Company Registration No. 06895291 (England and Wales)
BLACK AND BLUE (D) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2019
PAGES FOR FILING WITH REGISTRAR
BLACK AND BLUE (D) LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
BLACK AND BLUE (D) LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2019
31 October 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Investments
3
555,496
555,496
Current assets
Debtors
4
931,214
1,652,991
Cash at bank and in hand
97,211
6,018
1,028,425
1,659,009
Creditors: amounts falling due within one year
5
(601,009)
(588,992)
Net current assets
427,416
1,070,017
Total assets less current liabilities
982,912
1,625,513
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
981,912
1,624,513
Total equity
982,912
1,625,513
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 October 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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.
The financial statements were approved by the board of directors and authorised for issue on 17 August 2020 and are signed on its behalf by:
Ms J Gay
Director
Company Registration No. 06895291
BLACK AND BLUE (D) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2019
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 November 2017
1,000
1,754,289
1,755,289
Year ended 31 October 2018:
Loss and total comprehensive income for the year
-
(129,776)
(129,776)
Balance at 31 October 2018
1,000
1,624,513
1,625,513
Year ended 31 October 2019:
Profit and total comprehensive income for the year
-
57,399
57,399
Dividends
-
(700,000)
(700,000)
Balance at 31 October 2019
1,000
981,912
982,912
BLACK AND BLUE (D) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2019
- 3 -
1
Accounting policies
Company information
Black and Blue (D) Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
29 Avenue Road, Bexleyheath, DA7 4EP.
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 have been prepared with early application of
the
FRS 102 Triennial Review 2017 amendments in full.
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.
1.2
Fixed asset investments
Interests in subsidiaries
are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.3
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.4
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.
Basic financial assets
Basic financial assets, which include 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
.
Financial assets classified as receivable within one year are not amortised.
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.
BLACK AND BLUE (D) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2019
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies
,
are
initially recognised at transaction price
.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
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. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.5
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.
1.6
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2019
2018
Number
Number
Total
4
4
BLACK AND BLUE (D) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2019
- 5 -
3
Fixed asset investments
2019
2018
£
£
Shares in group undertakings and participating interests
555,496
555,496
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 November 2018 & 31 October 2019
555,496
Carrying amount
At 31 October 2019
555,496
At 31 October 2018
555,496
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Corporation tax recoverable
-
25,068
Amounts owed by group undertakings
930,671
1,627,380
Other debtors
543
543
931,214
1,652,991
5
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
720
-
Amounts owed to group undertakings
561,974
567,678
Corporation tax
35,315
-
Other taxation and social security
-
15,914
Other creditors
3,000
5,400
601,009
588,992
BLACK AND BLUE (D) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2019
- 6 -
6
Financial commitments, guarantees and contingent liabilities
The company has given the group's bankers a cross guarantee and debenture dated 18 May 2017 over a facility provided to Black and Blue (A) Limited, which exists across the following entities:
Black and Blue (A) Limited
Black and Blue (C) Limited
Black and Blue (D) Limited
Black and Blue Waterloo Limited
The Archduke Restaurant LLP
Any liability arising from the cross guarantee and the debenture is secured by way of a fixed and floating charge over the assets of each of the above companies over all of their assets, including a first charge over the leasehold interests.
The amount due under this facility at the balance sheet date was £1,117,422 (2018 £1,504,965).
7
Related party transactions
At the balance sheet date the company owed £561,974 (2018 £567,678) to its parent company, Black and Blue (A) Limited. This loan is interest free and repayable on demand.
At the balance sheet date the company owed £930,671 (2018 £1,627,380) to The Archduke Restaurant LLP, a limited liability partnership in which the company had a controlling interest. This loan is interest free and repayable on demand.