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FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2018 |
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NORTHBANK DEMOLITION |
COMPANY LIMITED |
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REGISTERED NUMBER:
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2018 |
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FOR |
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NORTHBANK DEMOLITION |
COMPANY LIMITED |
NORTHBANK DEMOLITION |
COMPANY LIMITED (REGISTERED NUMBER: 03984305) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 30 April 2018 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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NORTHBANK DEMOLITION |
COMPANY LIMITED |
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COMPANY INFORMATION |
for the Year Ended 30 April 2018 |
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DIRECTOR: |
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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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Boulton House |
17 - 21 Chorlton Street |
Manchester |
M1 3HY |
NORTHBANK DEMOLITION |
COMPANY LIMITED (REGISTERED NUMBER: 03984305) |
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BALANCE SHEET |
30 April 2018 |
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30.4.18 | 30.4.17 |
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 LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
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PROVISIONS FOR LIABILITIES | 9 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 10 |
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Revaluation reserve | 11 |
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Retained earnings | 11 |
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SHAREHOLDERS' FUNDS |
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The director acknowledges his 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. |
NORTHBANK DEMOLITION |
COMPANY LIMITED (REGISTERED NUMBER: 03984305) |
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BALANCE SHEET - continued |
30 April 2018 |
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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 director on
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NORTHBANK DEMOLITION |
COMPANY LIMITED (REGISTERED NUMBER: 03984305) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 30 April 2018 |
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1. | STATUTORY INFORMATION |
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Northbank Demolition Company Limited is a
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Wales. The 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 represents net invoiced charges for services, excluding value added tax. |
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Tangible fixed assets |
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Freehold property | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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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 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 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. |
NORTHBANK DEMOLITION |
COMPANY LIMITED (REGISTERED NUMBER: 03984305) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 April 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet and |
depreciated over their estimated useful lives. |
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The interest element of these obligations is charged to the profit and loss account over the period of the hire |
purchase or finance lease agreement. The capital element of the future payments is treated as a liability. |
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Rentals paid under operating leases are charged to the profit and loss account 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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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 |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1 May 2017 |
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Additions |
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Disposals |
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Revaluations |
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At 30 April 2018 |
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DEPRECIATION |
At 1 May 2017 |
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Charge for year |
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Eliminated on disposal |
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Revaluation adjustments | ( |
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At 30 April 2018 |
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NET BOOK VALUE |
At 30 April 2018 |
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At 30 April 2017 |
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NORTHBANK DEMOLITION |
COMPANY LIMITED (REGISTERED NUMBER: 03984305) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 April 2018 |
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4. | TANGIBLE FIXED ASSETS - continued |
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Cost or valuation at 30 April 2018 is represented by: |
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Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
Valuation in 2018 | 148,762 | - | - | - | 148,762 |
Cost | 451,238 | 1,993,602 | 21,049 | 1,187,048 | 3,652,937 |
600,000 | 1,993,602 | 21,049 | 1,187,048 | 3,801,699 |
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If freehold land and buildings had not been revalued they would have been included at the following historical |
cost: |
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30.4.18 | 30.4.17 |
£ | £ |
Cost | 451,238 | - |
Aggregate depreciation | 12,876 | - |
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Value of land in freehold land and buildings | 266,003 | - |
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Freehold land and buildings were valued on an open market basis basis on 23 November 2017 by Sanderson Weatherall LLP |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 May 2017 |
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Additions |
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Disposals | ( |
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Transfer to ownership | - | (13,750 | ) | (13,750 | ) |
At 30 April 2018 |
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DEPRECIATION |
At 1 May 2017 |
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Charge for year |
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Eliminated on disposal | ( |
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Transfer to ownership | - | (9,037 | ) | (9,037 | ) |
At 30 April 2018 |
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NET BOOK VALUE |
At 30 April 2018 |
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At 30 April 2017 |
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NORTHBANK DEMOLITION |
COMPANY LIMITED (REGISTERED NUMBER: 03984305) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 April 2018 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.18 | 30.4.17 |
£ | £ |
Trade debtors |
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Other debtors |
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Prepayments and accrued income |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.18 | 30.4.17 |
£ | £ |
Bank loans and overdrafts |
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Other loans |
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Hire purchase contracts |
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Trade creditors |
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Tax |
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Social security and other taxes |
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VAT | 284,155 | 240,580 |
Other creditors |
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Accrued expenses |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
30.4.18 | 30.4.17 |
£ | £ |
Bank loans - 1-2 years |
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Bank loans - 2-5 years |
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Bank loans more 5 yr by instal |
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Hire purchase contracts |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal | 76,187 | 89,749 |
NORTHBANK DEMOLITION |
COMPANY LIMITED (REGISTERED NUMBER: 03984305) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 April 2018 |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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30.4.18 | 30.4.17 |
£ | £ |
Bank loans |
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Other loans |
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Hire purchase contracts | 1,120,084 | 974,678 |
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The bank loans are secured by a fixed charge against the freehold property included within fixed assets dated 17 |
October 2007 and by a fixed and floating charge over all assets current and future dated 30 May 2013. |
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The other loan is secured by a fixed and floating charge over the assets of the company dated 28 July 2015. |
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9. | PROVISIONS FOR LIABILITIES |
30.4.18 | 30.4.17 |
£ | £ |
Deferred tax | 132,202 | 113,618 |
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Deferred |
tax |
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Balance at 1 May 2017 |
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Accelerated capital allowances | (12,120 | ) |
Other timing differences | 30,704 |
Balance at 30 April 2018 |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.4.18 | 30.4.17 |
value: | £ | £ |
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Ordinary shares | £1 | 100 | 100 |
NORTHBANK DEMOLITION |
COMPANY LIMITED (REGISTERED NUMBER: 03984305) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 April 2018 |
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11. | RESERVES |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
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At 1 May 2017 |
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468,477 |
Profit for the year |
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Dividends | ( |
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Revaluation | - | 130,897 | 130,897 |
At 30 April 2018 |
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599,999 |
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Details relating to the revaluation are included in note 7. |
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12. | CONTINGENT LIABILITIES |
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During the year the company guaranteed certain specific hire purchase agreements of P R Plant Hire Limited, a |
company under common control. The balance outstanding on these hire purchase agreements as at 30 April 2018 |
amounted to £409,268 (31March 2017 : £1,371,470) and the assets had a net book value at this date amounting |
to £538,257 (31March 2017 : £1,358,009). |
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13. | OFF-BALANCE SHEET ARRANGEMENTS |
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The company hires on a commercial basis a considerable amount of specialist demolition equipment from a |
related company P R Plant Hire Limited, a specialist in the hiring of demolition equipment. |
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During the year the company rented equipment from P R Plant Hire Limited amounting to £714,396 (period to |
30 April 2017 : £391,667). |
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14. | ULTIMATE CONTROLLING PARTY |
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The company was under the control of Mr P Richards the director and 80% shareholder. |