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31/10/2022
2022-10-31
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No description of principal activities is disclosed
2021-11-01
Sage Accounts Production 21.0 - FRS102_2021
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Company registration number:
SC517741
Pro Clad Roofing Limited
Unaudited filleted financial statements
31 October 2022
GRANTS
Accountants and Tax Advisors
Pro Clad Roofing Limited
Contents
Directors and other information
Accountants report
Balance sheet
Notes to the financial statements
Pro Clad Roofing Limited
Directors and other information
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Directors
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Archie Grant
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(Resigned 25 July 2022)
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Gregory O'Lone
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Robert James Grant
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(Appointed 25 July 2022)
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Michael Carlin
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(Appointed 25 July 2022)
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Secretary
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Robert Grant
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Company number
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SC517741
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Registered office
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Unit 4
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Mineral Yard Clarkston Road
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Clarkston
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Glasgow
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G76 8NE
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Accountants
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GRANTS
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Accountants and Tax advisors
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Moncrieff House
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69 West Nile Street
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Glasgow
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G1 2QB
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Pro Clad Roofing Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Pro Clad Roofing Limited
Year ended 31 October 2022
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 October 2022 which comprise the Balance sheet and related notes.
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts for the year ended 31 October 2022 as set out from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts and state those matters that we have agreed to state to them, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than that of the company and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that the company has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss.
We have not been instructed to carry out an audit or a review of the accounts and 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 accounts.
GRANTS
Accountants and Tax Advisors
Moncrieff House
69 West Nile Street
Glasgow
G1 2QB
9 March 2023
Pro Clad Roofing Limited
Balance sheet
31 October 2022
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2022
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2021
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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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137,564
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163,432
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|
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|
_______
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_______
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137,564
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163,432
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Current assets
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Stocks
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33,463
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53,881
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Debtors
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|
6
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409,854
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213,681
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Cash at bank and in hand
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907,623
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584,777
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_______
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_______
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1,350,940
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852,339
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Creditors: amounts falling due
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within one year
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7
|
(
394,534)
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(
232,122)
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_______
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_______
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Net current assets
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956,406
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620,217
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_______
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_______
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Total assets less current liabilities
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1,093,970
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783,649
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Provisions for liabilities
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(
34,391)
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-
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_______
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_______
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Net assets
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1,059,579
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783,649
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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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450
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450
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Profit and loss account
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1,059,129
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783,199
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_______
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_______
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Shareholders funds
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1,059,579
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783,649
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_______
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_______
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For the year ending 31 October 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
-
The members have 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 directors acknowledge 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 Profit and loss account has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
09 March 2023
, and are signed on behalf of the board by:
Gregory O'Lone
Robert James Grant
Director
Director
Company registration number:
SC517741
Pro Clad Roofing Limited
Notes to the financial statements
Year ended 31 October 2022
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Unit 4, Mineral Yard Clarkston Road, Clarkston, Glasgow, G76 8NE.
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'.
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
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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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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Computer equipment
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-
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33.33 %
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straight line
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Plant and equipment
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-
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25 %
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straight line
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Motor Vans
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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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the Balance sheet and the amount of the provision as an expense.
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.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
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.
Work in progress
Work in progress is valued at sales value.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
18
(2021:
18
).
5.
Tangible assets
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Plant and machinery
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Fixtures, fittings and equipment
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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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£
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Cost
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At 1 November 2021
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5,387
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12,967
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203,354
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221,708
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Additions
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-
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-
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31,090
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31,090
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Disposals
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(
1,324)
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(
908)
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(
12,995)
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(
15,227)
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_______
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_______
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_______
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_______
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At 31 October 2022
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4,063
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12,059
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221,449
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237,571
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_______
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_______
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_______
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_______
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Depreciation
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At 1 November 2021
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4,013
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7,373
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46,890
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58,276
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Charge for the year
|
907
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1,744
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52,475
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55,126
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Disposals
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(
1,324)
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(
908)
|
(
11,163)
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(
13,395)
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_______
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_______
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_______
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_______
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At 31 October 2022
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3,596
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8,209
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88,202
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100,007
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_______
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_______
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_______
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_______
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Carrying amount
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|
|
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|
At 31 October 2022
|
467
|
3,850
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133,247
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137,564
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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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|
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At 31 October 2021
|
1,374
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5,594
|
156,464
|
163,432
|
|
|
|
|
|
_______
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_______
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_______
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_______
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6.
Debtors
|
|
|
2022
|
2021
|
|
|
|
£
|
£
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Trade debtors
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|
408,929
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196,596
|
|
Other debtors
|
|
925
|
17,085
|
|
|
|
_______
|
_______
|
|
|
|
409,854
|
213,681
|
|
|
|
_______
|
_______
|
|
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|
7.
Creditors: amounts falling due within one year
|
|
|
2022
|
2021
|
|
|
|
£
|
£
|
|
Trade creditors
|
|
88,377
|
51,823
|
|
Corporation tax
|
|
154,661
|
73,109
|
|
Social security and other taxes
|
|
132,373
|
70,975
|
|
Other creditors
|
|
19,123
|
36,215
|
|
|
|
_______
|
_______
|
|
|
|
394,534
|
232,122
|
|
|
|
_______
|
_______
|
|
|
|
|
|