 July 2021 |
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AMORTISATION |
At 31 July 2020 |
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Charge for year |
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At 30 July 2021 |
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NET BOOK VALUE |
At 30 July 2021 |
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At 30 July 2020 |
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5. | PROPERTY, PLANT AND EQUIPMENT |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 31 July 2020 |
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Additions |
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At 30 July 2021 |
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DEPRECIATION |
At 31 July 2020 |
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Charge for year |
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At 30 July 2021 |
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NET BOOK VALUE |
At 30 July 2021 |
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At 30 July 2020 |
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At 30 July 2021 the net book value of assets under hire purchase agreements is £77,481 and depreciation of £10,615 has been charged in the year in relation to assets under hire purchase agreements. |
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6. | INVENTORIES |
2021 | 2020 |
£ | £ |
Stock and work in progress |
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WATFORD CONTROL INSTRUMENTS LTD (REGISTERED NUMBER: 10186990) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 July 2021 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
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Other debtors |
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Prepayments and accrued income |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans and overdrafts (see note 10) |
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Other loans (see note 10) |
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Hire purchase contracts (see note 11) |
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Trade creditors |
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Amounts owed to participating interests | 116,682 | 380,285 |
Tax |
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Social security and other taxes |
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Other creditors |
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Accruals and deferred income |
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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2021 | 2020 |
£ | £ |
Bank loans (see note 10) |
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Hire purchase contracts (see note 11) |
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10. | LOANS |
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An analysis of the maturity of loans is given below: |
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2021 | 2020 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
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Other loans |
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Amounts falling due between one and two years: |
Bank loans - 1-2 years |
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Amounts falling due between two and five years: |
Bank loans - 2-5 years |
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WATFORD CONTROL INSTRUMENTS LTD (REGISTERED NUMBER: 10186990) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 July 2021 |
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10. | LOANS - continued |
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In July 2020 the company secured a CBILS loan. The loan is secured by way of an unlimited debenture from the company and is interest free for the first 12 months. Thereafter the interest charge on the loan is 2.5% over the base rate per annum. The loan is repayable in instalments from July 2021 over a period of 5 years. |
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Other loans comprise of an invoice finance facility which is secured against the related trade debtors. The company has an ad hoc factoring arrangement in place with Lloyds Commercial Finance for specific large customer projects, whereby if the company so chooses, it can utilise LCF services for specific one-off large projects. |
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The hire purchase liability is secured against the related asset. |
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11. | LEASING AGREEMENTS |
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Minimum lease payments fall due as follows: |
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Hire purchase contracts |
2021 | 2020 |
£ | £ |
Net obligations repayable: |
Within one year |
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Between one and five years |
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Non-cancellable operating | leases |
2021 | 2020 |
£ | £ |
Within one year |
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Between one and five years |
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In more than five years |
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WATFORD CONTROL INSTRUMENTS LTD (REGISTERED NUMBER: 10186990) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 July 2021 |
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12. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2021 | 2020 |
£ | £ |
Bank loans |
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Hire purchase | 74,323 | 15,499 |
Invoice finance | 81,070 | - |
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In July 2020 the company secured a CBILS loan. The loan is secured by way of an unlimited debenture from the company and is interest free for the first 12 months. Thereafter the interest charge on the loan is 2.5% over the base rate per annum. The loan is repayable in instalments from July 2021 over a period of 5 years. |
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Other loans comprise of an invoice finance facility which is secured against the related trade debtors. The company has an ad hoc factoring arrangement in place with Lloyds Commercial Finance for specific large customer projects, whereby if the company so chooses, it can utilise LCF services for specific one-off large projects. |
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The hire purchase liability is secured against the related asset. |
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13. | PROVISIONS FOR LIABILITIES |
2021 | 2020 |
£ | £ |
Other provisions | 59,217 | - |
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Warranty |
provision |
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Provided during year |
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Balance at 30 July 2021 |
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The warranty provisions relate to extended warranties provided by the company on the goods and services sold. |
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14. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
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Ordinary | £1 | 150,100 | 100 |
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A Ordinary | £1 | 1 | - |
150,101 | 100 |
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The following shares were issued during the year for cash at par : |
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150,000 Ordinary shares of £1 |
1 A Ordinary share of £1 |
WATFORD CONTROL INSTRUMENTS LTD (REGISTERED NUMBER: 10186990) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 July 2021 |
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14. | CALLED UP SHARE CAPITAL - continued |
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The ordinary shares carries voting rights, rights to participate in a distribution arising from a winding up or liquidation of the company and right to participate in dividend payments. |
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The A Ordinary shares are non voting shares whereby each share carries the right to payment of a dividend and the shareholders are not entitled to participate in a distribution in the event of winding up or liquidation of the company. |
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15. | RESERVES |
Retained |
earnings |
£ |
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At 31 July 2020 |
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Profit for the year |
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At 30 July 2021 |
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16. | RELATED PARTY DISCLOSURES |
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JMS Transformers Limited ("JMS") |
JMS owns 50% of the issued share capital of the company. |
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During the year JMS charged the company £238,470 for services provided. At the end of the year, a total of £116,151 remained outstanding, which is payable under normal trading terms. |
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Datalease Limited |
During the year the company was charged £79,200 by Datalease Limited, a company controlled by M Massetti, for professional services rendered. At the year end the amounts outstanding in relation to the above is £nil. |