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Unaudited Financial Statements for the Year Ended 31 October 2016 |
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A. Frew (Haulage Contractors and |
Coal Merchants) Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 October 2016 |
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for |
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A. Frew (Haulage Contractors and |
Coal Merchants) Limited |
A. Frew (Haulage Contractors and |
Coal Merchants) Limited (Registered number: SC041122) |
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Contents of the Financial Statements |
for the Year Ended 31 October 2016 |
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Page |
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Company Information | 1 |
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Chartered Accountants' Report | 2 |
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Balance Sheet | 3 |
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Notes to the Financial Statements | 5 |
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A. Frew (Haulage Contractors and |
Coal Merchants) Limited |
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Company Information |
for the Year Ended 31 October 2016 |
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DIRECTORS: |
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SECRETARY: | Angus Frew |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Westburn Business Centre |
McNee Road |
Prestwick |
Ayrshire |
KA9 2PB |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
A. Frew (Haulage Contractors and |
Coal Merchants) Limited |
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The following reproduces the text of the report prepared for the directors and members in respect of the |
company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is |
only required to file a Balance Sheet. Readers are cautioned that the Profit and loss and certain other primary |
statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
financial statements of A. Frew (Haulage Contractors and Coal Merchants) Limited for the year ended 31 October 2016 |
which comprise the Profit and Loss, Balance Sheet and the related notes from the company's accounting records and |
from information and explanations you have given us. |
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As a practising member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.org.uk/accountspreparationguidance. |
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This report is made solely to the Board of Directors of A. Frew (Haulage Contractors and Coal Merchants) Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of A. Frew (Haulage Contractors and Coal Merchants) Limited and state those matters that we have agreed to state to the Board of Directors of A. Frew (Haulage Contractors and Coal Merchants) Limited, as a body, in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at http://www.icas.org.uk/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that A. Frew (Haulage Contractors and Coal Merchants) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of A. Frew (Haulage Contractors and Coal Merchants) Limited. You consider that A. Frew (Haulage Contractors and Coal Merchants) Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of A. Frew (Haulage Contractors and Coal Merchants) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
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Chartered Accountants |
Westburn Business Centre |
McNee Road |
Prestwick |
Ayrshire |
KA9 2PB |
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A. Frew (Haulage Contractors and |
Coal Merchants) Limited (Registered number: SC041122) |
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Balance Sheet |
31 October 2016 |
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2016 | 2015 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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Investment property | 6 |
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CURRENT ASSETS |
Stocks | 7 |
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Debtors | 8 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 9 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Revaluation reserve |
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Non distributable retained ear |
nings |
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Retained earnings |
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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. |
A. Frew (Haulage Contractors and |
Coal Merchants) Limited (Registered number: SC041122) |
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Balance Sheet - continued |
31 October 2016 |
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In accordance with Section 444 of the Companies Act 2006, the Profit and loss has not been delivered. |
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The financial statements were approved by the Board of Directors on
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A. Frew (Haulage Contractors and |
Coal Merchants) Limited (Registered number: SC041122) |
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Notes to the Financial Statements |
for the Year Ended 31 October 2016 |
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1. | STATUTORY INFORMATION |
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A. Frew (Haulage Contractors and Coal Merchants) Limited is a
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in Scotland. The company's registered number and registered office address can be found on the Company |
Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Changes in accounting policies |
This is the first year that the company has presented its financial statements under Financial Reporting Standard |
(FRS 102) issued by the Financial Reporting Council. The last financial statements for the year ended 31 |
October 2015 were prepared under previous UK GAAP, and the transition date to FRS 102 is therefore, 1 |
November 2014. |
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The financial statements are prepared in sterling which is the functional currency of the company. |
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Turnover/revenue recognition |
Sales comprise the fair value of the consideration received or receivable for the sale of goods and rendering of |
services in the ordinary course of the Company's activities. Sales are presented, net of value-added tax, rebates |
and discounts. |
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The Company recognises revenue when the amount of revenue and related cost can be reliably measured, it is |
probable that the collectability of the related receivables is reasonably assured and when the specific criteria for |
each of the Company's activities are met. |
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Goodwill |
Goodwill is the excess of the purchase consideration over the fair value of the net assets acquired. It is |
capitalised and amortised over its economic life, limited to a maximum of twenty years. |
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Depreciation |
Tangible fixed assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation |
is calculated to write off the original cost or valuation of tangible fixed assets, less their estimated residual value, |
over their expected useful lives as follows: |
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Plant and machinery - 15% on reducing balance |
Motor vehicles - 25% on reducing balance |
Investment property - considered annually |
Buildings - 2% straight line |
Land - not depreciated |
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Investment properties |
Investment properties are included at fair value. Gains are recognised in the profit and loss account. Deferred |
taxation is provided on these gains at the rate expected to apply when the property is sold. |
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FRS 102 requires the company to provide for deferred tax on the timing difference arising on the date of |
transition, which represents the full revaluation gain less indexed cost. This resulted in an additional deferred tax |
liability at 1 November 2014 of £4,377. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value. Cost is based on the cost of purchase on a first in, |
first out basis. Net realisable value is based on estimated selling price less additional costs to completion and |
disposal. |
A. Frew (Haulage Contractors and |
Coal Merchants) Limited (Registered number: SC041122) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 October 2016 |
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2. | ACCOUNTING POLICIES - continued |
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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, except that: |
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- the recognition of deferred tax assets is limited to the extent that the company anticipates making sufficient |
taxable profits in the future to absorb the reversal of the underlying timing differences. |
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Deferred tax balances are not discounted. |
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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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Land and buildings |
At transition, we continued with the policy of revaluation for the land and buildings however, were required to |
provide for deferred tax on the timing difference which represented the full revaluation gain less an appropriate |
level of indexation. This resulted in an additional deferred tax liability of £2,578 at 1 November 2014. |
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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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4. | INTANGIBLE FIXED ASSETS |
Purchased |
goodwill |
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COST |
At 1 November 2015 |
and 31 October 2016 |
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AMORTISATION |
At 1 November 2015 |
and 31 October 2016 |
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NET BOOK VALUE |
At 31 October 2016 |
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At 31 October 2015 |
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A. Frew (Haulage Contractors and |
Coal Merchants) Limited (Registered number: SC041122) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 October 2016 |
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5. | TANGIBLE FIXED ASSETS |
Freehold |
land and | Plant and | Motor |
buildings | machinery | vehicles | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 November 2015 |
and 31 October 2016 |
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DEPRECIATION |
At 1 November 2015 |
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Charge for year |
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At 31 October 2016 |
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NET BOOK VALUE |
At 31 October 2016 |
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At 31 October 2015 |
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Cost or valuation at 31 October 2016 is represented by: |
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Freehold |
land and | Plant and | Motor |
buildings | machinery | vehicles | Totals |
£ | £ | £ | £ |
Valuation in 2001 | 42,014 | - | - | 42,014 |
Cost | 44,486 | 13,825 | 130,150 | 188,461 |
86,500 | 13,825 | 130,150 | 230,475 |
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If freehold land and buildings had not been revalued they would have been included at the following historical |
cost: |
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2016 | 2015 |
£ | £ |
Cost | 44,486 | 44,486 |
Aggregate depreciation | 20,830 | 20,040 |
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Value of land in freehold land and buildings | 5,000 | 5,000 |
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Freehold land and buildings were valued on an open market basis on 23 January 2001 by Shepherd Chartered Surveyors |
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A. Frew (Haulage Contractors and |
Coal Merchants) Limited (Registered number: SC041122) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 October 2016 |
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6. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 November 2015 |
and 31 October 2016 |
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NET BOOK VALUE |
At 31 October 2016 |
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At 31 October 2015 |
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Cost or valuation at 31 October 2016 is represented by: |
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£ |
Valuation in 2005 | 25,139 |
Cost | 9,861 |
35,000 |
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If the investment property had not been revalued it would have been included at the following historical cost: |
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2016 | 2015 |
£ | £ |
Cost | 9,861 | 9,861 |
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The investment property was valued on a current market value basis on 24 October 2005 by Paterson Associates, Chartered Surveyors |
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It is the policy of the directors to review the value of the investment property annually and they consider no |
material difference in the value as included in the accounts. |
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7. | STOCKS |
2016 | 2015 |
£ | £ |
Stocks |
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8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Trade debtors |
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A. Frew (Haulage Contractors and |
Coal Merchants) Limited (Registered number: SC041122) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 October 2016 |
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9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Trade creditors |
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Corporation tax |
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Social security and other taxes |
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Directors' loan accounts | 16,500 | 33,000 |
Accruals and deferred income |
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10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to directors subsisted during the years ended 31 October 2016 and |
31 October 2015: |
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2016 | 2015 |
£ | £ |
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Balance outstanding at start of year |
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Amounts repaid |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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Balance outstanding at start of year |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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Loans from directors are interest free and repayable on demand. |
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11. | RELATED PARTY DISCLOSURES |
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During the year, total dividends of £26,400 were paid to the directors . |
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Compensation to key management personnel amounted to £15,600 (2015: £15,600). |
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12. | CONTROLLING PARTY |
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The company is controlled equally by the two directors. |