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REGISTERED NUMBER:
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AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2017 |
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SEAROUTE GROUP LIMITED |
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REGISTERED NUMBER:
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AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2017 |
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FOR |
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SEAROUTE GROUP LIMITED |
SEAROUTE GROUP LIMITED (REGISTERED NUMBER: SC202649) |
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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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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 3 |
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SEAROUTE GROUP LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2017 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants |
Statutory Auditor |
4d Auchingramont Road |
Hamilton |
ML3 6JT |
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BANKERS: |
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1 Roadside |
The Village |
Cumbernauld |
G67 2SS |
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SOLICITORS: |
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1 Exchange Crescent |
Conference Square |
Edinburgh |
EH3 8UL |
SEAROUTE GROUP LIMITED (REGISTERED NUMBER: SC202649) |
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STATEMENT OF FINANCIAL POSITION |
31 MARCH 2017 |
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31.3.17 | 31.3.16 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investments | 5 |
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CURRENT ASSETS |
Debtors | 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 LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
( |
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( |
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CREDITORS |
Amounts falling due after more than one year | 8 |
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NET LIABILITIES | ( |
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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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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
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SEAROUTE GROUP LIMITED (REGISTERED NUMBER: SC202649) |
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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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Searoute Group Limited is a
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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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Going concern |
At the statement of financial position date, the company's liabilities exceeded its total assets by £18,398. In order to meet its |
day to day working capital requirements, the company requires the continuing support of its bank and subsidiary |
undertakings. |
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The financial statements have been prepared on a going concern basis which assumes that the company will continue in |
operational existence for the foreseeable future. |
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If the company was unable to continue in operational existence for the foreseeable future, adjustments would have to be |
made to reduce the statement of financial position values of assets to their recoverable amounts, to provide for further |
liabilities that might arise. |
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The directors believe that it is appropriate for the financial statements to be prepared on a going concern basis. |
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Preparation of consolidated financial statements |
The financial statements contain information about Searoute Group Limited as an individual company and do not contain |
consolidated financial information as the parent of a group. The company has taken the option under Section 398 of the |
Companies Act 2006 not to prepare consolidated 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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Rendering of services |
Turnover from the rendering of services, namely as a holding company, is recognised by reference to the stage of |
completion of the contract. |
SEAROUTE GROUP LIMITED (REGISTERED NUMBER: SC202649) |
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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 |
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Tangible fixed assets |
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Fixtures and fittings | - |
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Impairment of assets |
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered |
an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is |
estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced |
to its estimated recoverable amount, and an impairment loss is recognised immediately in the income statement. |
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If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its |
recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been |
recognised for the asset in prior years. A reversal of impairment loss is recognised immediately in the income statement. |
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Financial instruments |
Basic financial instruments are recognised as follows: |
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(i) Debtors |
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair |
value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method less any |
impairment. |
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(ii) Cash and cash equivalents |
Cash and cash equivalents include cash at bank and in hand. |
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Cash and cash equivalents are shown net of bank overdrafts, which are included as current borrowings in liabilities on the |
statement of financial position. |
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(iii) Creditors |
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are |
measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective |
interest method. |
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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 statement of financial position date. |
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SEAROUTE GROUP LIMITED (REGISTERED NUMBER: SC202649) |
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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 taxation |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of |
financial position 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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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of |
financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the |
date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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Leases |
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of |
ownership of the leased asset to the company. All other leases are classified as operating leases. |
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Assets held under finance leases are recognised initially at the fair value of the leased asset (or, if lower, the present value |
of minimum lease payments) at the inception of the lease. The corresponding liability to the lessor is included in the |
statement of financial position as a finance lease obligation. Lease payments are apportioned between finance charges and |
reduction of the lease obligation using the effective interest method so as to achieve a constant rate of interest on the |
remaining balance of the liability. Finance charges are deducted in measuring profit or loss. Assets held under finance |
leases are included in tangible fixed assets and depreciated and assessed for impairment losses in the same way as owned |
assets. |
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Rentals payable under operating leases are charged to the income statement on a straight-line basis over the lease term. |
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Employee benefits |
Short-term employee benefits and contributions to defined contribution plans are recognised as an expense in the period in |
which they are incurred. |
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Provisions for liabilities |
The company recognises a provision for annual leave accrued by employees as a result of services rendered in the current |
period, and which employees are entitled to carry forward and use within the next 12 months. The provision is measured at |
the salary cost payable for the period of absence. |
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3. | AVERAGE NUMBER OF EMPLOYEES |
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The average number of employees during the year was
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SEAROUTE GROUP LIMITED (REGISTERED NUMBER: SC202649) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
£ |
COST |
At 1 April 2016 |
and 31 March 2017 |
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DEPRECIATION |
At 1 April 2016 |
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Charge for year |
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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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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Fixtures |
and |
fittings |
£ |
COST |
At 1 April 2016 |
and 31 March 2017 |
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DEPRECIATION |
At 1 April 2016 |
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Charge for year |
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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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SEAROUTE GROUP LIMITED (REGISTERED NUMBER: SC202649) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
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5. | FIXED ASSET INVESTMENTS |
Unlisted |
investments |
£ |
COST |
At 1 April 2016 |
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Additions |
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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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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.17 | 31.3.16 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Amounts owed by related undertakings | 1,960,657 | 1,287,321 |
Other debtors |
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Directors' loan accounts | 15,500 | 15,500 |
Tax recoverable |
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Prepayments and accrued income |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.17 | 31.3.16 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts |
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Trade creditors |
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Amounts owed to group undertakings |
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Amounts owed to related undertakings | - | 113,121 |
P.A.Y.E. and N.I.C. |
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VAT | 39,608 | 43,363 |
Other creditors |
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Directors' loan accounts | 227,540 | - |
Accruals and deferred income |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.17 | 31.3.16 |
£ | £ |
Hire purchase contracts |
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SEAROUTE GROUP LIMITED (REGISTERED NUMBER: SC202649) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31.3.17 | 31.3.16 |
£ | £ |
Bank overdrafts |
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Hire purchase contracts | 17,773 | 28,998 |
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The company is party to the borrowing facility of the Searoute Group which allows for the offset of individual company |
accounts. The Royal Bank of Scotland plc holds an Unlimited Inter Company Guarantee granted by all companies within |
the Searoute Group and a bond and floating charge over all the assets and undertakings of the company. |
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Hire purchase contracts are secured on the assets to which they relate. |
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10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to a director subsisted during the years ended 31 March 2017 and 31 March 2016: |
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31.3.17 | 31.3.16 |
£ | £ |
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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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The above balance, which is due from the director, is interest free, unsecured and has no fixed repayment terms. |
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12. | RELATED PARTY DISCLOSURES |
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During the year, the company received an interest free loan from the director, Allan Porter, amounting to £227,540. |
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13. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling party is
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