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REGISTERED NUMBER:
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MODERN ASSOCIATES LIMITED |
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REPORT OF THE DIRECTORS AND |
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AUDITED FINANCIAL STATEMENTS |
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FOR THE PERIOD |
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1ST JULY 2018 TO 30TH SEPTEMBER 2019 |
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REGISTERED NUMBER:
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MODERN ASSOCIATES LIMITED |
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REPORT OF THE DIRECTORS AND |
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AUDITED FINANCIAL STATEMENTS |
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FOR THE PERIOD |
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1ST JULY 2018 TO 30TH SEPTEMBER 2019 |
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MODERN ASSOCIATES LIMITED (REGISTERED NUMBER: 03760737) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1ST JULY 2018 TO 30TH SEPTEMBER 2019 |
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Page |
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Company Information | 1 |
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Report of the Directors | 2 |
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Report of the Independent Auditors | 3 | to | 4 |
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Statement of Income and Retained Earnings | 5 |
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Statement of Financial Position | 6 |
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Notes to the Financial Statements | 7 | to | 8 |
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MODERN ASSOCIATES LIMITED |
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COMPANY INFORMATION |
FOR THE PERIOD 1ST JULY 2018 TO 30TH SEPTEMBER 2019 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Statutory Auditors |
43-45 Devizes Road |
SWINDON |
Wiltshire |
SN1 4BG |
MODERN ASSOCIATES LIMITED (REGISTERED NUMBER: 03760737) |
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REPORT OF THE DIRECTORS |
FOR THE PERIOD 1ST JULY 2018 TO 30TH SEPTEMBER 2019 |
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The directors present their report with the financial statements of the company for the period 1st July 2018 to 30th September 2019. |
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DIRECTORS |
The directors who have held office during the period from 1st July 2018 to the date of this report are as |
follows: |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Report of the Directors and the financial statements in |
accordance with applicable law and regulations. |
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Company law requires the directors to prepare financial statements for each financial year. Under that |
law the directors have elected to prepare the financial statements in accordance with United Kingdom |
Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), |
including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and |
Republic of Ireland'. Under company law the directors must not approve the financial statements unless |
they are satisfied that they give a true and fair view of the state of affairs of the company and of the |
profit or loss of the company for that period. In preparing these financial statements, the directors are |
required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that
the company will continue in business. |
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The directors are responsible for keeping adequate accounting records that are sufficient to show and |
explain the company's transactions and disclose with reasonable accuracy at any time the financial |
position of the company and enable them to ensure that the financial statements comply with the |
Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence |
for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the |
Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the |
steps that he ought to have taken as a director in order to make himself aware of any relevant audit |
information and to establish that the company's auditors are aware of that information. |
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AUDITORS |
The auditors, Morris Owen, will be proposed for re-appointment at the forthcoming Annual General |
Meeting. |
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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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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
MODERN ASSOCIATES LIMITED |
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Opinion |
We have audited the financial statements of Modern Associates Limited (the 'company') for the period |
ended 30th September 2019 which comprise the Statement of Income and Retained Earnings, Statement |
of Financial Position and Notes to the Financial Statements, including a summary of significant accounting |
policies. The financial reporting framework that has been applied in their preparation is applicable law |
and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial |
Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted |
Accounting Practice). |
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In our opinion the financial statements: |
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give a true and fair view of the state of the company's affairs as at 30th September 2019 and of its
profit for the period then ended; |
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting
Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and |
applicable law. Our responsibilities under those standards are further described in the Auditors' |
responsibilities for the audit of the financial statements section of our report. We are independent of the |
company in accordance with the ethical requirements that are relevant to our audit of the financial |
statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical |
responsibilities in accordance with these requirements. We believe that the audit evidence we have |
obtained is sufficient and appropriate to provide a basis for our opinion. |
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Conclusions relating to going concern |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require |
us to report to you where: |
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the directors' use of the going concern basis of accounting in the preparation of the financial
statements is not appropriate; or |
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the directors have not disclosed in the financial statements any identified material uncertainties that
may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
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Other information |
The directors are responsible for the other information. The other information comprises the information |
in the Report of the Directors, but does not include the financial statements and our Report of the |
Auditors thereon. |
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Our opinion on the financial statements does not cover the other information and, except to the extent |
otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
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In connection with our audit of the financial statements, our responsibility is to read the other |
information and, in doing so, consider whether the other information is materially inconsistent with the |
financial statements or our knowledge obtained in the audit or otherwise appears to be materially |
misstated. If we identify such material inconsistencies or apparent material misstatements, we are |
required to determine whether there is a material misstatement in the financial statements or a material |
misstatement of the other information. If, based on the work we have performed, we conclude that there |
is a material misstatement of this other information, we are required to report that fact. We have |
nothing to report in this regard. |
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Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
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the information given in the Report of the Directors for the financial year for which the financial
statements are prepared is consistent with the financial statements; and |
- | the Report of the Directors has been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
MODERN ASSOCIATES LIMITED |
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Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the |
course of the audit, we have not identified material misstatements in the Report of the Directors. |
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We have nothing to report in respect of the following matters where the Companies Act 2006 requires us |
to report to you if, in our opinion: |
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adequate accounting records have not been kept, or returns adequate for our audit have not been
received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit; or |
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the directors were not entitled to take advantage of the small companies' exemption from the
requirement to prepare a Strategic Report or in preparing the Report of the Directors. |
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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors |
are responsible for the preparation of the financial statements and for being satisfied that they give a |
true and fair view, and for such internal control as the directors determine necessary to enable the |
preparation of financial statements that are free from material misstatement, whether due to fraud or |
error. |
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In preparing the financial statements, the directors are responsible for assessing the company's ability to |
continue as a going concern, disclosing, as applicable, matters related to going concern and using the |
going concern basis of accounting unless the directors either intend to liquidate the company or to cease |
operations, or have no realistic alternative but to do so. |
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Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are |
free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors |
that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that |
an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it |
exists. Misstatements can arise from fraud or error and are considered material if, individually or in the |
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the |
basis of these financial statements. |
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A further description of our responsibilities for the audit of the financial statements is located on the |
Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms |
part of our Report of the Auditors. |
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Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 |
of the Companies Act 2006. Our audit work has been undertaken so that we might state to the |
company's members those matters we are required to state to them in a Report of the Auditors and for |
no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to |
anyone other than the company and the company's members as a body, for our audit work, for this |
report, or for the opinions we have formed. |
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for and on behalf of
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Statutory Auditors |
43-45 Devizes Road |
SWINDON |
Wiltshire |
SN1 4BG |
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MODERN ASSOCIATES LIMITED (REGISTERED NUMBER: 03760737) |
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STATEMENT OF INCOME AND RETAINED EARNINGS |
FOR THE PERIOD 1ST JULY 2018 TO 30TH SEPTEMBER 2019 |
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Period |
1.7.18 |
to | Year Ended |
30.9.19 | 30.6.18 |
Notes | £ | £ |
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TURNOVER |
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OPERATING PROFIT |
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Income from shares in group
undertakings |
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PROFIT BEFORE TAXATION |
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Tax on profit | 3 |
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PROFIT FOR THE FINANCIAL
PERIOD |
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Dividends | 4 | ( |
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MODERN ASSOCIATES LIMITED (REGISTERED NUMBER: 03760737) |
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STATEMENT OF FINANCIAL POSITION |
30TH SEPTEMBER 2019 |
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2019 | 2018 |
Notes | £ | £ |
FIXED ASSETS |
Investments | 5 |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 6 |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the Board of Directors on
signed on its behalf by: |
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MODERN ASSOCIATES LIMITED (REGISTERED NUMBER: 03760737) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1ST JULY 2018 TO 30TH SEPTEMBER 2019 |
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1. | STATUTORY INFORMATION |
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Modern Associates Limited is a private company, limited by shares, registered in England and |
Wales. The company's registered number and registered office address are as below: |
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Registered number: 03760737 |
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Registered office: 43-45 Devizes Road, Swindon, Wiltshire, SN1 4BG |
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The presentation currency of the financial statements is the Pound Sterling (£) rounded to the |
nearest pound. |
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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 Financial Reporting Standard |
102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the |
Companies Act 2006. |
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Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemption in preparing these |
financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the |
UK and Republic of Ireland": |
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• | the requirements of Section 7 Statement of Cash Flows. |
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Preparation of consolidated financial statements |
The financial statements contain information about Modern Associates Limited as an individual |
company and do not contain consolidated financial information as the parent of a group. The |
company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to |
prepare consolidated financial statements. |
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Related party exemption |
The company has taken advantage of the exemption permitted in FRS102 Section 33 to wholly |
owned subsidiaries not to disclosing transactions and balances with other group companies. There |
are no other related party transactions. |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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3. | TAXATION |
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Analysis of the tax charge |
No liability to UK corporation tax arose for the period ended 30th September 2019 nor for the year |
ended 30th June 2018. |
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4. | DIVIDENDS |
Period |
1.7.18 |
to | Year Ended |
30.9.19 | 30.6.18 |
£ | £ |
Interim |
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MODERN ASSOCIATES LIMITED (REGISTERED NUMBER: 03760737) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1ST JULY 2018 TO 30TH SEPTEMBER 2019 |
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5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1st July 2018 |
and 30th September 2019 |
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NET BOOK VALUE |
At 30th September 2019 |
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At 30th June 2018 |
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The company's investments at the Statement of Financial Position date in the share capital of |
companies include the following: |
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Registered office: 43-45 Devizes Road, Swindon, Wilshire, SN1 4BG |
Nature of business:
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% |
Class of shares: | holding |
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2019 |
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£ | £ |
Aggregate capital and reserves |
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Profit for the period/year |
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6. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | £ | £ |
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Ordinary | £1 | 100 | 100 |
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7. | RESERVES |
Retained |
earnings |
£ |
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Profit for the period |
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Dividends | ( |
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At 30th September 2019 |
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8. | ULTIMATE PARENT COMPANY |
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The immediate parent company is Unistrut Limited, a company registered in England and Wales, |
copies of the financial statements can be obtained from the Registrar of Companies, Crown Way, |
Cardiff, CF4 3UZ. The ultimate parent company is Atkore International Group Inc., a company |
incorporated in the United States of America. Copies of the financial statements are available from |
the Company Secretary at the registered address of Atkore International Inc., 16100, Lathrop |
Avenue, Harvey, Illinois, 60426, United States. |