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No description of principal activities is disclosed
2023-01-01
Sage Accounts Production 23.0 - FRS102_2023
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Company registration number:
05335262
IT TOTAL SOLUTIONS LIMITED
Unaudited filleted financial statements
31 December 2023
IT TOTAL SOLUTIONS LIMITED
Contents
Directors and other information
Accountant's report
Statement of financial position
Notes to the financial statements
IT TOTAL SOLUTIONS LIMITED
Directors and other information
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Director |
Mr P Deaville |
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Company number |
05335262 |
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Registered office |
64 Britannia Way |
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Britannia Enterprise Park |
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Lichfield |
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WS14 9UY |
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Accountant |
J Pedley-Smith |
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38 Newick Avenue |
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Sutton Coldfield |
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B74 3DA |
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Bankers |
National Westminster Bank plc |
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33 Park Street |
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Walsall |
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WS1 2EB |
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IT TOTAL SOLUTIONS LIMITED
Report to the director on the preparation of the
unaudited statutory financial statements of IT TOTAL SOLUTIONS LIMITED
Year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of IT TOTAL SOLUTIONS LIMITED for the year ended 31 December 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given me.
As a practising member of the Association of Chartered Certified Accountants , I am subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the director of IT TOTAL SOLUTIONS LIMITED, as a body, in accordance with the terms of my engagement letter. My work has been undertaken solely to prepare for your approval the financial statements of IT TOTAL SOLUTIONS LIMITED and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than IT TOTAL SOLUTIONS LIMITED and its director as a body for my work or for this report.
It is your duty to ensure that IT TOTAL SOLUTIONS 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 IT TOTAL SOLUTIONS LIMITED. You consider that IT TOTAL SOLUTIONS LIMITED is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the financial statements of IT TOTAL SOLUTIONS LIMITED. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
J Pedley-Smith
Chartered Certified Accountants
38 Newick Avenue
Sutton Coldfield
B74 3DA
20 September 2024
IT TOTAL SOLUTIONS LIMITED
Statement of financial position
31 December 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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Tangible assets |
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5 |
482 |
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644 |
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_______ |
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_______ |
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482 |
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644 |
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Current assets |
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Stocks |
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2,000 |
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2,000 |
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Debtors |
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6 |
29,038 |
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33,354 |
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Cash at bank and in hand |
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42,842 |
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54,625 |
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_______ |
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_______ |
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73,880 |
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89,979 |
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Creditors: amounts falling due |
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within one year |
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7 |
(
56,202) |
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(
67,565) |
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_______ |
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_______ |
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Net current assets |
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17,678 |
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22,414 |
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_______ |
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_______ |
Total assets less current liabilities |
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18,160 |
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23,058 |
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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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(
14,923) |
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(
24,811) |
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_______ |
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_______ |
Net assets/(liabilities) |
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3,237 |
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(
1,753) |
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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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9 |
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1 |
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1 |
Profit and loss account |
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3,236 |
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(
1,754) |
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_______ |
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_______ |
Shareholders funds/(deficit) |
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3,237 |
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(
1,753) |
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_______ |
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_______ |
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For the year ending 31 December 2023 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 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 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 income and retained earnings has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
20 September 2024
, and are signed on behalf of the board by:
Mr P Deaville
Director
Company registration number:
05335262
IT TOTAL SOLUTIONS LIMITED
Notes to the financial statements
Year ended 31 December 2023
1.
General information
The company is a private company limited by shares, registered in England. The address of the registered office is IT TOTAL SOLUTIONS LIMITED, 64 Britannia Way, Britannia Enterprise Park, Lichfield, WS14 9UY.
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 in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland.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 is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.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 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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Fittings fixtures and equipment |
- |
25 % |
reducing balance |
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Motor vehicles |
- |
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.
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.
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.
Financial instruments
A financial liability is recognised only when the entity becomes party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price.
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
1
(2022:
1
).
5.
Tangible assets
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Fixtures, fittings and equipment |
Motor vehicles |
Total |
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£ |
£ |
£ |
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Cost |
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At 1 January 2023 and 31 December 2023 |
8,014 |
11,870 |
19,884 |
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_______ |
_______ |
_______ |
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Depreciation |
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At 1 January 2023 |
7,640 |
11,600 |
19,240 |
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Charge for the year |
94 |
68 |
162 |
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_______ |
_______ |
_______ |
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At 31 December 2023 |
7,734 |
11,668 |
19,402 |
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_______ |
_______ |
_______ |
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Carrying amount |
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At 31 December 2023 |
280 |
202 |
482 |
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_______ |
_______ |
_______ |
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At 31 December 2022 |
374 |
270 |
644 |
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_______ |
_______ |
_______ |
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6.
Debtors
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2023 |
2022 |
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£ |
£ |
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Trade debtors |
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28,544 |
33,079 |
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Other debtors |
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494 |
275 |
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_______ |
_______ |
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29,038 |
33,354 |
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_______ |
_______ |
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7.
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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10,000 |
10,000 |
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Trade creditors |
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7,168 |
6,835 |
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Corporation tax |
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1,216 |
1,457 |
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Social security and other taxes |
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7,445 |
8,020 |
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Other creditors |
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30,373 |
41,253 |
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_______ |
_______ |
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56,202 |
67,565 |
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_______ |
_______ |
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8.
Creditors: amounts falling due after more than one year
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2023 |
2022 |
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£ |
£ |
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Bank loans and overdrafts |
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14,923 |
24,811 |
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_______ |
_______ |
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The company received a bounce back loan in May 2020. This is repayable in 60 equal instalments and incurs interest of 2.5% per annum.
9.
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 shares of £
1.00 each |
|
1 |
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1 |
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1 |
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1 |
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_______ |
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_______ |
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_______ |
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_______ |
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10.
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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2023 |
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Balance brought forward |
Amounts repaid |
Balance o/standing |
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£ |
£ |
£ |
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|
Mr P Deaville |
(
38,014) |
11,574 |
(
26,440) |
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_______ |
_______ |
_______ |
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2022 |
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Balance brought forward |
Amounts repaid |
Balance o/standing |
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£ |
£ |
£ |
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Mr P Deaville |
(
57,787) |
19,773 |
(
38,014) |
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_______ |
_______ |
_______ |
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The amount in brackets is owed to the director by the company at the year end. The loan is repayable on demand and is interest free.