Beyond Retro Limited
Unaudited Financial Statements
For Filing with Registrar
For the year ended 31 May 2020
Company Registration No. 04134829 (England and Wales)
Beyond Retro Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
Beyond Retro Limited
Balance Sheet
As at 31 May 2020
Page 1
2020
2019
Fixed assets
Intangible assets
3
3,358
4,986
Tangible assets
4
98,584
126,802
Investments
5
3,642
3,642
105,584
135,430
Current assets
Stock
855,866
768,235
Debtors
7
298,442
124,855
Cash at bank and in hand
189,823
280,980
1,344,131
1,174,070
Creditors: amounts falling due within one year
8
(1,647,231)
(1,346,463)
Net current liabilities
(303,100)
(172,393)
Total assets less current liabilities
(197,516)
(36,963)
Provisions for liabilities
(11,189)
(15,136)
Net liabilities
(208,705)
(52,099)
Capital and reserves
Called up share capital
10
2
2
Profit and loss reserves
(208,707)
(52,101)
Total equity
(208,705)
(52,099)
The director of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 May 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he director acknowledges her responsibilities for complying with the requirements of the Act 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 2020
Page 2
The financial statements were approved and signed by the director and authorised for issue on 25 May 2021
H Bethell
Director
Company Registration No. 04134829
Beyond Retro Limited
Notes to the Financial Statements
For the year ended 31 May 2020
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 pound.
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 £156,606 (201
9
:
Profit
of £
2
1,
713
) and has net liabilities of £208,705 (201
9
: £
52
,
099
). 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 2020
1
Accounting policies
(Continued)
Page 4
1.7
Cash at bank and in hand
Cash at bank and in hand
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 direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
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 2020
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 income 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 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 are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 88
(2019 - 78).
3
Intangible fixed assets
Other
£
Cost
At 1 June 2019 and 31 May 2020
33,025
Amortisation and impairment
At 1 June 2019
28,039
Amortisation charged for the year
1,628
At 31 May 2020
29,667
Carrying amount
At 31 May 2020
3,358
At 31 May 2019
4,986
Beyond Retro Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2020
Page 6
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 June 2019
263,254
409,463
672,717
Additions
-
1,242
1,242
At 31 May 2020
263,254
410,705
673,959
Depreciation and impairment
At 1 June 2019
177,005
368,910
545,915
Depreciation charged in the year
19,166
10,294
29,460
At 31 May 2020
196,171
379,204
575,375
Carrying amount
At 31 May 2020
67,083
31,501
98,584
At 31 May 2019
86,249
40,553
126,802
5
Fixed asset investments
2020
2019
£
£
Investments
3,642
3,642
6
Subsidiaries
For the financial year ended 31 May 2020 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 relating to small companies.
Details of the company's subsidiaries at 31 May 2020 are as follows:
Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Fashion Archive AB
Sweden
Retailer and wholesaler of second-hand clothes
Ordinary
50.00
0
Beyond Retro Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2020
Page 7
7
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
5,456
7,850
Amounts due from group undertakings
128,295
-
Other debtors
164,691
117,005
298,442
124,855
8
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
279,753
299,926
Amounts due to group undertakings
1,094,161
695,847
Other taxation and social security
124,794
156,785
Other creditors
148,523
193,905
1,647,231
1,346,463
9
Provisions for liabilities
2020
2019
£
£
Deferred tax liabilities
11,189
15,136
10
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary shares of £1 each
2
2
Beyond Retro Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2020
Page 8
11
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:
2020
2019
£
£
Within one year
395,007
353,950
Between two and five years
439,715
414,854
In over five years
779,371
334,027
1,614,093
1,102,831
12
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 £1,681,900 (2019 :£942,616. At the year end, the company owed Bank & Vogue Holdings Limited £1,153,817 (2019: £1,292,616 ).
During the year, consultancy fees of £nil (2019: £nil ) were charged from Bank & Vogue Limited, a Canadian company controlled by the director. At the year end, the company was owed £3,123 (2019: £3,123) by Bank & Vogue Limited.
During the year sales and expense recoveries totalling £898,354 (2019: £1,026,632) 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 £128,295 (2019: £243,646) by The Fashion Archive AB.
Included with other creditors are loans outstanding at the year end totalling £4,863 (2019: £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.
13
Parent company
The immediate parent company is 856742 Ontario Inc. registered at 1195 Michael Street, Ottawa, Ontario, K1J 7T2, Canada.