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REPORT OF THE DIRECTORS AND |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE PERIOD 1 FEBRUARY 2017 TO 31 DECEMBER 2017 |
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LCA GROUP LIMITED |
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REGISTERED NUMBER:
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REPORT OF THE DIRECTORS AND |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE PERIOD 1 FEBRUARY 2017 TO 31 DECEMBER 2017 |
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FOR |
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LCA GROUP LIMITED |
LCA GROUP LIMITED (REGISTERED NUMBER: 02588033) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 FEBRUARY 2017 TO 31 DECEMBER 2017 |
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Company Information | 1 |
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Report of the Directors | 2 |
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Balance Sheet | 3 |
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Notes to the Financial Statements | 5 |
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LCA GROUP LIMITED |
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COMPANY INFORMATION |
FOR THE PERIOD 1 FEBRUARY 2017 TO 31 DECEMBER 2017 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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LCA GROUP LIMITED (REGISTERED NUMBER: 02588033) |
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REPORT OF THE DIRECTORS |
FOR THE PERIOD 1 FEBRUARY 2017 TO 31 DECEMBER 2017 |
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The directors present their report with the financial statements of the company for the period 1 February 2017 to 31 December 2017. |
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CHANGE OF NAME |
The company passed a special resolution on 9 January 2018 changing its name from
LCA Group Limited. |
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REVIEW OF BUSINESS |
A sale of the business was completed on the 14th June 2017 with new Directors assuming control. The |
Directors are implementing their strategy and vision for the business, including the consolidation of two legacy |
business premises into one new facility to house the entire business operations. The business has also |
invested significantly in automation manufacturing equipment. These actions will drive forward business |
efficiencies and provide a platform to grow the business significantly. |
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As part of the transition the business has incurred significant restructuring costs such as onerous lease costs |
and staff costs which have had a one-off impact on financial performance. This was planned and poses no |
issue to ongoing trading. Also in the period the Company suffered a material bad debt. |
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As a result of actions taken during the period the outlook for 2018 and beyond is extremely positive with |
interim results showing markedly increased turnover with both existing and new clients in new sectors, and a |
return to profitability. |
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DIRECTORS |
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Other changes in directors holding office are as follows: |
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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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LCA GROUP LIMITED (REGISTERED NUMBER: 02588033) |
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BALANCE SHEET |
31 DECEMBER 2017 |
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31/12/17 | 31/1/17 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks | 6 |
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Debtors | 7 |
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Cash at bank and in hand |
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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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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Share premium |
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Retained earnings |
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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 |
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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. |
LCA GROUP LIMITED (REGISTERED NUMBER: 02588033) |
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BALANCE SHEET - 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
its behalf by: |
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LCA GROUP LIMITED (REGISTERED NUMBER: 02588033) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 FEBRUARY 2017 TO 31 DECEMBER 2017 |
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1. | STATUTORY INFORMATION |
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LCA Group 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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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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Turnover is recognised when the significant risks and rewards of ownership of the goods is transferred |
to the buyer. For short term contracts, this is usually at the point that the customer has signed for |
delivery of the goods. For long term contracts turnover is recognised based on the stage of completion |
of the contract and is calculated as the appropriate proportion of the total contract value. |
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Goodwill |
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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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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 and work in progress |
Stocks and work in progress are valued at the lower of cost and estimated selling price less costs to |
sell after making due allowance for obsolete and slow moving items. |
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Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling |
costs in bringing stocks to their present condition and location. |
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Profit on long term and certain other major contracts is recognised based on the value work done at |
the balance sheet date as a proportion of the total contract cost. In relation to these contracts, any |
amounts of sales provisions required are included as a current asset under the heading amounts |
recoverable on contracts. |
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LCA GROUP LIMITED (REGISTERED NUMBER: 02588033) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 FEBRUARY 2017 TO 31 DECEMBER 2017 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the period 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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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 period 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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Employee benefits |
The costs of short-term employee benefits are recognised as a liability and an expense. The |
company's policy in respect of holiday pay is as follows; unless there are exceptional circumstances, |
employees are required to use their annual holiday entitlement in the year to which it relates. For this |
reason, it is not expected that the company will carry forward significant liabilities in respect of unused |
holidays. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the period was
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LCA GROUP LIMITED (REGISTERED NUMBER: 02588033) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 FEBRUARY 2017 TO 31 DECEMBER 2017 |
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4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
Goodwill | assets | Totals |
£ | £ | £ |
COST |
At 1 February 2017 |
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Additions |
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At 31 December 2017 |
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AMORTISATION |
At 1 February 2017 |
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Charge for period |
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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 January 2017 |
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5. | TANGIBLE FIXED ASSETS |
Fixtures |
Short | Plant and | and |
leasehold | machinery | fittings |
£ | £ | £ |
COST |
At 1 February 2017 |
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Additions |
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At 31 December 2017 |
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DEPRECIATION |
At 1 February 2017 |
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Charge for period |
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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 January 2017 |
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LCA GROUP LIMITED (REGISTERED NUMBER: 02588033) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 FEBRUARY 2017 TO 31 DECEMBER 2017 |
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5. | TANGIBLE FIXED ASSETS - continued |
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Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 February 2017 |
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Additions |
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At 31 December 2017 |
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DEPRECIATION |
At 1 February 2017 |
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Charge for period |
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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 January 2017 |
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Fixed assets, included in the above, which are held under hire purchase contracts or finance leases |
are as follows: |
Plant and |
machinery |
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COST |
At 1 February 2017 |
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Transfer to ownership | (6,150 | ) |
At 31 December 2017 |
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DEPRECIATION |
At 1 February 2017 |
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Transfer to ownership | (4,046 | ) |
At 31 December 2017 |
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NET BOOK VALUE |
At 31 December 2017 |
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At 31 January 2017 |
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6. | STOCKS |
31/12/17 | 31/1/17 |
£ | £ |
Stocks |
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Work-in-progress |
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LCA GROUP LIMITED (REGISTERED NUMBER: 02588033) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 FEBRUARY 2017 TO 31 DECEMBER 2017 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/17 | 31/1/17 |
£ | £ |
Trade debtors |
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Amounts recoverable on |
contracts |
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Other debtors |
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Directors' current accounts | - | 27,909 |
Tax |
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VAT |
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Deferred tax asset |
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Prepayments and accrued income |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/17 | 31/1/17 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Social security and other taxes |
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VAT | - | 221,419 |
Other creditors |
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Directors' current accounts | - | 112,902 |
Deferred income |
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Accrued expenses |
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9. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
31/12/17 | 31/1/17 |
£ | £ |
Within one year |
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Between one and five years |
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10. | SECURED DEBTS |
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There is a fixed and floating charge over all assets of the company in favour of monies due to TD |
Williams (as security trustee). |
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11. | CAPITAL COMMITMENTS |
31/12/17 | 31/1/17 |
£ | £ |
Contracted but not provided for in the |
financial statements |
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LCA GROUP LIMITED (REGISTERED NUMBER: 02588033) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 FEBRUARY 2017 TO 31 DECEMBER 2017 |
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12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to a director subsisted during the periods ended |
31 December 2017 and 31 January 2017: |
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31/12/17 | 31/1/17 |
£ | £ |
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Balance outstanding at start of period |
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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 period |
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