Beyond Retro Limited
Unaudited Financial Statements
For the year ended 31 May 2022
For Filing with Registrar
Company Registration No. 04134829 (England and Wales)
Beyond Retro Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
Beyond Retro Limited
Balance Sheet
As at 31 May 2022
Page 1
2022
2021
Fixed assets
Intangible assets
3
46,557
60,243
Tangible assets
4
154,674
81,268
Investments
5
3,642
3,642
204,873
145,153
Current assets
Stock
1,210,809
655,459
Debtors
7
392,366
193,353
Cash at bank and in hand
436,713
667,426
2,039,888
1,516,238
Creditors: amounts falling due within one year
8
(2,262,879)
(1,880,364)
Net current liabilities
(222,991)
(364,126)
Total assets less current liabilities
(18,118)
(218,973)
Creditors: amounts falling due after more than one year
9
(35,650)
(44,766)
Provisions for liabilities
(34,203)
(20,517)
Net liabilities
(87,971)
(284,256)
Capital and reserves
Called up share capital
11
2
2
Profit and loss reserves
(87,973)
(284,258)
Total equity
(87,971)
(284,256)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 May 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The 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 2022
Page 2
The financial statements were approved and signed by the director and authorised for issue on 26 May 2023
H Bethell
Director
Company Registration No. 04134829
Beyond Retro Limited
Notes to the Financial Statements
For the year ended 31 May 2022
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 6th Floor, 9 Appold Street, London, EC2A 2AP.
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 amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the balance sheet date, the company made a profit of £193,822 (2021: a loss of £75,551) and has net liabilities of £90,434 (2021: 284,256). 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 the 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
Intangible assets
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.
Amortisation 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:
Software
5 years straight line
Trademarks
5 years straight line
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
Over the lease term
Fixtures, fittings & equipment
25% on reducing balance
Beyond Retro Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2022
1
Accounting policies
(Continued)
Page 4
1.6
Fixed asset investments
Fixed asset investments are stated at cost less provision for diminution in value.
1.7
Cash at bank and in hand
Cash and cash equivalents 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 transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
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.
Beyond Retro Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2022
1
Accounting policies
(Continued)
Page 5
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 2022
1
Accounting policies
(Continued)
Page 6
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 profit or loss 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 leases 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 in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
72
67
3
Intangible fixed assets
Software
Trademarks
Total
£
£
£
Cost
At 1 June 2021 and 31 May 2022
60,489
33,025
93,514
Amortisation and impairment
At 1 June 2021
2,016
31,255
33,271
Amortisation charged for the year
12,098
1,588
13,686
At 31 May 2022
14,114
32,843
46,957
Carrying amount
At 31 May 2022
46,375
182
46,557
At 31 May 2021
58,473
1,770
60,243
Beyond Retro Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2022
Page 7
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 June 2021
263,254
421,732
684,986
Additions
89,581
21,341
110,922
At 31 May 2022
352,835
443,073
795,908
Depreciation and impairment
At 1 June 2021
215,338
388,380
603,718
Depreciation charged in the year
26,444
11,072
37,516
At 31 May 2022
241,782
399,452
641,234
Carrying amount
At 31 May 2022
111,053
43,621
154,674
At 31 May 2021
47,916
33,352
81,268
5
Fixed asset investments
2022
2021
£
£
Investments
3,642
3,642
6
Subsidiaries
For the financial year ended 31 May 2022 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 2022 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Fashion Archive AB
Sweden
Ordinary
50.00
Beyond Retro Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2022
Page 8
7
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
1,935
35,250
Amounts owed by group undertakings
16,916
Other debtors
390,431
141,187
392,366
193,353
8
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
9,626
5,234
Trade creditors
409,936
299,332
Amounts owed to group undertakings
1,251,868
1,183,977
Taxation and social security
166,469
156,113
Other creditors
424,980
235,708
2,262,879
1,880,364
9
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
35,650
44,766
10
Provisions for liabilities
2022
2021
£
£
Deferred tax liabilities
34,203
20,517
11
Called up share capital
2022
2021
£
£
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 2022
Page 9
12
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:
2022
2021
£
£
Within one year
488,637
252,744
Between two and five years
1,571,092
317,207
In over five years
1,658,771
756,885
3,718,500
1,326,836
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 £130,481.30 (2021:£1,410,294). At the year end, the company owed Bank & Vogue Holdings Limited £1,251,868 (2021: £1,183,977)
During the year sales and expense recoveries totalling £nil (2021: £890,565) 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 £16,916 (2021: £16,916) by The Fashion Archive AB.
Included with other creditors are loans outstanding at the year end totalling £4,876 (2021: £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 850742 Ontario Inc. registered at 1195 Michael Street, Ottawa, Ontario, K1J 7T2, Canada.