Beyond Retro Limited
Unaudited Financial Statements
For the year ended 31 May 2023
Pages 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 - 8
Beyond Retro Limited
Balance Sheet
As at 31 May 2023
Page 1
2023
2022
Fixed assets
Intangible assets
3
34,277
46,557
Tangible assets
4
169,858
154,674
Investments
5
3,642
3,642
207,777
204,873
Current assets
Stock
1,394,711
1,210,809
Debtors
7
482,343
392,366
Cash at bank and in hand
246,287
436,713
2,123,341
2,039,888
Creditors: amounts falling due within one year
8
(2,395,508)
(2,262,879)
Net current liabilities
(272,167)
(222,991)
Total assets less current liabilities
(64,390)
(18,118)
Creditors: amounts falling due after more than one year
9
(25,780)
(35,650)
Provisions for liabilities
(35,480)
(34,203)
Net liabilities
(125,650)
(87,971)
Capital and reserves
Called up share capital
11
2
2
Profit and loss reserves
(125,652)
(87,973)
Total equity
(125,650)
(87,971)
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 2023 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.
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.
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 2023
Page 2
The financial statements were approved and signed by the director and authorised for issue on 29 February 2024
H Bethell
Director
Company Registration No. 04134829
Beyond Retro Limited
Notes to the Financial Statements
For the year ended 31 May 2023
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 6th Floor, 9 Appold Street, London, EC2A 2AP.
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 amounts 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
Atruet the balance sheet date, the company made a loss of £37,681 (2022: a profit of £196,285) and has net liabilities of £125,650 (2022: £87,971). 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. At the balance sheet date, the company owed £1,212,307 (2022: £1,251,868) to Bank & Vogue Holdings Ltd. 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 the 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
Intangible assets
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.
Amortisation 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:
Software
5 years straight line
Trademarks
5 years straight line
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
Over the lease term
Fixtures, fittings & equipment
25% on reducing balance
Beyond Retro Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2023
1
Accounting policies
(Continued)
Page 4
1.6
Fixed asset investments
Fixed asset investments are stated at cost less provision for diminution in value.
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.
Beyond Retro Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2023
1
Accounting policies
(Continued)
Page 5
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.
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 leases 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
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
90
72
Beyond Retro Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2023
Page 6
3
Intangible fixed assets
Software
Trademarks
Total
£
£
£
Cost
At 1 June 2022 and 31 May 2023
60,489
33,025
93,514
Amortisation and impairment
At 1 June 2022
14,114
32,843
46,957
Amortisation charged for the year
12,098
182
12,280
At 31 May 2023
26,212
33,025
59,237
Carrying amount
At 31 May 2023
34,277
34,277
At 31 May 2022
46,375
182
46,557
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 June 2022
352,835
443,073
795,908
Additions
67,349
15,568
82,917
At 31 May 2023
420,184
458,641
878,825
Depreciation and impairment
At 1 June 2022
241,782
399,452
641,234
Depreciation charged in the year
54,394
13,339
67,733
At 31 May 2023
296,176
412,791
708,967
Carrying amount
At 31 May 2023
124,008
45,850
169,858
At 31 May 2022
111,053
43,621
154,674
5
Fixed asset investments
2023
2022
£
£
Investments
3,642
3,642
Beyond Retro Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2023
Page 7
6
Subsidiaries
For the financial year ended 31 May 2023 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 2023 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Fashion Archive AB
Sweden
Ordinary
50.00
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
225
1,935
Amounts owed by group undertakings
55,765
Other debtors
90,593
133,076
Prepayments and accrued income
335,760
257,355
482,343
392,366
8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
9,870
9,626
Trade creditors
573,235
409,936
Amounts owed to connected company
1,212,307
1,251,868
Taxation and social security
302,370
166,469
Other creditors
246,635
385,272
Accruals and deferred income
51,091
39,708
2,395,508
2,262,879
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
25,780
35,650
Beyond Retro Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2023
Page 8
10
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
35,480
34,203
11
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary shares of £1 each
2
2
12
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:
2023
2022
£
£
Within one year
417,487
488,637
Between two and five years
1,488,019
1,571,092
In over five years
1,002,931
1,658,771
2,908,437
3,718,500
13
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 £478,401 (2022:£130,481). At the year end, the company owed Bank & Vogue Holdings Limited £1,212,307 (2022: £1,251,868)
During the year sales and expense recoveries totalling £nil (2022: £nil) 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 £55,765 (2022: £16,916) by The Fashion Archive AB.
Included with other creditors are loans outstanding at the year end totalling £4,876 (2022: £4,876 ) 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.
14
Parent company
The immediate parent company is 850742 Ontario Inc. registered at 1195 Michael Street, Ottawa, Ontario, K1J 7T2, Canada.