REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE PERIOD 1 JULY 2020 TO 27 JUNE 2021 |
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MARKET FRESH LIMITED |
REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE PERIOD 1 JULY 2020 TO 27 JUNE 2021 |
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FOR |
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MARKET FRESH LIMITED |
MARKET FRESH LIMITED (REGISTERED NUMBER: 05535378) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JULY 2020 TO 27 JUNE 2021 |
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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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MARKET FRESH LIMITED |
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COMPANY INFORMATION |
FOR THE PERIOD 1 JULY 2020 TO 27 JUNE 2021 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants & Statutory Auditors |
1 Kings Avenue |
London |
N21 3NA |
MARKET FRESH LIMITED (REGISTERED NUMBER: 05535378) |
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BALANCE SHEET |
27 JUNE 2021 |
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2021 | 2020 |
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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Prepayments and accrued income |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS/(LIABILITIES) |
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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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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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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 Board of Directors and authorised for issue on
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MARKET FRESH LIMITED (REGISTERED NUMBER: 05535378) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JULY 2020 TO 27 JUNE 2021 |
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1. | STATUTORY INFORMATION |
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Market Fresh Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Significant judgements and estimates |
In the application of the company's accounting policies, the directors are required to make judgements, |
estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent |
from other sources. The estimates and associated assumptions are based on historical experience and other |
factors that are relevant. Actual results may differ from these estimates. |
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The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting |
estimates are recognised in the period in which the estimate is revised where the revision affects only that |
period or in the period of the revision and future periods where the revision affects both current and future |
periods. |
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There are no significant judgements or estimates involved in the preparation of the financial statements. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised the amount of economic benefits associated with the transaction can be measured reliably and when the significant risks and rewards of ownership of the goods have transferred to the buyer. |
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Turnover from the rendering of services is recognised when the outcome of a transaction involving the rendering of services can be estimated reliably and the economic benefits be measured reliably. |
Turnover from Contracts are recognized in reference to the stage of completion of the contract. The Stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
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Property, plant and equipment |
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Fixtures, fittings & equipment 25% reducing balance |
Computer equipment 33% reducing balance |
Motor vehicles 25% reducing balance |
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Stocks |
Stocks are stated at lower of cost and estimated selling price less costs to complete and sell. Cost of stock |
includes the costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their |
present location and condition. |
Impairment of each stock item or stock groups are assessed at the end of each reporting period. Impairment |
losses are recognised in Profit or Loss account for any of the damaged or obsolescence by comparing stocks carrying value with its estimated selling price less costs to complete and sell. Reversal of impairment losses are also recognised in profit or loss account. |
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Taxation |
Taxation for the period 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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MARKET FRESH LIMITED (REGISTERED NUMBER: 05535378) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JULY 2020 TO 27 JUNE 2021 |
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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 period 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 |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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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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Cash and cash equivalent |
Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand, short term deposits with an original maturity date of one month. Cash equivalents are defined as short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. |
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Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
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Basic financial liabilities |
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
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Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
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Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
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Going concern |
The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The directors regard the foreseeable future as no less than twelve months following the publication of the company's annual financial statements. The directors have considered the company's balance sheet position as at the year end, its working capital forecasts and projections, continuing support from the company's parent undertaking and the impact of the current COVID 19 crisis, taking account of reasonably possible changes in trading performance and the current state of its operating market and are satisfied that the company has sufficient resources to remain in operational existence. Accordingly, they have adopted going concern basis in preparing these financial statements. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the period was
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MARKET FRESH LIMITED (REGISTERED NUMBER: 05535378) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JULY 2020 TO 27 JUNE 2021 |
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 July 2020 |
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Additions |
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At 27 June 2021 |
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DEPRECIATION |
At 1 July 2020 |
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Charge for period |
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At 27 June 2021 |
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NET BOOK VALUE |
At 27 June 2021 |
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At 30 June 2020 |
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5. | FIXED ASSET INVESTMENTS |
Other |
investments |
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COST |
At 1 July 2020 |
and 27 June 2021 |
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PROVISIONS |
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Impairments | 1,799,444 |
At 27 June 2021 | 1,799,444 |
NET BOOK VALUE |
At 27 June 2021 |
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At 30 June 2020 |
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The company had a 50.1% interest in Trisant Foods Limited, which went into liquidation on the 24th June 2021. As a result the investment is fully impaired. |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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MARKET FRESH LIMITED (REGISTERED NUMBER: 05535378) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JULY 2020 TO 27 JUNE 2021 |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans |
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Other creditors |
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9. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2021 | 2020 |
£ | £ |
Within one year |
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Between one and five years |
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10. | SECURED DEBTS |
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Bank loans are secured by way of a fixed and floating charge on all the property or undertaking of the company. |
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11. | CALLED UP SHARE CAPITAL |
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Alloted, issued and fully paid. |
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2021 |
2020 |
£ | £ |
87 | Ordinary shares | £1 | 87 | 87 |
10 | Ordinary A shares | £1 | 10 | 10 |
2 | Ordinary B shares | £1 | 2 | 2 |
1 | Ordinary C shares | £1 | 1 | 1 |
1,640,000 | D Redeemable Preference shares | £1 | 1,640,000 | - |
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1,640,100 | 100 |
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During the year the company issued 1,640,000 D Redeemable Preference shares of £1 each at par. |
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The directors are of the opinion that the terms of the D Redeemable Preference share are such that they should be classified as equity. |
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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. | CONTINGENT LIABILITIES |
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A limited guarantee has been given by DTI to Barclays Bank Plc for £252,500. |
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A claim has been issued against the company by a former director of Trisant Foods Limited. The directors have taken legal representation and the current assessment is that the outcome is deemed to be remote. The amount of the claim is unknown. |
MARKET FRESH LIMITED (REGISTERED NUMBER: 05535378) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JULY 2020 TO 27 JUNE 2021 |
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14. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to directors subsisted during the periods ended 27 June 2021 and 30 June 2020: |
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2021 | 2020 |
£ | £ |
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Balance outstanding at start of period |
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Amounts repaid |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of period |
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Balance outstanding at start of period |
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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 period |
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15. | RELATED PARTY DISCLOSURES |
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The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
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Included in debtors, falling due within one year, is an amount of £1,415,923 (2020: £220,351) owed from connected companies. These loans are interest free and are repayable on demand. |
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Included in debtors, falling due within one year, is an amount of £8,484 (2020: £8,484) owed from directors. |
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Included in creditors, falling due within one year is Nil (2020: £715,408) owed to connected companies. |
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These loans are interest free and are repayable on demand. |
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16. | ULTIMATE CONTROLLING PARTY |
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The controlling party is Never What If Group Limited. |
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The ultimate controlling party is
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