REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2016 |
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VANTAGE MOTORHOMES LIMITED |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2016 |
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FOR |
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VANTAGE MOTORHOMES LIMITED |
VANTAGE MOTORHOMES LIMITED (REGISTERED NUMBER: 06061091) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2016 |
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Page |
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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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VANTAGE MOTORHOMES LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 AUGUST 2016 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Thomas House |
Meadowcroft Business Park |
Pope Lane, Whitestake |
Preston |
PR4 4AZ |
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
VANTAGE MOTORHOMES LIMITED |
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The following reproduces the text of the report prepared for the director and members 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 |
Statement of Comprehensive Income and certain other primary statements and the Report of the |
Director 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 Vantage Motorhomes Limited for the year ended |
31 August 2016 which comprise the Statement of Comprehensive Income, 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 at icaew.com/membershandbook. |
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This report is made solely to the director of Vantage Motorhomes Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Vantage Motorhomes Limited and state those matters that we have agreed to state to the director of Vantage Motorhomes Limited 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 the company and its director for our work or for this report. |
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It is your duty to ensure that Vantage Motorhomes 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 Vantage Motorhomes Limited. You consider that Vantage Motorhomes 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 Vantage Motorhomes 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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Thomas House |
Meadowcroft Business Park |
Pope Lane, Whitestake |
Preston |
PR4 4AZ |
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VANTAGE MOTORHOMES LIMITED (REGISTERED NUMBER: 06061091) |
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BALANCE SHEET |
31 AUGUST 2016 |
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31/8/16 | 31/8/15 |
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: amounts falling due within
one year |
6 |
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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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( |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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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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SHAREHOLDERS' FUNDS |
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The director acknowledges his 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. |
VANTAGE MOTORHOMES LIMITED (REGISTERED NUMBER: 06061091) |
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BALANCE SHEET - continued |
31 AUGUST 2016 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
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The financial statements were approved by the director on
by: |
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VANTAGE MOTORHOMES LIMITED (REGISTERED NUMBER: 06061091) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2016 |
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1. | STATUTORY INFORMATION |
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Vantage Motorhomes Limited is a
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and Wales. The company's registered number and registered office address can be found |
on the Company Information page. |
VANTAGE MOTORHOMES LIMITED (REGISTERED NUMBER: 06061091) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2016 |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The principal accounting policies adopted in the preparation of the financial statements |
are set out below and have remained unchanged from the previous year and have also |
been consistently applied within the same accounts. |
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These financial statements for the year ended 31 August 2016 are the first set of financial |
statements that comply with FRS102 Section 1A small entities. The date of transition was 1 |
September 2014. |
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The transition to FRS102 Section 1A for small entities has resulted in a small number of |
changes in accounting policies to those used previously. |
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Although there has been changes these have not impacted on the shareholders funds at |
the transition date. |
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The financial statements have been prepared under the historical cost convention except |
for modification to a fair value basis for certain fixed assets, as specified in the accounting |
policies below. |
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The company's presentational currency is pounds sterling. |
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Financial reporting standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemption in preparing |
these financial statements, as permitted by FRS102 "The Financial Reporting Standard |
applicable in the UK and Republic of Ireland": |
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- the requirements of Section 7 Statement of Cash Flows. |
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Significant judgements and estimates |
No significant judgements have had to be made by management and directors in |
preparing these financial statements. |
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Tangible fixed assets |
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Tangible fixed assets, other than investment properties, are depreciated over their useful |
lives taking into account residual values, where appropriate. The actual lives of the assets |
and residual values are assessed annually and may vary depending on a number of factors. |
In re-assessing asset lives, factors such as technological innovation, product life cycles and |
maintenance programmes are taken into account. Residual value assessments consider |
issues such as future market conditions, the remaining life of the asset and projected |
disposal values. |
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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. |
VANTAGE MOTORHOMES LIMITED (REGISTERED NUMBER: 06061091) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2016 |
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2. | ACCOUNTING POLICIES - continued |
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Tangible fixed assets |
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Plant and machinery | - |
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Motor vehicles | - |
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Computer equipment | - |
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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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Deferred tax |
Deferred tax liabilities are generally recognised for all timing differences and deferred tax |
assets are recognised to the extent that is probable that they will be recovered against the |
reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are |
not recognised if the timing difference arises from goodwill or from the initial recognition of |
other assets and liabilities in a transaction that affects neither the tax profit nor the |
accounting profit. |
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The carrying amount of deferred tax assets is reviewed at each reporting end date and |
reduced to the extent that is no longer probable that sufficient taxable profits will be |
available to allow all or part of the asset to be recovered. Deferred tax is calculated at the |
tax rates that are expected to apply in the period when the liability is settled or the asset it |
realised. Where items recognised in other comprehensive income or equity are chargeable |
to or deductible for tax purposes, the resulting current or deferred tax expense or income is |
presented in the same component of comprehensive income or equity as the transaction or |
other event that resulted in the tax expense or income. Deferred tax assets and liabilities are |
offset when the company has a legally enforceable right to offset current tax assets and |
liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax |
authority. |
VANTAGE MOTORHOMES LIMITED (REGISTERED NUMBER: 06061091) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2016 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
The company only enters into basic financial instruments transactions that result in the |
recognition of financial assets and liabilities like trade and other accounts receivable and |
payable, loans from banks and other third parties, loans to related parties and investments in |
non-puttable ordinary shares. |
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Debt instruments like loans and other accounts receivable and payable are initially |
measured at present value of the future payments and subsequently at amortised cost using |
the effective interest method; Debt instruments that are payable or receivable within one |
year, typically trade payables or receivables, are measured, initially and subsequently, at |
the undiscounted amount of the cash or other consideration expected to be paid or |
received. However if the arrangements of a short-term instrument constitute a financing |
transaction, like the payment of a trade debt deferred beyond normal business terms or |
financed at a rate of interest that is not a market rate or in case of an outright short-term |
loan not at market rate, the financial asset or liability is measured, initially and subsequently, |
at the present value of the future payments discounted at a market rate of interest for a |
similar debt instrument. |
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Financial assets that are measured at cost and amortised cost are assessed at the end of |
each reporting period for objective evidence of impairment. If objective evidence of |
impairment is found, an impairment loss is recognised in profit or loss. |
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For financial assets measured at amortised cost, the impairment loss is measured as the |
difference between an asset's carrying amount and the present value of estimated cash |
flows discounted at the asset's original effective interest rate. If a financial asset has a |
variable interest rate, the discount rate for measuring any impairment loss is the current |
effective interest rate determined under the contract. |
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For financial assets measured at cost less impairment, the impairment loss is measured as the |
difference between an asset's carrying amount and the best estimate, which is an |
approximation, of the amount that the company would receive for the asset if it were to be |
sold at the reporting date. |
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Financial assets and liabilities are offset and the net amount reported in the statement of |
financial position when there is an enforceable right to set off the recognised amounts and |
there is an intention to settle on a net basis or to realise the asset and settle the liability |
simultaneously. |
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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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VANTAGE MOTORHOMES LIMITED (REGISTERED NUMBER: 06061091) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2016 |
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4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 September 2015 |
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Disposals | ( |
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At 31 August 2016 |
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NET BOOK VALUE |
At 31 August 2016 |
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At 31 August 2015 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 September 2015 |
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Additions |
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Disposals | ( |
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At 31 August 2016 |
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DEPRECIATION |
At 1 September 2015 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 August 2016 |
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NET BOOK VALUE |
At 31 August 2016 |
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At 31 August 2015 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/8/16 | 31/8/15 |
£ | £ |
Trade debtors |
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Tax |
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Prepayments and accrued income |
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VANTAGE MOTORHOMES LIMITED (REGISTERED NUMBER: 06061091) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2016 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/8/16 | 31/8/15 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to associates | 3,797 | - |
Corporation tax |
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PAYE and NIC |
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VAT | 19,708 | 33,302 |
Deposits |
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Directors' credit | - | 70,000 |
Accruals and deferred income |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31/8/16 | 31/8/15 |
£ | £ |
Bank Loan | - | 159,988 |
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9. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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Included in other creditors, amounts falling due within one year, is a balance of £nil (2015 - |
£70,000) due to the Directors of the company. |
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10. | RELATED PARTY DISCLOSURES |
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Included in creditors, amounts falling due within one year, is an amount of £3,797 (2015 - £nil) |
due from Signature Motorhomes and Leisure Limited. Michael Hardicker is a director of |
Signature Motorhomes and Leisure Limited. |
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11. | ULTIMATE CONTROLLING PARTY |
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The controlling party is M Hardicker. |
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12. | FIRST YEAR ADOPTION |
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The company has adopted FRS102 for the year ended 31 August 2016. The directors have |
considered the requirements of FRS102 and confirm that there are no adjustments to the |
comparative prior year amounts as a result of this. |