McFarlane Telfer (UAE) Limited
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Notes to the Accounts |
for the year ended 31 December 2018
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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Turnover |
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The company was dormant throughout the current and previous periods and acted only only as a holding company for the overseas subsidiary investment. |
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Investments |
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Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
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2 |
Employees |
2018 |
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2017 |
Number |
Number |
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Average number of persons employed by the company |
2 |
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2 |
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3 |
Investments |
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The company holds 20% or more of the share capital of the following companies: |
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Capital and |
Profit (loss) |
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Company |
Shares held |
reserves |
for the year |
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% |
£ |
£ |
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McFarlane Telfer Refrigeration and Kitchen Equipment Trading L.L.C. |
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49% |
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117,552 |
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227,747 |
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A company Incorporated in Dubai |
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4 |
Controlling party |
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The immediate parent company is McFarlane Telfer (GCC) Limited. The ultimate controlling party is the director C B Craggs by virtue of his majority shareholding in the parent company.
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5 |
Other information |
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McFarlane Telfer (UAE) Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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B5 Westacott Business Centre |
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Westacott Way |
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Littlewick Green |
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Berkshire |
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SL6 3RT |