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Unaudited Financial Statements for the Year Ended 31 March 2021 |
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H. V. P. SECURITY SHUTTERS LIMITED |
REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 March 2021 |
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for |
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H. V. P. SECURITY SHUTTERS LIMITED |
H. V. P. SECURITY SHUTTERS LIMITED (REGISTERED NUMBER: 01406952) |
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Contents of the Financial Statements |
for the year ended 31 March 2021 |
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Company Information | 1 |
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Chartered Accountants' Report | 2 |
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Balance Sheet | 3 |
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Notes to the Financial Statements | 5 |
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H. V. P. SECURITY SHUTTERS LIMITED |
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Company Information |
for the year ended 31 March 2021 |
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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 |
11 Laura Place |
Bath |
BA2 4BL |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
H. V. P. Security Shutters Limited |
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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 Balance Sheet. 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 H. V. P. Security Shutters Limited for the year ended 31 March 2021 which comprise the Income Statement, Balance Sheet, 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
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This report is made solely to the Board of Directors of H. V. P. Security Shutters Limited, 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 H. V. P. Security Shutters Limited and state those matters that we have agreed to state to the Board of Directors of H. V. P. Security Shutters Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than H. V. P. Security Shutters Limited 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 H. V. P. Security Shutters 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 H. V. P. Security Shutters Limited. You consider that H. V. P. Security Shutters Limited 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 H. V. P. Security Shutters 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. |
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Chartered Accountants |
11 Laura Place |
Bath |
BA2 4BL |
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H. V. P. SECURITY SHUTTERS LIMITED (REGISTERED NUMBER: 01406952) |
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Balance Sheet |
31 March 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
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PROVISIONS FOR LIABILITIES | 9 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 10 |
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Revaluation reserve |
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Retained earnings |
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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. |
H. V. P. SECURITY SHUTTERS LIMITED (REGISTERED NUMBER: 01406952) |
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Balance Sheet - continued |
31 March 2021 |
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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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H. V. P. SECURITY SHUTTERS LIMITED (REGISTERED NUMBER: 01406952) |
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Notes to the Financial Statements |
for the year ended 31 March 2021 |
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1. | STATUTORY INFORMATION |
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H. V. P. Security Shutters Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Since the balance sheet date, the outbreak of Covid-19 and subsequent restrictions imposed have continued to disrupt normal trading conditions. The company has taken advantage of all available government aid in order to support the business and its employees through the crisis. |
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The directors are confident that the company is a going concern and the accounts have been prepared on this basis. |
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Turnover |
Turnover represents net invoiced manufacture, supply and installation of security shutters and grills, excluding value added tax. Turnover is recognised when the service is rendered. |
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Tangible fixed assets |
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Freehold property | - |
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Plant and machinery | - |
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Office equipment | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Government grants |
Government grants are accounted for under the accruals method, with those in relation to expenditure credited when the expenditure is charged to the profit and loss |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
H. V. P. SECURITY SHUTTERS LIMITED (REGISTERED NUMBER: 01406952) |
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Notes to the Financial Statements - continued |
for the year ended 31 March 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors, loans from banks and other third parties. |
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Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit or loss. |
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For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate determined under the contract. |
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For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount the company would receive for the asset if it were to be sold at the reporting date. |
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Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
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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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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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Grant income |
Government grants are accounted for under the accruals method, with those in relation to expenditure credited when the expenditure is charged to the profit and loss |
H. V. P. SECURITY SHUTTERS LIMITED (REGISTERED NUMBER: 01406952) |
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Notes to the Financial Statements - continued |
for the year ended 31 March 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Pension costs and other post- retirement benefits |
The company operates a defined contribution pension scheme in respect of the directors and staff. The assets of the scheme are held separately from those of the company in an independently administered fund. |
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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 |
Freehold | Plant and | Office |
property | machinery | equipment |
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COST OR VALUATION |
At 1 April 2020 |
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Additions |
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Disposals |
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Revaluations |
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At 31 March 2021 |
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DEPRECIATION |
At 1 April 2020 |
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Charge for year | ( |
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Eliminated on disposal |
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At 31 March 2021 |
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NET BOOK VALUE |
At 31 March 2021 |
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At 31 March 2020 |
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Fixtures |
and | Motor |
fittings | vehicles | Totals |
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COST OR VALUATION |
At 1 April 2020 |
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Additions |
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Disposals |
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Revaluations |
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At 31 March 2021 |
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DEPRECIATION |
At 1 April 2020 |
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Charge for year |
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Eliminated on disposal |
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At 31 March 2021 |
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NET BOOK VALUE |
At 31 March 2021 |
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At 31 March 2020 |
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H. V. P. SECURITY SHUTTERS LIMITED (REGISTERED NUMBER: 01406952) |
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Notes to the Financial Statements - continued |
for the year ended 31 March 2021 |
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4. | TANGIBLE FIXED ASSETS - continued |
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The freehold properties were revalued at the market value in the years ended 31 March 2016 and 2021, as agreed by the directors. |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2021 | 2020 |
£ | £ |
Bank loans |
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Hire purchase contracts |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal | 26,234 | 21,701 |
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8. | SECURED DEBTS |
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Lloyds TSB Bank PLC has a fixed and floating charge over the undertaking and all property and assets present and future including goodwill bookdebts uncalled capital buildings fixtures fixed plant and machinery. |
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The hire purchase contracts are secured on the relevant assets. |
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9. | PROVISIONS FOR LIABILITIES |
2021 | 2020 |
£ | £ |
Deferred tax | 10,874 | 6,677 |
H. V. P. SECURITY SHUTTERS LIMITED (REGISTERED NUMBER: 01406952) |
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Notes to the Financial Statements - continued |
for the year ended 31 March 2021 |
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9. | PROVISIONS FOR LIABILITIES - continued |
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Deferred |
tax |
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Balance at 1 April 2020 |
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Accelerated capital allowances | 4,197 |
Balance at 31 March 2021 |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
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Ordinary | £1 | 100 | 100 |
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11. | CRITICAL ACCOUNTING ESTIMATES AND UNCERTAINTIES |
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The directors have not depreciated freehold property, as they have concluded that the balance in the accounts reflects a true and fair value of the asset. |
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No other significant judgements or assumptions have had to be made. |