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REGISTERED NUMBER:
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P.A.HILTON LIMITED |
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AUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2017 |
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REGISTERED NUMBER:
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P.A.HILTON LIMITED |
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AUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2017 |
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P.A.HILTON LIMITED (REGISTERED NUMBER: 00743785) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2017 |
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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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P.A.HILTON LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2017 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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SENIOR STATUTORY AUDITOR: |
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AUDITORS: |
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Statutory Auditor |
Chartered Accountants |
Highland House |
Mayflower Close |
Chandler's Ford |
Eastleigh |
Hampshire |
SO53 4AR |
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BANKERS: |
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Mountbatten House |
Grosvenor Square |
Southampton |
Hampshire |
SO15 2JU |
P.A.HILTON LIMITED (REGISTERED NUMBER: 00743785) |
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BALANCE SHEET |
31 MARCH 2017 |
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2017 | 2016 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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Investments | 6 |
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CURRENT ASSETS |
Stocks | 7 |
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Debtors | 8 |
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Cash at bank |
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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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CREDITORS |
Amounts falling due after more than one
year |
10 |
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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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Share premium |
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Retained earnings - non distributable |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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P.A.HILTON LIMITED (REGISTERED NUMBER: 00743785) |
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BALANCE SHEET - continued |
31 MARCH 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
by: |
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P.A.HILTON LIMITED (REGISTERED NUMBER: 00743785) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2017 |
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1. | STATUTORY INFORMATION |
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P.A.Hilton Limited is a
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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 |
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standards |
applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as |
applicable to companies subject to the small companies' regime. |
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The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure |
is required to show a true and fair view. |
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The financial statements are prepared in sterling, which is the functional currency of the company. Monetary |
amounts in these financial statements are rounded to the nearest £1. |
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The financial statements have been prepared under the historical cost convention, modified to include certain |
financial instruments at fair value. The principal accounting policies adopted are set out below. |
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These financial statements are the first financial statements the company has prepared In accordance with |
Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of |
Ireland' (FRS 102), as applied to smaller entities by the adoption of Section 1A of FRS 102. The financial |
statements for the year ended 31 March 2016 were prepared in accordance with previous UK GAAP. |
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Some of the FRS 102 recognition, measurement, presentation and disclosure requirements and accounting policy |
choices differ from previous UK GAAP. Consequently, the directors have amended certain accounting policies |
to comply with FRS 102. |
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Preparation of consolidated financial statements |
The financial statements contain information about P.A.Hilton Limited as an individual company and do not |
contain consolidated financial information as the parent of a group. The company has taken the option under |
Section 398 of the Companies Act 2006 not to prepare consolidated financial statements. |
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Turnover |
Turnover represents net invoiced sales of goods, excluding value added tax. |
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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 and depreciation |
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Freehold property | - |
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Leasehold property | - |
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Plant and machinery | - |
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Motor vehicles | - |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and |
the carrying value of the asset and is recognised in the income statement. |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
P.A.HILTON LIMITED (REGISTERED NUMBER: 00743785) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Stock and work in progress |
Stock and work in progress are stated at the lower of cost and net realisable value. |
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Cost is calculated as follows:- |
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Raw materials and bought out parts | Cost of goods per the suppliers invoice of the latest |
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quantity of materials and parts supplied. Provision is
made against slow moving and obsolete stock. |
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Work in progress and finished | Raw materials and bought out parts as above |
products | plus labour charged to work in progress at actual |
hourly rates plus production overheads. |
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Financial assets |
The Company has elected to apply the provision of Section 11 'Basic Financial Instruments' and Section 12 |
'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
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Financial assets are recognised in the company's statement of financial position when the company becomes |
party to the contractual provisions of the instrument. |
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Basic financial assets, which include trade and other receivables and cash and bank balances are initially |
measured at transaction price including transaction costs and are subsequently carried at amortised cost using the |
effective interest method, unless the arrangement constitutes a financial transaction, where the transaction is |
measured at the present value of the future receipts discounted at a market rate of interest. |
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Financial liabilities |
Basic financial liabilities which include trade and other payables, are initially measured at transaction price and |
subsequently measured at amortised cost, unless the arrangement constitutes a financing transaction where the |
debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. |
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Equity instruments |
Equity instruments issued by the company are recorded at the fair value of the proceeds received net of direct |
issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the |
discretion of the company. |
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Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
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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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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to the profit and loss account 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 for the directors and separate schemes for the |
employees. The assets of the schemes are held separately from those of the company in independently |
administered funds. Contributions payable for the year are charged in the profit and loss account. |
P.A.HILTON LIMITED (REGISTERED NUMBER: 00743785) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
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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 |
Goodwill |
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COST |
At 1 April 2016 |
and 31 March 2017 |
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AMORTISATION |
At 1 April 2016 |
and 31 March 2017 |
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NET BOOK VALUE |
At 31 March 2017 |
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At 31 March 2016 |
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5. | TANGIBLE FIXED ASSETS |
Freehold | Leasehold | Plant and | Motor |
property | property | machinery | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2016 |
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Additions |
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Reclassification/transfer |
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At 31 March 2017 |
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DEPRECIATION |
At 1 April 2016 |
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Charge for year |
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Reclassification/transfer |
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At 31 March 2017 |
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NET BOOK VALUE |
At 31 March 2017 |
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At 31 March 2016 |
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P.A.HILTON LIMITED (REGISTERED NUMBER: 00743785) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
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6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
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COST |
At 1 April 2016 |
and 31 March 2017 |
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NET BOOK VALUE |
At 31 March 2017 |
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At 31 March 2016 |
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The company owns 100% of the ordinary shares in Hilton Energy and Thermal Technology Limited, and |
Hi-Tech Limited, companies incorporated in England and Wales. Neither subsidiary traded during the year. |
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7. | STOCKS |
2017 | 2016 |
£ | £ |
Raw materials stock and consumables |
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Work-in-progress |
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Finished goods and goods for resale |
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8. | DEBTORS |
2017 | 2016 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
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Other debtors |
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Amounts falling due after more than one year: |
Other debtors |
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Aggregate amounts |
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P.A.HILTON LIMITED (REGISTERED NUMBER: 00743785) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
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9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Bank loans and overdrafts |
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Finance leases |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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10. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2017 | 2016 |
£ | £ |
Bank loans |
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Finance leases |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans repayable in more than five years | 189,678 | - |
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11. | 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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The bank loan is secured by a legal first charge over the company's freehold property. |
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12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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13. | CONTINGENT LIABILITIES |
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At the year end a legal claim against the company was ongoing in France, relating to a dispute with an agent |
alleging that the company were in breach of a contract for which damages of €500k were sought. Subsequent to |
the year end, the French courts have dismissed the agent's claim and the agent has appealed the court's decision. |
As the outcome of the claim is unknown, no provision has been made. |
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There is a contingent liability in respect of a guarantee given by the company's bankers of £30,000 (2016: |
£30,000). No liability is expected to arise in respect of this guarantee. |
P.A.HILTON LIMITED (REGISTERED NUMBER: 00743785) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
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14. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to a director subsisted during the years ended 31 March 2017 and |
31 March 2016: |
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2017 | 2016 |
£ | £ |
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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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15. | RELATED PARTY DISCLOSURES |
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The Hilton Share Trust |
Controlling Party |
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The company formed an employee share trust on the 15th December 1995 with a view to encouraging employees |
of the group to benefit from a holding of shares in the company and thereby to develop a closer identity of |
purpose with the group. |
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The Trustees have no beneficial interest in any of the shares held by the trust. No employee has any conditional |
or unconditional rights in any of the shares. |
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The Trustees of the Hilton Share Trust control the company by virtue of their holding which represents 86.03% |
of the shares in issue. |
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16. | FIRST YEAR ADOPTION |
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Transitional relief |
On transition to FRS 102, the company has taken advantage of the following transitional relief: |
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to measure fair value at date of transition to FRS 102 and use as deemed cost on an item of property, plant
and equipment. |