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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019 |
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DRUMMONDS BATHROOMS LTD. |
REGISTERED NUMBER:
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019 |
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FOR |
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DRUMMONDS BATHROOMS LTD. |
DRUMMONDS BATHROOMS LTD. (REGISTERED NUMBER: 02246807) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 December 2019 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 3 |
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DRUMMONDS BATHROOMS LTD. |
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COMPANY INFORMATION |
for the Year Ended 31 December 2019 |
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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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AUDITORS: |
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Aruna House |
2 Kings Road |
Haslemere |
Surrey |
GU27 2QA |
DRUMMONDS BATHROOMS LTD. (REGISTERED NUMBER: 02246807) |
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STATEMENT OF FINANCIAL POSITION |
31 December 2019 |
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31.12.19 | 31.12.18 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investments | 5 |
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CURRENT ASSETS |
Stocks |
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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 | 8 | ( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 10 |
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Share premium | 11 |
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Revaluation reserve | 11 |
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Retained earnings | 11 |
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SHAREHOLDERS' FUNDS |
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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
behalf by: |
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DRUMMONDS BATHROOMS LTD. (REGISTERED NUMBER: 02246807) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 December 2019 |
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1. | STATUTORY INFORMATION |
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Drummonds Bathrooms Ltd. is a
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registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Preparation of consolidated financial statements |
The financial statements contain information about Drummonds Bathrooms Ltd. as an individual company and do not |
contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the |
Companies Act 2006 from the requirements to prepare consolidated financial statements. |
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Turnover |
Turnover comprises revenue recognised by the company in respect of goods and services supplied, exclusive of Value |
Added Tax and trade discounts. Revenue is recognised in accordance to the goods or services being supplied. This is |
usually the date of supply. Where goods are ordered in advance of supply an initial non-refundable deposit is issued and |
recognised at the date of order, and further invoices are issued and recognised at the date goods first become available for |
delivery. |
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Tangible fixed assets |
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Long leasehold | - |
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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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Stocks |
Stocks are valued at the lower of cost net realisable value after making due allowance for obsolete and slow-moving stocks. |
Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. |
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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 statement of financial position date. |
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DRUMMONDS BATHROOMS LTD. (REGISTERED NUMBER: 02246807) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2019 |
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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 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 |
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at |
the balance sheet date. |
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Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. |
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Exchange gains and losses are recognised in the profit and loss accounts. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets, Assets acquired by |
finance lease are depreciated over the shorter of the lease term and their useful lives, Assets acquired by hire purchase are |
depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are |
assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to |
future periods. The finance element of the rental payment is charged to the Profit and loss account so as to produce a |
constant periodic rate of charge on the net obligation outstanding in each period. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the Company or the individual'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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DRUMMONDS BATHROOMS LTD. (REGISTERED NUMBER: 02246807) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2019 |
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
Long | Plant and | and |
leasehold | machinery | fittings |
£ | £ | £ |
COST OR VALUATION |
At 1 January 2019 |
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Additions |
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Disposals |
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At 31 December 2019 |
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DEPRECIATION |
At 1 January 2019 |
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Charge for year |
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Eliminated on disposal |
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At 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 January 2019 |
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Additions |
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Disposals | ( |
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( |
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At 31 December 2019 |
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DEPRECIATION |
At 1 January 2019 |
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Charge for year |
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Eliminated on disposal | ( |
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( |
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At 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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DRUMMONDS BATHROOMS LTD. (REGISTERED NUMBER: 02246807) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2019 |
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4. | TANGIBLE FIXED ASSETS - continued |
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Cost or valuation at 31 December 2019 is represented by: |
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Fixtures |
Long | Plant and | and |
leasehold | machinery | fittings |
£ | £ | £ |
Valuation in 2015 | 300,000 | - | - |
Valuation in 2018 | 560,350 | - | - |
Cost | 1,000,528 | 19,114 | 283,154 |
1,860,878 | 19,114 | 283,154 |
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Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
Valuation in 2015 | - | - | 300,000 |
Valuation in 2018 | - | - | 560,350 |
Cost | 42,491 | 39,200 | 1,384,487 |
42,491 | 39,200 | 2,244,837 |
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If the leasehold property had not been revalued it would have been included at the following historical cost: |
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31.12.19 | 31.12.18 |
£ | £ |
Cost | 1,000,528 | 1,000,528 |
Aggregate depreciation | 87,861 | 87,861 |
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Value of land in freehold land and buildings | 1,300,528 | 1,300,528 |
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Leasehold building was valued on an open market basis on 10 April 2019 by Curchod & Co . |
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5. | FIXED ASSET INVESTMENTS |
Unlisted |
investments |
in |
subsiary |
companies |
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COST |
At 1 January 2019 |
and 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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DRUMMONDS BATHROOMS LTD. (REGISTERED NUMBER: 02246807) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2019 |
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6. | DEBTORS |
31.12.19 | 31.12.18 |
£ | £ |
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 |
31.12.19 | 31.12.18 |
£ | £ |
Bank loans and overdrafts |
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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 |
31.12.19 | 31.12.18 |
£ | £ |
Bank loans |
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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 | 362,882 | 384,930 |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31.12.19 | 31.12.18 |
£ | £ |
Bank loans |
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HSBC Bank PLC holds a charge over all monies and liabilities whatever, whenever and howsoever incurred by the |
Company whether now or in the future. |
DRUMMONDS BATHROOMS LTD. (REGISTERED NUMBER: 02246807) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2019 |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.19 | 31.12.18 |
value: | £ | £ |
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Ordinary | £1 | 587,785 | 515,494 |
(31.12.18 -
515,494 ) |
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72,291 Ordinary shares of £1 were issued during the year
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11. | RESERVES |
Retained | Share | Revaluation |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
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At 1 January 2019 |
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3,544,010 |
Profit for the year |
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Dividends | ( |
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Leasehold revaluation |
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At 31 December 2019 |
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3,949,285 |
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12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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13. | OTHER FINANCIAL COMMITMENTS |
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Future non-capital commitments expiring in less than twelve months total £6,389. |
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Future non-capital commitments expiring in more than twelve months total £1,067,405. |
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14. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to directors subsisted during the years ended 31 December 2019 and |
31 December 2018: |
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31.12.19 | 31.12.18 |
£ | £ |
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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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DRUMMONDS BATHROOMS LTD. (REGISTERED NUMBER: 02246807) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2019 |
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14. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued |
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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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During the year interest was charged at the advisory rate to S P Whitby for the advances made. |
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15. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling party is
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