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2021-09-30
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No description of principal activities is disclosed
2020-10-01
Sage Accounts Production 2020 Update 1 - FRS102_2019
xbrli:pure
xbrli:shares
iso4217:GBP
05138063
2020-10-01
2021-09-30
05138063
2021-09-30
05138063
2020-09-30
05138063
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2020-09-30
05138063
2020-09-30
05138063
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2020-10-01
2021-09-30
05138063
core:PlantMachinery
2020-10-01
2021-09-30
05138063
core:FurnitureFittingsToolsEquipment
2020-10-01
2021-09-30
05138063
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2020-10-01
2021-09-30
05138063
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2020-10-01
2021-09-30
05138063
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2020-10-01
2021-09-30
05138063
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2021-09-30
05138063
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05138063
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05138063
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05138063
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2020-09-30
05138063
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2020-09-30
05138063
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2021-09-30
05138063
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2021-09-30
05138063
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2021-09-30
05138063
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2021-09-30
05138063
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2021-09-30
05138063
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2020-09-30
05138063
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2021-09-30
05138063
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2020-09-30
05138063
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2021-09-30
05138063
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2020-09-30
05138063
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05138063
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05138063
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2021-09-30
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2020-10-01
2021-09-30
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2020-10-01
2021-09-30
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2021-09-30
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2021-09-30
Company registration number:
05138063
Paintseal Direct Limited
Unaudited filleted financial statements
30 September 2021
Paintseal Direct Limited
Contents
Directors and other information
Accountants report
Balance sheet
Notes to the financial statements
Paintseal Direct Limited
Directors and other information
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Director |
A Bradbury |
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Secretary |
L J Bradbury |
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Company number |
05138063 |
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Registered office |
34 Cross Street |
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Long Eaton |
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Nottingham |
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NG10 1HD |
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Business address |
40 Monsom Lane |
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Repton |
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South Derbyshire |
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DE65 6FX |
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Accountants |
C J Lucking & Co |
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34 Cross Street |
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Long Eaton |
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Nottingham |
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NG10 1HD |
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Bankers |
Lloyds Bank plc |
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43 Irongate |
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Derby |
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DE1 3FT |
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Paintseal Direct Limited
Chartered accountants report to the director on the preparation of the
unaudited statutory financial statements of Paintseal Direct Limited
Year ended 30 September 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Paintseal Direct Limited for the year ended 30 September 2021 which comprise the Balance sheet and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the director of Paintseal Direct Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Paintseal Direct Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Paintseal Direct Limited and its director as a body for our work or for this report.
It is your duty to ensure that Paintseal Direct Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Paintseal Direct Limited. You consider that Paintseal Direct Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Paintseal Direct Limited. 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 financial statements.
C J Lucking & Co
Chartered Accountants
34 Cross Street
Long Eaton
Nottingham
NG10 1HD
19 July 2022
Paintseal Direct Limited
Balance sheet
30 September 2021
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2021 |
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2020 |
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Note |
£ |
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£ |
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£ |
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£ |
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Fixed assets |
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Tangible assets |
|
5 |
63,046 |
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|
58,782 |
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|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
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63,046 |
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|
58,782 |
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|
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Current assets |
|
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|
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Stocks |
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12,230 |
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13,870 |
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Debtors |
|
6 |
108,629 |
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121,397 |
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Cash at bank and in hand |
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47,624 |
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32,432 |
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_______ |
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_______ |
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168,483 |
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167,699 |
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Creditors: amounts falling due |
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within one year |
|
7 |
(
89,733) |
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|
(
123,775) |
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|
_______ |
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_______ |
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Net current assets |
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78,750 |
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43,924 |
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_______ |
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_______ |
Total assets less current liabilities |
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141,796 |
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102,706 |
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Creditors: amounts falling due |
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after more than one year |
|
8 |
|
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(
57,286) |
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(
19,331) |
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Provisions for liabilities |
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(
5,190) |
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(
6,600) |
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_______ |
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_______ |
Net assets |
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79,320 |
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76,775 |
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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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2 |
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2 |
Profit and loss account |
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79,318 |
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76,773 |
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_______ |
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_______ |
Shareholders funds |
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79,320 |
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76,775 |
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_______ |
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_______ |
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For the year ending 30 September 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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;
-
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 Profit and loss account has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
19 July 2022
, and are signed on behalf of the board by:
A Bradbury
Director
Company registration number:
05138063
Paintseal Direct Limited
Notes to the financial statements
Year ended 30 September 2021
1.
General information
The company is a private company limited by shares, registered in England. The address of the registered office is 34 Cross Street, Long Eaton, Nottingham, NG10 1HD.
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
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.Income is recognised on the date the sealant is applied to the customer's vehicle.
Taxation
The taxation expense represents the aggregate amount of current and deferred taxation recognised in the reporting period. Tax is recognised in the profit and loss account.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 at the reporting date that are expected to apply at the reversal of the timing differences.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently recorded 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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Long leasehold property |
- |
4 % |
straight line |
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Plant and machinery |
- |
10 % |
straight line |
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Fittings fixtures and equipment |
- |
20 % |
straight line |
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Motor vehicles |
- |
10 % |
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.
Government grants
Government grants are recognised at the amounts received or receivable. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period to which the grant relates.
Financial instruments
Trade and other debtors do not carry interest and are stated at their nominal value. Cash and cash equivalents comprise cash at bank and are also stated at their nominal value. 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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
4
(2020:
4
).
5.
Tangible assets
|
|
Long leasehold property |
Plant and machinery |
Fixtures, fittings and equipment |
Motor vehicles |
Total |
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|
£ |
£ |
£ |
£ |
£ |
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Cost |
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At 1 October 2020 |
16,738 |
43,821 |
11,594 |
151,952 |
224,105 |
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Additions |
13,657 |
- |
- |
- |
13,657 |
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|
_______ |
_______ |
_______ |
_______ |
_______ |
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At 30 September 2021 |
30,395 |
43,821 |
11,594 |
151,952 |
237,762 |
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|
_______ |
_______ |
_______ |
_______ |
_______ |
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Depreciation |
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At 1 October 2020 |
16,738 |
30,492 |
11,594 |
106,498 |
165,322 |
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Charge for the year |
546 |
1,212 |
- |
7,636 |
9,394 |
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|
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_______ |
_______ |
_______ |
_______ |
_______ |
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At 30 September 2021 |
17,284 |
31,704 |
11,594 |
114,134 |
174,716 |
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_______ |
_______ |
_______ |
_______ |
_______ |
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Carrying amount |
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|
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|
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At 30 September 2021 |
13,111 |
12,117 |
- |
37,818 |
63,046 |
|
|
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|
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
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At 30 September 2020 |
- |
13,329 |
- |
45,454 |
58,783
|
|
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_______ |
_______ |
_______ |
_______ |
_______ |
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6.
Debtors
|
|
|
2021 |
2020 |
|
|
|
£ |
£ |
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Trade debtors |
|
46,372 |
58,685 |
|
Other debtors |
|
62,257 |
62,712 |
|
|
|
_______ |
_______ |
|
|
|
108,629 |
121,397 |
|
|
|
_______ |
_______ |
|
|
|
|
|
7.
Creditors: amounts falling due within one year
|
|
|
2021 |
2020 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
4,999 |
20,000 |
|
Corporation tax |
|
6,982 |
4,338 |
|
Social security and other taxes |
|
25,486 |
28,115 |
|
Other creditors |
|
52,266 |
71,322 |
|
|
|
_______ |
_______ |
|
|
|
89,733 |
123,775 |
|
|
|
_______ |
_______ |
|
|
|
|
|
8.
Creditors: amounts falling due after more than one year
|
|
|
2021 |
2020 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
43,334 |
- |
|
Other creditors |
|
13,952 |
19,331 |
|
|
|
_______ |
_______ |
|
|
|
57,286 |
19,331 |
|
|
|
_______ |
_______ |
|
|
|
|
|
9.
Directors advances, credits and guarantees
At the year end the company owed the director £35,235 (2020 - £37,233).
10.
Related party transactions
At the year end the company was owed £57,443 (2020 - £55,257) by
A Bradbury
Limited, a company controlled by the director. The company paid commercial rent of £3,500 (2020 - £3,500) to A Bradbury
Limited for use of the office premises during the year.