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Sage Accounts Production 18.30 - FRS
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Company registration number:
01111307
The Bicycle Association of Great Britain Limited
Company limited by guarantee
Unaudited filleted financial statements
31 December 2017
The Bicycle Association of Great Britain Limited
Company limited by guarantee
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
The Bicycle Association of Great Britain Limited
Company limited by guarantee
Directors and other information
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Directors
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M I Bickerton
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P L Darnton
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S J D Garidis
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P Stewart
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K P Taylor
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Company number
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01111307
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Registered office
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6 Hamlet Road
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Haverhill
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Suffolk
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CB9 8EE
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Accountants
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Dilloways
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Weavers Business Centre
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6 Hamlet Road
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Haverhill
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Suffolk
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CB9 8EE
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The Bicycle Association of Great Britain Limited
Company limited by guarantee
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of The Bicycle Association of Great Britain Limited
Year ended 31 December 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Bicycle Association of Great Britain Limited for the year ended 31 December 2017 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/ regulations-standards-and-guidance/.
This report is made solely to the board of directors of The Bicycle Association of Great Britain Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of The Bicycle Association of Great Britain Limited and state those matters that we have agreed to state to the board of directors of The Bicycle Association of Great Britain Limited as a body, in this report in accordance with the ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Bicycle Association of Great Britain Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that The Bicycle Association of Great Britain 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 loss of The Bicycle Association of Great Britain Limited. You consider that The Bicycle Association of Great Britain Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of The Bicycle Association of Great Britain 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.
Dilloways
Chartered Accountants
Weavers Business Centre
6 Hamlet Road
Haverhill
Suffolk
CB9 8EE
22 May 2017
The Bicycle Association of Great Britain Limited
Company limited by guarantee
Statement of financial position
31 December 2017
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2017
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2016
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Note
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£
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£
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£
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£
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Fixed assets
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Investments
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6
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1,038,399
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1,053,166
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_______
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_______
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1,038,399
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1,053,166
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Current assets
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Debtors
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7
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3,519
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696
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Cash at bank and in hand
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596,526
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314,770
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_______
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_______
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600,045
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315,466
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Creditors: amounts falling due
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within one year
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8
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(
569,505)
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(
287,189)
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_______
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_______
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Net current assets
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30,540
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28,277
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_______
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_______
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Total assets less current liabilities
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1,068,939
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1,081,443
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Provisions for liabilities
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(
9,454)
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(
12,905)
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_______
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_______
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Net assets
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1,059,485
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1,068,538
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_______
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_______
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Capital and reserves
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Profit and loss account
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1,059,485
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1,068,538
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_______
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_______
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Members funds
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1,059,485
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1,068,538
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_______
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_______
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For the year ending 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
22 May 2017
, and are signed on behalf of the board by:
S J D Garidis
Director
Company registration number:
01111307
The Bicycle Association of Great Britain Limited
Company limited by guarantee
Notes to the financial statements
Year ended 31 December 2017
1.
General information
The company is a private company limited by guarantee, registered in England & Wales. The address of the registered office is Weavers, 6 Hamlet Road, Haverhill, Suffolk, CB9 8EE.The company operates on a "not for profit" basis.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period.
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4.
Limited by guarantee
The company is limited by guarantee, and does not have a share capital.In the event of the company being wound up, the liability in respect of the guarantee is limited to £1.00 per member.
5.
Tax on loss/profit
Major components of tax income/expense
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2017
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2016
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£
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£
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Deferred tax:
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Origination and reversal of timing differences
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(
3,451)
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12,905
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_______
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_______
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Tax on loss/profit
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(
3,451)
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12,905
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_______
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_______
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6.
Investments
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Other investments other than loans
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Total
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£
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£
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Cost
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At 1 January 2017
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1,053,166
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1,053,166
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Fair value adjustment
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(14,767)
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(14,767)
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_______
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_______
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At 31 December 2017
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1,038,399
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1,038,399
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_______
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_______
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Impairment
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At 1 January 2017 and 31 December 2017
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-
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-
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_______
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_______
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Carrying amount
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At 31 December 2017
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1,038,399
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1,038,399
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_______
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_______
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At 31 December 2016
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1,053,166
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1,053,166
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_______
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_______
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7.
Debtors
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2017
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2016
|
|
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£
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£
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Trade debtors
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3,127
|
359
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Other debtors
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392
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337
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_______
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_______
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3,519
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696
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_______
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_______
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8.
Creditors: amounts falling due within one year
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2017
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2016
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£
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£
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Bank loans and overdrafts
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-
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1
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Trade creditors
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533,553
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278,634
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Social security and other taxes
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34,952
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7,554
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Other creditors
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|
1,000
|
1,000
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|
|
|
_______
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_______
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|
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569,505
|
287,189
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|
|
|
_______
|
_______
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|
|
|
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9.
Deferred tax
The deferred tax included in the statement of financial position is as follows:
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2017
|
2016
|
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|
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£
|
£
|
|
Included in provisions (note )
|
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9,454
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12,905
|
|
|
|
_______
|
_______
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|
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|
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|
The deferred tax account consists of the tax effect of timing differences in respect of:
|
|
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2017
|
2016
|
|
|
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£
|
£
|
|
Fair value adjustment of financial assets
|
|
9,454
|
12,905
|
|
|
|
_______
|
_______
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|
|
|
|
|