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Unaudited Financial Statements for the Year Ended 30 September 2021 |
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Hoyles Farming Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 30 September 2021 |
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for |
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Hoyles Farming Limited |
Hoyles Farming Limited (Registered number: 04647908) |
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Contents of the Financial Statements |
for the Year Ended 30 September 2021 |
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Page |
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Balance Sheet | 1 |
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Notes to the Financial Statements | 3 |
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Hoyles Farming Limited (Registered number: 04647908) |
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Balance Sheet |
30 September 2021 |
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30.9.21 | 30.9.20 |
Notes | £ | £ |
Fixed assets |
Intangible assets | 5 |
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Tangible assets | 6 |
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Investments | 7 |
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Current assets |
Stocks |
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Debtors | 8 |
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Cash at bank |
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Creditors |
Amounts falling due within one year | 9 | ( |
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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 |
10 |
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Provisions for liabilities | ( |
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Net assets |
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Capital and reserves |
Called up share capital |
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Retained earnings |
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Hoyles Farming Limited (Registered number: 04647908) |
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Balance Sheet - continued |
30 September 2021 |
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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 Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Hoyles Farming Limited (Registered number: 04647908) |
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Notes to the Financial Statements |
for the Year Ended 30 September 2021 |
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1. | Statutory information |
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Hoyles Farming Limited is a
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Registered number: |
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Registered office: |
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2. | Statement of compliance |
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3. | Accounting policies |
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Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention or historic cost modified by revaluation of financial assets and financial liabilities held at fair value through profit and loss, except for the financial instruments that are measured at their fair values at the end of each reporting period, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for goods and services. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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The principal accounting policies adopted are set out below. All accounting policies have been applied consistently, other than where new policies have been adopted. |
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Going Concern |
The directors believe that the company is well placed to manage its financial risks successfully and have reasonable expectation that it has adequate resources to continue in operational existence for the foreseeable future and have therefore accordingly prepared these financial statements on a going concern basis. |
Hoyles Farming Limited (Registered number: 04647908) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2021 |
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3. | Accounting policies - continued |
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Critical accounting judgements and key sources of estimation uncertainty |
The preparation of the financial statements in conformity with FRS 102 requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
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(i)Useful economic lives of tangible assets |
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The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful |
economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancements, future investments, economic utilisation and the physical condition of the assets. See notes to the accounts for the carrying amount of tangible assets and the useful economic lives for each class of assets. |
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(ii)Taxation |
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The company establishes provisions based on reasonable estimates, for possible consequences of audits by the tax authorities. The amount of such provisions is based on various factors, such as experience with the previous tax audits and differing interpretations of tax regulations by the taxable entity and the responsible tax authority. |
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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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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
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Short leasehold | - |
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Plant and machinery | - |
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Motor vehicles | - |
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Computer equipment | - |
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Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. |
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Impairment of fixed assets |
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. |
Hoyles Farming Limited (Registered number: 04647908) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2021 |
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3. | Accounting policies - continued |
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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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Financial instruments |
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. |
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Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
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Debt instruments are subsequently measured at amortised cost. |
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Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. |
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For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. |
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Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. 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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Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. |
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Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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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Hoyles Farming Limited (Registered number: 04647908) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2021 |
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3. | 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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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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Provisions |
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. |
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Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises. |
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4. | Employees and directors |
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The average number of employees during the year was
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Hoyles Farming Limited (Registered number: 04647908) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2021 |
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5. | Intangible fixed assets |
Patents and |
licences |
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Cost |
At 1 October 2020 |
and 30 September 2021 |
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Amortisation |
At 1 October 2020 |
and 30 September 2021 |
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Net book value |
At 30 September 2021 |
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At 30 September 2020 |
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6. | Tangible fixed assets |
Short | Plant and | Motor | Computer |
leasehold | machinery | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
Cost |
At 1 October 2020 |
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Additions |
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Disposals |
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At 30 September 2021 |
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Depreciation |
At 1 October 2020 |
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Charge for year |
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Eliminated on disposal |
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At 30 September 2021 |
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Net book value |
At 30 September 2021 |
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At 30 September 2020 |
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Hoyles Farming Limited (Registered number: 04647908) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2021 |
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6. | Tangible fixed assets - continued |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
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Cost |
At 1 October 2020 |
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Additions |
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Transfer to ownership | (32,600 | ) |
At 30 September 2021 |
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Depreciation |
At 1 October 2020 |
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Charge for year |
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Transfer to ownership | (4,483 | ) |
At 30 September 2021 |
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Net book value |
At 30 September 2021 |
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At 30 September 2020 |
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7. | Fixed asset investments |
Other |
investments |
£ |
Cost |
At 1 October 2020 |
and 30 September 2021 |
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Net book value |
At 30 September 2021 |
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At 30 September 2020 |
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8. | Debtors: amounts falling due within one year |
30.9.21 | 30.9.20 |
£ | £ |
Trade debtors |
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Other debtors |
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Hoyles Farming Limited (Registered number: 04647908) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2021 |
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9. | Creditors: amounts falling due within one year |
30.9.21 | 30.9.20 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts (see note 11) |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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10. | Creditors: amounts falling due after more than one year |
30.9.21 | 30.9.20 |
£ | £ |
Bank loans |
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Hire purchase contracts (see note 11) |
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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 | - | 25,666 |
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11. | Leasing agreements |
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Minimum lease payments fall due as follows: |
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Hire purchase contracts |
30.9.21 | 30.9.20 |
£ | £ |
Net obligations repayable: |
Within one year |
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Between one and five years |
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Non-cancellable |
operating leases |
30.9.21 | 30.9.20 |
£ | £ |
Within one year |
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Hoyles Farming Limited (Registered number: 04647908) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2021 |
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12. | Secured debts |
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The following secured debts are included within creditors: |
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30.9.21 | 30.9.20 |
£ | £ |
Bank overdraft |
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Hire purchase contracts | 256,149 | 304,035 |
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Assets acquired under hire purchase agreements remain the property of the finance company until the agreement is complete. |
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Security has been provided in respect of the bank overdraft, by way of a fixed and floating debenture charge in favour of National Westminster Bank PLC over all the assets of the company. |
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13. | Directors' advances, credits and guarantees |
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The following advances and credits to directors subsisted during the years ended 30 September 2021 and 30 September 2020: |
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30.9.21 | 30.9.20 |
£ | £ |
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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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All advances and credits to directors brought forward have been repaid in full. In the prior year, Interest was charged at the official rate of interest, 2.5% until 5 April 2020 and then 2.25%, on the overdrawn balance amounting to £2,111. The loan was unsecured and repayable on demand. |
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14. | Related party disclosures |
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No transactions were undertaken with directors or related parties such as are required to be disclosed under the Financial Reporting Standard 102, Section 1A (effective January 2019). |