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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017 |
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PROFESSIONAL LIGHTING AND SOUND |
ASSOCIATION LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017 |
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FOR |
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PROFESSIONAL LIGHTING AND SOUND |
ASSOCIATION LIMITED |
PROFESSIONAL LIGHTING AND SOUND |
ASSOCIATION LIMITED (REGISTERED NUMBER: 02433137) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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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 | 4 |
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Directors' Responsibilities Statement | 8 |
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Independent Accountants' Review Report | 9 |
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PROFESSIONAL LIGHTING AND SOUND |
ASSOCIATION LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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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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2 Upperton Gardens |
Eastbourne |
East Sussex |
BN21 2AH |
PROFESSIONAL LIGHTING AND SOUND |
ASSOCIATION LIMITED (REGISTERED NUMBER: 02433137) |
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STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 3 |
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Investments | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank |
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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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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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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. |
PROFESSIONAL LIGHTING AND SOUND |
ASSOCIATION LIMITED (REGISTERED NUMBER: 02433137) |
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STATEMENT OF FINANCIAL POSITION - continued |
31 DECEMBER 2017 |
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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 on
behalf by: |
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PROFESSIONAL LIGHTING AND SOUND |
ASSOCIATION LIMITED (REGISTERED NUMBER: 02433137) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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1. | STATUTORY INFORMATION |
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Professional Lighting and Sound Association Limited is a
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registered in England and Wales. The company's registered number and registered office address can |
be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover comprises the invoiced value of goods and services supplied by the company, net of value |
added tax. It is stated exclusive of sales of fixed assets. |
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Tangible fixed assets |
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Freehold property | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Stocks |
Stock is valued at the lower of cost and net realisable value. |
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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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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 |
Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date |
of transaction. |
PROFESSIONAL LIGHTING AND SOUND |
ASSOCIATION LIMITED (REGISTERED NUMBER: 02433137) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Leasing and hire purchase |
Assets obtained under hire purchase and finance leases are capitalised as tangible fixed assets and |
depreciated over their useful lives. The interest element of the rental payment is charged to the profit |
and loss account over the period of the lease. Rentals under operating leases are charged to the profit |
and loss account on a straight line basis over the term of the lease. |
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Pensions |
The company makes defined pension contributions for some of its employees. All contributions are |
charged to the profit and loss account as incurred. |
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3. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2017 |
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Additions |
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Disposals |
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At 31 December 2017 |
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DEPRECIATION |
At 1 January 2017 |
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Charge for year |
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Eliminated on disposal |
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At 31 December 2017 |
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NET BOOK VALUE |
At 31 December 2017 |
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At 31 December 2016 |
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4. | FIXED ASSET INVESTMENTS |
Other |
investments |
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COST |
At 1 January 2017 |
and 31 December 2017 |
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NET BOOK VALUE |
At 31 December 2017 |
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At 31 December 2016 |
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PROFESSIONAL LIGHTING AND SOUND |
ASSOCIATION LIMITED (REGISTERED NUMBER: 02433137) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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4. | FIXED ASSET INVESTMENTS - continued |
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The company's investments at the balance sheet date in the Share Capital of the companies includes |
the following: |
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PLASA Media Limited |
Country of incorporation: England |
Nature of business: Publishers |
Class of shares: Ordinary £1 shares : 100% holding |
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£ |
Aggregate capital and reserves | 112,503 |
Profit for the year | 147,524 |
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PLASA Events Limited |
Country of incorporation: England |
Nature of business: Exhibition and Event organisers |
Class of shares: Ordinary £1 shares : 100% holding |
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£ |
Aggregate capital and reserves | 324,443 |
Profit for the year | 330,314 |
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PLASA Media Inc |
Country of incorporation: USA |
Nature of business: Publishers |
Class of shares: Ordinary £1 shares : 100% holding |
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Aggregate capital and reserves | 79,444 |
Profit for the year | 69,098 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
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Other debtors |
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Amounts due from group |
undertakings | 89,236 | 51,474 |
Prepayments and accrued income |
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PROFESSIONAL LIGHTING AND SOUND |
ASSOCIATION LIMITED (REGISTERED NUMBER: 02433137) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Tax |
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Social security and other taxes |
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Other creditors |
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Amounts due to group |
undertakings | 450,376 | 467,993 |
Accruals and deferred income |
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The bank loan and overdraft are secured on the freehold property, Redoubt House, Eastbourne. |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2017 | 2016 |
£ | £ |
Bank loans repayable between |
one and five years |
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8. | RELATED PARTY DISCLOSURES |
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The company received £250,000 (2016 - £250,000) of management fees from its parent, the Professional |
Lighting and Sound Association (PLASA). The balance due to PLASA at 31 December 2017 was |
£20,073 (2016 - £Nil) |
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PLASA Limited owns the entire share capital of PLASA Media Ltd, PLASA Events Ltd and PLASA |
Media Inc, the company entered into the following transactions with its subsidiaries. |
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The company made sales and recharges of £130,358 (2016 - £45,576) and purchases of £3,486 to |
PLASA Media Limited, a company registered in England and Wales under common control of the |
Professional Lighting and Sound Association. At 31 December 2017 the company was owed £49,594 |
by PLASA Media Ltd (2016 - £3,474 owed by). During the year a £100,000 dividend (2016 - £100,000) |
was voted by PLASA Media Ltd in favour of PLASA Limited. |
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The company made sales and recharges of £125,807 (2016 - £57,859) and purchases of £59,355 (2016 - |
£6,191) to/from PLASA Events Limited, a company registered in England and Wales and under |
common control of the Professional Lighting and Sound Association. At 31 December 2017 the |
company owed £479,897 to PLASA Events Limited (2016 - £467,993). During the year a £200,000 |
dividend was voted by PLASA Events Ltd in favour of PLASA Limited. |
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The company also made sales of £1,084 to PLASA Media Inc. At 31 December 2017 the company was |
owed £89,236 by PLASA Media Inc. |
DIRECTORS' RESPONSIBILITIES STATEMENT |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
PROFESSIONAL LIGHTING AND SOUND |
ASSOCIATION LIMITED |
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The following reproduces the text of the report prepared for the directors and members 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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We confirm that as directors we have met our duty in accordance with the Companies Act 2006 to: |
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- | ensure that the company has kept proper accounting records; |
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prepare financial statements which give a true and fair view of the state of affairs of the company as at
31 December 2017 and of its profit for that period in accordance with United Kingdom Generally Accepted Accounting Practice; and |
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follow the applicable accounting policies, subject to any material departures disclosed and explained in
the notes to the financial statements. |
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ON BEHALF OF THE BOARD: |
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20 June 2018 |
INDEPENDENT ACCOUNTANTS' REVIEW REPORT TO THE DIRECTORS OF |
PROFESSIONAL LIGHTING AND SOUND |
ASSOCIATION 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 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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We have reviewed the financial statements of Professional Lighting and Sound Association Limited for the year ended 31 December 2017, which comprise the Income Statement, Statement of Financial Position and the related notes 1 to 10. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. |
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This report is made solely to the company's directors, as a body, in accordance with our terms of engagement. Our review has been undertaken so that we might state to the directors those matters that we have agreed with them in our engagement letter and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's directors as a body for our work, for this report or the conclusions we have formed. |
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Directors' responsibility for the financial statements |
As explained more fully in the Directors' Responsibilities Statement set out on page twelve, the directors are |
responsible for the preparation of the financial statements and for being satisfied that they give a true and |
fair view. |
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Accountants' responsibility |
Our responsibility is to express a conclusion based on our review of the financial statements. We conducted |
our review in accordance with International Standard on Review Engagements (ISRE) 2400 (Revised), |
'Engagements to review historical financial statements' and ICAEW Technical Release TECH 09/13AAF |
'Assurance review engagements on historical financial statements'. ISRE 2400 also requires us to comply with |
the ICAEW Code of Ethics. |
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Scope of the assurance review |
A review of financial statements in accordance with ISRE 2400 (Revised) is a limited assurance engagement. |
We have performed additional procedures to those required under a compilation engagement. These |
primarily consist of making enquiries of management and others within the entity, as appropriate, applying |
analytical procedures and evaluating the evidence obtained. The procedures performed in a review are |
substantially less than those performed in an audit conducted in accordance with International Standards on |
Auditing (UK and Ireland). Accordingly, we do not express an audit opinion on these financial statements. |
INDEPENDENT ACCOUNTANTS' REVIEW REPORT TO THE DIRECTORS OF |
PROFESSIONAL LIGHTING AND SOUND |
ASSOCIATION LIMITED |
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Conclusion |
Based on our review, nothing has come to our attention that causes us to believe that the financial statements have not been prepared: |
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so as to give a true and fair view of the state of the company's affairs as at 31 December 2017 and of its
profit for the year then ended; |
- | in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | in accordance with the requirements of the Companies Act 2006. |
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2 Upperton Gardens |
Eastbourne |
East Sussex |
BN21 2AH |
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