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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2020 |
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BRYCE OILS LIMITED |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2020 |
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FOR |
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BRYCE OILS LIMITED |
BRYCE OILS LIMITED (REGISTERED NUMBER: SC239478) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 4 |
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BRYCE OILS LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
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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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Chartered Accountants |
4d Auchingramont Road |
Hamilton |
ML3 6JT |
BRYCE OILS LIMITED (REGISTERED NUMBER: SC239478) |
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STATEMENT OF FINANCIAL POSITION |
29 FEBRUARY 2020 |
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29.2.20 | 28.2.19 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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Investments | 6 |
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Investment property | 7 |
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CURRENT ASSETS |
Stocks |
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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/(LIABILITIES) |
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( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
10 |
( |
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( |
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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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Retained earnings |
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276,143 |
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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. |
BRYCE OILS LIMITED (REGISTERED NUMBER: SC239478) |
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STATEMENT OF FINANCIAL POSITION - continued |
29 FEBRUARY 2020 |
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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
signed on its behalf by: |
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BRYCE OILS LIMITED (REGISTERED NUMBER: SC239478) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
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1. | STATUTORY INFORMATION |
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Bryce Oils Limited is a
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number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Preparation of consolidated financial statements |
The financial statements contain information about Bryce Oils Limited as an individual company and do not |
contain consolidated financial information as the parent of a group. The company is exempt under Section |
399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Rendering of services |
Turnover from the rendering of services, namely the provision of oil and fuel retail services, is recognised by |
reference to the stage of completion of the service at the statement of financial position date. |
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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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Tangible fixed assets |
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Improvements to 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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Computer equipment | - |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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Investment property |
Investment properties are valued at fair value at the statement of financial position date. Any changes in fair |
value are recognised in the income statement. |
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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. |
BRYCE OILS LIMITED (REGISTERED NUMBER: SC239478) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
Basic financial instruments are recognised as follows: |
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(i) Debtors |
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured |
initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective |
interest method less any impairment. |
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(ii) Cash and cash equivalents |
Cash and cash equivalents include cash at bank and in hand. |
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Cash and cash equivalents are shown net of bank overdrafts, which are included as current borrowings in |
liabilities on the statement of financial position. |
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(iii) Creditors |
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, |
are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost |
using the effective interest method. |
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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 statement of financial position 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 |
statement of financial position 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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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the statement of financial |
position. 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 shorter. |
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The interest element of these obligations is charged to the income statement over the relevant period using the |
effective interest method. The capital element of the future payments is treated as a liability. |
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Rentals paid under operating leases are charged to the income statement on a straight line basis over the period |
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 the income statement in the period to which they relate. |
BRYCE OILS LIMITED (REGISTERED NUMBER: SC239478) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Provision for liabilities |
The company recognises a provision for annual leave accrued by employees as a result of services rendered in |
the current period, and which employees are entitled to carry forward and use within the next 12 months. The |
provision is measured at the salary cost payable for the period of absence. |
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3. | AVERAGE NUMBER OF EMPLOYEES |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 March 2019 |
and 29 February 2020 |
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AMORTISATION |
At 1 March 2019 |
and 29 February 2020 |
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NET BOOK VALUE |
At 29 February 2020 |
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At 28 February 2019 |
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5. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 March 2019 |
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Additions |
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Disposals |
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At 29 February 2020 |
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DEPRECIATION |
At 1 March 2019 |
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Charge for year |
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Eliminated on disposal |
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At 29 February 2020 |
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NET BOOK VALUE |
At 29 February 2020 |
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At 28 February 2019 |
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BRYCE OILS LIMITED (REGISTERED NUMBER: SC239478) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
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5. | TANGIBLE FIXED ASSETS - continued |
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Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 March 2019 |
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Additions |
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Disposals | ( |
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( |
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At 29 February 2020 |
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DEPRECIATION |
At 1 March 2019 |
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Charge for year |
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Eliminated on disposal | ( |
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( |
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At 29 February 2020 |
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NET BOOK VALUE |
At 29 February 2020 |
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At 28 February 2019 |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
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COST |
At 1 March 2019 |
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Transfer to ownership | (99,200 | ) |
At 29 February 2020 |
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DEPRECIATION |
At 1 March 2019 |
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Charge for year |
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Transfer to ownership | (63,490 | ) |
At 29 February 2020 |
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NET BOOK VALUE |
At 29 February 2020 |
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At 28 February 2019 |
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BRYCE OILS LIMITED (REGISTERED NUMBER: SC239478) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
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6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 March 2019 |
and 29 February 2020 |
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NET BOOK VALUE |
At 29 February 2020 |
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At 28 February 2019 |
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7. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 March 2019 |
and 29 February 2020 |
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NET BOOK VALUE |
At 29 February 2020 |
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At 28 February 2019 |
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8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.2.20 | 28.2.19 |
as restated |
£ | £ |
Trade debtors |
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Other debtors |
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VAT |
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Prepayments and accrued income |
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9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.2.20 | 28.2.19 |
as restated |
£ | £ |
Hire purchase contracts |
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Trade creditors |
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Corporation tax |
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PAYE and NIC |
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Other creditors |
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Directors' loan | 252 | 10 |
Accrued charges |
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BRYCE OILS LIMITED (REGISTERED NUMBER: SC239478) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
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10. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
29.2.20 | 28.2.19 |
as restated |
£ | £ |
Hire purchase contracts |
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11. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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29.2.20 | 28.2.19 |
as restated |
£ | £ |
Hire purchase contracts | 96,230 | - |
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Hire purchase contracts are secured on the assets to which they relate. |
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12. | RELATED PARTY DISCLOSURES |
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During the year, the company received an interest free loan from the directors amounting to £252 (2019: £10). |