Company Registration No. 11691261 (England and Wales)
SNOW PEAK LONDON, LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
SNOW PEAK LONDON, LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
SNOW PEAK LONDON, LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
4
865,711
928,444
Current assets
Stocks
1,125,281
609,485
Debtors
5
584,500
274,978
Cash at bank and in hand
1,624,321
620,124
3,334,102
1,504,587
Creditors: amounts falling due within one year
6
(3,464,712)
(1,784,908)
Net current liabilities
(130,610)
(280,321)
Total assets less current liabilities
735,101
648,123
Creditors: amounts falling due after more than one year
7
(157,403)
(181,619)
Provisions for liabilities
8
(74,399)
(54,998)
Net assets
503,299
411,506
Capital and reserves
Called up share capital
2,000,000
2,000,000
Profit and loss reserves
(1,496,701)
(1,588,494)
Total equity
503,299
411,506
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
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 30 September 2022 and are signed on its behalf by:
B Campbell
Director
Company Registration No. 11691261
SNOW PEAK LONDON, LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 2 -
1
Accounting policies
Company information
Snow Peak London, Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
80 Cheapside, London, EC2V 6EE.
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.
1.2
Going concern
T
true
he ultimate parent company,
Snow Peak Inc.,
has confirmed its intention, if required, to provide financial support to enable the company to settle its liabilities as they fall due for at least twelve months from the date of signing these financial statements.
The ultimate parent company,
Snow Peak
Inc. has also confirmed it
will not seek repayment of the outstanding balance of £3,106,567 due from the company to Snow Peak
Inc. and will continue to allow the company to purchase goods from Snow Peak Inc. in order to enable the company to continue trading and will not seek payment
for
such goods if the company is not able to meet such payments
, for
at least twelve months from the date of signing these financial statements.
Therefore, the directors have a reasonable expectation that the company has adequate resources to continue in operation for the foreseeable future.
Thus, the directors continue to adopt the going concern basis 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 and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
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 delivery 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, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the
cost
of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
3 years straight line or straight line over the leasehold period
Fixtures and fittings
4 years straight line
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
.
SNOW PEAK LONDON, LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 3 -
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.
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
and
deposits held at call with banks
.
1.8
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.
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.
The company only has basic financial instruments which are stated at cost less impairment.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction 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.
SNOW PEAK LONDON, LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 4 -
1.11
Provisions
Provisions are recognised when the
company
has a legal or constructive present obligation as a result of a past event, it is probable that the
company
will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation.
Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i
s
measured at present value
,
the unwinding of the discount is recognised as a finance cost in
profit
or
loss
in the period
in which
it arises.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease.
1.15
Government grants
Government grants
, which
relate to the Coronavirus Job Retention Scheme
and local authority grants,
are recognised
under the accrual model
at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in
other operating
income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.16
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
in the period
are included in profit or loss.
2
Other operating income
2021
2020
£
£
Coronavirus job retention scheme grant
12,133
32,989
Coronavirus exceptional support
28,928
-
Sundry income
32,143
29,358
73,204
62,347
SNOW PEAK LONDON, LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 5 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 15
(2020: 14).
4
Tangible fixed assets
Land and buildings
Fixtures and Fittings
Total
£
£
£
Cost
At 1 January 2021
1,043,670
26,171
1,069,841
Additions
33,926
21,362
55,288
At 31 December 2021
1,077,596
47,533
1,125,129
Depreciation and impairment
At 1 January 2021
132,670
8,727
141,397
Depreciation charged in the year
108,621
9,400
118,021
At 31 December 2021
241,291
18,127
259,418
Carrying amount
At 31 December 2021
836,305
29,406
865,711
At 31 December 2020
911,000
17,444
928,444
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
498,084
211,537
Amounts owed by group undertakings
135
135
Other debtors
56,948
36,637
555,167
248,309
2021
2020
Amounts falling due after more than one year:
£
£
Other debtors
29,333
26,669
Total debtors
584,500
274,978
SNOW PEAK LONDON, LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 6 -
6
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
122,275
73,911
Amounts owed to group undertakings
3,106,567
1,398,682
Taxation and social security
39,698
Other creditors
235,870
272,617
3,464,712
1,784,908
7
Creditors: amounts falling due after more than one year
2021
2020
£
£
Other creditors
157,403
181,619
8
Provisions for liabilities
2021
2020
£
£
74,399
54,998
Movements on provisions:
£
At 1 January 2021
54,998
Additional provisions in the year
19,401
At 31 December 2021
74,399
The provision relates to dilapidation claims against the property rented.
SNOW PEAK LONDON, LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 7 -
9
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:
2021
2020
£
£
Within one year
239,383
95,000
Between two and five years
833,994
760,000
In over five years
475,000
665,000
1,548,377
1,520,000
10
Parent company
The immediate and ultimate parent company is Snow Peak Inc.
, a company registered in Japan.
The company's financials are included in the consolidated accounts of Snow Peak Inc., which can be obtained from their
registered office
at
456 Nakanohara Sanjo-City, Niigata 955-0147 Japan.
11
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Mandy Janes.
The auditor was HW Fisher LLP.