|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STATEMENTS |
|
FOR THE YEAR ENDED 30 JUNE 2018 |
|
FOR |
|
BAKETIME LIMITED |
|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STATEMENTS |
|
FOR THE YEAR ENDED 30 JUNE 2018 |
|
FOR |
|
BAKETIME LIMITED |
BAKETIME LIMITED (REGISTERED NUMBER: 07300779) |
|
|
|
|
|
|
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2018 |
|
|
|
|
Page |
|
Company Information | 1 |
|
Balance Sheet | 2 |
|
Notes to the Financial Statements | 3 |
|
BAKETIME LIMITED |
|
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2018 |
|
|
|
|
|
|
|
DIRECTORS: |
|
|
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
AUDITOR: |
|
Statutory Auditors |
Regency Court |
62-66 Deansgate |
MANCHESTER |
M3 2EN |
BAKETIME LIMITED (REGISTERED NUMBER: 07300779) |
|
BALANCE SHEET |
30 JUNE 2018 |
|
2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
|
|
|
CURRENT ASSETS |
Stocks | 5 |
|
|
Debtors | 6 |
|
|
Cash at bank and in hand |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 7 |
|
|
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT
LIABILITIES |
( |
) |
( |
) |
|
CREDITORS |
Amounts falling due after more than one
year |
8 |
|
|
NET LIABILITIES | ( |
) | ( |
) |
|
CAPITAL AND RESERVES |
Called up share capital | 10 |
|
|
Share premium |
|
|
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
|
|
|
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
|
The financial statements were approved by the Board of Directors on
|
|
|
|
|
|
|
|
BAKETIME LIMITED (REGISTERED NUMBER: 07300779) |
|
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2018 |
|
1. | STATUTORY INFORMATION |
|
Baketime Limited is a
|
registered number and registered office address can be found on the Company Information page. |
|
2. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
|
|
The directors have prepared the financial statements on a going concern basis which they consider appropriate |
due to the continued financial support of the immediate parent, LMC Baketime Holdings Limited, and that |
company's parent, The Lion Match Company (Pty) Limited, from which the directors have received confirmation |
that financial support will be provided for a period of at least one year from the date of the signing of these |
financial statements, subject to the South African Reserve bank approval. |
|
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The |
Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party |
transactions with wholly owned subsidiaries within the group. |
|
Significant judgements and estimates |
In preparing these financial statements the directors have had to make the following judgements which may have |
a material effect thereon: |
|
- The directors have used the latest information available from their professional advisors and insurers when |
estimating amounts to be received and settled in respect of ongoing insurance claims relating to loss of profits, |
contamination claims and fire damage. |
|
- the directors have had to determine whether there are indicators of impairment of the company's tangible assets, |
taking into consideration the economic viability and expected future performance of the asset and, where it is a |
component of a large cash generating unit, the viability and expected performance of that unit. |
|
- the directors have had to determine that preparing the accounts on a going concern basis is appropriate having |
regard to the company's ongoing performance and confirmed ongoing financial support from fellow group |
undertakings. |
|
- tangible fixed assets are depreciated over their useful lives taking into account residual values. The directors |
have assessed the estimated lives of the assets having regard to factors such as technological innovation, product |
life cycles and maintenance programmes, and have assessed residual values having considered issues such as |
future market conditions, the remaining life of the asset and projected disposal values. |
|
Turnover |
Turnover represents sale of goods at invoiced amounts net of local sales taxes. Sales of goods are recognised |
when the company has substantially transferred all the risks and rewards of ownership to the buyer, retains no |
effective control over the goods sold, can be reliably measured, and it is probable that the company will receive |
the consideration due under the transaction. |
BAKETIME LIMITED (REGISTERED NUMBER: 07300779) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2018 |
|
2. | ACCOUNTING POLICIES - continued |
|
Tangible fixed assets |
|
Plant and machinery | - |
|
Fixtures and fittings | - |
|
Motor vehicles | - |
|
|
Tangible fixed assets are initially recognised at historic cost, which includes expenditure incurred in bringing the |
asset to its present location and condition. |
|
They are assessed at each reporting date for evidence of impairment. Impairment losses are recognised for the |
amount by which the carrying amount exceeds recoverable amount. Assets that have been previously impaired |
are reviewed at each reporting date to assess whether there is any indication that previously recognised |
impairment losses may no longer exist or be reduced, and any reversal recognised in the accounts. |
|
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
|
- Raw materials and goods for resale are valued at purchase cost on a first in first out basis |
- Work in progress and finished goods are valued at the cost of direct materials and labour |
|
Net realisable value is based on estimated selling price less further costs expected to be incurred to completion |
and sale. |
|
Financial instruments |
Financial instruments are recognised in the company's balance sheet when the company becomes party to the |
contractual provisions of the instrument. |
|
The company only enters into transactions in 'basic' financial instruments which result in the recognition of assets |
and liabilities; these include trade and other debtors and creditors, bank balances, loans from banks and other |
third parties, and loans to related parties. |
|
Basic financial assets (other than those classified as payable within one year) are initially measured at cost, and |
are subsequently carried at cost or amortised cost using the effective interest method, less any impairment losses. |
Basic financial assets classified as receivable within one year are not amortised. |
|
Basic financial liabilities (other than those classified as payable within one year) are initially recognised at |
present value of future cash flows and subsequently at amortised costs using the effective interest method. Basic |
financial liabilities classified as payable within one year are not amortised. |
|
Financial assets and liabilities are offset, with the net amounts reported 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. |
|
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
|
Current or deferred taxation assets and liabilities are not discounted. |
|
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
|
BAKETIME LIMITED (REGISTERED NUMBER: 07300779) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2018 |
|
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
|
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
timing difference. |
|
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
|
Foreign currencies |
Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of |
transaction. Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of |
exchange ruling at the balance sheet date. |
|
Exchange differences arising from translation are taken into account in arriving at the operating result and are |
presented in 'finance income or costs' where they relate to borrowings and cash balances, and 'other operating |
income' in all other cases. |
|
The company's functional currency is considered to be GBP. |
|
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
|
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
|
Finance costs |
Finance costs are charged to the statement of comprehensive income over the terms of the loan using the |
effective interest method so that the amount charged is at a constant rate on the carrying amount. Transaction |
costs are initially recognised as a reduction in the proceeds of the associated loan. |
|
3. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was NIL (2017 - 51 ). |
BAKETIME LIMITED (REGISTERED NUMBER: 07300779) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2018 |
|
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 July 2017 |
|
|
|
|
Additions |
|
|
|
|
Disposals | ( |
) |
|
|
( |
) |
At 30 June 2018 |
|
|
|
|
DEPRECIATION |
At 1 July 2017 |
|
|
|
|
Charge for year |
|
|
|
|
Eliminated on disposal | ( |
) |
|
|
( |
) |
At 30 June 2018 |
|
|
|
|
NET BOOK VALUE |
At 30 June 2018 |
|
|
|
|
At 30 June 2017 |
|
|
|
|
|
5. | STOCKS |
2018 | 2017 |
£ | £ |
Raw materials |
|
|
Finished goods |
|
|
|
|
|
There is no material difference between the replacement cost of stocks and the amounts stated above. |
|
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
|
|
Amounts owed by group undertakings |
|
|
Other debtors |
|
|
Prepayments |
|
|
|
|
|
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade creditors |
|
|
Amounts owed to group undertakings |
|
|
Social security and other taxes |
|
|
Other creditors |
|
|
Accrued expenses |
|
|
|
|
BAKETIME LIMITED (REGISTERED NUMBER: 07300779) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2018 |
|
8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2018 | 2017 |
£ | £ |
Amounts owed to group undertakings |
|
|
|
9. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
2018 | 2017 |
£ | £ |
Owed to group undertakings | 7,661,150 | 6,905,013 |
|
Amounts owed to group undertakings bear interest at LIBOR+3%. |
|
Amounts owed to group undertakings are secured by fixed and floating charges over the assets and undertakings |
of the company. |
|
10. | CALLED UP SHARE CAPITAL |
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2018 | 2017 |
value: | £ | £ |
|
ordinary | £1 | 1,975 | 1,975 |
|
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
|
The Report of the Auditor was unqualified. |
|
|
for and on behalf of
|
|
12. | RELATED PARTY DISCLOSURES |
|
Included within Other creditors is a loan of £nil (2017: £57,200) owing to D Hitihamu, a director. |
|
Included in Other creditors is a loan of £182,300 (2017: £345,300) owing to Imperial Property Developments |
Limited, a company in which N M I Abdoola and D Hitihamu are directors in common. |
|
13. | ULTIMATE PARENT COMPANY |
|
The immediate parent undertaking is LMC Baketime Holdings Limited, a company registered in England and |
Wales. The ultimate parent undertaking is Fasic Investment Corporation Limited, a company registered in South |
Africa. |
|
The largest group in which the results of the company are consolidated is that headed by Fasic Investment |
Corporation Limited. The smallest group in which they are consolidated is that headed by LMC Baketime |
Holdings Limited. These consolidated accounts are available to the public and may be obtained from Companies |
House, Crown Way, Cardiff, CF14 3UZ. |