Hollowrap Limited ACCOUNTS COVER
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Company No. 05412428
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Hollowrap Limited CONTENTS
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Pages
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Company Information
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2
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Directors' Report
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3
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Accountant's Report
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4
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Profit and Loss Account
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5
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Balance Sheet
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6
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Notes to the Accounts
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7 to 13
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Hollowrap Limited COMPANY INFORMATION
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Directors
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Registered Office
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Accountants
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102 Burnmill Road
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Market Harborough
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LE16 7JG
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Hollowrap Limited DIRECTORS REPORT
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The Directors present their report and the accounts for the year ended 31 December 2016.
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Principal activities
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Directors
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The Directors who served at any time during the year were as follows:
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Signed on behalf of the board
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D. Paxton
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Director
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21 March 2017
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Hollowrap Limited ACCOUNTANTS REPORT ICAEW
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Chartered Accountant's Report to the Board of directors of Hollowrap Limited on the preparation of the unaudited statutory accounts for the year ended 31 December 2016
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In order to assist you to fulfil your duties under the Companies Act 2006 and in accordance with your instructions, we have prepared for your approval the financial statements of Hollowrap Limited for the year ended 31 December 2016 set out on pages 5 to 13 from the company's accounting records and from information and explanations you have given us.
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As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.
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This report is made solely to the Board of directors of Hollowrap Limited, as a body, in accordance with the terms of our engagement letter dated . Our work has been undertaken solely to prepare for your approval the financial statements of Hollowrap Limited and state those matters that we have agreed to state to the the Board of directors of Hollowrap Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Hollowrap Limited and its Board of directors as a body for our work or for this report.
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It is your duty to ensure that Hollowrap Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Hollowrap Limited. You consider that Hollowrap Limited is exempt from the statutory audit requirement for the year.
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Chartered Accountants
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102 Burnmill Road
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Market Harborough
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LE16 7JG
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Hollowrap Limited PROFIT AND LOSS ACCOUNT
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for the year ended 31 December 2016
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Notes
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2016
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2015
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£
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£
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Turnover
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Cost of sales
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(
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(
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Gross profit
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Distribution costs and selling expenses
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(
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(
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Administrative expenses
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(
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(
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Operating profit
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Other interest receivable
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Interest payable and similar charges
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(
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(
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Profit on ordinary activities before taxation
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Taxation
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(
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(
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Profit for the financial year after taxation
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STATEMENT OF COMPREHENSIVE INCOME
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for the year ended 31 December 2016
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2016
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2015
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£
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£
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Profit for the financial year after taxation
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Other comprehensive income
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-
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-
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Total comprehensive income for the year
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Hollowrap Limited BALANCE SHEET
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at
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Company No.
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Notes
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2016
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2015
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£
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£
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Fixed assets
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Intangible assets
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2
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Tangible assets
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3
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Current assets
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Stocks
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4
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Debtors
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5
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Cash at bank and in hand
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Creditors: Amount falling due within one year
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6
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(
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(
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Net current (liabilities)/assets
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(
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Total assets less current liabilities
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Creditors: Amounts falling due after more than one year
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7
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(
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(
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Net assets
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Capital and reserves
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Called up share capital
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Capital redemption reserve
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8
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Profit and loss account
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Total equity
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Approved by the board on 21 March 2017
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And signed on its behalf by:
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D. Paxton
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Director
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21 March 2017
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Hollowrap Limited NOTES TO THE ACCOUNTS
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for the year ended 31 December 2016
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1
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Accounting policies
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Basis of preparation
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Turnover
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Revenue from the sale of goods is recognised when all the following conditions are satisfied: • the Company has transferred to the buyer the significant risks and rewards of ownership of the goods; • the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; • the amount of revenue 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. Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed. |
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Intangible fixed assets
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Taxation
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The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively. |
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Tangible fixed assets and depreciation
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At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. |
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Leasehold land and buildings
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Plant and machinery
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Motor vehicles
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Furniture, fittings and equipment
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Stocks
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Trade and other debtors
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Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.
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Trade and other creditors
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Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Foreign currencies
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Leased assets
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Leases which do not transfer substantially all the risks and rewards of ownership to the Company are classified as operating leases. Assets held under finance leases are initially recognised as assets of the Company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the Company's policy on borrowing costs (see the accounting policy above). Assets held under finance leases are depreciated in the same way as owned assets. Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis. |
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Pensions
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Provisions
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Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the balance sheet. |
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2
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Intangible fixed assets
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Goodwill
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Patents and trade-marks
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Total
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£
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£
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£
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Cost
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At 1 January 2016
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At 31 December 2016
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Net book values
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At 31 December 2016
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At 31 December 2015
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3
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Tangible fixed assets
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Land and buildings
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Plant and machinery
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Motor vehicles
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Fixtures, fittings and equipment
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Total
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£
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£
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£
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£
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£
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Cost or revaluation
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At 1 January 2016
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Additions
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Disposals
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(
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(
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At 31 December 2016
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Depreciation
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At 1 January 2016
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Charge for the year
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Disposals
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(
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(
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At 31 December 2016
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Net book values
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At 31 December 2016
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At 31 December 2015
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4
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Stocks
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2016
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2015
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£
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£
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Work in progress
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5
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Debtors
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2016
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2015
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£
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£
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Trade debtors
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VAT recoverable
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Prepayments and accrued income
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6
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Creditors:
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amounts falling due within one year
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2016
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2015
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£
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£
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Obligations under finance lease and hire purchase contracts
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Trade creditors
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Corporation tax
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Other taxes and social security
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Other creditors
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Accruals and deferred income
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7
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Creditors:
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amounts falling due after more than one year
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2016
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2015
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£
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£
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Obligations under finance lease and hire purchase contracts
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8
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Reserves
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Capital redemption reserve
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Total other reserves
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£
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£
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At 1 January 2015
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At 31 December 2015 and 1 January 2016
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At 31 December 2016
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9
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Commitments
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Financial commitments
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2016
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2015
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£
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£
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Total commitments under non-cancellable operating leases:
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10
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Dividends
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2016
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2015
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£
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£
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Dividends for the period:
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Dividends accrued at the period end
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372,000
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280,000
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Dividends by type:
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Equity dividends
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372,000
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280,000
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11
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Related party disclosures
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Controlling parties
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Immediate controlling parties
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There is no controlling entity
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12
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Additional information
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Hollowrap Limited is a private company limited by shares and registered in England.
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It's registered number is:
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05412428
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It's registered office is:
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Thurmaston
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Leicester
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LE4 9LZ
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