Beyond Retro Limited
Unaudited Financial Statements
For Filing with Registrar
For the year ended 31 May 2019
Company Registration No. 04134829 (England and Wales)
Beyond Retro Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
Beyond Retro Limited
Balance Sheet
As at 31 May 2019
Page 1
2019
2018
Fixed assets
Intangible assets
3
4,986
6,757
Tangible assets
4
126,802
50,701
Investments
5
3,642
3,642
135,430
61,100
Current assets
Stock
768,235
628,176
Debtors
7
124,855
475,827
Cash at bank and in hand
280,980
159,025
1,174,070
1,263,028
Creditors: amounts falling due within one year
8
(1,346,463)
(1,400,375)
Net current liabilities
(172,393)
(137,347)
Total assets less current liabilities
(36,963)
(76,247)
Provisions for liabilities
(15,136)
-
Net liabilities
(52,099)
(76,247)
Capital and reserves
Called up share capital
10
2
2
Profit and loss reserves
(52,101)
(76,249)
Total equity
(52,099)
(76,247)
The director of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 May 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
Beyond Retro Limited
Balance Sheet (Continued)
As at 31 May 2019
Page 2
The financial statements were approved and signed by the director and authorised for issue on 29 May 2020
H Bethell
Director
Company Registration No. 04134829
Beyond Retro Limited
Notes to the Financial Statements
For the year ended 31 May 2019
Page 3
1
Accounting policies
Company information
Beyond Retro Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Devonshire House, 60 Goswell Road, London, EC1M 7AD.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest pound.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
A
true
t the
balance sheet date, the company made a profit of £21,713 (2018: loss of £1,648) and has net liabilities of £52,099 (2018: £76,427). Bank & Vogue Holdings Ltd, a company under common control, has agreed to provide support for at least 12 months from the date of approval of the financial statements in order to ensure that the company can meet its liabilities as they fall due. Based on this the director has
a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents net invoiced sales of goods, including excluding value added tax.
1.4
Trademarks
Trademark registration costs are capitalised when the trademark is successfully registered; the costs are subsequently amortised over five years. The carrying value of the trademarks are reviewed for impairment if events or changes in circumstances indicate the carrying value may not be recoverable. Where registrations prove unsuccessful, all costs related to the relevant trademarks are written off immediately.
1.5
Tangible fixed assets
Tangible fixed assets
are
stated at cost less depreciation.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Leasehold
20% on cost
Fixtures, fittings & equipment
25% on reducing balance
1.6
Fixed asset investments
Fixed asset investments are stated at cost less provision for diminution in value.
Beyond Retro Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2019
1
Accounting policies
(Continued)
Page 4
1.7
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
Financial instruments are measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Beyond Retro Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2019
1
Accounting policies
(Continued)
Page 5
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 78 (2018 - 74).
3
Intangible fixed assets
Other
£
Cost
At 1 June 2018 and 31 May 2019
33,025
Amortisation and impairment
At 1 June 2018
26,268
Amortisation charged for the year
1,771
At 31 May 2019
28,039
Carrying amount
At 31 May 2019
4,986
At 31 May 2018
6,757
Beyond Retro Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2019
Page 6
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 June 2018
167,421
406,574
573,995
Additions
95,833
2,889
98,722
At 31 May 2019
263,254
409,463
672,717
Depreciation and impairment
At 1 June 2018
167,421
355,874
523,295
Depreciation charged in the year
9,584
13,036
22,620
At 31 May 2019
177,005
368,910
545,915
Carrying amount
At 31 May 2019
86,249
40,553
126,802
At 31 May 2018
-
50,701
50,701
5
Fixed asset investments
2019
2018
£
£
Investments
3,642
3,642
6
Subsidiaries
For the financial year ended 31 May 2019 the company was entitled to exemption from
preparing consolidated financial accounts
for the company and its subsidiary
under section
399
of the Companies Act 2006 relating to small companies.
Details of the company's subsidiaries at 31 May 2019 are as follows:
Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Fashion Archive AB
Sweden
Retailer and wholesaler of second-hand clothes
Ordinary
50.00
0
Beyond Retro Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2019
Page 7
7
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
7,850
4,676
Amounts due from group undertakings
-
371,252
Other debtors
117,005
99,468
124,855
475,396
Amounts falling due after more than one year:
Deferred tax asset
-
431
Total debtors
124,855
475,827
8
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
299,926
962,604
Amounts due to group undertakings
695,847
-
Other taxation and social security
156,785
213,561
Other creditors
193,905
224,210
1,346,463
1,400,375
9
Provisions for liabilities
2019
2018
£
£
Deferred tax liabilities
15,136
-
10
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary shares of £1 each
2
2
Beyond Retro Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2019
Page 8
11
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2019
2018
£
£
Within one year
353,950
347,950
Between two and five years
414,854
682,804
In over five years
334,027
414,027
1,102,831
1,444,781
12
Events after the reporting date
After the year end 31 May 2019 Beyond Retro are due to receive a credit note from Bank and Vogue Holdings Limited for £350,000.
We have included this as an adjusting post balance sheet event in the financial statements as this relates to stock written off before the year end.
13
Related party transactions
During the year stock purchases, consulting and travel costs were charged from Bank & Vogue Holdings Limited, a Canadian company controlled by the director, totalling £942,616 (2018 :£1,746,252. At the year end, the company owed Bank & Vogue Holdings Limited £1,292,616 (2018: £811,121 ).
During the year, consultancy fees of £nil (2018: £nil ) were charged from Bank & Vogue Limited, a Canadian company controlled by the director. At the year end, the company was owed £3,123 (2018: £3,920) by Bank & Vogue Limited.
During the year sales and expense recoveries totalling £1,026,632 (2018: £953,696) were made to The Fashion Archive AB, in which the company holds 50% of the share capital. At the year end, the company was owed £243,646 (2018: £371,252 by The Fashion Archive AB.
Included with other creditors are loans outstanding at the year end totalling £4,863 (2018: £4,863) from H Bethell, the director. This balance represents net amounts owed for expenses incurred on behalf of the business in excess of cash advances paid to H Bethell.
14
Parent company
The immediate parent company is 856742 Ontario Inc. registered at 1195 Michael Street, Ottawa, Ontario, K1J 7T2, Canada.