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REPORT OF THE DIRECTORS AND |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2016 |
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SYMPHONY VENTURES LTD |
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REGISTERED NUMBER:
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REPORT OF THE DIRECTORS AND |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2016 |
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FOR |
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SYMPHONY VENTURES LTD |
SYMPHONY VENTURES LTD (REGISTERED NUMBER: 09164342) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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Company Information | 1 |
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Report of the Directors | 2 |
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Income Statement | 3 |
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Other Comprehensive Income | 4 |
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Balance Sheet | 5 |
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Statement of Changes in Equity | 6 |
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Notes to the Financial Statements | 7 |
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SYMPHONY VENTURES LTD |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
30 New Road |
Brighton |
East Sussex |
BN1 1BN |
SYMPHONY VENTURES LTD (REGISTERED NUMBER: 09164342) |
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REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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The directors present their report with the financial statements of the company for the year ended 31 December 2016. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2016 to the date of this report. |
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This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
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ON BEHALF OF THE BOARD: |
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SYMPHONY VENTURES LTD (REGISTERED NUMBER: 09164342) |
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INCOME STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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Period |
6.8.14 |
Year Ended | to |
31.12.16 | 31.12.15 |
Notes | £ | £ |
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TURNOVER |
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Cost of sales |
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GROSS PROFIT |
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Administrative expenses |
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OPERATING PROFIT | 4 |
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Interest payable and similar expenses |
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PROFIT BEFORE TAXATION |
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Tax on profit |
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PROFIT FOR THE FINANCIAL YEAR |
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SYMPHONY VENTURES LTD (REGISTERED NUMBER: 09164342) |
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OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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Period |
6.8.14 |
Year Ended | to |
31.12.16 | 31.12.15 |
Notes | £ | £ |
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PROFIT FOR THE YEAR |
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OTHER COMPREHENSIVE INCOME |
Share-based options granted in year |
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Income tax relating to other comprehensive
income |
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OTHER COMPREHENSIVE INCOME FOR
THE YEAR, NET OF INCOME TAX |
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TOTAL COMPREHENSIVE INCOME FOR
THE YEAR |
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SYMPHONY VENTURES LTD (REGISTERED NUMBER: 09164342) |
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BALANCE SHEET |
31 DECEMBER 2016 |
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2016 | 2015 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 6 |
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Investments | 7 |
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CURRENT ASSETS |
Debtors | 8 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 9 | ( |
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NET CURRENT ASSETS |
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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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Share premium |
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Share-based payment reserve |
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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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The financial statements were approved by the Board of Directors on
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SYMPHONY VENTURES LTD (REGISTERED NUMBER: 09164342) |
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STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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Called up | Share-based |
share | Retained | Share | payment | Total |
capital | earnings | premium | reserve | equity |
£ | £ | £ | £ | £ |
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Changes in equity |
Issue of share capital |
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Dividends | - | ( |
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Total comprehensive income | - |
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Balance at 31 December 2015 |
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Changes in equity |
Dividends | - | ( |
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Total comprehensive income | - |
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Balance at 31 December 2016 |
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SYMPHONY VENTURES LTD (REGISTERED NUMBER: 09164342) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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1. | STATUTORY INFORMATION |
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Symphony Ventures Ltd is a
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number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Related party exemption |
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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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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Tangible fixed assets |
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Fixtures and fittings | - |
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Computer equipment | - |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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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 that have been enacted or |
substantively enacted by the balance sheet date. |
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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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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. |
SYMPHONY VENTURES LTD (REGISTERED NUMBER: 09164342) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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2. | ACCOUNTING POLICIES - continued |
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Share options |
The Company operates EMI and CSOP share option schemes for certain employees, engaging in equity settled share based |
payment transactions in respect of services received. Details of the options within the scheme are set out in the Share Based |
Transaction Note. |
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It is the policy of the Company to grant share options that have an exercise price representing fair market value at the date of |
grant. Fair market values have been determined by the Board of Directors' taking into account the performance of the |
Company and other relevant factors. |
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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. | OPERATING PROFIT |
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The operating profit is stated after charging: |
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Period |
6.8.14 |
Year Ended | to |
31.12.16 | 31.12.15 |
£ | £ |
Depreciation - owned assets |
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Formation costs | - | 151 |
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5. | DIVIDENDS |
Period |
6.8.14 |
Year Ended | to |
31.12.16 | 31.12.15 |
£ | £ |
Ordinary shares of 0.1p each |
Final | 372,902 | 30,800 |
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6. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2016 |
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Additions |
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At 31 December 2016 |
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DEPRECIATION |
At 1 January 2016 |
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Charge for year |
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At 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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SYMPHONY VENTURES LTD (REGISTERED NUMBER: 09164342) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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7. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2016 |
and 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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Amount recoverable on contract |
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Prepayments |
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9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Tax |
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Social security and other taxes |
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VAT | 14,356 | 8,738 |
Other creditors |
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Unsecured loans | 62,499 | - |
Directors' loan accounts | 104,306 | 84,094 |
Accrued expenses |
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Invoice discounting advanced | 100,156 | - |
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10. | RELATED PARTY DISCLOSURES |
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During the year, total dividends of £372,902 were paid to the directors . |
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11. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling party is
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SYMPHONY VENTURES LTD (REGISTERED NUMBER: 09164342) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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12. | SHARE-BASED PAYMENT TRANSACTIONS |
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On 31 December 2016 the company made available EMI and CSOP schemes in which 37 employees took up options. |
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The following share options are in issue at the year end: |
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Options granted |
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Brought Forward |
Non Condition al |
Condition al |
Options exercised/ (lapsed) |
Carried Forward |
Exercise
Period (from date of grant) |
Exercise price per ordinary share |
EMI |
Employees
(6) |
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3,872 |
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3,872 |
3-10 years |
£1.471 |
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CSOP |
Employees
(31) |
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2,859 |
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2,859 |
3-10 years |
£1.471 |
Total | - | - | 6,731 | - | 6,731 |
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13. | FIRST YEAR ADOPTION |
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These are the company’s first set of financial statements prepared in accordance with FRS 102. |
The transition to FRS 102 Section 1A occurred on 1 January 2015 with the end of the comparative period being 31 |
December 2015. There have been no changes to accounting policies nor to any balances in the financial statements. |
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