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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2017 |
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ELECTRICAL WHOLESALE SPECIALISTS LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2017 |
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FOR |
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ELECTRICAL WHOLESALE SPECIALISTS LIMITED |
ELECTRICAL WHOLESALE SPECIALISTS LIMITED (REGISTERED NUMBER: 05814800) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2017 |
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Company Information | 1 |
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Chartered Accountants' Report | 2 |
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Balance Sheet | 3 |
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Notes to the Financial Statements | 5 |
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ELECTRICAL WHOLESALE SPECIALISTS LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2017 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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The Third Floor |
Langdon House, Langdon Road |
SA1 Swansea Waterfront |
Swansea |
SA1 8QY |
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
ELECTRICAL WHOLESALE SPECIALISTS LIMITED |
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The following reproduces the text of the report prepared for the directors in respect of the company's |
annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only |
required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other |
primary statements and the Report of the Directors are not required to be filed with the Registrar of |
Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your |
approval the financial statements of Electrical Wholesale Specialists Limited for the year ended |
31 March 2017 which comprise the Income Statement, Balance Sheet and the related notes 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 (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
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This report is made solely to the Board of Directors of Electrical Wholesale Specialists Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Electrical Wholesale Specialists Limited and state those matters that we have agreed to state to the Board of Directors of Electrical Wholesale Specialists Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Electrical Wholesale Specialists 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 Electrical Wholesale Specialists Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Electrical Wholesale Specialists Limited. You consider that Electrical Wholesale Specialists Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Electrical Wholesale Specialists Limited. 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 any opinion on the statutory financial statements. |
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The Third Floor |
Langdon House, Langdon Road |
SA1 Swansea Waterfront |
Swansea |
SA1 8QY |
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ELECTRICAL WHOLESALE SPECIALISTS LIMITED (REGISTERED NUMBER: 05814800) |
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BALANCE SHEET |
31 MARCH 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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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 |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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ELECTRICAL WHOLESALE SPECIALISTS LIMITED (REGISTERED NUMBER: 05814800) |
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BALANCE SHEET - continued |
31 MARCH 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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 |
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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 Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
on its behalf by: |
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ELECTRICAL WHOLESALE SPECIALISTS LIMITED (REGISTERED NUMBER: 05814800) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2017 |
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1. | STATUTORY INFORMATION |
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Electrical Wholesale Specialists Limited is a
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England and Wales. 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 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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Goodwill |
Goodwill, being the amount paid in connection with the acquisition of a business in 2006, is being |
amortised evenly over its expected useful life of one year. |
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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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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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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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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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ELECTRICAL WHOLESALE SPECIALISTS LIMITED (REGISTERED NUMBER: 05814800) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
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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 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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Government grants |
Grants that relate to capital expenditure are treated as deferred income and credited to the profit |
and loss account over the expected useful lives of the assets concerned. Revenue based grants are |
credited to the profit and loss account in the year in which they are receivable. |
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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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4. | INTANGIBLE FIXED ASSETS |
Goodwill |
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COST |
At 1 April 2016 |
and 31 March 2017 |
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AMORTISATION |
At 1 April 2016 |
and 31 March 2017 |
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NET BOOK VALUE |
At 31 March 2017 |
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At 31 March 2016 |
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ELECTRICAL WHOLESALE SPECIALISTS LIMITED (REGISTERED NUMBER: 05814800) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
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5. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2016 |
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Additions |
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Disposals | ( |
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At 31 March 2017 |
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DEPRECIATION |
At 1 April 2016 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 March 2017 |
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NET BOOK VALUE |
At 31 March 2017 |
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At 31 March 2016 |
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The net book value of tangible fixed assets includes £ 16,224 (2016 - £ 16,224 ) in respect of assets |
held under hire purchase contracts. |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
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Amounts owed by related parties |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts |
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Trade creditors |
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Amounts owed to related parties | 103,614 | 145,587 |
Taxation and social security |
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Other creditors |
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ELECTRICAL WHOLESALE SPECIALISTS LIMITED (REGISTERED NUMBER: 05814800) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2017 | 2016 |
£ | £ |
Hire purchase contracts |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2017 | 2016 |
£ | £ |
Hire purchase contracts | 6,167 | 9,698 |
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Hire purchase liabilities are secured on the assets to which the agreement relates. |
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10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to directors subsisted during the years ended 31 March 2017 and |
31 March 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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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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Balance outstanding at start of year |
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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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ELECTRICAL WHOLESALE SPECIALISTS LIMITED (REGISTERED NUMBER: 05814800) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
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10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued |
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Amounts due from the directors are interest free and repayable on demand. |
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11. | RELATED PARTY DISCLOSURES |
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During the year, total dividends of £59,556 (2016 - £58,056) were paid to the directors . |
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The accounts include the following transactions and balances relating to Platinum Controls |
Installations Limited, Platcon Limited and Platinum Controls Limited. These companies are related |
by virtue of some common directors an shareholders. |
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Moller PCI Limited a joint venture in which Platinum Controls Installations Limited (a related |
company) has an investment. |
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The companies turnover include sales to the following companies: |
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2016 | 2016 |
£ | £ |
Platcon Limited | 55,416 | 8,589 |
Platinum Controls Installations Limited | - | - |
Platinum Controls Properties Limited | - | 996 |
Moller PCI Limited | 138,480 | 107,703 |
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Balances due from and to related companies are shown below: |
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2017 | 2017 | 2016 | 2016 |
Debtors | Creditors | Debtors | Creditor s |
£ | £ |
Platcon Limited | - | 96,850 | - | 135,723 |
Platinum Controls Installations Limited | - | 6,764 | - | 2,383 |
Platinum Controls Limited | - | - | 23,639 | - |
Platinum Controls Properties Limited | 2,392 | - | 2,978 | - |
Moller PCI Limited |
53,764 |
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7,487 |
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All transactions are carried out on normal commercial terms. |
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12. | ULTIMATE CONTROLLING PARTY |
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The directors consider there to be no ultimate controlling party. |