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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 NOVEMBER 2018 |
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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 2018 |
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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 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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GALA TENT LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 30 NOVEMBER 2018 |
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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 2018 |
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30.11.18 | 30.11.17 |
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 | 11 |
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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 2018 |
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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 2018 |
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1. | STATUTORY INFORMATION |
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Gala Tent Limited is a
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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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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 is exempt |
under Section 399(2A) of the Companies Act 2006 from the requirements 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. |
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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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OTHER INCOME |
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Income from the rental of properties is accrued and recognised when rents fall due. |
GALA TENT LIMITED (REGISTERED NUMBER: 04270117) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2018 |
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2. | ACCOUNTING POLICIES - continued |
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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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No depreciation is charged on freehold property. |
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Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes all costs directly |
attributable to making the asset capable of operating as intended. |
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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 using the first-in, first-out method and includes all purchase, transport and |
handling costs in bringing stocks to their present location and condition. |
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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 2018 |
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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 2018 |
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4. | TANGIBLE FIXED ASSETS |
Leasehold |
Freehold | property | Plant and |
property | improvements | machinery |
£ | £ | £ |
COST |
At 1 December 2017 |
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Additions |
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At 30 November 2018 |
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DEPRECIATION |
At 1 December 2017 |
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Charge for year |
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Eliminated on disposal |
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At 30 November 2018 |
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NET BOOK VALUE |
At 30 November 2018 |
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At 30 November 2017 |
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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 2018 |
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4. | TANGIBLE FIXED ASSETS - continued |
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Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
COST |
At 1 December 2017 |
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Additions |
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Disposals | ( |
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At 30 November 2018 |
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DEPRECIATION |
At 1 December 2017 |
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Charge for year |
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Eliminated on disposal | ( |
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At 30 November 2018 |
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NET BOOK VALUE |
At 30 November 2018 |
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At 30 November 2017 |
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Included within the net book value above is the amount of £Nil (2017: £23,573) relating to assets |
held under hire purchase agreements. During the year, ownership of the assets were transferred to |
Gala Tent Limited. Total depreciation of £5,403 (2017: £7,858) was charged on these assets up to |
the transfer of ownership. |
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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 2018 |
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5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 December 2017 |
and 30 November 2018 |
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NET BOOK VALUE |
At 30 November 2018 |
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At 30 November 2017 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.11.18 | 30.11.17 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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Directors' current accounts | 46,040 | - |
Prepayments and accrued income |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.11.18 | 30.11.17 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts (see note 9) |
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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 | 82,332 | 94,402 |
Other creditors |
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Directors' current accounts | - | 141,279 |
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 2018 |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.11.18 | 30.11.17 |
£ | £ |
Bank loans 2-5 years |
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Bank loans over 5 years |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans over 5 years | 70,109 | 86,258 |
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9. | LEASING AGREEMENTS |
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Minimum lease payments fall due as follows: |
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Hire purchase contracts |
30.11.18 | 30.11.17 |
£ | £ |
Net obligations repayable: |
Within one year |
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Non-cancellable |
operating leases |
30.11.18 | 30.11.17 |
£ | £ |
Within one year |
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Between one and five years |
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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 2018 |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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30.11.18 | 30.11.17 |
£ | £ |
Bank overdraft |
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Bank loans |
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Hire purchase contracts | - | 9,485 |
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The debts are secured on the assets to which they relate. |
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11. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.11.18 | 30.11.17 |
value: | £ | £ |
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Ordinary | £1 | 2 | 2 |
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12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to directors subsisted during the years ended 30 November 2018 |
and 30 November 2017: |
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30.11.18 | 30.11.17 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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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 2018 |
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12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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13. | 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) |