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2016-01-01
Sage Accounts Production Advanced 2017 Update 1 - FRS
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3853105
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2016-12-31
STATEMENT OF CONSENT TO PREPARE ABRIDGED FINANCIAL STATEMENTS
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All of the members of Earl of Sandwich (Licenseco) Limited have consented to the preparation of the abridged statement of financial position for the year ending 31 December 2016 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER:
3853105
EARL OF SANDWICH (LICENSECO) LIMITED
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FILLETED UNAUDITED ABRIDGED FINANCIAL STATEMENTS
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EARL OF SANDWICH (LICENSECO) LIMITED
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ABRIDGED FINANCIAL STATEMENTS
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YEAR ENDED 31 DECEMBER 2016
Officers and professional advisers
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1
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Chartered accountant's report to the board of directors on the preparation of the unaudited statutory abridged financial statements
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2
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Abridged statement of financial position
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3
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Notes to the abridged financial statements
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5
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EARL OF SANDWICH (LICENSECO) LIMITED
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OFFICERS AND PROFESSIONAL ADVISERS
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The board of directors
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The Hon. Orlando Montagu
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John, 11th Earl of Sandwich
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Company secretary
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Brighton Registrars Limited
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Registered office
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168 Church Road
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Hove
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East Sussex
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BN3 2DL
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Accountants
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UHY Hacker Young
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Chartered accountant
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168 Church Road
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Hove
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BN3 2DL
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EARL OF SANDWICH (LICENSECO) LIMITED
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CHARTERED ACCOUNTANT'S REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ABRIDGED FINANCIAL STATEMENTS OF
EARL OF SANDWICH (LICENSECO) LIMITED
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YEAR ENDED 31 DECEMBER 2016
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of Earl of Sandwich (Licenseco) Limited for the year ended 31 December 2016, which comprise the abridged statement of financial position and the related notes 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 www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Earl of Sandwich (Licenseco) Limited, as a body, in accordance with the terms of our engagement letter dated 14 June 2012. Our work has been undertaken solely to prepare for your approval the abridged financial statements of Earl of Sandwich (Licenseco) Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Earl of Sandwich (Licenseco) Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Earl of Sandwich (Licenseco) Limited has kept adequate accounting records and to prepare statutory abridged financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Earl of Sandwich (Licenseco) Limited. You consider that Earl of Sandwich (Licenseco) 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 abridged financial statements of Earl of Sandwich (Licenseco) 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 abridged financial statements.
UHY Hacker Young
Chartered accountant
168 Church Road
Hove
BN3 2DL
30 September 2017
EARL OF SANDWICH (LICENSECO) LIMITED
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ABRIDGED STATEMENT OF FINANCIAL POSITION
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31 December 2016
Fixed assets
Tangible assets
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5
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829
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1,056
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Current assets
Debtors
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19,422
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91,956
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Cash at bank and in hand
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1,081,838
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720,347
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-------------
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----------
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1,101,260
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812,303
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Creditors: amounts falling due within one year
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576,268
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609,129
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-------------
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Net current assets
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524,992
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203,174
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----------
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Total assets less current liabilities
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525,821
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204,230
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Net assets
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525,821
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204,230
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----------
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----------
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Capital and reserves
Called up share capital
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2
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2
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Profit and loss account
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525,819
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204,228
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----------
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----------
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Member funds
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525,821
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204,230
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----------
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----------
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These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The member has not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
.
EARL OF SANDWICH (LICENSECO) LIMITED
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ABRIDGED STATEMENT OF FINANCIAL POSITION (continued)
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31 December 2016
These abridged financial statements were approved by the
board of directors
and authorised for issue on
30 September 2017
, and are signed on behalf of the board by:
The Hon. Orlando Montagu
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Director
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Company registration number:
3853105
EARL OF SANDWICH (LICENSECO) LIMITED
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NOTES TO THE ABRIDGED FINANCIAL STATEMENTS
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YEAR ENDED 31 DECEMBER 2016
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 168 Church Road, Hove, East Sussex, BN3 2DL.
2.
Statement of compliance
These abridged financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
No material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern have been identified by the directors.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 January 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 8.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
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Trade Marks
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-
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25% straight line
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If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
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Plant and Machinery
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-
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25% straight line
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Fixtures and Fittings
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-
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25% straight line
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Equipment
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-
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25% straight line
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Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4.
Intangible assets
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£
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Cost
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At 1 January 2016 and 31 December 2016
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4,341
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-------
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Amortisation
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At 1 January 2016 and 31 December 2016
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4,341
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-------
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Carrying amount
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At 31 December 2016
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–
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-------
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5.
Tangible assets
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£
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Cost
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At 1 January 2016
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43,992
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Additions
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1,090
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---------
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At 31 December 2016
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45,082
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---------
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Depreciation
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At 1 January 2016
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42,936
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Charge for the year
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1,317
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---------
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At 31 December 2016
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44,253
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---------
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Carrying amount
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At 31 December 2016
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829
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---------
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At 31 December 2015
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1,056
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---------
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6.
Related party transactions
The company was under the control of
The Hon. Orlando Montagu
throughout the current and previous year. The Hon. Orlando Montagu
is the managing director and majority shareholder of the parent company. The company has received funding from its ultimate parent company, Earl of Sandwich (Brandco) Limited. The amount outstanding at the year end was £392,862 (2015: £393,375).
7.
Controlling party
The immediate and ultimate parent company is
Earl of Sandwich (Brandco) Limited
, a company registered in England and Wales.
8.
Transition to FRS 102
These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 January 2015.
No transitional adjustments were required in equity or profit or loss for the year.