REGISTERED NUMBER:
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Report of the Director and |
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Unaudited Financial Statements for the Year Ended 30th April 2022 |
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Cores & Tubes Limited |
REGISTERED NUMBER:
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Report of the Director and |
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Unaudited Financial Statements for the Year Ended 30th April 2022 |
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for |
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Cores & Tubes Limited |
Cores & Tubes Limited (Registered number: 02057606) |
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Contents of the Financial Statements |
for the Year Ended 30th April 2022 |
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Company Information | 1 |
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Report of the Director | 2 |
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Income Statement | 3 |
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Balance Sheet | 4 |
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Notes to the Financial Statements | 6 |
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Cores & Tubes Limited |
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Company Information |
for the Year Ended 30th April 2022 |
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DIRECTOR: |
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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 |
343 Bedfont Lane |
Feltham |
Middlesex |
TW14 9SD |
Cores & Tubes Limited (Registered number: 02057606) |
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Report of the Director |
for the Year Ended 30th April 2022 |
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The director presents his report with the financial statements of the company for the year ended 30th April 2022. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of the manufacture of spiral wound fibreboard tubes. |
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DIRECTOR |
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This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
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ON BEHALF OF THE BOARD: |
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Cores & Tubes Limited (Registered number: 02057606) |
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Income Statement |
for the Year Ended 30th April 2022 |
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2022 | 2021 |
Notes | £ | £ | £ | £ |
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TURNOVER |
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Cost of sales |
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GROSS PROFIT |
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Distribution costs |
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Administrative expenses |
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442,518 | 394,409 |
6,014 | 1,446 |
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Other operating income |
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OPERATING PROFIT | 4 |
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Interest receivable and similar income |
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10,767 | 36,465 |
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Interest payable and similar expenses |
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PROFIT BEFORE TAXATION |
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Tax on profit | ( |
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PROFIT FOR THE FINANCIAL YEAR |
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Cores & Tubes Limited (Registered number: 02057606) |
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Balance Sheet |
30th April 2022 |
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2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
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Tangible assets | 6 |
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CURRENT ASSETS |
Stocks |
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Debtors | 7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 8 |
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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 |
9 |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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The director acknowledges his 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. |
Cores & Tubes Limited (Registered number: 02057606) |
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Balance Sheet - continued |
30th April 2022 |
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The financial statements were approved by the director and authorised for issue on
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Cores & Tubes Limited (Registered number: 02057606) |
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Notes to the Financial Statements |
for the Year Ended 30th April 2022 |
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1. | STATUTORY INFORMATION |
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Cores & Tubes Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The accounts have been prepared under the going concern basis. Despite making losses in the current financial year the Director expects the company to return to profit. |
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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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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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Improvements to property | - |
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Plant and machinery | - |
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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 |
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model. |
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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. |
Cores & Tubes Limited (Registered number: 02057606) |
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Notes to the Financial Statements - continued |
for the Year Ended 30th April 2022 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 ·Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
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Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
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Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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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Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
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Other financial assets |
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment. |
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Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
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Basic financial liabilities |
Basic financial liabilities include creditors and bank loans. |
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Trade creditors and other creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
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Interest bearing borrowings are initially measured at fair value, net of transaction costs. Interest bearing borrowings are subsequently carried at amortised cost. Interest expense is recognised on the basis of the effective interest method and included in interest payable. |
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Borrowings are classified as current unless the company has an unconditional right to defer settlement for at least 12 months after the reporting period. |
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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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Cores & Tubes Limited (Registered number: 02057606) |
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Notes to the Financial Statements - continued |
for the Year Ended 30th April 2022 |
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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. | OPERATING PROFIT |
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The operating profit is stated after charging: |
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2022 | 2021 |
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Depreciation - owned assets |
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Patents and licences amortisation |
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5. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
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COST |
At 1st May 2021 |
and 30th April 2022 |
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AMORTISATION |
At 1st May 2021 |
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Charge for year |
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At 30th April 2022 |
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NET BOOK VALUE |
At 30th April 2022 |
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At 30th April 2021 |
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Cores & Tubes Limited (Registered number: 02057606) |
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Notes to the Financial Statements - continued |
for the Year Ended 30th April 2022 |
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6. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1st May 2021 |
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Additions |
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At 30th April 2022 |
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DEPRECIATION |
At 1st May 2021 |
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Charge for year |
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At 30th April 2022 |
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NET BOOK VALUE |
At 30th April 2022 |
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At 30th April 2021 |
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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 1st May 2021 |
and 30th April 2022 |
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DEPRECIATION |
At 1st May 2021 |
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Charge for year |
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At 30th April 2022 |
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NET BOOK VALUE |
At 30th April 2022 |
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At 30th April 2021 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
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Other debtors |
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Cores & Tubes Limited (Registered number: 02057606) |
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Notes to the Financial Statements - continued |
for the Year Ended 30th April 2022 |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
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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9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans |
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Hire purchase contracts (see note 10) |
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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 |
2022 | 2021 |
£ | £ |
Net obligations repayable: |
Within one year |
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Between one and five years |
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Non-cancellable | operating leases |
2022 | 2021 |
£ | £ |
Within one year |
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11. | ULTIMATE CONTROLLING PARTY |
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The controlling party is B Meconi. |