REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2022 |
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BATES WHARF (SOUTHERN) LTD |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2022 |
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FOR |
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BATES WHARF (SOUTHERN) LTD |
BATES WHARF (SOUTHERN) LTD (REGISTERED NUMBER: 03693803) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2022 |
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Company Information | 1 |
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Chartered Accountants' Report | 2 |
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Statement of Financial Position | 3 |
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Notes to the Financial Statements | 5 |
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BATES WHARF (SOUTHERN) LTD |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 30 APRIL 2022 |
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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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ACCOUNTANTS: |
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Chartered Accountants |
Drake House |
80 Guildford Street |
Chertsey |
Surrey |
KT16 9AD |
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
BATES WHARF (SOUTHERN) LTD |
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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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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Bates Wharf (Southern) Ltd for the year ended 30 April 2022 which comprise the Income Statement, Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given us. |
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As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
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This report is made solely to the Board of Directors of Bates Wharf (Southern) Ltd, as a body, in accordance with the terms of our engagement letter dated 22 January 2019. Our work has been undertaken solely to prepare for your approval the financial statements of Bates Wharf (Southern) Ltd and state those matters that we have agreed to state to the Board of Directors of Bates Wharf (Southern) Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Bates Wharf (Southern) Ltd and its Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that Bates Wharf (Southern) Ltd 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 Bates Wharf (Southern) Ltd. You consider that Bates Wharf (Southern) Ltd is exempt from the statutory audit requirement for the year. |
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Chartered Accountants |
Drake House |
80 Guildford Street |
Chertsey |
Surrey |
KT16 9AD |
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BATES WHARF (SOUTHERN) LTD (REGISTERED NUMBER: 03693803) |
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STATEMENT OF FINANCIAL POSITION |
30 APRIL 2022 |
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2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 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 ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than
one year |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 10 |
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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. |
BATES WHARF (SOUTHERN) LTD (REGISTERED NUMBER: 03693803) |
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STATEMENT OF FINANCIAL POSITION - continued |
30 APRIL 2022 |
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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 and authorised for issue on
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BATES WHARF (SOUTHERN) LTD (REGISTERED NUMBER: 03693803) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2022 |
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1. | STATUTORY INFORMATION |
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Bates Wharf (Southern) Ltd is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard 102 (1A), the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. |
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Turnover and revenue recognition |
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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Revenue is recognised as earned when, and to the extent that, the company obtains the right to consideration under sales contracts. |
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It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, but excluding Value Added Tax. |
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For incomplete contracts, an assessment is made of the extent to which revenue has been earned. This assessment takes into account the nature of the assignment, its stage of completion and the relevant contract terms. |
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Unbilled revenue is included in debtors, under "other debtors", prebilled revenue is included in creditors under "other creditors". |
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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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Office equipment | - |
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Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be operated in the manner intended by management. |
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of significant change since the last reporting date. |
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Gains and losses on disposals are determined by comparing proceeds with the carrying amount and are recognised in the Income Statement. |
BATES WHARF (SOUTHERN) LTD (REGISTERED NUMBER: 03693803) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2022 |
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2. | ACCOUNTING POLICIES - continued |
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Government grants |
Government grants that are of a revenue nature are credited to trading results as Other operating income as earned. Government grants of a capital nature are treated as deferred income in the Statement of financial position and credited to trading results as Other operating income over the estimated useful economic lives of the assets to which they relate. The release of government grants commences once all conditions of the grant have been met and over the period which the related expenditure is expensed to the profit and loss account. |
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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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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 |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
BATES WHARF (SOUTHERN) LTD (REGISTERED NUMBER: 03693803) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2022 |
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2. | ACCOUNTING POLICIES - continued |
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Hire purchase and leasing commitments |
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership of the leased asset to the company. All other leases are classified as operating leases. |
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Assets held under finance leases are recognised initially at the fair value of the leased asset (of, if lower, the present value of minimum lease payments) at the inception of the lease. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation. Lease payments are apportioned between finance charges and reduction of the lease obligation using the effective interest method so as to achieve a constant rate of interest on the remaining balance of the liability. Where finance charges are applicable they are deducted in measuring profit and loss. Assets held under finance leases are included in tangible fixed assets and depreciated and assessed for impairment losses in the same way as owned assets. |
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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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Financial instruments |
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to or from related parties. |
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Debt instruments (other than those wholly repayable or receivable on demand or within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. |
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Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal normal business terms or financed at a rate of interest that is not a market rate or in the case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. |
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Financial assets that are measured at cost and amortised cost are assessed at the at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings. |
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Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
BATES WHARF (SOUTHERN) LTD (REGISTERED NUMBER: 03693803) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2022 |
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2. | ACCOUNTING POLICIES - continued |
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Holiday pay accrual |
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the Statement of Financial position date and carried forward to future periods. This is measured at at the undiscounted salary cost of the future holiday entitlement do accrued at the Statement of Financial Position date. |
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Finance costs |
Finance costs are charges to Statement of Income and Retained Earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. |
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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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4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
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COST |
At 1 May 2021 |
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Additions |
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Disposals |
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At 30 April 2022 |
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DEPRECIATION |
At 1 May 2021 |
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Charge for year |
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Eliminated on disposal |
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At 30 April 2022 |
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NET BOOK VALUE |
At 30 April 2022 |
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At 30 April 2021 |
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BATES WHARF (SOUTHERN) LTD (REGISTERED NUMBER: 03693803) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2022 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Hire purchase contracts (see note 8) |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2022 | 2021 |
£ | £ |
Hire purchase contracts (see note 8) |
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8. | LEASING AGREEMENTS |
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Minimum lease payments under hire purchase fall due as follows: |
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2022 | 2021 |
£ | £ |
Net obligations repayable: |
Within one year |
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Between one and five years |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2022 | 2021 |
£ | £ |
Secured trade creditors |
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Secured creditors are secured on some of the trading stock of the company. |
BATES WHARF (SOUTHERN) LTD (REGISTERED NUMBER: 03693803) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2022 |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
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Ordinary | £ 1 | 100 | 100 |
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11. | PENSION COMMITMENTS |
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The company operates a defined contribution scheme. The assets of the scheme are held separately from those of the company in an independently administered Fund. The pension charge represents contributions payable by the company to the Fund and amounted to £2,107 (2021: £1,763) for all "opted in " employees and one director of the company. Outstanding contributions collected or due and not remitted at 30 April 2022 amounted to £495 (2021: £0). There were no prepaid contributions at the year end. |
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12. | CONTINGENT LIABILITIES |
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There are cross guarantees for a facility up to £2,000,000 between Bates Wharf Marine Sales Ltd and Bates Wharf (Southern) Ltd. The amount of exposure under this guarantee at 30 April 2022 was £200,050 (2021: £784,673). In addition, R A B Bates has also given a guarantee on balances for boats sold out of trust by Bates Wharf (Southern) Ltd. At 30 April 2022 no guarantees have been called in. |
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13. | CAPITAL COMMITMENTS |
2022 | 2021 |
£ | £ |
Contracted but not provided for in the |
financial statements |
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14. | OTHER FINANCIAL COMMITMENTS |
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At the balance sheet date the company had entered into operating lease commitments in respect of its operating premises. The quantum of all such commitments, over the committed period of such leases and agreements was £5,367 (2021: £23,959). |
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15. | ULTIMATE CONTROLLING PARTY |
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