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REGISTERED NUMBER:
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AUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2017 |
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HOUSE OF WESTPHALIA LIMITED |
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REGISTERED NUMBER:
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AUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2017 |
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FOR |
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HOUSE OF WESTPHALIA LIMITED |
HOUSE OF WESTPHALIA LIMITED (REGISTERED NUMBER: 02514239) |
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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 | 3 |
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HOUSE OF WESTPHALIA LIMITED |
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COMPANY INFORMATION |
for the Year Ended 31 DECEMBER 2017 |
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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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SENIOR STATUTORY AUDITOR: |
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INDEPENDENT AUDITORS : |
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Prospero House |
46-48 Rothesay Road |
Luton |
Bedfordshire |
LU1 1QZ |
HOUSE OF WESTPHALIA LIMITED (REGISTERED NUMBER: 02514239) |
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STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investments | 5 |
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CURRENT ASSETS |
Stocks | 6 |
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Debtors | 7 |
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Cash at bank |
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CREDITORS: AMOUNTS FALLING
DUE WITHIN ONE YEAR |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES | 10 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 11 |
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Retained earnings | 12 |
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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 on
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HOUSE OF WESTPHALIA LIMITED (REGISTERED NUMBER: 02514239) |
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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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House of Westphalia Limited is a
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company's 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 |
These financial statements have been prepared in accordance with the provision of Section 1A "Small Entities" |
of Financial Reporting Standards 102 "The Financial Reporting Standard applicable in the UK and Republic of |
Ireland" and the Companies Act 2006. The financial statements have been prepared under historical cost |
convention, as modified by the financial liabilities (including derivative instruments) at fair value through the |
profit and loss. |
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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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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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The directors believe the residual value of the freehold property to be at least the carrying value in these financial |
statements and therefore any depreciation would be negligible. Any maintenance costs are charged to the profit |
and loss in the year incurred. The directors review the estimated residual value at the end of each accounting |
period. |
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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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Financial instruments |
Basic financial instruments are recognised at amortised cost. |
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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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HOUSE OF WESTPHALIA LIMITED (REGISTERED NUMBER: 02514239) |
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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 |
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 the |
transaction. Exchange differences are taken into account in arriving at the operating result. |
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Derivative financial instruments and hedging activities |
Derivatives are initially recognised at fair value on the date the derivative contract is entered into and are |
subsequently remeasured at their fair value. |
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Changes in the fair values of derivatives are recorded in the income statement together with any changes in the |
fair values of the hedged liabilities that are attributable to the hedged risk. |
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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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Fixed asset investments |
Fixed asset investments relate to classic cars, these investments are initially recognised at their transaction value |
and subsequently at fair value at the end of each reporting period. |
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The maintenance costs are charged to the profit and loss account in the year incurred. |
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Cash flow statement |
The company has taken advantage of the small company exemption in relation to the preparation of a cash flow |
statement. A small company is not required to comply with FRS 102 Section 7 Statement of Cash Flows. |
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Strategic report |
The directors have taken advantage of Companies Act 2006 s414B not to produce a strategic report under small |
companies exemptions. |
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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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HOUSE OF WESTPHALIA LIMITED (REGISTERED NUMBER: 02514239) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 DECEMBER 2017 |
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4. | TANGIBLE FIXED ASSETS |
Improvements |
Freehold | to | Plant and |
property | property | machinery |
£ | £ | £ |
COST |
At 1 January 2017 |
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Additions |
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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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Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2017 |
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Additions |
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Disposals |
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( |
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( |
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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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( |
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( |
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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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HOUSE OF WESTPHALIA LIMITED (REGISTERED NUMBER: 02514239) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 DECEMBER 2017 |
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4. | TANGIBLE FIXED ASSETS - continued |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
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COST |
At 1 January 2017 |
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Transfer to ownership | (30,295 | ) |
At 31 December 2017 |
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DEPRECIATION |
At 1 January 2017 |
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Charge for year |
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Transfer to ownership | (16,335 | ) |
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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5. | FIXED ASSET INVESTMENTS |
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Investments (neither listed nor unlisted) were as follows: |
2017 | 2016 |
£ | £ |
Fixed asset investments - |
motor vehicles | 94,496 | 94,496 |
Fixed asset investment disposals | (45,896 | ) | - |
48,600 | 94,496 |
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The directors consider the fair value to be at least the current carrying value in these accounts and therefore any |
changes in the fair value would be negligible. |
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6. | STOCKS |
2017 | 2016 |
£ | £ |
Stocks |
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Goods for resale | 271,412 | 327,091 |
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HOUSE OF WESTPHALIA LIMITED (REGISTERED NUMBER: 02514239) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 DECEMBER 2017 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
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Other debtors |
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Derivative asset | - | 12,711 |
Director's current account | 4,355 | 4,201 |
VAT |
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Prepayments |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Hire purchase contracts (see note 9) |
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Trade creditors |
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Derivative liability |
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Corporation tax |
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Taxation and social security |
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Other creditors |
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Accrued expenses |
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9. | LEASING AGREEMENTS |
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Minimum lease payments fall due as follows: |
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Hire purchase contracts |
2017 | 2016 |
£ | £ |
Net obligations repayable: |
Within one year |
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Hire purchase creditors are secured on the assets financed. |
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Non-cancellable operating |
leases |
2017 | 2016 |
£ | £ |
Between one and five years |
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10. | PROVISIONS FOR LIABILITIES |
2017 | 2016 |
£ | £ |
Deferred tax | 58,746 | 76,205 |
HOUSE OF WESTPHALIA LIMITED (REGISTERED NUMBER: 02514239) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 DECEMBER 2017 |
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10. | PROVISIONS FOR LIABILITIES - continued |
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Deferred |
tax |
£ |
Balance at 1 January 2017 |
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Accelerated capital allowances | (17,459 | ) |
Balance at 31 December 2017 |
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11. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2017 | 2016 |
value: | £ | £ |
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Ordinary | £1 | 89,105 | 89,105 |
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Ordinary A | £1 | 280 | 280 |
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Ordinary B | £1 | 33,960 | 38,960 |
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Ordinary C | £1 | 10,000 | 5,000 |
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Ordinary D | £1 | 13,188 | 13,188 |
146,533 | 146,533 |
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All shares rank pari passu equally in all regards except that each class of share has a right to receive dividends |
payable to that class of shares only. |
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During the year 5000 Ordinary B £1 shares were reclassified into 5000 Ordinary C £1 shares. |
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12. | RESERVES |
Retained |
earnings |
£ |
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At 1 January 2017 |
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Profit for the year |
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Dividends | ( |
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At 31 December 2017 |
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13. | 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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HOUSE OF WESTPHALIA LIMITED (REGISTERED NUMBER: 02514239) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 DECEMBER 2017 |
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14. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to a director subsisted during the years ended 31 December 2017 and |
31 December 2016: |
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2017 | 2016 |
£ | £ |
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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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Interest of 4% has been charged on the overdrawn director's loan account during the period. |
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15. | ULTIMATE CONTROLLING PARTY |
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The controlling party is Mr A R Mills. |