Company registration number:
9345774
Key Parking Solutions Limited
Unaudited filleted financial statements
31 December 2019
Key Parking Solutions Limited
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Key Parking Solutions Limited
Directors and other information
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Director
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Mr Jason Key
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Company number
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9345774
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Registered office
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51 Rumer Hill Business Estate
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Rumer Hill Road
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Cannock
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Staffs
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WS11 0ET
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Accountants
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Lindley & Co
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17 Millbrook Drive
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Shenstone
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Staffs
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WS14 0JL
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Key Parking Solutions Limited
Statement of financial position
31 December 2019
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2019
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2018
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Note
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£
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£
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£
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£
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Fixed assets
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Tangible assets
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5
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-
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3,768
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_______
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_______
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-
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3,768
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Current assets
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Debtors
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6
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2,120
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-
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Cash at bank and in hand
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15,064
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2,083
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_______
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_______
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17,184
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2,083
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Creditors: amounts falling due
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within one year
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7
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(
20,944)
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(
13,250)
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_______
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_______
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Net current liabilities
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(
3,760)
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(
11,167)
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_______
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_______
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Total assets less current liabilities
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(
3,760)
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(
7,399)
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_______
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_______
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Net liabilities
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(
3,760)
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(
7,399)
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_______
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_______
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Capital and reserves
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Called up share capital
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100
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100
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Profit and loss account
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(
3,860)
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(
7,499)
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_______
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_______
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Shareholder deficit
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(
3,760)
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(
7,399)
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_______
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_______
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For the year ending 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
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The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
17 September 2020
, and are signed on behalf of the board by:
Mr Jason Key
Director
Company registration number:
9345774
Key Parking Solutions Limited
Statement of changes in equity
Year ended 31 December 2019
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Called up share capital
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Profit and loss account
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Total
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£
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£
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£
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At 1 January 2018
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100
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(
3,675)
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(
3,575)
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Profit for the year
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1,176
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1,176
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_______
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_______
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_______
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Total comprehensive income for the year
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-
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1,176
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1,176
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Dividends paid and payable
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(
5,000)
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(
5,000)
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_______
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_______
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_______
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Total investments by and distributions to owners
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-
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(
5,000)
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(
5,000)
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_______
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_______
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_______
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At 31 December 2018 and 1 January 2019
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100
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(
7,499)
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(
7,399)
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Profit for the year
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10,639
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10,639
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_______
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_______
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_______
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Total comprehensive income for the year
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-
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10,639
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10,639
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Dividends paid and payable
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(
7,000)
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(
7,000)
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_______
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_______
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_______
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Total investments by and distributions to owners
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-
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(
7,000)
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(
7,000)
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_______
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_______
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_______
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At 31 December 2019
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100
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(
3,860)
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(
3,760)
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_______
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_______
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_______
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Key Parking Solutions Limited
Notes to the financial statements
Year ended 31 December 2019
1.
General information
The company is a private company limited by shares, registered in England. The address of the registered office is 51 Rumer Hill Business Estate, Rumer Hill Road, Cannock, Staffs, WS11 0ET.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
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Plant and machinery
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-
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20 %
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straight line
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Motor vehicles
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-
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25 %
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straight line
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If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
Going Concern
The company is dependant upon the continued support of the director and creditors.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
5
(2018:
4
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5.
Tangible assets
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Plant and machinery
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Motor vehicles
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Total
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£
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£
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£
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Cost
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At 1 January 2019 and 31 December 2019
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18,840
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1,200
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20,040
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_______
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_______
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Depreciation
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At 1 January 2019
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15,072
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1,200
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16,272
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Charge for the year
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3,768
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-
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3,768
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_______
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_______
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At 31 December 2019
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18,840
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1,200
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20,040
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_______
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_______
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_______
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Carrying amount
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At 31 December 2019
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-
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-
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-
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_______
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_______
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_______
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At 31 December 2018
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3,768
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-
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3,768
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_______
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_______
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_______
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6.
Debtors
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2019
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2018
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£
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£
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Other debtors
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2,120
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-
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_______
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_______
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7.
Creditors: amounts falling due within one year
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2019
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2018
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£
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£
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Trade creditors
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2,008
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2,008
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Corporation tax
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5,454
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2,464
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Social security and other taxes
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3,997
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2,052
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Other creditors
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9,485
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6,726
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_______
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_______
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20,944
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13,250
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_______
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_______
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8.
Directors advances, credits and guarantees
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During the year the director entered into the following advances and credits with the company:
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2019
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Balance brought forward
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Advances /(credits) to the director
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Balance o/standing
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£
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£
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£
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Mr Jason Key
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(
6,726)
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5,321
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(
1,405)
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_______
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_______
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_______
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2018
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Balance brought forward
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Advances /(credits) to the director
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Balance o/standing
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£
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£
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£
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Mr Jason Key
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(
5,103)
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(
1,623)
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(
6,726)
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_______
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_______
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_______
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9.
Controlling party
The company is under the control of
Mr Jason Key
who controls 100% of the issued share capital.