Company registration number:
03312928
Hand Held Audio Limited
Unaudited filleted financial statements
30 April 2018
Hand Held Audio Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Hand Held Audio Limited
Directors and other information
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Directors
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N. Bruce-Smith
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J. Bruce-Smith
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Secretary
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N. Bruce-Smith
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Company number
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03312928
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Registered office
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Chase Green House
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42 Chase Side
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Enfield, Middlesex
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EN2 6NF
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Business address
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Unit 8, Waterways Business Centre
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Navigation Drive
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South Ordnance Road
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Enfield
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EN3 6JJ
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Accountants
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Brian Paul Limited
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Chase Green House
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42 Chase Side
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Enfield
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Middlesex
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EN2 6NF
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Hand Held Audio Limited
Statement of financial position
30th April 2018
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2018
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2017
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Note
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£
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£
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£
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£
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Fixed assets
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Tangible assets
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5
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289,266
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326,323
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_______
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_______
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289,266
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326,323
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Current assets
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Stocks
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9,950
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13,600
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Debtors
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6
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65,621
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100,890
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Cash at bank and in hand
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30,495
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91,835
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_______
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_______
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106,066
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206,325
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Creditors: amounts falling due
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within one year
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7
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(
171,932)
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(
164,563)
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_______
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_______
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Net current (liabilities)/assets
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(
65,866)
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41,762
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_______
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_______
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Total assets less current liabilities
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223,400
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368,085
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Creditors: amounts falling due
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after more than one year
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8
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(
13,154)
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(
26,569)
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Accruals and deferred income
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-
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(
8,665)
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_______
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_______
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Net assets
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210,246
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332,851
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_______
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_______
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Capital and reserves
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Called up share capital
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10
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9,000
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9,000
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Profit and loss account
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201,246
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323,851
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_______
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_______
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Shareholders funds
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210,246
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332,851
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_______
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_______
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For the year ending 30 April 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
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The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
27 November 2018
, and are signed on behalf of the board by:
N. Bruce-Smith
Director
Company registration number:
03312928
Hand Held Audio Limited
Notes to the financial statements
Year ended 30th April 2018
1.
General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is Chase Green House, 42 Chase Side, Enfield, Middlesex, EN2 6NF business address of the company is Unit 8, Waterways Business Centre, Navigation Drive, South Ordnance Road, Enfield, EN3 6JJ
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover represents the total invoice value, excluding value added tax, of sales made during the year.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.
Operating leases
Rental payable under operating leases are charged against income on a straight line basis over the lease term.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
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Technical equipment
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-
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10 %
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straight line
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Fittings fixtures and equipment
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25 %
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reducing balance
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Periodic reviews of technical equipment are carried out and where applicable additional depreciation is charged.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Hire purchase and finance leases
Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.
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Government grants
Government grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss accounts as the related expenditure is incurred.
Defined contribution plans
The pension costs charged in the financial statements represent the contribution payable by the company during the year.
4.
Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:
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2018
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2017
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Production staff
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3
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3
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Administrative staff
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4
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4
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_______
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_______
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7
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7
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_______
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_______
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5.
Tangible assets
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Technical equipment
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Fixtures, fittings and equipment
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Total
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£
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£
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£
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Cost
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At 1st May 2017
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1,273,655
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106,272
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1,379,927
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Additions
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36,347
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736
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37,083
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_______
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_______
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At 30th April 2018
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1,310,002
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107,008
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1,417,010
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_______
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_______
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_______
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Depreciation
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At 1st May 2017
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956,633
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96,971
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1,053,604
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Charge for the year
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71,631
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2,509
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74,140
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_______
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_______
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_______
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At 30th April 2018
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1,028,264
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99,480
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1,127,744
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_______
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_______
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_______
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Carrying amount
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At 30th April 2018
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281,738
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7,528
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289,266
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_______
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_______
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_______
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At 30th April 2017
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317,022
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9,301
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326,323
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_______
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_______
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_______
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6.
Debtors
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2018
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2017
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£
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£
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Trade debtors
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58,090
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91,732
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Prepayments and accrued income
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7,531
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9,158
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_______
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_______
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65,621
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100,890
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_______
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_______
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7.
Creditors: amounts falling due within one year
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2018
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2017
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£
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£
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Trade creditors
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54,495
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60,257
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Accruals and deferred income
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27,637
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35,821
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Corporation tax
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45,284
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27,616
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Social security and other taxes
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20,164
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17,815
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Obligations under finance leases
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13,415
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12,439
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Director loan accounts
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1,169
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539
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Other creditors
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9,768
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10,076
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_______
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_______
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171,932
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164,563
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_______
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_______
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8.
Creditors: amounts falling due after more than one year
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2018
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2017
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£
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£
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Obligations under finance leases
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13,154
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26,569
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_______
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_______
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9.
Accruals and deferred income
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2018
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2017
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£
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£
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At start of period
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8,665
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148,069
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Released to the profit or loss
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(8,665)
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(139,404)
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_______
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_______
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At end of period
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-
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8,665
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_______
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_______
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10.
Called up share capital
Issued, called up and fully paid
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2018
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2017
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No
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£
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No
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£
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Ordinary A shares
shares of £
1.00 each
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4,000
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4,000
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4,000
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4,000
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Ordinary B shares
shares of £
1.00 each
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5,000
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5,000
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5,000
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5,000
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_______
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_______
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_______
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_______
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9,000
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9,000
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9,000
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9,000
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_______
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_______
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_______
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_______
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11.
Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
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£ |
£ |
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Not later than 1 year |
28,000
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28,000
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Later than 1 year and not later than 5 years |
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28,000
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_______ |
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28,000
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56,000
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The company has a lease commitment until 6thJuly 2019 and re-negotiation is in progress.
12.
Controlling party
By virtue of his shareholding
N.Bruce-Smith
can exercise control over the company.