Company Registration No. 06517264 (England and Wales)
ILOVEGORGEOUS LIMITED
T/A WILD & GORGEOUS
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
PAGES FOR FILING WITH REGISTRAR
ILOVEGORGEOUS LIMITED
T/A WILD & GORGEOUS
COMPANY INFORMATION
Directors
The Hon Mrs S M Worthington
Mrs L C Enfield
Secretary
The Hon Mrs S M Worthington
Company number
06517264
Registered office
Units 7 & 8 Battalion Court
Colburn Business Park
Catterick
North Yorkshire
DL9 4QL
Accountants
Kenneth Easby Limited
Hanover House
13 Victoria Road
Darlington
Co Durham
DL1 5SF
ILOVEGORGEOUS LIMITED
T/A WILD & GORGEOUS
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
ILOVEGORGEOUS LIMITED
T/A WILD & GORGEOUS
BALANCE SHEET
AS AT
31 MARCH 2017
31 March 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
67,904
35,068
Current assets
Stocks
927,079
619,399
Debtors
4
323,250
292,678
Cash at bank and in hand
145,283
161,337
1,395,612
1,073,414
Creditors: amounts falling due within one year
5
(688,139)
(645,822)
Net current assets
707,473
427,592
Total assets less current liabilities
775,377
462,660
Creditors: amounts falling due after more than one year
6
(11,000)
(33,000)
Net assets
764,377
429,660
Capital and reserves
Called up share capital
7
1,175
1,000
Share premium account
804,739
149,790
Profit and loss reserves
(41,537)
278,870
Total equity
764,377
429,660
The directors 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 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their 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.
ILOVEGORGEOUS LIMITED
T/A WILD & GORGEOUS
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2017
31 March 2017
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 12 December 2017 and are signed on its behalf by:
The Hon Mrs S M Worthington
Mrs L C Enfield
Director
Director
Company Registration No. 06517264
ILOVEGORGEOUS LIMITED
T/A WILD & GORGEOUS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
- 3 -
1
Accounting policies
Company information
ILoveGorgeous Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Units 7 & 8 Battalion Court, Colburn Business Park, Catterick, North Yorkshire, DL9 4QL.
1.1
Accounting convention
These financial statements have been prepared in accordance with 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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
These financial statements for the year ended 31 March 2017
are the
first
financial statements of ILoveGorgeous Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 April 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Going concern
A
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
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
.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
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.
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:
Leasehold improvements
5 years straight line
Fixtures, fittings & equipment
4 years straight line
Computer equipment
3 years straight line
Website
2 years straight line
Netsuite
3 years straight line
ILOVEGORGEOUS LIMITED
T/A WILD & GORGEOUS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 4 -
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash and cash equivalents
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 recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs
less any impairment.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, are
recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less
.
ILOVEGORGEOUS LIMITED
T/A WILD & GORGEOUS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 5 -
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. The share premium reserve records the amount above the nominal value received for shares issued, less direct issue costs.
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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
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, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. 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
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
.
1.12
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.
1.13
Factored debts
Where the company has transferred to the factor all significant benefits (ie the future cash flows from payment by the debtors) and all significant risks (ie slow payment risk and the risk of bad debts) relating to the debts, and has no obligation to repay the factor. The debts are therefore removed from the balance sheet and no liability is shown in respect of the proceeds received from the factor.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 26 (2016 - 27).
ILOVEGORGEOUS LIMITED
T/A WILD & GORGEOUS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 6 -
3
Tangible fixed assets
Leasehold improvements
Plant and machinery etc
Website
Netsuite
Total
£
£
£
£
£
Cost
At 1 April 2016
27,880
140,681
58,203
38,031
264,795
Additions
39,481
17,729
57,210
At 31 March 2017
27,880
180,162
75,932
38,031
322,005
Depreciation and impairment
At 1 April 2016
15,830
123,012
53,419
37,466
229,727
Depreciation charged in the year
5,576
13,465
4,784
549
24,374
At 31 March 2017
21,406
136,477
58,203
38,015
254,101
Carrying amount
At 31 March 2017
6,474
43,685
17,729
16
67,904
At 31 March 2016
12,051
17,669
4,783
565
35,068
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
71,382
56,971
Other debtors
251,868
228,579
323,250
285,550
Amounts falling due after more than one year:
Deferred tax asset
7,128
Total debtors
323,250
292,678
ILOVEGORGEOUS LIMITED
T/A WILD & GORGEOUS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 7 -
5
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
162,846
156,620
Trade creditors
403,294
323,654
Other taxation and social security
10,685
9,449
Other creditors
111,314
156,099
688,139
645,822
The bank loan is EFG secured along with a personal guarantee from the directors and a fixed and floating charge over the assets of the company.
6
Creditors: amounts falling due after more than one year
2017
2016
£
£
Bank loans and overdrafts
11,000
33,000
The bank loan is EFG secured along with a personal guarantee from the directors and a fixed and floating charge over the assets of the company.
7
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
115,688,000 A Ordinary shares of 0.001p each
1,157
1,000
1,808,000 B shares of 0.001p each
18
-
1,175
1,000
Reconciliation of movements during the year:
A Ordinary shares
B shares
Number
Number
At 1 April 2016
100,000,000
-
Issue of fully paid shares
15,688,000
1,808,000
At 31 March 2017
115,688,000
1,808,000
During the year 15,688,000 A Ordinary shares with an aggregate nominal value of £156.88 and 1,808,000 B shares with an aggregate nominal value of £18.08 were issued for cash consideration of £699,840 less direct issue costs of £44,716.
ILOVEGORGEOUS LIMITED
T/A WILD & GORGEOUS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 8 -
8
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:
2017
2016
£
£
Within one year
148,331
153,871
Between two and five years
257,625
354,457
In over five years
60,812
112,312
466,768
620,640