Registration number:
Chaffinch Hire Limited
for the Year Ended 31 December 2024
Chaffinch Hire Limited
Contents
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Company Information |
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Director's Report |
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Accountants' Report |
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Profit and Loss Account and Statement of Retained Earnings |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
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Detailed Profit and Loss Account |
Chaffinch Hire Limited
Company Information
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Director |
Mr Alastair Charles Oliver Machin |
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Registered office |
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Accountants |
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Chaffinch Hire Limited
Director's Report for the Year Ended 31 December 2024
The director presents his report and the financial statements for the year ended 31 December 2024.
Director of the company
The director who held office during the year was as follows:
Principal activity
The principal activity of the company is student storage.
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
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Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Chaffinch Hire Limited
for the Year Ended 31 December 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Chaffinch Hire Limited for the year ended 31 December 2024 as set out on pages 4 to 12 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.
This report is made solely to the Board of Directors of Chaffinch Hire Limited, as a body, in accordance with the terms of our engagement letter dated 19 June 2025. Our work has been undertaken solely to prepare for your approval the accounts of Chaffinch Hire Limited and state those matters that we have agreed to state to the Board of Directors of Chaffinch Hire Limited, 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/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Chaffinch Hire Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Chaffinch Hire Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Chaffinch Hire Limited. You consider that Chaffinch Hire 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 accounts of Chaffinch Hire 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 accounts.
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Chartered Certified Accountants
Crewe
Cheshire
CW1 6EA
Chaffinch Hire Limited
Profit and Loss Account and Statement of Retained Earnings for the Year Ended 31 December 2024
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2024 |
2023 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Other operating income |
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Operating (loss)/profit |
( |
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Interest payable and similar charges |
( |
( |
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(491) |
(639) |
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(Loss)/profit before tax |
( |
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Taxation |
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( |
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(Loss)/profit for the financial year |
( |
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Retained earnings brought forward |
47,643 |
40,154 |
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Retained earnings carried forward |
44,780 |
47,643 |
Chaffinch Hire Limited
(Registration number: 07969870)
Balance Sheet as at 31 December 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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( |
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Provisions for liabilities |
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( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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Shareholders' funds |
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Chaffinch Hire Limited
(Registration number: 07969870)
Balance Sheet as at 31 December 2024
For the financial year ending 31 December 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.
Approved and authorised by the
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Chaffinch Hire Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Judgements
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods. |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Chaffinch Hire Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
Tax
The tax expense for the period comprises current and deferred tax.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Leasehold |
5 years |
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Plant and machinery |
20% Straight Line |
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Motor vehicles |
25% Straight Line |
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Office Equipment |
33% Straight Line |
Intangible assets
Intangible assets are primarily the cost of computer software. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
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Asset class |
Amortisation method and rate |
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Computer software |
5 years |
Chaffinch Hire Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
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Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Chaffinch Hire Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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Intangible assets |
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Computer software |
Total |
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Cost or valuation |
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At 1 January 2024 |
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At 31 December 2024 |
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Amortisation |
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At 1 January 2024 |
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Amortisation charge |
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At 31 December 2024 |
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Carrying amount |
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At 31 December 2024 |
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At 31 December 2023 |
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Chaffinch Hire Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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Tangible assets |
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Leasehold |
Office Equipment |
Motor vehicles |
Plant and Machinery |
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Cost or valuation |
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At 1 January 2024 |
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At 31 December 2024 |
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Depreciation |
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At 1 January 2024 |
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Charge for the year |
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At 31 December 2024 |
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Carrying amount |
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At 31 December 2024 |
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At 31 December 2023 |
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Total |
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Cost or valuation |
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At 1 January 2024 |
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At 31 December 2024 |
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Depreciation |
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At 1 January 2024 |
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Charge for the year |
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At 31 December 2024 |
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Carrying amount |
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At 31 December 2024 |
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At 31 December 2023 |
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Included within the net book value of land and buildings above is £600 (2023 - £1,080) in respect of long leasehold land and buildings.
Chaffinch Hire Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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Debtors |
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Current |
2024 |
2023 |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
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Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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- |
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Other creditors |
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Creditors: amounts falling due after more than one year
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Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Related party transactions |
At the balance sheet date the company was owed £53,544 (2023 - £55,544) from companies under common control. This had been given interest free and repayable on demand.
Chaffinch Hire Limited
Detailed Profit and Loss Account for the Year Ended 31 December 2024
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2024 |
2023 |
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Turnover (analysed below) |
52,677 |
60,562 |
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Cost of sales (analysed below) |
34,389 |
40,738 |
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Gross profit |
18,288 |
19,824 |
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Gross profit (%) |
34.72% |
32.73% |
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Administrative expenses |
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Establishment costs (analysed below) |
260 |
540 |
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General administrative expenses (analysed below) |
19,922 |
6,461 |
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Finance charges (analysed below) |
105 |
329 |
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Depreciation costs (analysed below) |
5,401 |
5,932 |
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25,688 |
13,262 |
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Other operating income (analysed below) |
4,363 |
4,456 |
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Operating (loss)/profit |
(3,037) |
11,018 |
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Interest payable and similar charges (analysed below) |
491 |
639 |
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(Loss)/profit before tax |
(3,528) |
10,379 |
Chaffinch Hire Limited
Detailed Profit and Loss Account for the Year Ended 31 December 2024
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2024 |
2023 |
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Turnover |
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Sales |
52,677 |
60,562 |
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Cost of sales |
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Purchases |
5,083 |
4,442 |
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Direct costs |
1,451 |
2,735 |
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Subcontract cost |
27,855 |
33,561 |
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34,389 |
40,738 |
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Establishment costs |
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Rates |
260 |
540 |
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General administrative expenses |
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Computer software and maintenance costs |
15,718 |
4,348 |
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Travel and subsistence |
593 |
162 |
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Advertising |
628 |
- |
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Accountancy fees |
2,923 |
1,951 |
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Legal and professional fees |
60 |
- |
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19,922 |
6,461 |
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Finance charges |
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Bank charges |
105 |
329 |
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Depreciation costs |
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Amortisation of other intangibles |
1,861 |
1,861 |
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Depreciation of long leasehold property |
480 |
480 |
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Depreciation of plant and machinery (owned) |
1,825 |
1,826 |
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Depreciation of motor vehicles (owned) |
1,200 |
1,200 |
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Depreciation of office equipment (owned) |
35 |
565 |
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5,401 |
5,932 |
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Other operating income |
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Other operating income |
4,363 |
4,456 |
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Interest payable and similar expenses |
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Bank loan interest payable |
277 |
419 |
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Hire purchase interest |
166 |
220 |
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Other interest payable |
48 |
- |
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491 |
639 |