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Unaudited Financial Statements |
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for the Year Ended 30 September 2020 |
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for |
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Buckingham Fine Art Publishers Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 30 September 2020 |
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for |
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Buckingham Fine Art Publishers Limited |
Buckingham Fine Art Publishers Limited (Registered number: 01608690) |
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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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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Buckingham Fine Art Publishers Limited |
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Company Information |
for the Year Ended 30 September 2020 |
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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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7 Merlin Courtyard |
Gatehouse Close |
Aylesbury |
Buckinghamshire |
HP19 8DP |
Buckingham Fine Art Publishers Limited (Registered number: 01608690) |
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Balance Sheet |
30 September 2020 |
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30.9.20 | 30.9.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank |
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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 |
8 |
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PROVISIONS FOR LIABILITIES | 12 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 13 |
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Retained earnings | 14 |
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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. |
Buckingham Fine Art Publishers Limited (Registered number: 01608690) |
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Balance Sheet - continued |
30 September 2020 |
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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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Buckingham Fine Art Publishers Limited (Registered number: 01608690) |
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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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Buckingham Fine Art Publishers Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover 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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Goodwill |
Goodwill, being the amount paid in connection with the acquisition of a business in 2017, has been fully amortised following an impairment review in 2019. |
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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 |
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Short leasehold | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Computer equipment | - |
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Government grants |
Grants of a revenue nature are recognised in "other income" within profit and loss in the same period as the related expenditure. |
This includes UK Government Coronavirus Job Retention Scheme ('Furlough') payments. |
The company has also benefitted from other forms of COVID19 business support assistance. |
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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. |
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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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Buckingham Fine Art Publishers Limited (Registered number: 01608690) |
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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 |
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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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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4. | INTANGIBLE FIXED ASSETS |
Goodwill |
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COST |
At 1 October 2019 |
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Disposals | ( |
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At 30 September 2020 |
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AMORTISATION |
At 1 October 2019 |
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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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On 8 July 2020 the shareholding in Art Gallery 21 Limited was transferred to a third party for nil consideration. |
Buckingham Fine Art Publishers Limited (Registered number: 01608690) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2020 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 October 2019 |
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Disposals |
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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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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
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Plant and |
machinery |
etc |
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COST |
At 1 October 2019 |
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Transfer to ownership | (27,440 | ) |
At 30 September 2020 |
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DEPRECIATION |
At 1 October 2019 |
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Charge for year |
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Transfer to ownership | (17,150 | ) |
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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Buckingham Fine Art Publishers Limited (Registered number: 01608690) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2020 |
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6. | DEBTORS |
30.9.20 | 30.9.19 |
£ | £ |
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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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.20 | 30.9.19 |
£ | £ |
Bank loans and overdrafts (see note 9) |
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Hire purchase contracts (see note 10) |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
30.9.20 | 30.9.19 |
£ | £ |
Bank loans (see note 9) |
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Hire purchase contracts (see note 10) |
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9. | LOANS |
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An analysis of the maturity of loans is given below: |
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30.9.20 | 30.9.19 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
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Bank loans |
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Bank CBIL loan | 16,667 | - |
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Buckingham Fine Art Publishers Limited (Registered number: 01608690) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2020 |
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9. | LOANS - continued |
30.9.20 | 30.9.19 |
£ | £ |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
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Bank CBIL loan - 1-2 years | 40,000 | - |
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Amounts falling due between two and five years: |
Bank loans - 2-5 years |
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Bank CBIL loan - 2-5 years | 43,333 | - |
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The company borrowed £100,000 under the Coronavirus Business Interruption Loan Scheme (CBILS) from National Westminster Bank plc. |
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The UK Government has agreed to provide the lender with a Partial Guarantee. As the Partial Guarantee is given to the lender not the company the company remains liable for all sums payable under the loan agreement in the event of default. |
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Under the CBIL scheme, any interest due during the first 12 months will be paid by the UK Government. After 12 months interest will be payable by the company in accordance with the terms of the loan agreement. Interest will be charged at 4.94% over base rate. |
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No repayments are due during the first 12 months from drawdown. The balance will then be repaid in equal instalments over 30 months. |
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10. | LEASING AGREEMENTS |
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Minimum lease payments fall due as follows: |
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Hire purchase contracts |
30.9.20 | 30.9.19 |
£ | £ |
Net obligations repayable: |
Within one year |
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Between one and five years |
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Non-cancellable | operating leases |
30.9.20 | 30.9.19 |
£ | £ |
Within one year |
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Between one and five years |
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In more than five years |
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Buckingham Fine Art Publishers Limited (Registered number: 01608690) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2020 |
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11. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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30.9.20 | 30.9.19 |
£ | £ |
Bank overdrafts |
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Bank loans |
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National Westminster Bank plc hold a charge in the form of a debenture as security for all the company liabilities to the bank (present, future, actual or contingent and whether incurred alone or jointly with another) including interest and expenses. |
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The security is by way of a fixed and floating charge over the undertaking and all property and assets present and future, including goodwill, uncalled capital, buildings, fixtures, and fixed plant and machinery. |
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12. | PROVISIONS FOR LIABILITIES |
30.9.20 | 30.9.19 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
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Deferred |
tax |
£ |
Balance at 1 October 2019 |
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Accelerated capital allowances | (5,563 | ) |
Balance at 30 September 2020 |
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13. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.9.20 | 30.9.19 |
value: | £ | £ |
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Ordinary | £1 | 100 | 100 |
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14. | RESERVES |
Retained |
earnings |
£ |
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At 1 October 2019 |
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Profit for the year |
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Dividends | ( |
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At 30 September 2020 |
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Buckingham Fine Art Publishers Limited (Registered number: 01608690) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2020 |
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15. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to directors subsisted during the years ended 30 September 2020 and 30 September 2019: |
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30.9.20 | 30.9.19 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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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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Balance outstanding at start of year |
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Amounts advanced |
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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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There are no fixed terms for repayment of these loans. |
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Interest was charged at 2.5% per annum on the average overdrawn balances. Interest charged in the year amounted to £1,728 (2019 - £1,250). |
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16. | ULTIMATE CONTROLLING PARTY |
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At the balance sheet date, the controlling party was Palace Contemporary Arts Limited who were the beneficial owners of a 55% interest in the issued share capital which they acquired on 20 July 2020. |
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Since the balance sheet date the following events have taken place: |
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On 6 October 2020 Palace Contemporary Arts Limited changed its name to Cyan Contemporary Arts Limited. |
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On 30 October 2020 Cyan Contemporary Arts Limited acquired a further 30% of the issued share capital. |
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On 12 November 2020 Cyan Contemporary Arts Limited acquired the remaining 15% of the issued share capital. |
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Cyan Contemporary Arts Limited has no ultimate controlling party. |