Company registration number:
05413000
Bemand Properties Limited
Trading as
Bemand Properties Limited
Unaudited filleted financial statements
31 March 2024
Bemand Properties Limited
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Bemand Properties Limited
Directors and other information
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Director |
Ms Jennifer Sherlock |
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Secretary |
Dierdre Bush |
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Company number |
05413000 |
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Registered office |
The Flat |
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21 Southgate |
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Sleaford |
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Lincolnshire |
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NG34 7SU |
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Bemand Properties Limited
Statement of financial position
31 March 2024
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2024 |
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2023 |
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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 |
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5 |
430,000 |
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430,000 |
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_______ |
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_______ |
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430,000 |
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430,000 |
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Current assets |
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Debtors |
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6 |
3,749 |
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3,964 |
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Cash at bank and in hand |
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1,228 |
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1,372 |
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_______ |
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_______ |
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4,977 |
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5,336 |
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Creditors: amounts falling due |
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within one year |
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7 |
(
50,809) |
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(
48,659) |
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_______ |
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_______ |
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Net current liabilities |
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(
45,832) |
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(
43,323) |
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_______ |
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_______ |
Total assets less current liabilities |
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384,168 |
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386,677 |
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Creditors: amounts falling due |
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after more than one year |
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8 |
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(
291,305) |
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(
291,305) |
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_______ |
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_______ |
Net assets |
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92,863 |
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95,372 |
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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 |
Revaluation reserve |
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36,553 |
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36,553 |
Profit and loss account |
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56,308 |
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58,817 |
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_______ |
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_______ |
Shareholder funds |
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92,863 |
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95,372 |
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_______ |
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_______ |
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For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The member has 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 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 statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
20 August 2024
, and are signed on behalf of the board by:
Ms Jennifer Sherlock
Director
Company registration number:
05413000
Bemand Properties Limited
Statement of changes in equity
Year ended 31 March 2024
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Called up share capital |
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Revaluation reserve |
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Profit and loss account |
Total |
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£ |
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£ |
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£ |
£ |
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At 1 April 2022 |
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2 |
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36,553 |
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54,495 |
91,050 |
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(Loss)/profit for the year |
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4,322 |
4,322 |
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_______ |
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_______ |
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_______ |
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Total comprehensive income for the year |
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- |
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- |
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4,322 |
4,322 |
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_______ |
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_______ |
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_______ |
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At 31 March 2023 and 1 April 2023 |
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2 |
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36,553 |
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58,817 |
95,372 |
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(Loss)/profit for the year |
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(
709) |
(
709) |
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_______ |
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_______ |
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_______ |
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Total comprehensive income for the year |
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- |
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- |
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(
709) |
(
709) |
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Dividends paid and payable |
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(
1,800) |
(
1,800) |
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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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(
1,800) |
(
1,800) |
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_______ |
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_______ |
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At 31 March 2024 |
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2 |
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36,553 |
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56,308 |
92,863 |
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_______ |
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_______ |
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_______ |
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Bemand Properties Limited
Notes to the financial statements
Year ended 31 March 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Flat, 21 Southgate, Sleaford, Lincolnshire, NG34 7SU.
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 rents received.
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.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated 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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Freehold property |
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0 % |
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Plant and machinery |
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25 % |
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.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment
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.
Financial instruments
The company only holds basic financial instruments as defined in FRS102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets-trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classifies as a basic financial instrument and is measured at amortised cost. Financial liabilities-trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
1
(2023:
1
).
5.
Tangible assets
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Freehold property |
Fixtures, fittings and equipment |
Total |
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£ |
£ |
£ |
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Cost |
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At 1 April 2023 and 31 March 2024 |
430,000 |
619 |
430,619 |
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_______ |
_______ |
_______ |
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Depreciation |
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At 1 April 2023 and 31 March 2024 |
- |
619 |
619 |
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_______ |
_______ |
_______ |
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Carrying amount |
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At 31 March 2024 |
430,000 |
- |
430,000 |
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_______ |
_______ |
_______ |
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At 31 March 2023 |
430,000 |
- |
430,000 |
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_______ |
_______ |
_______ |
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Investment property
The value of the properties was deemed unchanged from the independent valuation carried out on 31st July 2021.
6.
Debtors
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2024 |
2023 |
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£ |
£ |
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Other debtors |
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3,749 |
3,964 |
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_______ |
_______ |
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7.
Creditors: amounts falling due within one year
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2024 |
2023 |
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£ |
£ |
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Other creditors |
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50,809 |
48,659 |
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_______ |
_______ |
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8.
Creditors: amounts falling due after more than one year
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2024 |
2023 |
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£ |
£ |
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Other creditors |
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291,305 |
291,305 |
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_______ |
_______ |
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Included within creditors: amounts falling due after more than one year is an amount of £ 291,305
(2023 £ 291,305 ) in respect of liabilities payable or repayable otherwise than by instalments which fall due for payment after more than five years from the reporting date.
The loans are secured on the freehold properties. The mortgage terms are 20 years. Repayment terms are interest only.
9.
Directors advances, credits and guarantees
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During the year the director entered into the following advances and credits with the company: |
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2024 |
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Balance brought forward |
Advances /(credits) to the director |
Balance o/standing |
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£ |
£ |
£ |
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Ms Jennifer Sherlock |
(
46,634) |
(
1,000) |
(
47,634) |
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_______ |
_______ |
_______ |
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2023 |
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Balance brought forward |
Advances /(credits) to the director |
Balance o/standing |
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£ |
£ |
£ |
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Ms Jennifer Sherlock |
(
53,784) |
7,150 |
(
46,634) |
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_______ |
_______ |
_______ |
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10.
Related party transactions
Jennifer Sherlock
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The director Jennifer Sherlock recieved interest totalling £5,337.49 on her outstanding directors loan account. Jennifer Sherlock also received dividends totalling £18,000 during the year by virtue of her ordinary shareholding.
11.
Controlling party
During the year the director
Jennifer Sherlock
controlled the company by virtue of a controlling interest of 100% of the issued share capital.