Company registration number:
05467056
LBH Accountancy Services Limited
Unaudited filleted financial statements
31 May 2023
LBH Accountancy Services Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
LBH Accountancy Services Limited
Directors and other information
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Directors |
R Hamer |
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A Hamer |
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Secretary |
A Hamer |
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Company number |
05467056 |
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Registered office |
Craven House |
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32 Lee Lane |
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Horwich |
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Bolton |
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BL6 7BY |
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Business address |
Craven House |
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32 Lee Lane |
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Horwich |
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Bolton |
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BL6 7BY |
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LBH Accountancy Services Limited
Statement of financial position
31 May 2023
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2023 |
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2022 |
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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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Intangible assets |
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6 |
600,000 |
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600,000 |
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Tangible assets |
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7 |
13,888 |
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18,447 |
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_______ |
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_______ |
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613,888 |
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618,447 |
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Current assets |
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Debtors |
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8 |
278,638 |
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247,552 |
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Cash at bank and in hand |
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451,506 |
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386,240 |
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_______ |
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_______ |
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730,144 |
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633,792 |
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Creditors: amounts falling due |
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within one year |
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9 |
(
306,811) |
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(
289,147) |
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_______ |
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_______ |
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Net current assets |
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423,333 |
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344,645 |
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_______ |
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_______ |
Total assets less current liabilities |
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1,037,221 |
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963,092 |
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Creditors: amounts falling due |
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after more than one year |
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10 |
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(
197,840) |
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(
177,433) |
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Provisions for liabilities |
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11 |
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(
2,639) |
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(
3,476) |
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_______ |
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Net assets |
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836,742 |
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782,183 |
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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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13 |
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5,400 |
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5,400 |
Capital redemption reserve |
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2,000 |
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2,000 |
Profit and loss account |
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829,342 |
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774,783 |
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_______ |
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_______ |
Shareholders funds |
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836,742 |
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782,183 |
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_______ |
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_______ |
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For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
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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 statement of income and retained earnings has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
02 February 2024
, and are signed on behalf of the board by:
R Hamer
Director
Company registration number:
05467056
LBH Accountancy Services Limited
Notes to the financial statements
Year ended 31 May 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Craven House, 32 Lee Lane, Horwich, Bolton, BL6 7BY.
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.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover represents the total invoice value, excluding value added tax, of fees receivable from accountancy services provided and from commissions receivable during the year.
Taxation
The taxation expense represents the aggregate amount of current tax recognised in the reporting period. Tax is recognised in the statement of income and retained earnings. Current tax is recognised on taxable profit for the current period. Current tax is measured at the amounts of tax expected to be paid 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. Deferred tax is measured using the tax rates and laws that have been enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Amortisation of goodwill has not been provided for by the company as in the opinion of the directors it has an indefinite useful economic life. The accounting policy departs from the requirements of FRS 102 to amortise goodwill over a finite period. The effect of the departure is the amortisation as required by the requirements of FRS 102 has not been accounted for. If amortisation had been accounted for the charge for the year would have amounted to £60,000 and the profit for the year reduced accordingly.
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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Fixtures, fittings and equipment |
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20 % |
reducing balance |
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Motor vehicle |
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25 % |
reducing balance |
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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.
Government grants
Government grants are recognised using the accrual model. Under the accrual model, 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 in which it becomes receivable.
Financial instruments
The company only enters into basic financial instruments that result in the recognition of the financial assets and liabilities such as trade and other debtors and creditors. These are measured at amortised cost and assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of income and retained earnings.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
21
(2022:
23
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5.
Tax on profit/loss
Major components of tax expense/income
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2023 |
2022 |
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£ |
£ |
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Current tax: |
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UK current tax expense |
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12,662 |
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_______ |
_______ |
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Deferred tax: |
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Origination and reversal of timing differences |
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(
837) |
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2,651) |
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_______ |
_______ |
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Tax on profit/loss |
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11,825 |
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2,651) |
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_______ |
_______ |
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9.
Creditors: amounts falling due within one year
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2023 |
2022 |
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£ |
£ |
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Bank loans and overdrafts |
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60,825 |
63,135 |
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Trade creditors |
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9,982 |
12,617 |
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Corporation tax |
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12,662 |
- |
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Social security and other taxes |
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97,998 |
91,619 |
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Other creditors |
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125,344 |
121,776 |
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_______ |
_______ |
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306,811 |
289,147 |
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_______ |
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10.
Creditors: amounts falling due after more than one year
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2023 |
2022 |
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£ |
£ |
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Bank loan |
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20,723 |
30,624 |
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Other creditors |
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177,117 |
146,809 |
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_______ |
_______ |
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197,840 |
177,433 |
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_______ |
_______ |
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11.
Provisions
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Deferred tax (note 12) |
Total |
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£ |
£ |
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At 1 June 2022 |
3,476 |
3,476 |
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Charges against provisions |
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837) |
(
837) |
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_______ |
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At 31 May 2023 |
2,639 |
2,639 |
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_______ |
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12.
Deferred tax
The deferred tax included in the statement of financial position is as follows:
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2023 |
2022 |
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£ |
£ |
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Included in provisions (note 11) |
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2,639 |
3,476 |
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_______ |
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The deferred tax account consists of the tax effect of timing differences in respect of:
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2023 |
2022 |
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£ |
£ |
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Accelerated capital allowances |
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2,639 |
4,889 |
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Unused tax losses |
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- |
(
1,413) |
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_______ |
_______ |
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2,639 |
3,476 |
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_______ |
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13.
Called up share capital
Issued, called up and fully paid
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2023 |
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2022 |
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No |
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£ |
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No |
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£ |
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Ordinary A shares of £
1.00 each |
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3,520 |
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3,520 |
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3,520 |
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3,520 |
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Ordinary B shares of £
1.00 each |
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1,880 |
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1,880 |
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1,880 |
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1,880 |
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_______ |
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5,400 |
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5,400 |
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5,400 |
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5,400 |
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_______ |
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14.
Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
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£ |
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Not later than 1 year |
3,650 |
3,636 |
Later than 1 year and not later than 5 years |
11,864 |
- |
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15,514 |
3,636 |
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_______ |
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