Beyond Retro Limited
Unaudited Financial Statements
For the year ended 31 May 2021
For Filing with Registrar
Company Registration No. 04134829 (England and Wales)
Beyond Retro Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
Beyond Retro Limited
Balance Sheet
As at 31 May 2021
Page 1
2021
2020
Fixed assets
Intangible assets
4
60,243
3,358
Tangible assets
5
81,268
98,584
Investments
6
3,642
3,642
145,153
105,584
Current assets
Stock
655,459
855,866
Debtors
8
193,353
298,442
Cash at bank and in hand
667,426
189,823
1,516,238
1,344,131
Creditors: amounts falling due within one year
9
(1,880,364)
(1,647,231)
Net current liabilities
(364,126)
(303,100)
Total assets less current liabilities
(218,973)
(197,516)
Creditors: amounts falling due after more than one year
10
(44,766)
Provisions for liabilities
(20,517)
(11,189)
Net liabilities
(284,256)
(208,705)
Capital and reserves
Called up share capital
12
2
2
Profit and loss reserves
(284,258)
(208,707)
Total equity
(284,256)
(208,705)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 May 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her 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.
Beyond Retro Limited
Balance Sheet (Continued)
As at 31 May 2021
Page 2
The financial statements were approved and signed by the director and authorised for issue on 26 May 2022
H Bethell
Director
Company Registration No. 04134829
Beyond Retro Limited
Notes to the Financial Statements
For the year ended 31 May 2021
Page 3
1
Accounting policies
Company information
Beyond Retro Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Devonshire House, 60 Goswell Road, London, EC1M 7AD.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of 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 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
Going concern
A
true
t the
balance sheet date, the company made a
loss
of £75,551 (2020: £156,606) and has net liabilities of £284,256 (2020: £208,705). Bank & Vogue Holdings Ltd, a company under common control, has agreed to provide support for at least 12 months from the date of approval of the financial statements in order to ensure that the company can meet its liabilities as they fall due. The company has taken advantage of governmental support such as the furlough scheme, deferral of PAYE and reduced costs where possible. Based on this the director has
a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents net invoiced sales of goods, including excluding value added tax.
1.4
Trademarks
Trademark registration costs are capitalised when the trademark is successfully registered; the costs are subsequently amortised over five years. The carrying value of the trademarks are reviewed for impairment if events or changes in circumstances indicate the carrying value may not be recoverable. Where registrations prove unsuccessful, all costs related to the relevant trademarks are written off immediately.
1.5
Tangible fixed assets
Tangible fixed assets
are
stated at cost less depreciation.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Leasehold
20% on cost
Fixtures, fittings & equipment
25% on reducing balance
1.6
Fixed asset investments
Fixed asset investments are stated at cost less provision for diminution in value.
Beyond Retro Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2021
1
Accounting policies
(Continued)
Page 4
1.7
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
Financial instruments are measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.
1.9
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
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.
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
. 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.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
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.
Beyond Retro Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2021
1
Accounting policies
(Continued)
Page 5
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
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 except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.14
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
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
67
88
Beyond Retro Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2021
Page 6
4
Intangible fixed assets
Other
£
Cost
At 1 June 2020
33,025
Additions
60,489
At 31 May 2021
93,514
Amortisation and impairment
At 1 June 2020
29,667
Amortisation charged for the year
3,604
At 31 May 2021
33,271
Carrying amount
At 31 May 2021
60,243
At 31 May 2020
3,358
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 June 2020
263,254
410,705
673,959
Additions
11,027
11,027
At 31 May 2021
263,254
421,732
684,986
Depreciation and impairment
At 1 June 2020
196,171
379,204
575,375
Depreciation charged in the year
19,167
9,176
28,343
At 31 May 2021
215,338
388,380
603,718
Carrying amount
At 31 May 2021
47,916
33,352
81,268
At 31 May 2020
67,083
31,501
98,584
6
Fixed asset investments
2021
2020
£
£
Investments
3,642
3,642
Beyond Retro Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2021
Page 7
7
Subsidiaries
For the financial year ended 31 May 2021 the company was entitled to exemption from
preparing consolidated financial accounts
for the company and its subsidiary
under section
399
of the Companies Act 2006.
Details of the company's subsidiaries at 31 May 2021 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Fashion Archive AB
Sweden
Ordinary
50.00
8
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
35,250
5,456
Amounts owed by group undertakings
16,916
128,295
Other debtors
141,187
164,691
193,353
298,442
9
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
5,234
Trade creditors
299,332
279,753
Amounts owed to group undertakings
1,183,977
1,094,161
Taxation and social security
156,113
124,794
Other creditors
235,708
148,523
1,880,364
1,647,231
10
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
44,766
Beyond Retro Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2021
Page 8
11
Provisions for liabilities
2021
2020
£
£
Deferred tax liabilities
20,517
11,189
12
Called up share capital
2021
2020
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary shares of £1 each
2
2
13
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
252,744
395,007
Between two and five years
317,207
439,715
In over five years
756,885
779,371
1,326,836
1,614,093
14
Related party transactions
During the year stock purchases, consulting and travel costs were charged from Bank & Vogue Holdings Limited, a Canadian company controlled by the director, totalling £1,410,294 (2020 :£1,681,900). At the year end, the company owed Bank & Vogue Holdings Limited £1,183,977 (2020: £1,153,817).
During the year, consultancy fees of £nil (2020: £nil ) were charged from Bank & Vogue Limited, a Canadian company controlled by the director. At the year end, the company was owed £nil (2020: £3,123) by Bank & Vogue Limited.
During the year sales and expense recoveries totalling £890,565 (2020: £898,354) were made to The Fashion Archive AB, in which the company holds 50% of the share capital. At the year end, the company was owed £16,916 (2020: £128,295) by The Fashion Archive AB.
Included with other creditors are loans outstanding at the year end totalling £4,863 (2020: £4,863) from H Bethell, the director. This balance represents net amounts owed for expenses incurred on behalf of the business in excess of cash advances paid to H Bethell.
Beyond Retro Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2021
Page 9
15
Parent company
The immediate parent company is 856742 Ontario Inc. registered at 1195 Michael Street, Ottawa, Ontario, K1J 7T2, Canada.