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Financial Statements |
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Contents |
Pages |
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Officers and professional advisers |
1 |
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Strategic report |
2 to 3 |
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Directors' report |
4 to 5 |
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Directors' responsibilities statement |
6 |
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Independent auditor's report to the members |
7 to 10 |
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Statement of income and retained earnings |
11 |
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Statement of financial position |
12 |
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Statement of cash flows |
13 |
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Notes to the financial statements |
14 to 24 |
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Officers and Professional Advisers |
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The board of directors |
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Company secretary |
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Registered office |
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Auditor |
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Chartered Accountants & Statutory Auditor |
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103 High Street |
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ELGIN |
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Moray |
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IV30 1EB |
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Solicitors |
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82 High Street |
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ELGIN |
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IV30 1BL |
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Strategic Report |
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Director |
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Registered office: |
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Directors' Report |
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Director |
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Registered office: |
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Directors' Responsibilities Statement |
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Independent Auditor's Report to the Members of
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(Senior Statutory Auditor) |
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For and on behalf of |
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Chartered Accountants & Statutory Auditor |
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103 High Street |
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ELGIN |
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Moray |
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IV30 1EB |
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Statement of Income and Retained Earnings |
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2024 |
2023 |
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Note |
£ |
£ |
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Turnover |
4 |
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Cost of sales |
(
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(
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Gross profit |
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Administrative expenses |
(
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(
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Other operating income |
5 |
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Operating profit |
6 |
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Other interest receivable and similar income |
10 |
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Profit before taxation |
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Tax on profit |
11 |
(
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(
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Profit for the financial year and total comprehensive income |
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Retained earnings at the start of the year |
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Retained earnings at the end of the year |
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Statement of Financial Position |
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2024 |
2023 |
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Note |
£ |
£ |
£ |
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Tangible assets |
12 |
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Investments |
13 |
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Stocks |
14 |
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Debtors |
15 |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
16 |
(
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Net current assets |
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Total assets less current liabilities |
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Provisions |
17 |
(
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Net assets |
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Called up share capital |
21 |
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Non-distributable reserve |
22 |
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Profit and loss account |
22 |
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Shareholders funds |
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Director |
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Statement of Cash Flows |
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2024 |
2023 |
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£ |
£ |
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Profit for the financial year |
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Adjustments for: |
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Depreciation of tangible assets |
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Government grant income |
– |
(
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Other interest receivable and similar income |
(
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(
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(Gains)/loss on disposal of tangible assets |
(
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Tax on profit |
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Accrued (income)/expenses |
(
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Changes in: |
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Stocks |
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Trade and other debtors |
(
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Trade and other creditors |
(
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Cash generated from operations |
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Interest received |
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Tax paid |
(
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(
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Net cash from operating activities |
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Purchase of tangible assets |
(
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(
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Proceeds from sale of tangible assets |
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Purchases of other investments |
(
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– |
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Net cash used in investing activities |
(
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(
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Proceeds from borrowings |
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(
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Government grant income |
– |
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Net cash from/(used in) financing activities |
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(
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Net (decrease)/increase in cash and cash equivalents |
(
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Cash and cash equivalents at beginning of year |
4,029,333 |
3,702,461 |
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Cash and cash equivalents at end of year |
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Notes to the Financial Statements |
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Freehold Property |
- |
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Plant, machinery & fixtures |
- |
15%-20% reducing balance & straight line
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Motor Vehicles |
- |
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2024 |
2023 |
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£ |
£ |
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Sale of goods |
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2024 |
2023 |
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£ |
£ |
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Rental income |
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Government grant income |
– |
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Other operating income |
– |
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-------- |
-------- |
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-------- |
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2024 |
2023 |
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£ |
£ |
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Depreciation of tangible assets |
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(Gains)/loss on disposal of tangible assets |
(
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Impairment of trade debtors |
4,002 |
6,911 |
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Operating lease rentals |
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-------- |
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2024 |
2023 |
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£ |
£ |
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Fees payable for the audit of the financial statements |
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-------- |
-------- |
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Taxation advisory services |
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Other non-audit services |
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-------- |
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7,278 |
5,147 |
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2024 |
2023 |
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No. |
No. |
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Administrative staff |
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Management staff |
3 |
3 |
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Number of sales staff |
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---- |
---- |
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---- |
---- |
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2024 |
2023 |
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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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2024 |
2023 |
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£ |
£ |
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Remuneration |
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Company contributions to defined contribution pension plans |
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-------- |
-------- |
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-------- |
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2024 |
2023 |
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No. |
No. |
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Defined contribution plans |
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---- |
---- |
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2024 |
2023 |
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£ |
£ |
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Interest on cash and cash equivalents |
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-------- |
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2024 |
2023 |
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£ |
£ |
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UK current tax expense |
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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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2024 |
2023 |
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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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Effect of different UK tax rates on some earnings |
(427) |
– |
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Excess/(deficit) of depreciation over capital allowances |
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Deferred tax movement |
(2,103)
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(17,329)
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Tax on profit |
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Freehold property |
Plant and machinery |
Motor vehicles |
Investment Properties |
Total |
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£ |
£ |
£ |
£ |
£ |
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Cost |
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At 1 December 2023 |
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Additions |
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– |
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Disposals |
– |
(
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(
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– |
(
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------------ |
--------- |
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At 30 November 2024 |
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Depreciation |
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At 1 December 2023 |
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– |
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Charge for the year |
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– |
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Disposals |
– |
(
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(
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– |
(
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------------ |
--------- |
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At 30 November 2024 |
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– |
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------------ |
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Carrying amount |
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At 30 November 2024 |
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At 30 November 2023 |
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| Valuation | Cost | ||
| £ | £ | ||
| The Mews, 29 Bridge Street | 100,000 | 35,725 | |
| Redwood Cottage | 250,000 | 223,425 | |
| Bridgeyn, 1 Bridge Street | 350,000 | 221,759 | |
| 59 Sheriffmill Road | 335,000 | 310,810 | |
| 2 Bridge Street | 225,000 | 157,234 | |
| 4 Bridge Street | 250,000 | 149,574 | |
| 8 Bridge Street | 150,000 | 114,302 | |
| 27-35 Bridge Street | 100,000 | 60,343 | |
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Other investments other than loans |
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£ |
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Cost |
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At 1 December 2023 |
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Additions |
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At 30 November 2024 |
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Impairment |
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At 1 December 2023 and 30 November 2024 |
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Carrying amount |
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At 30 November 2024 |
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At 30 November 2023 |
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2024 |
2023 |
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£ |
£ |
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Finished goods and goods for resale |
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--------- |
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2024 |
2023 |
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£ |
£ |
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Trade debtors |
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Prepayments and accrued income |
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Other debtors |
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-------- |
-------- |
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-------- |
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2024 |
2023 |
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|
£ |
£ |
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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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Director loan accounts |
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Other creditors |
8
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247
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Pension creditor |
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--------- |
--------- |
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--------- |
--------- |
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Deferred tax (note 18) |
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£ |
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At 1 December 2023 |
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Charge against provision |
(
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--------- |
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At 30 November 2024 |
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--------- |
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2024 |
2023 |
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£ |
£ |
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Included in provisions (note 17) |
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--------- |
--------- |
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2024 |
2023 |
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£ |
£ |
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Accelerated capital allowances |
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Fair value adjustment of investment property |
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--------- |
--------- |
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103,589 |
105,692 |
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--------- |
--------- |
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2024 |
2023 |
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£ |
£ |
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Government grants recognised directly in income |
– |
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---- |
------- |
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2024 |
2023 |
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No. |
£ |
No. |
£ |
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90,000 |
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90,000 |
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At 1 Dec 2023 |
Cash flows |
At 30 Nov 2024 |
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£ |
£ |
£ |
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Cash at bank and in hand |
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(126,873) |
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Debt due within one year |
(107,569) |
(94,925) |
(202,494) |
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(
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2024 |
2023 |
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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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-------- |
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Notes to the Financial Statements (continued) |