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Unaudited Financial Statements |
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for the Period 1 September 2019 to 31 December 2020 |
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for |
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Mole & Badger Ltd |
REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Period 1 September 2019 to 31 December 2020 |
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for |
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Mole & Badger Ltd |
Mole & Badger Ltd (Registered number: 10893995) |
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Contents of the Financial Statements |
for the Period 1 September 2019 to 31 December 2020 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Mole & Badger Ltd |
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Company Information |
for the Period 1 September 2019 to 31 December 2020 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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Mole & Badger Ltd (Registered number: 10893995) |
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Balance Sheet |
31 December 2020 |
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31.12.20 | 31.8.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT (LIABILITIES)/ASSETS | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than
one year |
7 |
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NET (LIABILITIES)/ASSETS | ( |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Mole & Badger Ltd (Registered number: 10893995) |
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Balance Sheet - continued |
31 December 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Mole & Badger Ltd (Registered number: 10893995) |
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Notes to the Financial Statements |
for the Period 1 September 2019 to 31 December 2020 |
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1. | STATUTORY INFORMATION |
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Mole & Badger Ltd is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents the net sales of goods and services derived from ordinary activities, excluding value added tax. |
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When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the normal amount received is recognised as interest income. |
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Tangible fixed assets |
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Tangible Assets are stated at cost less accumulated depreciation. |
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Lease & Leasehold improvements | 10% on cost |
Plant & Machinery | 15% on cost |
Fixture and fittings | 15% on cost |
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Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses. |
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On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in profit or loss. |
Mole & Badger Ltd (Registered number: 10893995) |
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Notes to the Financial Statements - continued |
for the Period 1 September 2019 to 31 December 2020 |
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2. | ACCOUNTING POLICIES - continued |
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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. |
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Government grants are recognised using the accrual model and the performance model. |
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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. |
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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. |
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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. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Mole & Badger Ltd (Registered number: 10893995) |
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Notes to the Financial Statements - continued |
for the Period 1 September 2019 to 31 December 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and other third parties and investments in non-puttable ordinary shares. |
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Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. |
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For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. |
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For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date. |
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Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an 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. |
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Taxation |
Taxation for the period 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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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 period end and that are expected to apply to the reversal of the timing difference. |
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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. |
Mole & Badger Ltd (Registered number: 10893995) |
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Notes to the Financial Statements - continued |
for the Period 1 September 2019 to 31 December 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Going concern |
The company's liabilities exceed its assets by £72,369 (2019: £NIL). The company depends on the continuing financial support of its ultimate parent, parent, associated companies and a director of the ultimate parent company who has confirmed their financial support of the company and their ability to do so for the foreseeable future. For this reason the financial statements have been prepared on a going concern basis. |
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Debtors & creditors |
Short term debtors, classified as receivable in one year, are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
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Short term creditors, classified as payable in one year, are measured at the transaction price. Other financial liabilities including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
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Impairment of non-financial instruments |
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss. |
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Inventories are also assessed for impairment at each reporting date. The carrying amount of each item of inventory, or group of similar items, is compared with its selling price less costs to complete and sell. If an item of inventory or group of similar items is impaired, its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in profit or loss. |
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If an impairment loss is subsequently reversed, the carrying amount of the asset or group of elated assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit or loss. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the period was NIL (2019 - NIL). |
Mole & Badger Ltd (Registered number: 10893995) |
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Notes to the Financial Statements - continued |
for the Period 1 September 2019 to 31 December 2020 |
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4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
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COST |
Additions |
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At 31 December 2020 |
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DEPRECIATION |
Charge for period |
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At 31 December 2020 |
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NET BOOK VALUE |
At 31 December 2020 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.20 | 31.8.19 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.20 | 31.8.19 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Other creditors |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR |
31.12.20 | 31.8.19 |
£ | £ |
Bank loans |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr | 25,000 | - |
Mole & Badger Ltd (Registered number: 10893995) |
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Notes to the Financial Statements - continued |
for the Period 1 September 2019 to 31 December 2020 |
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8. | RELATED PARTY DISCLOSURES |
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Concept Venues Ltd |
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The ultimate parent company. |
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During the year Concept Venues Ltd gave general funding to the company of £230,704. (2019: £NIL). At the year end the company owes Concept Venues Ltd £230,704 (£2019: £NIL). The amount is classified as a current creditor and is repayable on demand, no interest is charged. |
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Sanctum London Ltd |
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A fellow subsidiary. |
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During the year Sanctum London Ltd made net funding to the company of £11,281 (2019: £NIL). At the year end the company owes Sanctum London Ltd £11,281 (£2019: £NIL). The amount is classified as a current creditor and is repayable on demand, no interest is charged. |
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Sanctum On The Green Ltd |
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The parent company. |
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During the year the Sanctum On The Green Ltd transferred part of its business to the company at the value of £300,970 (2019: £NIL), Mole & Badger made a net repayment to the Sanctum On The Green Ltd of £295,158 (2019: £NIL) in the year. At the balance sheet date Sanctum On The Green Ltd is owed £5,812 (2019: £NIL) by the company.The amount is classified as a current creditor and is repayable on demand, no interest is charged. |
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9. | ULTIMATE CONTROLLING PARTY |
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The controlling party is Sanctum On The Green Ltd. |
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The ultimate controlling party is
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