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REGISTERED NUMBER:
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017 |
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BROOKESON MATERIAL HANDLING LIMITED |
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REGISTERED NUMBER:
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017 |
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FOR |
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BROOKESON MATERIAL HANDLING LIMITED |
BROOKESON MATERIAL HANDLING LIMITED (REGISTERED NUMBER: 04495529) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 30 June 2017 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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BROOKESON MATERIAL HANDLING LIMITED |
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COMPANY INFORMATION |
for the Year Ended 30 June 2017 |
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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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SENIOR STATUTORY AUDITOR: |
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AUDITORS: |
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Statutory Auditors |
Logistics House |
1325a Stratford Road |
Hall Green |
Birmingham |
West Midlands |
B28 9HH |
BROOKESON MATERIAL HANDLING LIMITED (REGISTERED NUMBER: 04495529) |
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BALANCE SHEET |
30 June 2017 |
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2017 | 2016 |
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 |
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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Retained earnings | 11 |
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SHAREHOLDERS' FUNDS |
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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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BROOKESON MATERIAL HANDLING LIMITED (REGISTERED NUMBER: 04495529) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 30 June 2017 |
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1. | STATUTORY INFORMATION |
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Brookeson Material Handling 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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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is the total amount receivable by the company during the year for performance of services provided |
and goods supplied, excluding VAT. Turnover is recognised to the extent that it is probable that the economic |
benefits will flow to the company and can be reliably measured. The following specific recognition criteria must |
also be met before revenue is recognised. |
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a) Sale of goods |
Turnover from the sale of goods supplied is recognised when title has transferred to a customer. |
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b) Rendering of services |
Turnover from the services rendered is recognised once the company has obtained the right to consideration in |
exchange of its performance. |
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c) Long-term contracts |
Turnover from long-term contracts is recognised by reference to the stage of completion of the contract. The |
stage of completion is determined according to the nature of the specific contract concerned. Methods used to |
assess the stage of completion include incurred costs as a proportion of total costs, labour hours incurred or |
earned value of work performed. Profit attributable to the contractual activity is recognised if the final outcome |
of such contracts can reliably be assessed. An expected loss is recognised immediately. |
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Amounts recoverable on long term contracts, which are included in debtors, are stated at the net sales value of |
the work done less amounts received as progress payments on account.. Excess progress payments are included |
in creditors as payments on account. Cumulative costs incurred net amounts transferred to cost of sales, less |
provision for contingencies and anticipated future losses on contracts, are included as long-term contract |
balances in stock. |
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Tangible fixed assets |
Tangible fixed assets are recognised initially at cost. |
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Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful |
life or, if held under a finance lease, over the lease term, whichever is the shorter. |
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Plant and machinery | - | 20% per annum of net book value |
Fixture and fittings | - | 15% per annum of net book value |
Motor vehicles | - | 25% per annum of net book value |
Computer equipment | - | 50% per annum of cost |
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Government grants |
Capital based grants are included within accruals and deferred income in the balance sheet and credited to |
trading profit and loss over the expected useful economic lives of the assets to which they relate. |
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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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BROOKESON MATERIAL HANDLING LIMITED (REGISTERED NUMBER: 04495529) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2017 |
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2. | ACCOUNTING POLICIES - continued |
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. |
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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 transaction. Exchange differences are taken into account in arriving at the operating result. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held |
under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases |
are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element |
of the future payments is treated as a liability. |
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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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BROOKESON MATERIAL HANDLING LIMITED (REGISTERED NUMBER: 04495529) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2017 |
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 July 2016 |
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Additions |
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Disposals |
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At 30 June 2017 |
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DEPRECIATION |
At 1 July 2016 |
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Charge for year |
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Eliminated on disposal |
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At 30 June 2017 |
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NET BOOK VALUE |
At 30 June 2017 |
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At 30 June 2016 |
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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 |
At 1 July 2016 |
and 30 June 2017 |
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DEPRECIATION |
At 1 July 2016 |
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Charge for year |
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At 30 June 2017 |
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NET BOOK VALUE |
At 30 June 2017 |
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At 30 June 2016 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
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Other debtors |
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BROOKESON MATERIAL HANDLING LIMITED (REGISTERED NUMBER: 04495529) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2017 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Hire purchase contracts |
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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 |
2017 | 2016 |
£ | £ |
Hire purchase contracts |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2017 | 2016 |
£ | £ |
Hire purchase contracts | 3,285 | 7,666 |
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The bank facility is secured by a fixed and floating charge. |
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9. | PROVISIONS FOR LIABILITIES |
2017 | 2016 |
£ | £ |
Deferred tax | 20,287 | 24,812 |
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Deferred |
tax |
£ |
Balance at 1 July 2016 |
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Credit to Income Statement during year | ( |
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Accelerated capital allowances |
Balance at 30 June 2017 |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2017 | 2016 |
value: | £ | £ |
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Ordinary | £1 | 100 | 100 |
BROOKESON MATERIAL HANDLING LIMITED (REGISTERED NUMBER: 04495529) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2017 |
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11. | RESERVES |
Retained |
earnings |
£ |
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At 1 July 2016 |
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Profit for the year |
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At 30 June 2017 |
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12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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13. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to a director subsisted during the years ended 30 June 2017 and |
30 June 2016: |
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2017 | 2016 |
£ | £ |
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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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The loan to the director was repaid within 9 months of the year end. |
BROOKESON MATERIAL HANDLING LIMITED (REGISTERED NUMBER: 04495529) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2017 |
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14. | RELATED PARTY DISCLOSURES |
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During the year the following transactions were undertaken with Clockland Limited, a company which is |
controlled by DW Brookes, the father of the director ID Brookes: |
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Charged by Clockland Limited |
- rent of property £24,000 (2016 - £24,000) |
- consultancy £1,050 (2016 - £2,623) |
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Charged to Clockland Limited |
- health insurance recharge £7,038 (2016 - £7,303) |
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At the balance sheet date the following amounts were outstanding with Clockland Limited: |
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Trade debtors £10,153 (2016 - £nil) |
Trade creditors £8,460 (2015 - £7,686) |
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DW Brookes also gave an interest free loan to Brookeson Material Handling Limited. At the balance sheet date |
£28,400 (2016 - £28,400) was outstanding. |
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In addition, Static Investments gave an interest free loan to Brookeson Material Handling Limited. The director, |
ID Brookes, is a partner of this business with three other family members. At the balance sheet date £1,200 |
(2016 - £1,200) was outstanding. |
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At the balance sheet date the following amounts were outstanding with Static Investments: |
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Trade debtors £nil (2016 - £9,109) |
Trade creditors £21,600 (2016 - £32,400) |
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Charged by Static Investments |
- rent of property £18,000 (2016 - £18,000) |
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Charged to Static Investments |
- health insurance recharge £5,717 (2016 - £4,676) |
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The sole director, I D Brookes, received a salary of £48,100 a pension contribution of £1,561 during the year. |
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15. | ULTIMATE CONTROLLING PARTY |
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For the whole of the year the company was under the control of the sole director, Mr I D Brookes. |
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16. | FIRST YEAR ADOPTION |
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This is the first year that the company has presented its financial statements under Financial Reporting Standard |
102 1A (FRS 102) issued by the Financial Reporting Council. The last financial statements, for the year ended |
30 June 2016, were prepared under previous UK GAAP. The transition date to FRS 102 is therefore 1 July 2015. |