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No description of principal activities is disclosed
2019-11-01
Sage Accounts Production 2020 Update 1 - FRS102_2019
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xbrli:shares
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01321246
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01321246
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core:OwnedOrFreeholdAssets
2019-10-31
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core:OwnedOrFreeholdAssets
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01321246
core:ComputerEquipment
2019-11-01
2020-10-31
01321246
core:ComputerEquipment
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2019-11-01
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01321246
1
2019-11-01
2020-10-31
Company registration number:
01321246
CLS Group Limited
Unaudited filleted financial statements
31 October 2020
CLS Group Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
CLS Group Limited
Directors and other information
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Directors
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Mr T M Clarke
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Mr G T Clarke
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Secretary
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Mrs A Pailin
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Company number
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01321246
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Registered office
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33 Buxton Road
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Stockport
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Cheshire
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SK2 6LU
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Business address
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33 Buxton Road
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Stockport
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Cheshire
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SK2 6LU
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Accountants
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Downham Morris & Co
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45/49 Greek Street
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Stockport
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Cheshire
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SK3 8AX
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CLS Group Limited
Chartered certified accountants' report to the board of directors on the preparation of the
unaudited statutory financial statements of CLS Group Limited
Year ended 31 October 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of CLS Group Limited for the year ended 31 October 2020 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of CLS Group 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 CLS Group Limited and state those matters that we have agreed to state to the board of directors of CLS Group Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/ dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than CLS Group Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that CLS Group 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 CLS Group Limited. You consider that CLS Group 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 CLS Group 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.
Downham Morris & Co
Chartered Certified Accountants
45/49 Greek Street
Stockport
Cheshire
SK3 8AX
5 May 2021
CLS Group Limited
Statement of financial position
31 October 2020
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2020
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2019
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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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Tangible assets
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5
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196,992
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196,992
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Investments
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6
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100
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100
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_______
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_______
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197,092
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197,092
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Current assets
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Cash at bank and in hand
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80,035
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3
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_______
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_______
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80,035
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3
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Creditors: amounts falling due
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within one year
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7
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(
105,841)
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(
22,960)
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_______
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_______
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Net current liabilities
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(
25,806)
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(
22,957)
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_______
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_______
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Total assets less current liabilities
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171,286
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174,135
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Creditors: amounts falling due
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after more than one year
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8
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(
141,236)
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(
143,963)
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_______
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_______
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Net assets
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30,050
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30,172
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_______
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_______
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Capital and reserves
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Called up share capital
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88
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88
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Capital redemption reserve
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72
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72
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Profit and loss account
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29,890
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30,012
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_______
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_______
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Shareholders funds
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30,050
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30,172
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_______
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_______
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For the year ending 31 October 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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Directors responsibilities:
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-
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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;
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-
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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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 Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
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In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
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These financial statements were approved by the
board of directors
and authorised for issue on
05 May 2021 , and are signed on behalf of the board by:
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.........................
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Mr T M Clarke
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Director
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Company registration number:
01321246
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CLS Group Limited
Notes to the financial statements
Year ended 31 October 2020
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 33 Buxton Road, Stockport, Cheshire, SK2 6LU.
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 and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. 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.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
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Freehold property
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-
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On valuation
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Fittings fixtures and equipment
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-
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15 %
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reducing balance
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Computer equipment
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-
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25 %
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reducing balance
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If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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. Debt instruments are subsequently measured at amortised cost. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Income from shares in group undertakings
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2020
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2019
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£
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£
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Dividends from shares in group undertakings
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6,000
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6,000
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_______
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_______
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5.
Tangible assets
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Freehold property
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Fixtures, fittings and equipment
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Computer equipment
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Total
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£
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£
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£
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£
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Cost
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At 1 November 2019 and 31 October 2020
|
196,183
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13,405
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14,882
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224,470
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_______
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_______
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_______
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_______
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Depreciation
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At 1 November 2019 and 31 October 2020
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-
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12,770
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14,708
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27,478
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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 October 2020
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196,183
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635
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174
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196,992
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_______
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_______
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_______
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_______
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At 31 October 2019
|
196,183
|
635
|
174
|
196,992
|
|
|
|
|
|
_______
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_______
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_______
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_______
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Tangible assets held at valuation
The directors valued the freehold property at £196,183 at the year end date.
6.
Investments
|
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Shares in group undertakings and participating interests
|
Total
|
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£
|
£
|
|
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|
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|
Cost
|
|
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|
|
|
|
At 1 November 2019 and 31 October 2020
|
100
|
100
|
|
|
|
|
|
|
_______
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_______
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|
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Impairment
|
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At 1 November 2019 and 31 October 2020
|
-
|
-
|
|
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_______
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_______
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|
|
|
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|
Carrying amount
|
|
|
|
|
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|
At 31 October 2020
|
100
|
100
|
|
|
|
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|
|
_______
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_______
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|
|
|
|
|
At 31 October 2019
|
100
|
100
|
|
|
|
|
|
|
_______
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_______
|
|
|
|
|
|
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|
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7.
Creditors: amounts falling due within one year
|
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2020
|
2019
|
|
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|
£
|
£
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Bank loans and overdrafts
|
|
8,560
|
8,560
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|
Amounts owed to group undertakings and undertakings in which the company has a participating interest
|
|
97,281
|
14,400
|
|
|
|
_______
|
_______
|
|
|
|
105,841
|
22,960
|
|
|
|
_______
|
_______
|
|
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Barclays Security Trustee Limited hold a legal charge over the mortgaged properties held by the company.
|
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|
8.
Creditors: amounts falling due after more than one year
|
|
|
2020
|
2019
|
|
|
|
£
|
£
|
|
Bank loans and overdrafts
|
|
141,236
|
143,963
|
|
|
|
_______
|
_______
|
|
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|
Barclays Security Trustee Limited hold a legal charge over the mortgaged properties held by the company.
9.
Controlling party
The company is under the control of its directors by virtue of their shareholding.