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Registered Number: |
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4970246 |
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England & Wales |
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LOUIGI MOTO LIMITED |
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Annual Report & Unaudited Accounts |
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For the year to |
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31 December 2014 |
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LOUIGI MOTO LIMITED |
Registered Number: |
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4970246 |
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England & Wales |
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DIRECTORS' REPORT |
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The Directors present their report and accounts of the company for the year to |
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31 December 2014 |
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PRINCIPAL ACTIVITY |
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The principal activity of the company is motorcycle repair and parts sales, engine rebuilds and race bike preparation.
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DIRECTORS |
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The following served as directors during the year: |
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Richard M Llewellin
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Christian Perrott
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(resigned 24 April 2015) |
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SMALL COMPANY |
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The above report has been prepared in accordance with the special provisions relating to |
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small companies within Part 15 of the Companies Act 2006. |
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By Order of the Board |
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Richard M Llewellin |
……………….. |
Director |
Date:………………. |
25/09/15
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LOUIGI MOTO LIMITED |
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Chartered Accountant's Report to the Board of Directors on the Unaudited Accounts |
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of LOUIGI MOTO LIMITED . |
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In accordance with our engagement letter, and in order to assist you to fulfill your duties under the Companies Act 2006, we have compiled the financial statements of the company which comprise Profit & Loss Account, Balance Sheet, Statement of Total Recognised Gains & Losses,and related notes from the accounting records and information and explanations you have provided to us. |
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This report is made to the Company's Board of Directors, as a body, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to do, report to the Company's Board of Directors that we have done so, and state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's Board of Directors, as a body, for our work or this report. |
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We have carried out this engagement in accordance with technical guidance issued by the Institute of Chartered Accountants, and have complied with the ethical guidance laid down by the Institute relating to members undertaking the compilation of financial statements. |
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You have acknowledged on the Balance Sheet your duty to ensure that the Company has kept proper accounting records and to prepare financial statements that give a fair and true view under the Companies Act 2006. You consider that the Company is exempt from the statutory requirement for an audit for the year. |
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We have not been instructed to carry out an audit of the financial statements. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us, and we do not, therefore,express an opinion on the financial statements. |
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Iain F McGregor & Co |
Date............… |
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Chartered Accountants |
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Ashford Lodge, Cypress court |
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Hazelwood Road, Sneyd Park |
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Bristol BS9 1PY |
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LOUIGI MOTO LIMITED |
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PROFIT AND LOSS ACCOUNT |
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For the year to 31 December 2014 |
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2014 |
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2013 |
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£ |
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£ |
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NOTES |
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TURNOVER |
(1) |
132,349 |
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109,247 |
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Cost of sales |
66,933 |
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50,374 |
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GROSS PROFIT |
65,416 |
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58,873 |
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Administrative expenses |
60,753 |
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59,686 |
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OPERATING PROFIT |
(2) |
4,663 |
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(813) |
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Interest receivable & similar income |
- |
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- |
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Interest payable |
- |
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- |
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PROFIT ON ORDINARY ACTIVITIES BEFORE |
4,663 |
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(813) |
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TAXATION |
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Tax on ordinary activities |
(3) |
800 |
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PROFIT ON ORDINARY ACTIVITIES AFTER |
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-transferred to reserves |
£ |
3,863 |
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(813) |
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MOVEMENT ON RESERVES |
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Brought forward |
(26,197) |
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(25,384) |
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RETAINED PROFIT for the year |
3,863 |
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(813) |
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Dividends paid |
- |
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- |
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Carried forward |
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(22,334) |
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(26,197) |
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STATEMENT OF TOTAL RECOGNIZED GAINS AND LOSSES |
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There are no other gains or losses other than the above profit for the year |
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LOUIGI MOTO LIMITED |
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BALANCE SHEET as at 31 December 2014 |
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2014 |
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2013 |
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NOTES |
£ |
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£ |
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FIXED ASSETS |
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Tangible fixed assets |
(4) |
460 |
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- |
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CURRENT ASSETS |
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Stocks |
7,190 |
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7,190 |
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Debtors |
(5) |
- |
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750 |
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7,190 |
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7,940 |
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CURRENT LIABILITIES |
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Creditors falling due within one year |
(6) |
17,385 |
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21,538 |
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(NET CURRENT LIABILITIES) |
(10,195) |
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(13,598) |
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(NET LIABILITIES) |
£ |
(9,735) |
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(13,598) |
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CAPITAL AND RESERVES |
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Called up share capital |
(7) |
100 |
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100 |
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Share premium account |
12,499 |
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12,499 |
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Profit and loss account |
(22,334) |
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(26,197) |
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SHAREHOLDERS FUNDS (DEFICIT) |
£ |
(9,735) |
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(13,598) |
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- |
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The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
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Members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
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The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
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The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
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Signed on behalf of |
Richard M Llewellin |
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the board of directors |
……………………….. |
Director |
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Approved by the Board on:………………….Date: |
25/09/15
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LOUIGI MOTO LIMITED |
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NOTES TO THE ACCOUNTS |
31 December 2014 |
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ACCOUNTING POLICIES |
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Accounting Convention |
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The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
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The accounts have been prepared on a going concern basis as a director and shareholder have agreed to support the company for the foreseeable future. The company is dependant on its director for future funding. This support is expected to continue, although this cannot be guaranteed and no formal agreement is in place. |
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Turnover |
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Turnover is stated as invoiced sales during the period to third parties, excluding vat.
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Tangible Fixed Assets |
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Tangible fixed assets are recorded at cost. Depreciation has been provided at the following |
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rates in order to write off the assets over their useful lives: |
Motor Vehicles |
25% straight line method
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Equipment |
15% straight line method
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Stocks |
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Stocks and work in progress are valued at the lower of cost and net realisable value, after |
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making due allowance for obsolete and slow-moving items. |
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Corporation tax is provided on taxable profits at the current rate. |
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Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse. |
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1 |
TURNOVER |
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Turnover is attributable to geographical markets within the United Kingdom. |
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2 |
PROFIT ON ORDINARY ACTIVITIES BEFORE TAX |
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The results on ordinary activities before taxation is derived from continuing operations and is |
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stated after taking into account the following: |
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2014 |
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2013 |
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£ |
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£ |
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Directors' remuneration |
31,790 |
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32,573 |
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Depreciation |
154 |
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- |
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LOUIGI MOTO LIMITED |
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NOTES TO THE ACCOUNTS |
31 December 2014 |
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3 |
TAX ON ORDINARY ACTIVITIES |
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The tax charge comprises |
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Current year corporation tax |
800 |
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Motor |
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TANGIBLE FIXED ASSETS |
Vehicles |
Equipment |
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Total |
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Cost |
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£ |
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As at 31 December 2013 |
8,500 |
4,215 |
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12,715 |
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Additions in the year |
- |
614 |
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614 |
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Disposals in the year |
- |
- |
# |
- |
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As at 31 December 2014 |
8,500 |
4,829 |
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13,329 |
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Depreciation |
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As at 31 December 2013 |
8,500 |
4,215 |
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12,715 |
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Charge for the year |
- |
154 |
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154 |
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Disposals in the year |
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- |
# |
- |
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As at 31 December 2014 |
8,500 |
4,369 |
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12,869 |
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Net Book Amount |
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As at 31 December 2013 |
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- |
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As at 31 December 2014 |
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460 |
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460 |
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DEBTORS |
2014 |
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2013 |
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£ |
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£ |
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Other debtors |
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750 |
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- |
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750 |
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6 |
CREDITORS - Amounts falling due within one year |
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Trade Creditors |
1,674 |
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3,661 |
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Bank loans and overdrafts (secured) |
2,223 |
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5,098 |
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Corporation tax due |
800 |
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- |
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Director current account |
9,269 |
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8,926 |
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Taxation & social security |
2,466 |
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2,854 |
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Other creditors |
953 |
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999 |
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17,385 |
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21,538 |
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7 |
CALLED UP SHARE CAPITAL |
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Authorised,allotted, called and fully paid: |
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Each |
No |
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ordinary shares
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£1
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100
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100 |
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100 |
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LOUIGI MOTO LIMITED |
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NOTES TO THE ACCOUNTS |
31 December 2014 |
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8 |
RELATED PARTY TRANSACTIONS |
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Richard M Llewellin
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The above is a director of the company.
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R Llewellin has provided funding for the company and a personal garantee for the bank facilities.
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Amount due to him at year end is: |
9,269 |
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8,926 |
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CONTROLLING PARTY |
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The company is controlled by the director, R Llewellin, who has beneficial interest in all the ordinary shares.
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