Woods (Dorchester) Limited - Period Ending 2018-02-24
Woods (Dorchester) Limited - Period Ending 2018-02-24
Registration number:
for the
Period Ended
Chartered Accountants
Woods (Dorchester) Limited
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Financial Statements |
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Detailed Profit and Loss Account |
Woods (Dorchester) Limited
Company Information
Directors |
R J A Edwards N B E Beale W R A Edwards H R McGhee |
Company secretary |
R J A Edwards |
Registered office |
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Solicitors |
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Bankers |
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Accountants |
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Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Woods (Dorchester) Limited
for the Period Ended 24 February 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Woods (Dorchester) Limited for the period ended 24 February 2018 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of Woods (Dorchester) Limited, as a body, in accordance with the terms of our engagement letter dated 20 September 2016. Our work has been undertaken solely to prepare for your approval the accounts of Woods (Dorchester) Limited and state those matters that we have agreed to state to the Board of Directors of Woods (Dorchester) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Woods (Dorchester) Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Woods (Dorchester) 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 profit of Woods (Dorchester) Limited. You consider that Woods (Dorchester) Limited is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the accounts of Woods (Dorchester) 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.
Chartered Accountants
34 High East Street
Dorchester
Dorset
DT1 1HA
Woods (Dorchester) Limited
(Registration number: 00373503)
Balance Sheet as at 24 February 2018
Note |
24 February 2018 |
25 February 2017 |
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£ |
£ |
£ |
£ |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Stocks |
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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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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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Provisions for liabilities |
( |
( |
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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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Revaluation reserve |
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Profit and loss account |
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Total equity |
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For the financial period ending 24 February 2018 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 directors acknowledge their 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 special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised for issue by the
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Woods (Dorchester) Limited
Notes to the Financial Statements
for the Period ended 24 February 2018
General information |
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
United Kingdom
The principal place of business is:
34/35 High East Street
Dorchester
Dorset
DT1 1HN
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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. The accounting periods are for fifty-two or, when appropriate, fifty-three weeks
Departures from Companies Act requirements
No depreciation is provided in respect of freehold land and buildings which is a departure from the requirements of the Financial Reporting Standard 102 1A. The directors do not consider it appropriate to provide for depreciation as the company operates a policy of maintaining the freehold properties in good repair and therefore their expected life is indefinite. The directors also consider their current market value to be well in excess of the historical cost already shown in the balance sheet. Had depreciation been provided in the financial statements at 2% the charge in respect of freehold non investment properties would have been £2,482, a figure which the directors consider to be immaterial. |
Tangible assets
Tangible assets are stated in the statement of financial position 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:
Asset class |
Depreciation method and rate |
Freehold improvements |
Fire regulations 10% per annum on cost/other improvements nil |
Leasehold improvements |
Fire regulations 10% per annum on cost/other improvements over the unexpired lease terms |
Computer equipment |
25% per annum on cost |
Fixtures, fittings and equipment |
12.5% per annum on cost |
Motor vehicles |
Funeral hearse and limousine 10% per annum on costs/other vehicles 20% per annum on cost |
Woods (Dorchester) Limited
Notes to the Financial Statements
for the Period ended 24 February 2018
Investment property
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Woods (Dorchester) Limited
Notes to the Financial Statements
for the Period ended 24 February 2018
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
Woods (Dorchester) Limited
Notes to the Financial Statements
for the Period ended 24 February 2018
Tangible assets |
Freehold land and buildings |
Investment properties |
Short leasehold land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Computer equipment |
Total |
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Cost or valuation |
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At 26 February 2017 |
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Additions |
- |
- |
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- |
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At 24 February 2018 |
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Depreciation |
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At 26 February 2017 |
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- |
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Charge for the period |
- |
- |
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At 24 February 2018 |
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- |
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Carrying amount |
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At 24 February 2018 |
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At 25 February 2017 |
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Revaluation
The fair value of the company's investment properties was revalued on
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £
Woods (Dorchester) Limited
Notes to the Financial Statements
for the Period ended 24 February 2018
Investments |
2018 |
2017 |
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Shares in group undertakings and participating interest |
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Loans in group undertakings and participating interest |
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Shares to group undertakings and participating interests |
Subsidiary |
Cost |
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At 26 February 2017 |
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At 24 February 2018 |
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Carrying amount |
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At 24 February 2018 |
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At 25 February 2017 |
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Loans to group undertakings and participating interests |
Subsidiary |
At 26 February 2017 |
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Repaid |
( |
At 24 February 2018 |
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Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2018 |
2017 |
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Subsidiary undertakings |
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Unity Chambers
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Ordinary |
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The principal activity of Friary Lane Garage Development Company Limited is |
The aggregate amount of capital and reserves of Friary Lane Garage Development Company Limited at the end of its financial period was was £194,496. |
Woods (Dorchester) Limited
Notes to the Financial Statements
for the Period ended 24 February 2018
Debtors |
2018 |
2017 |
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Trade debtors |
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Other debtors |
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Creditors |
2018 |
2017 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Corporation tax liability |
1,795 |
31,032 |
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Due after one year |
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Other non-current financial liabilities |
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Financial commitments, guarantees and contingencies |
The total amount of financial commitments not included in the balance sheet is £
Woods (Dorchester) Limited
Detailed Profit and Loss Account
for the Period ended 24 February 2018
Period ended 24 February 2018 |
Period ended 25 February 2017 |
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£ |
£ |
£ |
£ |
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Turnover (page 15) |
3,421,007 |
3,645,781 |
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Cost of sales (page 15) |
(1,775,917) |
(1,887,301) |
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Gross profit |
1,645,090 |
1,758,480 |
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Administrative expenses (pages 15 and 16) |
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Employment costs |
793,557 |
744,428 |
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Establishment costs |
282,523 |
264,735 |
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General administrative expenses |
468,851 |
474,693 |
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Finance charges |
156 |
42 |
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Depreciation costs |
64,419 |
52,158 |
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(1,609,506) |
(1,536,056) |
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Other operating income |
51,542 |
51,146 |
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Operating profit |
87,126 |
273,570 |
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Interest and other income (page 16) |
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Fair value gain on investment property revaluation |
- |
23,100 |
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Interest receivable and similar income |
4,690 |
4,972 |
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4,690 |
28,072 |
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Profit before tax |
91,816 |
301,642 |
Woods (Dorchester) Limited
Detailed Profit and Loss Account
for the Period ended 24 February 2018
2018 |
2017 |
Turnover |
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Sales |
3,421,007 |
3,645,781 |
Cost of sales |
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Opening stock |
632,405 |
529,535 |
Purchases |
1,628,855 |
1,777,111 |
Rechargeable expenses (including sub contract) |
209,532 |
209,578 |
Discounts and rebates receivable |
(43,145) |
(82,421) |
Credit card service charges |
28,210 |
23,464 |
Concession commission |
- |
38,736 |
Closing stock |
(704,572) |
(632,406) |
Funeral staff/bearers' wages |
24,545 |
23,570 |
Funeral staff/bearers' NIC (employers) |
87 |
134 |
1,775,917 |
1,887,301 |
Employment costs |
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Sales/administration staff wages and salaries |
547,745 |
487,418 |
Sales/administration staff NIC (employers) |
38,431 |
34,094 |
Directors' remuneration |
137,650 |
137,650 |
Directors' NIC (employers) |
14,598 |
14,735 |
Staff pension costs (defined contribution) |
38,386 |
33,003 |
Directors' pension costs (defined contribution) |
15,995 |
32,345 |
Subcontract labour re shop/deliveries |
752 |
5,183 |
793,557 |
744,428 |
Establishment costs |
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Rent |
98,281 |
68,392 |
Rates, water and service charges |
88,929 |
55,254 |
Light, heat and power |
22,807 |
17,815 |
Insurance |
34,605 |
28,803 |
Repairs and maintenance - buildings |
15,624 |
78,120 |
Repairs and maintenance - other |
22,277 |
16,351 |
282,523 |
264,735 |
Woods (Dorchester) Limited
Detailed Profit and Loss Account
for the Period ended 24 February 2018
2018 |
2017 |
General administrative expenses |
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Telephone and fax |
17,043 |
16,421 |
Postage |
5,095 |
3,086 |
Computer software and maintenance |
28,138 |
19,664 |
Printing and stationery |
6,775 |
7,761 |
Trade subscriptions |
23,133 |
16,655 |
Packing materials |
2,314 |
6,421 |
Other trade expenses |
62,250 |
61,091 |
Vehicles' fuel and oil |
10,066 |
10,765 |
Vehicles' rentals, licences and insurance |
17,845 |
17,501 |
Vehicles' repairs and maintenance |
2,570 |
1,791 |
Travel and subsistence |
6,744 |
8,140 |
Advertising |
263,123 |
252,715 |
Accountancy fees |
14,500 |
15,750 |
Legal and professional fees |
1,101 |
29,605 |
Secretarial and administration fees |
8,154 |
8,150 |
Bad and doubtful debts |
- |
(823) |
468,851 |
474,693 |
Finance charges |
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Bank charges |
156 |
42 |
Depreciation costs |
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Depreciation of short leasehold property |
30,147 |
18,144 |
Depreciation of computer equipment |
16,163 |
15,769 |
Depreciation of fixtures, fittings and equipment |
13,095 |
13,143 |
Depreciation of motor vehicles |
5,014 |
5,014 |
Loss on disposal of tangible fixed assets |
- |
88 |
64,419 |
52,158 |
Other operating income |
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Car parking rental income |
17,623 |
15,868 |
Cottage rental income |
8,125 |
9,000 |
Abbotsbury Road rental income |
15,022 |
15,716 |
Icen Way rental income |
10,772 |
10,562 |
51,542 |
51,146 |
Fair value gains on investment properties |
- |
23,100 |
Interest receivable and similar income |
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Bank interest |
4,690 |
4,964 |
Other interest |
- |
8 |
4,690 |
4,972 |