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No description of principal activities is disclosed
2017-04-01
Sage Accounts Production 18.11 - FRS
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2017-03-31
03622182
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03622182
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2018-03-31
03622182
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03622182
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03622182
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2017-03-31
Company registration number:
03622182
Priory Manufacturing Limited
Unaudited filleted financial statements
31 March 2018
Priory Manufacturing Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Priory Manufacturing Limited
Directors and other information
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Directors
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Mr L. J. Upson
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Mrs L. M. Upson
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Secretary
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Mr L. J. Upson
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Company number
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03622182
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Registered office
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285 Dodworth Road
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Barnsley
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South Yorkshire
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S70 6PF
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Accountants
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Pivotal Business Services Limited
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285 Dodworth Road
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Barnsley
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South Yorkshire
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S70 6PF
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Priory Manufacturing Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Priory Manufacturing Limited
Year ended 31 March 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Priory Manufacturing Limited for the year ended 31 March 2018 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of Priory Manufacturing Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Priory Manufacturing Limited and state those matters that we have agreed to state to the board of directors of Priory Manufacturing Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/uk/en/technical-activities /technical-resources-search/2009/october/ factsheet-163-audit-exempt-companies.html. http://www.accaglobal.com/uk/en/technical-activities /technical-resources-search/2009/october/ factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Priory Manufacturing Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Priory Manufacturing Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Priory Manufacturing Limited. You consider that Priory Manufacturing Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Priory Manufacturing Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Pivotal Business Services Limited
Chartered Certified Accountants
285 Dodworth Road
Barnsley
South Yorkshire
S70 6PF
21 June 2018
Priory Manufacturing Limited
Statement of financial position
31 March 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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Investments
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4
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10
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10
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|
|
|
|
|
_______
|
|
|
|
_______
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|
|
|
|
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|
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10
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10
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|
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Current assets
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Debtors
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5
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7,704
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32,704
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Cash at bank and in hand
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89
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89
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_______
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_______
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7,793
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32,793
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Net current assets
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7,793
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32,793
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_______
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_______
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Total assets less current liabilities
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7,803
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32,803
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|
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_______
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_______
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Net assets
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7,803
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32,803
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|
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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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100
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|
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100
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Profit and loss account
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|
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7,703
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32,703
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_______
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_______
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Shareholders funds
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7,803
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32,803
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_______
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_______
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For the year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
-
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;
-
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 comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
21 June 2018
, and are signed on behalf of the board by:
Mr L. J. Upson
Director
Company registration number:
03622182
Priory Manufacturing Limited
Statement of changes in equity
Year ended 31 March 2018
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Called up share capital
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Profit and loss account
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Total
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£
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£
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£
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|
|
|
|
|
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|
|
|
|
|
|
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At 1 April 2016
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100
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32,703
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32,803
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Profit for the year
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-
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-
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_______
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_______
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_______
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Total comprehensive income for the year
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-
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-
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-
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_______
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_______
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_______
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At 31 March 2017 and 1 April 2017
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100
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32,703
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32,803
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Profit for the year
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-
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-
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_______
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_______
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_______
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Total comprehensive income for the year
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-
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-
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-
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Dividends paid and payable
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(
25,000)
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(
25,000)
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_______
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_______
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_______
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Total investments by and distributions to owners
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-
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(
25,000)
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(
25,000)
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_______
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_______
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_______
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At 31 March 2018
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100
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7,703
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7,803
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_______
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_______
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_______
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Priory Manufacturing Limited
Notes to the financial statements
Year ended 31 March 2018
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Pivotal Business Services Ltd, 285 Dodworth Road, Barnsley, South Yorkshire, S70 6PF.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company and its subsidiary companies comprise a small group. The company has taken advantage of the option provided by Section 398 of the Companies Act 2006 not to prepare group accounts.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Investments
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Shares in group undertakings and participating interests
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Total
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£
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£
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|
|
|
|
Cost
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At 1 April 2017 and 31 March 2018
|
10
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10
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|
|
|
|
|
|
_______
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_______
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|
|
|
|
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Impairment
|
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|
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At 1 April 2017 and 31 March 2018
|
-
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-
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|
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_______
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_______
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|
|
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Carrying amount
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|
|
|
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At 31 March 2018
|
10
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10
|
|
|
|
|
|
|
_______
|
_______
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|
|
|
|
|
At 31 March 2017
|
10
|
10
|
|
|
|
|
|
|
_______
|
_______
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|
|
|
|
|
|
|
|
|
|
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5.
Debtors
|
|
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2018
|
2017
|
|
|
|
£
|
£
|
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest
|
|
7,704
|
32,704
|
|
|
|
_______
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_______
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|
|
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|
|
6.
Related party transactions
During the year the company entered into the following transactions with related parties:
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Transaction value
|
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Balance owed by/(owed to)
|
|
|
|
2018
|
2017
|
2018
|
2017
|
|
|
£
|
£
|
£
|
£
|
|
Jedson Composite Doors Ltd
|
-
|
-
|
7,704
|
32,704
|
|
|
_______
|
_______
|
_______
|
_______
|
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|
|
|
The company provided an interest free loan to its subsidiary Jedson Composite Doors Ltd which is repayable on demand.
7.
Controlling party
There is no one controlling party.