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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 NOVEMBER 2017 |
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GALA TENT LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 NOVEMBER 2017 |
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FOR |
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GALA TENT LIMITED |
GALA TENT LIMITED (REGISTERED NUMBER: 04270117) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2017 |
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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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GALA TENT LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 30 NOVEMBER 2017 |
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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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12 Victoria Road |
Barnsley |
South Yorkshire |
S70 2BB |
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BANKERS: |
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Unit 4 Europa Court |
Sheffield |
South Yorkshire |
S9 1XE |
GALA TENT LIMITED (REGISTERED NUMBER: 04270117) |
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BALANCE SHEET |
30 NOVEMBER 2017 |
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30.11.17 | 30.11.16 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investments | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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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 |
8 |
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( |
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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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GALA TENT LIMITED (REGISTERED NUMBER: 04270117) |
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BALANCE SHEET - continued |
30 NOVEMBER 2017 |
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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. |
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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 and authorised for issue by the Board of Directors on
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GALA TENT LIMITED (REGISTERED NUMBER: 04270117) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2017 |
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1. | STATUTORY INFORMATION |
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Gala Tent Limited is a
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The company's registered number and registered office address can be found on the |
Company Information page. |
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The financial statements are presented in sterling which is the functional currency of the |
company and rounded to the nearest pound. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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This is the first year that the company has presented its financial statements under |
Financial Reporting Standard 102 (FRS102) issued by the Financial Reporting Council. The |
last financial statements for the period ended 30 November 2016 were prepared under |
previous UK GAAP, and the transition date to FRS102 is therefore 1 December 2015. At the |
date of transition, no adjustments were required. |
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Preparation of consolidated financial statements |
The financial statements contain information about Gala Tent Limited as an individual |
company and do not contain consolidated financial information as the parent of a group. |
The company has taken the option under Section 398 of the Companies Act 2006 not to |
prepare consolidated financial statements. |
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Significant judgements and estimates |
No judgements have been made in the process of applying the below accounting policies |
that have had the most significant effect on amounts recognised in the financial |
statements. |
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There are no key assumptions concerning the future and other key sources of estimation |
uncertainty at the reporting date that have a significant risk of causing material adjustment |
to the carrying amounts of assets and liabilities within the next financial year. |
GALA TENT LIMITED (REGISTERED NUMBER: 04270117) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Turnover |
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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Turnover from the sale of gazebos, marquees and other products is recognised when |
significant risks and rewards of ownership of the goods have transferred to the buyer, the |
amount of turnover can be measured reliably, it is probable that the economic benefits |
associated with the transaction will flow to the company and the costs incurred or to be |
incurred in respect of the transaction can be measured reliably. This is usually on dispatch |
of the goods. |
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Tangible fixed assets |
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Leasehold property improvements | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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All fixed assets are initially recorded at cost. |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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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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Cost is calculated on a first in, first out basis. |
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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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GALA TENT LIMITED (REGISTERED NUMBER: 04270117) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2017 |
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2. | ACCOUNTING POLICIES - continued |
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. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of |
exchange ruling at the balance sheet date. Transactions in foreign currencies are translated |
into sterling at the rate of exchange ruling at the date of the transaction. Exchange |
differences are taken into account in arriving at the operating profit. |
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Hire purchase and operating lease agreements |
Assets held under hire purchase agreements are capitalised and disclosed under tangible |
fixed assets at their fair value. The capital element of the future payments is treated as a |
liability and the interest is charged to the profit and loss account on a straight line basis. |
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Rentals applicable to operating leases where substantially all of the benefits and risks of |
ownership remain with the lessor are charged against profits on a straight line basis over |
the period of the lease. |
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Pension costs |
The company contributes to employees own defined contribution pension schemes. The |
annual contributions payable are charged to the profit and loss account. |
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Financial instruments |
Financial liabilities and equity instruments are classified according to the substance of the |
contractual arrangements entered into. An equity instrument is any contract that evidences |
a residual interest in the assets of the entity after deducting all of its financial liabilities. |
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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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GALA TENT LIMITED (REGISTERED NUMBER: 04270117) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2017 |
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4. | TANGIBLE FIXED ASSETS |
Leasehold |
Freehold | property | Plant and |
property | improvements | machinery |
£ | £ | £ |
COST |
At 1 December 2016 |
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Additions |
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At 30 November 2017 |
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DEPRECIATION |
At 1 December 2016 |
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Charge for year |
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Eliminated on disposal |
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At 30 November 2017 |
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NET BOOK VALUE |
At 30 November 2017 |
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At 30 November 2016 |
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GALA TENT LIMITED (REGISTERED NUMBER: 04270117) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2017 |
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4. | TANGIBLE FIXED ASSETS - continued |
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Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
COST |
At 1 December 2016 |
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Additions |
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Disposals |
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At 30 November 2017 |
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DEPRECIATION |
At 1 December 2016 |
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Charge for year |
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Eliminated on disposal |
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At 30 November 2017 |
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NET BOOK VALUE |
At 30 November 2017 |
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At 30 November 2016 |
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Included within the net book value above is the amount of £23,573 (2016: £44,104) relating |
to assets held under hire purchase agreements. During the year depreciation of £7,858 |
(2016: £14,702) was charged on these assets. |
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Investment property is included in the financial statements at historical cost. This property |
has not been revalued since it was purchased in November 2006. It is the view of the |
directors that a formal revaluation of the properties would not be commercially justifiable. |
GALA TENT LIMITED (REGISTERED NUMBER: 04270117) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2017 |
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5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 December 2016 |
and 30 November 2017 |
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NET BOOK VALUE |
At 30 November 2017 |
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At 30 November 2016 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.11.17 | 30.11.16 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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Prepayments and accrued income |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.11.17 | 30.11.16 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts |
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Trade creditors |
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Corporation tax |
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Social security and other taxes |
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VAT | 94,402 | 37,918 |
Other creditors |
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Directors' current accounts | 141,279 | 414,397 |
Accruals and deferred income |
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GALA TENT LIMITED (REGISTERED NUMBER: 04270117) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2017 |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
30.11.17 | 30.11.16 |
£ | £ |
Bank loans 2-5 years |
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Bank loans over 5 years |
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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 over 5 years | 86,258 | 97,447 |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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30.11.17 | 30.11.16 |
£ | £ |
Bank loans |
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Hire purchase contracts | 9,485 | 32,089 |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.11.17 | 30.11.16 |
value: | £ | £ |
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Ordinary | £1 | 2 | 2 |
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11. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling party is
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It is a company registered in England and Wales, holding 100% of the issued share capital. |
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Mr J Mace and Mr M Thompson are the directors and shareholders of Mace Group (UK) |