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Financial Statements for the Year Ended 30 September 2020 |
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B.S.T. Supplies & Co Ltd |
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Financial Statements for the Year Ended 30 September 2020 |
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for |
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B.S.T. Supplies & Co Ltd |
B.S.T. Supplies & Co Ltd (Registered number: 01346638) |
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Contents of the Financial Statements |
for the Year Ended 30 September 2020 |
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Company Information | 1 |
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Chartered Certified Accountants' Report | 2 |
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Statement of Financial Position | 3 |
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Notes to the Financial Statements | 5 |
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B.S.T. Supplies & Co Ltd |
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Company Information |
for the Year Ended 30 September 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 Certified Accountants |
Meriden House |
6 Great Cornbow |
Halesowen |
West Midlands |
B63 3AB |
Chartered Certified Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
B.S.T. Supplies & Co Ltd |
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The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of B.S.T. Supplies & Co Ltd for the year ended 30 September 2020 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us. |
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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/rulebook. |
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This report is made solely to the Board of Directors of B.S.T. Supplies & Co Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of B.S.T. Supplies & Co Ltd and state those matters that we have agreed to state to the Board of Directors of B.S.T. Supplies & Co Ltd, 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/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that B.S.T. Supplies & Co Ltd 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 B.S.T. Supplies & Co Ltd. You consider that B.S.T. Supplies & Co Ltd is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of B.S.T. Supplies & Co Ltd. 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. |
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Chartered Certified Accountants |
Meriden House |
6 Great Cornbow |
Halesowen |
West Midlands |
B63 3AB |
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B.S.T. Supplies & Co Ltd (Registered number: 01346638) |
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Statement of Financial Position |
30 September 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 4 |
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CURRENT ASSETS |
Inventories | 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 |
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PROVISIONS FOR LIABILITIES | 10 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 11 |
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Revaluation reserve | 12 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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B.S.T. Supplies & Co Ltd (Registered number: 01346638) |
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Statement of Financial Position - continued |
30 September 2020 |
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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. |
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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
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B.S.T. Supplies & Co Ltd (Registered number: 01346638) |
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Notes to the Financial Statements |
for the Year Ended 30 September 2020 |
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1. | STATUTORY INFORMATION |
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B.S.T. Supplies & Co Ltd is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The financial statements are presented in pound sterling which is the functional currency of the company and rounded to the nearest £. |
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Turnover |
Revenue 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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Tangible fixed assets |
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
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The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when the cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred. |
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Depreciation is charged so as to allocate the cost of the assets less their residual value over their estimated useful lives, on a reducing balance basis. |
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Depreciation is provided on the following basis: |
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Property improvements | - | 20% | - straight line |
Plant and machinery | - | 5,10,20% | - straight line |
Fixtures and fittings | - | 10% | - straight line |
Motor vehicles | - | 25% | - straight line |
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
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Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement. |
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Stocks |
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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B.S.T. Supplies & Co Ltd (Registered number: 01346638) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2020 |
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2. | ACCOUNTING POLICIES - continued |
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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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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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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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B.S.T. Supplies & Co Ltd (Registered number: 01346638) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2020 |
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4. | PROPERTY, PLANT AND EQUIPMENT |
Improvements | Fixtures |
to | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1 October 2019 |
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Additions |
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Disposals |
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Revaluations |
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At 30 September 2020 |
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DEPRECIATION |
At 1 October 2019 |
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Charge for year |
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Eliminated on disposal |
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At 30 September 2020 |
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NET BOOK VALUE |
At 30 September 2020 |
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At 30 September 2019 |
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Cost or valuation at 30 September 2020 is represented by: |
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Improvements | Fixtures |
to | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
Valuation in 2018 | - | 202,350 | - | 58,650 | 261,000 |
Valuation in 2019 | - | 5,000 | - | (5,000 | ) | - |
Valuation in 2020 | - | 475,775 | - | (38,650 | ) | 437,125 |
Cost | 73,367 | 2,377,146 | 494,610 | 109,293 | 3,054,416 |
73,367 | 3,060,271 | 494,610 | 124,293 | 3,752,541 |
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Fixed assets were revalued on a open market basis on 30 September 2020 by the directors. |
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5. | INVENTORIES |
2020 | 2019 |
£ | £ |
Finished goods |
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B.S.T. Supplies & Co Ltd (Registered number: 01346638) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2020 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
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Amounts owed by participating interests | - | 1,160 |
Other debtors |
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Tax |
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Prepayments |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts |
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Trade creditors |
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Amounts owed to group undertakings |
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Social security and other taxes |
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Other creditors |
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Invoice factoring | 647,774 | 1,736,994 |
Directors' accounts | 56,138 | 85,000 |
Accruals and deferred income |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2020 | 2019 |
£ | £ |
Bank loans - 1-2 years |
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Bank loans - 2-5 years |
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Hire purchase contracts |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2020 | 2019 |
£ | £ |
Bank overdrafts |
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Hire purchase contracts | 244,446 | 318,948 |
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The Clydesdale Bank Plc holds a fixed and floating charge over the companies assets. |
Hire purchase liabilities are secured on the assets to which they relate. |
B.S.T. Supplies & Co Ltd (Registered number: 01346638) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2020 |
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10. | PROVISIONS FOR LIABILITIES |
2020 | 2019 |
£ | £ |
Deferred tax | 133,616 | 51,637 |
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Deferred |
tax |
£ |
Balance at 1 October 2019 |
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Provided during year | ( |
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Deferred tax on revaluation | 122,450 |
Balance at 30 September 2020 |
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A deferred tax provision has arisen as a result of accelerated capital allowances and tax on revaluation. |
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11. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2019 |
value: | £ | £ |
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Ordinary | £1 | 2,000 | 2,000 |
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12. | RESERVES |
Revaluation |
reserve |
£ |
At 1 October 2019 |
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Movement in year |
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At 30 September 2020 |
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13. | POST BALANCE SHEET EVENTS |
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In March 2020, the COVID-19 situation was declared a pandemic by the World Health Organisation. The consequences of the COVID-19 (Coronavirus) pandemic have included (but are not limited to) global supply and manufacturing disruptions, workforce restrictions, travel restrictions and unfortunately, fatalities. These issues have led to fluctuations in the availability and price of supplies, as well as customer demand. |
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Due to the nature of the business, the Company has continued to operate as an essential service. However, the consequences of COVID-19 are expected to have a negative impact on revenue and earnings in the forthcoming year and as a result, the Company has implemented a number of cost reduction initiatives including accessing government schemes such as the UK's Coronavirus Job Retention Scheme. |
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The directors continue to closely monitor the COVID-19 situation, but its ongoing nature means that it is difficult to assess the ultimate economic impact of the pandemic on the Company's business. Whilst there exists an element of uncertainty on the final impact on revenue and earnings in the forthcoming year, the directors are confident that the measures it has taken and will continue to take, together with the financial support of the parent company, will ensure the long term success of the Company. |
B.S.T. Supplies & Co Ltd (Registered number: 01346638) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2020 |
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14. | ULTIMATE CONTROLLING PARTY |
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The ultimate parent undertaking of the company is EBC Group (UK) Ltd. The company is registered in England and Wales. |
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The registered office of the ultimate parent undertaking is Meriden House, 6 Great Cornbow, West Midlands, B63 3AB. |