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Financial Statements |
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For The Year Ended 31 March 2019 |
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The Rolls Of Monmouth Limited |
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REGISTERED NUMBER:
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Financial Statements |
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For The Year Ended 31 March 2019 |
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for |
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The Rolls Of Monmouth Limited |
The Rolls Of Monmouth Limited (Registered number: 02039328) |
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Contents of the Financial Statements |
For The Year Ended 31 March 2019 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 3 |
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The Rolls Of Monmouth Limited |
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Company Information |
For The Year Ended 31 March 2019 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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SENIOR STATUTORY AUDITOR: |
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AUDITORS: |
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Chartered Accountants |
and Statutory Auditor |
Goodridge Court |
Goodridge Avenue |
Gloucester |
Gloucestershire |
GL2 5EN |
The Rolls Of Monmouth Limited (Registered number: 02039328) |
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Statement of Financial Position |
31 March 2019 |
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31.3.19 | 31.3.18 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Revaluation reserve |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
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The financial statements were approved by the director on
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The Rolls Of Monmouth Limited (Registered number: 02039328) |
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Notes to the Financial Statements |
For The Year Ended 31 March 2019 |
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1. | STATUTORY INFORMATION |
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The Rolls Of Monmouth Limited is a
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Wales. The company's registered number and registered office address can be found on the Company |
Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is recognised at the fair value of the consideration received or receivable for goods and |
services provided in the normal course of business, and is shown net of VAT and other sales |
related taxes. |
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Turnover from bar sales, shop sales and catering and other sales is recognised at the point of sale |
when the significant risks and rewards of ownership of the goods have passed to the buyer. |
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Turnover in respect of development property sales is recognised at the point of exchange where the risks |
and rewards of ownership are effectively transferred to the buyer. |
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Tangible fixed assets |
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of |
depreciation and any impairment losses. |
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Freehold property | - 2% on cost |
Plant and machinery | - 25% on cost |
Fixtures and fittings | - 20% on cost |
Motor vehicles | - 25% on reducing balance |
Computer equipment | - 20% on cost |
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The company has adopted the FRS 102 transitional exemption to value the property at its deemed cost |
without adopting a policy of revaluation. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete |
and slow moving items. |
The Rolls Of Monmouth Limited (Registered number: 02039328) |
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Notes to the Financial Statements - continued |
For The Year Ended 31 March 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and |
Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
Financial instruments are recognised in the company's balance sheet when the company becomes |
party to the contractual provisions of the instrument. |
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Financial assets and liabilities are offset, with the net amounts presented in the financial |
statements, when there is a legally enforceable right to set off the recognised amounts and there |
is an intention to settle on a net basis or to realise the asset and settle the liability |
simultaneously. |
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Basic financial assets |
Basic financial assets, which include trade and other debtors and cash and bank balances, are |
initially measured at transaction price including transaction costs and are subsequently carried at |
amortised cost using the effective interest method unless the arrangement constitutes a financing |
transaction, where the transaction is measured at the present value of the future receipts |
discounted at a market rate of interest |
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Basic financial liabilities |
Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group |
companies and preference shares that are classified as debt, are initially recognised at transaction |
price unless the arrangement constitutes a financing transaction, where the debt instrument is |
measured at the present value of the future receipts discounted at a market rate of interest. |
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Taxation |
Taxation for the year comprises current and deferred tax. 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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been |
enacted or substantively enacted by the statement of financial position date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
statement of financial position date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods |
different from those in which they are recognised in financial statements. Deferred tax is measured using |
tax rates and laws that have been enacted or substantively enacted by the year end and that are expected |
to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable |
that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. |
Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held |
under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the |
shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital |
element of the future payments is treated as a liability. |
The Rolls Of Monmouth Limited (Registered number: 02039328) |
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Notes to the Financial Statements - continued |
For The Year Ended 31 March 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's |
pension scheme are charged to profit or loss in the period to which they relate. |
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Going concern |
A promissory loan note assigned to Antarctica International Inc, the holding company, in respect of the |
debt to the former holding company now totals £2,472,699 with interest and has been extended to 31 |
March 2025. |
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The accounts have been prepared on a going concern basis which assumes that the company will be able |
to restructure this debt as well as the ongoing financial support of the holding company. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST OR VALUATION |
At 1 April 2018 |
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Additions |
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Disposals |
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At 31 March 2019 |
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DEPRECIATION |
At 1 April 2018 |
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Charge for year |
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Eliminated on disposal |
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At 31 March 2019 |
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NET BOOK VALUE |
At 31 March 2019 |
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At 31 March 2018 |
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The Rolls Of Monmouth Limited (Registered number: 02039328) |
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Notes to the Financial Statements - continued |
For The Year Ended 31 March 2019 |
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4. | TANGIBLE FIXED ASSETS - continued |
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Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 April 2018 |
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Additions |
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Disposals |
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At 31 March 2019 |
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DEPRECIATION |
At 1 April 2018 |
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Charge for year |
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Eliminated on disposal |
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At 31 March 2019 |
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NET BOOK VALUE |
At 31 March 2019 |
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At 31 March 2018 |
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Cost or valuation at 31 March 2019 is represented by: |
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Fixtures |
Freehold | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
Valuation in 2015 | 2,277,543 | - | - |
Cost | 2,555,457 | 381,335 | 223,446 |
4,833,000 | 381,335 | 223,446 |
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Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
Valuation in 2015 | - | - | 2,277,543 |
Cost | 16,670 | 10,316 | 3,187,224 |
16,670 | 10,316 | 5,464,767 |
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The net book value of assets held under Hire Purchase agreements at 31 March 2019 was £Nil (2018: |
£29,929). |
The Rolls Of Monmouth Limited (Registered number: 02039328) |
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Notes to the Financial Statements - continued |
For The Year Ended 31 March 2019 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.19 | 31.3.18 |
£ | £ |
Trade debtors |
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Other debtors |
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VAT |
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Prepayments and accrued income |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.19 | 31.3.18 |
£ | £ |
Hire purchase contracts (see note 8) |
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Trade creditors |
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Social security and other taxes |
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VAT | - | 879 |
Other creditors |
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Accruals and deferred income |
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Accrued expenses |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.3.19 | 31.3.18 |
£ | £ |
Promissory Note |
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8. | LEASING AGREEMENTS |
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Minimum lease payments fall due as follows: |
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Hire purchase contracts |
31.3.19 | 31.3.18 |
£ | £ |
Net obligations repayable: |
Within one year |
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Non-cancellable |
operating leases |
31.3.19 | 31.3.18 |
£ | £ |
Within one year |
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Between one and five years |
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The Rolls Of Monmouth Limited (Registered number: 02039328) |
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Notes to the Financial Statements - continued |
For The Year Ended 31 March 2019 |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31.3.19 | 31.3.18 |
£ | £ |
Hire purchase contracts | - | 4,350 |
Promissory Note | 2,472,699 | 2,409,351 |
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10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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Going Concern |
The company has incurred a net loss of £96,622 for the year and has net current liabilities of £23,988 as at |
31 March 2019. We would draw your attention to note 2 to the financial statements which states that the |
financial statements have been prepared on a going concern basis, which assumes that the company will |
be able to restructure a promissory loan note debt of £2,472,699 owed to the holding company, and |
assumes the ongoing financial support of the holding company. |
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Our audit opinion is not modified in this respect. |
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for and on behalf of
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11. | RELATED PARTY DISCLOSURES |
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The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 |
'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related |
party transactions with wholly owned subsidiaries within the group. |
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12. | ULTIMATE CONTROLLING PARTY |
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Mr Adolfo Garcia Baudrit is considered to be the controlling party, by virtue of his 100% shareholding in the |
Ultimate Holding company. |