Vision Profiles Ltd Company accounts
Vision Profiles Ltd Company accounts
COMPANY REGISTRATION NUMBER:
3704000
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Financial Statements |
Year ended 31 December 2019
Contents |
Page |
Strategic report |
1 |
Director's report |
2 |
Independent auditor's report to the members |
4 |
Statement of comprehensive income |
7 |
Statement of financial position |
8 |
Statement of changes in equity |
9 |
Statement of cash flows |
10 |
Notes to the financial statements |
11 |
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Strategic Report |
Year ended 31 December 2019
The director presents his strategic report for the year ended 31 December 2018. Vision Profiles Limited is a private company limited by shares incorporated in England , United Kingdom . The address of the registered office is given below. The nature of the company's operations and principal activities are that of aluminium stockists, fabricators and commissioned agents for sales of extruded aluminium.. Business Review Vision Profiles Limited specialises in the supply, stockholding and machining of a bespoke range of high quality extruded aluminium profiles. As the sole agent in the UK for Aluminios Cortizo (Europe's leading extrusion manufacturer and finisher), the company can compete on quality at the highest level. The Company works to provide bespoke aluminium solutions for its customers compared to its competitors, whilst ensuring it remains competitive on price. Principal risks and uncertainties There are a number of risks and uncertainties affecting the company, principally competitive pressures, legislation and regulation and the state of the general economy. Development and performance The company has established a new technical department to aid its clients an continued to increase turnover, tonnage and profit. The directors are satisfied that the accounts as set out give an adequate review of the company's activities during the year and of its position at the year end. Financial key performance indicators The Companies key performance indicator is growth in the number of tonnes sold. 2019 2018 Turnover £9.568m £9.351m Gross Margin 27.1% 26.5% Future development The director does not anticipate any significant changes in the company's activities and is confident that the company is in a strong position at the year-end and will be able to take any suitable opportunities as they arise.
This report was approved by the board of directors on 16 September 2020 and signed on behalf of the board by:
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Director |
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Registered office: |
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Director's Report |
Year ended 31 December 2019
The director presents his report and the financial statements of the company for the year ended
31 December 2019
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Director
The director who served the company during the year was as follows:
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Dividends
Particulars of recommended dividends are detailed in note 11 to the financial statements.
Disclosure of information in the strategic report
Director's responsibilities statement
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
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so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on
16 September 2020
and signed on behalf of the board by:
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Director |
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Registered office: |
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Independent Auditor's Report to the Members of
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Year ended 31 December 2019
Opinion
Basis for opinion
Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
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the director's use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
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the director has not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
Other information
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the strategic report and the director's report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
Responsibilities of the director
Auditor's responsibilities for the audit of the financial statements
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
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(Senior Statutory Auditor) |
For and on behalf of |
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Chartered Accountants & statutory auditor |
61 Macrae Road |
Ham Green |
Bristol |
BS20 0DD |
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Statement of Comprehensive Income |
Year ended 31 December 2019
2019 |
2018 |
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Note |
£ |
£ |
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Turnover |
4 |
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Cost of sales |
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Gross profit |
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Distribution costs |
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Administrative expenses |
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Operating profit |
5 |
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Other interest receivable and similar income |
8 |
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Interest payable and similar expenses |
9 |
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Profit before taxation |
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Tax on profit |
10 |
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--------- |
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Profit for the financial year and total comprehensive income |
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--------- |
--------- |
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All the activities of the company are from continuing operations.
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Statement of Financial Position |
2019 |
2018 |
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Note |
£ |
£ |
Fixed assets
Tangible assets |
12 |
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Current assets
Stocks |
13 |
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Debtors |
14 |
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Cash at bank and in hand |
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------------ |
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Creditors: amounts falling due within one year |
15 |
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Net current assets |
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year |
16 |
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Provisions
Taxation including deferred tax |
17 |
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Net assets |
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Capital and reserves
Called up share capital |
20 |
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Capital redemption reserve |
21 |
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Profit and loss account |
21 |
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Shareholders funds |
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These financial statements were approved by the
board of directors
and authorised for issue on
16 September 2020
, and are signed on behalf of the board by:
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Director |
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Company registration number:
3704000
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Statement of Changes in Equity |
Year ended 31 December 2019
Called up share capital |
Share premium account |
Capital redemption reserve |
Profit and loss account |
Total |
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£ |
£ |
£ |
£ |
£ |
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At 1 January 2018 |
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Profit for the year |
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-------- |
-------- |
-------- |
------------ |
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Total comprehensive income for the year |
– |
– |
– |
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Dividends paid and payable |
11 |
– |
– |
– |
(
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(
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Redemption of shares |
(
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(
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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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(
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(
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At 31 December 2018 |
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– |
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Profit for the year |
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Total comprehensive income for the year |
– |
– |
– |
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Dividends paid and payable |
11 |
– |
– |
– |
(
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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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-------- |
---- |
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At 31 December 2019 |
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– |
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-------- |
---- |
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Statement of Cash Flows |
Year ended 31 December 2019
2019 |
2018 |
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£ |
£ |
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Cash flows from operating activities
Profit for the financial year |
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Adjustments for: |
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Depreciation of tangible assets |
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Other interest receivable and similar income |
(
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(
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Interest payable and similar expenses |
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Tax on profit |
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Accrued expenses/(income) |
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(
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Changes in: |
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Stocks |
(
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(
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Trade and other debtors |
(
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(
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Trade and other creditors |
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Cash generated from operations |
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Interest paid |
(
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(
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Interest received |
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Tax paid |
(
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(
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------------ |
--------- |
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Net cash from operating activities |
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--------- |
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Cash flows from investing activities
Purchase of tangible assets |
(
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(
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Proceeds from sale of tangible assets |
– |
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--------- |
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Net cash used in investing activities |
(
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(
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Cash flows from financing activities
Purchase of own shares |
– |
(
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Proceeds from borrowings |
(
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(
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Dividends paid |
(
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(
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Net cash used in financing activities |
(
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(
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Net increase/(decrease) in cash and cash equivalents |
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(
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Cash and cash equivalents at beginning of year |
219,274 |
432,836 |
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Cash and cash equivalents at end of year |
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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 and Wales. The address of the registered office is Unit K, Quedgeley West Business Park, Bristol Road, Gloucestershire, GL2 4PA.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Income tax
Operating leases
Tangible assets
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:
Buildings |
- |
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Plant and machinery |
- |
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Fixtures and fittings |
- |
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Equipment |
- |
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Impairment of fixed assets
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.
Stocks
Provisions
Defined contribution plans
4.
Turnover
Turnover arises from:
2019 |
2018 |
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£ |
£ |
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Sale of goods |
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Commissions |
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The turnover is attributable to the one principal activity of the company. An analysis of turnover by the geographical markets that substantially differ from each other is given below:
2019 |
2018 |
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£ |
£ |
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United Kingdom |
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Overseas |
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5.
Operating profit
Operating profit or loss is stated after charging:
2019 |
2018 |
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£ |
£ |
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Depreciation of tangible assets |
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Impairment of trade debtors |
1 |
– |
Operating lease rentals |
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Fees payable for the audit of the financial statements |
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--------- |
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6.
Staff costs
The average number of persons employed by the company during the year, including the director, amounted to:
2019 |
2018 |
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No. |
No. |
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Production staff |
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Administrative staff |
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---- |
---- |
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---- |
---- |
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The aggregate payroll costs incurred during the year, relating to the above, were:
2019 |
2018 |
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£ |
£ |
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Wages and salaries |
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Social security costs |
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Other pension costs |
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------------ |
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7.
Director's remuneration
The director's aggregate remuneration in respect of qualifying services was:
2019 |
2018 |
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£ |
£ |
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Remuneration |
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-------- |
-------- |
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8.
Other interest receivable and similar income
2019 |
2018 |
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£ |
£ |
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Interest on cash and cash equivalents |
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------- |
------- |
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9.
Interest payable and similar expenses
2019 |
2018 |
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£ |
£ |
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Interest on banks loans and overdrafts |
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Other interest payable and similar charges |
– |
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-------- |
-------- |
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-------- |
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10.
Tax on profit
Major components of tax expense
2019 |
2018 |
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£ |
£ |
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Current tax:
UK current tax expense |
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Deferred tax:
Origination and reversal of timing differences |
(
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(
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--------- |
--------- |
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Tax on profit |
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--------- |
--------- |
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Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2018: higher than) the
standard rate of corporation tax in the UK
of
19
% (2018:
19
%).
2019 |
2018 |
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£ |
£ |
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Profit on ordinary activities before taxation |
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--------- |
--------- |
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Profit on ordinary activities by rate of tax |
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Effect of expenses not deductible for tax purposes |
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Effect of capital allowances and depreciation |
(
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--------- |
--------- |
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Tax on profit |
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--------- |
--------- |
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11.
Dividends
2019 |
2018 |
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£ |
£ |
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Dividends paid during the year (excluding those for which a liability existed at the end of the prior year ) |
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--------- |
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12.
Tangible assets
Freehold property |
Plant and machinery |
Fixtures and fittings |
Equipment |
Total |
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£ |
£ |
£ |
£ |
£ |
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Cost |
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At 1 January 2019 |
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Additions |
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– |
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------------ |
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-------- |
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At 31 December 2019 |
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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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Charge for the year |
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------------ |
------------ |
-------- |
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At 31 December 2019 |
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Carrying amount |
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At 31 December 2019 |
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At 31 December 2018 |
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13.
Stocks
2019 |
2018 |
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£ |
£ |
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Raw materials and consumables |
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------------ |
------------ |
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14.
Debtors
2019 |
2018 |
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£ |
£ |
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Trade debtors |
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Prepayments and accrued income |
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Director's loan account |
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Other debtors |
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– |
------------ |
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15.
Creditors:
amounts falling due within one year
2019 |
2018 |
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£ |
£ |
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Bank loans and overdrafts |
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Payments received on account |
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Trade creditors |
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Accruals and deferred income |
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Corporation tax |
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Social security and other taxes |
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Other creditors |
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– |
------------ |
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The bank loan is secured on the company's assets.
16.
Creditors:
amounts falling due after more than one year
2019 |
2018 |
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£ |
£ |
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Bank loans and overdrafts |
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The bank loan is secured on the company's assets.
Included within creditors: amounts falling due after more than one year is an amount of £Nil (2018: £641,667) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The bank loan was renewed in March 2019 for another 5 years. 50% of the loan is payable in quarterly instalments and the balance on maturity. The interest rate is fixed at 4%.
17.
Provisions
Deferred tax (note 18) |
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£ |
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At 1 January 2019 |
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Charge against provision |
(
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--------- |
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At 31 December 2019 |
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--------- |
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18.
Deferred tax
The deferred tax included in the statement of financial position is as follows:
2019 |
2018 |
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£ |
£ |
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Included in provisions (note 17) |
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The deferred tax account consists of the tax effect of timing differences in respect of:
2019 |
2018 |
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£ |
£ |
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Accelerated capital allowances |
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-------- |
--------- |
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19.
Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £
32,853
(2018: £
30,230
).
20.
Called up share capital
Issued, called up and fully paid
2019 |
2018 |
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No. |
£ |
No. |
£ |
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29,400 |
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29,400 |
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100 |
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100 |
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100 |
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100 |
-------- |
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The Ordinary 'A' shares have full voting rights at general meeting of the company. The Ordinary 'B' and Ordinary 'D' shares have no voting rights at general meetings of the company. Dividends will fluctuate depending on results.
21.
Reserves
Share premium account - This reserve records the amount above the nominal value received for shares sold, less transaction costs. Capital redemption reserve - This reserve records the nominal value of shares repurchased by the company. Profit and loss account - This reserve records retained earnings and accumulated losses.
22.
Analysis of changes in net debt
At 1 Jan 2019 |
Cash flows |
At 31 Dec 2019 |
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£ |
£ |
£ |
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Cash at bank and in hand |
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472,251 |
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Debt due within one year |
(122,222) |
6,244 |
(115,978) |
Debt due after one year |
(1,130,556) |
108,350 |
(1,022,206) |
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(
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(
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23.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2019 |
2018 |
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£ |
£ |
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Not later than 1 year |
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Later than 1 year and not later than 5 years |
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Notes to the Financial Statements (continued) |
Year ended 31 December 2019
24.
Director's advances, credits and guarantees
The director's loan is repayable on demand and interest is payable at HMRC's 'official rate' of interest.