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Unaudited Financial Statements |
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for the Year Ended 31 May 2017 |
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for |
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Fred Stoddart Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 May 2017 |
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for |
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Fred Stoddart Limited |
Fred Stoddart Limited (Registered number: 00583456) |
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Contents of the Financial Statements |
for the year ended 31 May 2017 |
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Page |
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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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Fred Stoddart Limited |
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Company Information |
for the year ended 31 May 2017 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
3-5 Grange Terrace |
Stockton Road |
Sunderland |
Tyne & Wear |
SR2 7DG |
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BANKERS: |
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Unit 49-51 |
The Bridges Shopping Centre |
Sunderland |
Tyne and Wear |
SR1 3LE |
Fred Stoddart Limited (Registered number: 00583456) |
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Balance Sheet |
31 May 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks | 5 |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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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 | 8 | ( |
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PROVISIONS FOR LIABILITIES | 11 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 12 |
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Share premium | 13 |
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Capital redemption reserve | 13 |
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Retained earnings | 13 |
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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. |
Fred Stoddart Limited (Registered number: 00583456) |
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Balance Sheet - continued |
31 May 2017 |
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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 on
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Fred Stoddart Limited (Registered number: 00583456) |
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Notes to the Financial Statements |
for the year ended 31 May 2017 |
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1. | STATUTORY INFORMATION |
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Fred Stoddart Limited is a
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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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The financial statements have been prepared on the going concern basis, which assumes that the company will continue in |
operational existence for the foreseeable future, which the directors consider appropriate. |
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Reconciliation with previous generally accepted accounting practice |
These financial statements for the year ended 31 May 2017 are the first financial statements that comply with FRS 102 |
Section 1a "Small Entities" - "The Financial Reporting Standard applicable in the UK and Republic of Ireland". The date of |
transition is 1 June 2016. In preparing the financial statements, the directors have considered whether in applying the |
accounting policies required by FRS102 Section 1a "Small Entities", the restatement of comparative items was required. The |
transition to FRS102 Section 1a "Small Entities" has resulted in a small number of changes in accounting policies to those |
previously used . The nature of these changes and their impact on the opening equity and profit for the comparative period |
are explained in note 18. |
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Changes in accounting policies |
In order to comply with FRS 102, hire purchase liabilities have been restated to fair value. This means that the annual hire |
purchase interest charge has been calculated under the sum-of-digits method, whereas previously the annual hire purchase |
interest charge had been calculated under the straight line method. |
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The effects of the changes in accounting policies are shown in note 18. |
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Turnover |
Turnover represents the value of services provided under contracts to the extent that there is a right to consideration and is |
recorded at the value of the consideration due. |
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Where a contract has only been partially completed at the balance sheet date turnover represents the value of the service |
provided to date based on a proportion of the total expected consideration at completion. |
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Tangible fixed assets |
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Freehold property | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Computer equipment | - |
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Stock |
Stock is valued at the lower of cost and net realisable value. Cost is determined on a first in first out basis. Net realisable |
value represents estimated selling price less costs to complete and sell. Provision is made for slow moving, obsolete or |
damaged stock where the net realisable value is less than cost. |
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Financial instruments |
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic |
financial instruments are recognised at transaction value and subsequently measured at their settlement value. |
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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 balance sheet date. |
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Fred Stoddart Limited (Registered number: 00583456) |
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Notes to the Financial Statements - continued |
for the year ended 31 May 2017 |
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2. | ACCOUNTING POLICIES - continued |
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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Hire purchase and leasing commitments |
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. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the |
future payments is treated as a liability. |
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Rentals paid under operating leases are charged to profit or loss 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 profit or loss in the period to which they relate. |
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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. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | and | Motor | Computer |
property | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 June 2016 |
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Additions |
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Disposals |
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At 31 May 2017 |
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DEPRECIATION |
At 1 June 2016 |
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Charge for year |
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Eliminated on disposal |
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At 31 May 2017 |
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NET BOOK VALUE |
At 31 May 2017 |
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At 31 May 2016 |
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The net book value of tangible fixed assets includes £ 81,709 (2016 - £ 46,330 ) in respect of assets held under hire purchase |
contracts. |
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5. | STOCKS |
2017 | 2016 |
£ | £ |
Stocks |
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Fred Stoddart Limited (Registered number: 00583456) |
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Notes to the Financial Statements - continued |
for the year ended 31 May 2017 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
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Amounts due under contracts |
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Prepayments and accrued income |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Bank loans and overdrafts (see note 9) |
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Hire purchase contracts |
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Trade creditors |
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Taxation |
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Social security and other taxes |
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Other creditors |
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Directors' current accounts |
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Accrued expenses |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2017 | 2016 |
£ | £ |
Bank loans (see note 9) |
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Hire purchase contracts |
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9. | LOANS |
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An analysis of the maturity of loans is given below: |
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2017 | 2016 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank 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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Fred Stoddart Limited (Registered number: 00583456) |
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Notes to the Financial Statements - continued |
for the year ended 31 May 2017 |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2017 | 2016 |
£ | £ |
Bank loans |
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Hire purchase contracts | 36,385 | 29,667 |
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Any bank borrowings are secured by a debenture and a fixed and floating charge over the company's assets. |
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Hire purchase contracts are secured on the assets to which they relate. |
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11. | PROVISIONS FOR LIABILITIES |
2017 | 2016 |
£ | £ |
Deferred tax |
Accelerated capital allowances | 14,345 | 7,687 |
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Deferred |
tax |
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Balance at 1 June 2016 |
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Accelerated capital allowances |
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Balance at 31 May 2017 |
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12. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2017 | 2016 |
value: | £ | £ |
NIL | Ordinary £1 shares | £1 | - | 1,450 |
(2016 - 1,450 ) |
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A Ordinary | £1 | 665 | - |
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B Ordinary | £1 | 350 | - |
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C Ordinary | £1 | 250 | - |
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D Ordinary | £1 | 185 | - |
1,450 | 1,450 |
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13. | RESERVES |
Capital |
Retained | Share | redemption |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
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At 1 June 2016 |
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458,811 |
Profit for the year |
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Dividends | ( |
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At 31 May 2017 |
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468,476 |
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14. | ULTIMATE CONTROLLING PARTY |
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The controlling party is G Gilligan. |
Fred Stoddart Limited (Registered number: 00583456) |
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Notes to the Financial Statements - continued |
for the year ended 31 May 2017 |
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15. | FIRST YEAR ADOPTION |
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Upon adoption of FRS 102 Section 1A, the following shows changes which have been made to previous years accounts: |
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Reconciliation of Equity |
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As at 1 June
2015 |
As at 31 May
2016 |
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Equity as previously stated |
Profit and loss account | 397,694 | 435,090 |
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Total | 397,694 | 435,090 |
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Additional interest on Hire Purchase | (1,574 | ) | (1,829 | ) |
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Equity as restated |
Profit and loss account | 396,120 | 433,261 |
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Reconciliation of income and expenditure for the year |
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Year ended 31
May 2016 |
£ |
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Profit for the year as previously stated | 115,396 |
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Additional interest on Hire Purchase | (255 | ) |
Profit for the year as restated | 115,141 |
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Hire purchase liabilities have been restated using the sum of the digits method to calculate interest as required by FRS 102. |
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Transitional relief |
The entity did not take advantage of any transitional reliefs. |