6
false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
No description of principal activity
2020-01-01
Sage Accounts Production Advanced 2020 - FRS102_2019
1,699
170
170
1,529
1,699
xbrli:pure
xbrli:shares
iso4217:GBP
08222551
2020-01-01
2020-12-31
08222551
2020-12-31
08222551
2019-12-31
08222551
2019-01-01
2019-12-31
08222551
2019-12-31
08222551
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2020-01-01
2020-12-31
08222551
core:PlantMachinery
2020-01-01
2020-12-31
08222551
bus:Director1
2020-01-01
2020-12-31
08222551
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2020-12-31
08222551
core:PlantMachinery
2019-12-31
08222551
core:PlantMachinery
2020-12-31
08222551
core:WithinOneYear
2020-12-31
08222551
core:WithinOneYear
2019-12-31
08222551
core:AfterOneYear
2020-12-31
08222551
core:ShareCapital
2020-12-31
08222551
core:ShareCapital
2019-12-31
08222551
core:RetainedEarningsAccumulatedLosses
2020-12-31
08222551
core:RetainedEarningsAccumulatedLosses
2019-12-31
08222551
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2019-12-31
08222551
core:PlantMachinery
2019-12-31
08222551
bus:Director1
2019-12-31
08222551
bus:Director1
2020-12-31
08222551
bus:Director1
2018-12-31
08222551
bus:Director1
2019-12-31
08222551
bus:Director1
2019-01-01
2019-12-31
08222551
bus:SmallEntities
2020-01-01
2020-12-31
08222551
bus:AuditExempt-NoAccountantsReport
2020-01-01
2020-12-31
08222551
bus:FullAccounts
2020-01-01
2020-12-31
08222551
bus:SmallCompaniesRegimeForAccounts
2020-01-01
2020-12-31
08222551
bus:PrivateLimitedCompanyLtd
2020-01-01
2020-12-31
COMPANY REGISTRATION NUMBER:
08222551
THE RARE BRAND MARKET LTD
|
|
FILLETED UNAUDITED FINANCIAL STATEMENTS
|
|
THE RARE BRAND MARKET LTD
|
|
STATEMENT OF FINANCIAL POSITION
|
|
31 December 2020
Fixed assets
Intangible assets
|
5
|
1,529
|
1,699
|
Tangible assets
|
6
|
131,808
|
711
|
|
----------
|
-------
|
|
133,337
|
2,410
|
|
|
|
|
Current assets
Stocks
|
3,736
|
–
|
Debtors
|
7
|
25,426
|
40,040
|
Cash at bank and in hand
|
–
|
2,433
|
|
---------
|
---------
|
|
29,162
|
42,473
|
|
|
|
|
Creditors: amounts falling due within one year
|
8
|
123,552
|
35,925
|
|
----------
|
---------
|
Net current (liabilities)/assets
|
(
94,390)
|
6,548
|
|
----------
|
-------
|
Total assets less current liabilities
|
38,947
|
8,958
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
9
|
71,803
|
–
|
|
---------
|
-------
|
Net (liabilities)/assets
|
(
32,856)
|
8,958
|
|
---------
|
-------
|
|
|
|
|
Capital and reserves
Called up share capital
|
1,000
|
1,000
|
Profit and loss account
|
(
33,856)
|
7,958
|
|
---------
|
-------
|
Shareholders (deficit)/funds
|
(
32,856)
|
8,958
|
|
---------
|
-------
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
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
;
-
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
THE RARE BRAND MARKET LTD
|
|
STATEMENT OF FINANCIAL POSITION (continued)
|
|
31 December 2020
These financial statements were approved by the
board of directors
and authorised for issue on
24 June 2021
, and are signed on behalf of the board by:
Company registration number:
08222551
THE RARE BRAND MARKET LTD
|
|
NOTES TO THE FINANCIAL STATEMENTS
|
|
YEAR ENDED 31 DECEMBER 2020
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 168 Church Road, Hove, East Sussex, BN3 2DL.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention
Going concern
In making their assessment of going concern, the directors have identified the impact of COVID-19 as a material uncertainty that relates to events or conditions. Due to the nature of the services provided by the company there has been a significant impact on trade resulting from COVID-19. The directors have taken advantage of the financial support available in order to continue trading. The directors have reasonable expectations that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, the directors continues to adopt the going concern basis in preparing these financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
Development costs
|
-
|
10% straight line
|
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Plant and machinery
|
-
|
20% reducing balance
|
|
Refurbishment costs
|
-
|
|
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
6
(2019:
2
).
5.
Intangible assets
|
Development costs
|
|
£
|
Cost
|
|
At 1 January 2020 and 31 December 2020
|
1,699
|
|
-------
|
Amortisation
|
|
Charge for the year
|
170
|
|
-------
|
At 31 December 2020
|
170
|
|
-------
|
Carrying amount
|
|
At 31 December 2020
|
1,529
|
|
-------
|
At 31 December 2019
|
1,699
|
|
-------
|
|
|
6.
Tangible assets
|
Plant and machinery
|
Refurbishment costs
|
Total
|
|
£
|
£
|
£
|
Cost
|
|
|
|
At 1 January 2020
|
711
|
–
|
711
|
Additions
|
–
|
|
138,147
|
|
----
|
----------
|
----------
|
At 31 December 2020
|
711
|
|
138,858
|
|
----
|
----------
|
----------
|
Depreciation
|
|
|
|
At 1 January 2020
|
–
|
–
|
–
|
Charge for the year
|
142
|
|
7,050
|
|
----
|
----------
|
----------
|
At 31 December 2020
|
142
|
|
7,050
|
|
----
|
----------
|
----------
|
Carrying amount
|
|
|
|
At 31 December 2020
|
569
|
|
131,808
|
|
----
|
----------
|
----------
|
At 31 December 2019
|
711
|
–
|
711
|
|
----
|
----------
|
----------
|
|
|
|
|
7.
Debtors
|
2020
|
2019
|
|
£
|
£
|
Trade debtors
|
6,919
|
9,354
|
Other debtors
|
18,507
|
30,686
|
|
---------
|
---------
|
|
25,426
|
40,040
|
|
---------
|
---------
|
|
|
|
Short term debtors are measured at transaction price, less any impairment.
8.
Creditors:
amounts falling due within one year
|
2020
|
2019
|
|
£
|
£
|
Bank loans and overdrafts
|
15,435
|
11,826
|
Trade creditors
|
95,523
|
16,244
|
Corporation tax
|
–
|
3,508
|
Social security and other taxes
|
2,385
|
2,847
|
Other creditors
|
10,209
|
1,500
|
|
----------
|
---------
|
|
123,552
|
35,925
|
|
----------
|
---------
|
|
|
|
Short term creditors are measured at the transaction price.
9.
Creditors:
amounts falling due after more than one year
|
2020
|
2019
|
|
£
|
£
|
Bank loans and overdrafts
|
71,803
|
–
|
|
---------
|
----
|
|
|
|
10.
Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
|
2020
|
|
|
Balance brought forward
|
Advances/ (credits) to the director
|
Balance outstanding
|
|
|
£
|
£
|
£
|
|
E J Schwarz
|
30,695
|
(
25,896)
|
4,799
|
|
|
---------
|
---------
|
-------
|
|
|
|
|
|
|
2019
|
|
|
Balance brought forward
|
Advances/ (credits) to the director
|
Balance outstanding
|
|
|
£
|
£
|
£
|
|
E J Schwarz
|
25,236
|
5,459
|
30,695
|
|
|
---------
|
-------
|
---------
|
|
|
|
|
|