REGISTERED NUMBER:
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Financial Statements |
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For The Year Ended 31 March 2021 |
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The Rolls Of Monmouth Limited |
REGISTERED NUMBER:
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Financial Statements |
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For The Year Ended 31 March 2021 |
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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 2021 |
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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 2021 |
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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 2021 |
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31.3.21 | 31.3.20 |
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 ASSETS/(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 and authorised for issue 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 2021 |
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1. | STATUTORY INFORMATION |
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The Rolls Of Monmouth Limited is a
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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 2021 |
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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. |
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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. |
The Rolls Of Monmouth Limited (Registered number: 02039328) |
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Notes to the Financial Statements - continued |
For The Year Ended 31 March 2021 |
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2. | ACCOUNTING POLICIES - continued |
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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 £2,599,396 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 |
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COST OR VALUATION |
At 1 April 2020 |
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Additions |
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At 31 March 2021 |
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DEPRECIATION |
At 1 April 2020 |
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Charge for year |
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At 31 March 2021 |
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NET BOOK VALUE |
At 31 March 2021 |
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At 31 March 2020 |
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Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 April 2020 |
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Additions |
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At 31 March 2021 |
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DEPRECIATION |
At 1 April 2020 |
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Charge for year |
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At 31 March 2021 |
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NET BOOK VALUE |
At 31 March 2021 |
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At 31 March 2020 |
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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 2021 |
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4. | TANGIBLE FIXED ASSETS - continued |
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Cost or valuation at 31 March 2021 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 | 427,186 | 259,992 |
4,833,000 | 427,186 | 259,992 |
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Motor | Computer |
vehicles | equipment | Totals |
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Valuation in 2015 | - | - | 2,277,543 |
Cost | 16,670 | 11,426 | 3,270,731 |
16,670 | 11,426 | 5,548,274 |
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The net book value of assets held under Hire Purchase agreements at 31 March 2021 was £23,330 (2020: £32,079). |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.21 | 31.3.20 |
£ | £ |
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 |
31.3.21 | 31.3.20 |
£ | £ |
Bank loans and overdrafts |
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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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Other creditors |
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Deferred income |
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Accrued expenses |
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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 2021 |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.3.21 | 31.3.20 |
£ | £ |
Bank loans - 1-2 years |
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Bank loans - 2-5 years |
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Bank loans more 5 yr by instal |
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Promissory Note |
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Hire purchase contracts (see note 8) |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal | 2,500 | - |
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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 |
31.3.21 | 31.3.20 |
£ | £ |
Net obligations repayable: |
Within one year |
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Between one and five years |
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Non-cancellable | operating leases |
31.3.21 | 31.3.20 |
£ | £ |
Within one year |
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Between one and five years |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31.3.21 | 31.3.20 |
£ | £ |
Bank loans |
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Hire purchase contracts | 5,833 | 35,070 |
Promissory Note | 2,599,396 | 2,536,048 |
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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 2021 |
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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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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. |