Company Registration No. 06506060 (England and Wales)
LEVI ROOTS REGGAE REGGAE FOODS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 AUGUST 2018
PAGES FOR FILING WITH REGISTRAR
LEVI ROOTS REGGAE REGGAE FOODS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
LEVI ROOTS REGGAE REGGAE FOODS LIMITED
BALANCE SHEET
AS AT
30 AUGUST 2018
30 August 2018
- 1 -
2018
2017
Notes
£
£
£
£
Current assets
Debtors
3
105,280
107,291
Creditors: amounts falling due within one year
4
(51,460)
(62,661)
Net current assets
53,820
44,630
Capital and reserves
Called up share capital
5
800
800
Profit and loss reserves
53,020
43,830
Total equity
53,820
44,630
The directors 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 30 August 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their 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.
The financial statements were approved by the board of directors and authorised for issue on 3 May 2019 and are signed on its behalf by:
T O Picton-Howell
Director
Company Registration No. 06506060
LEVI ROOTS REGGAE REGGAE FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 AUGUST 2018
- 2 -
1
Accounting policies
Company information
Levi Roots Reggae Reggae Foods Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
125 Wood Street, London, EC2V 7AW, United Kingdom.
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. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents royalties and advances on royalty. Royalties are recognised when receivable and advances on royalty are recognised when earned on a straight line basis over the life of the contract.
1.3
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors
and
loans from
fellow group companies are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future receipts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.4
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
LEVI ROOTS REGGAE REGGAE FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 AUGUST 2018
1
Accounting policies
(Continued)
- 3 -
1.5
Taxation
The tax expense represents the tax currently payable
.
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.
1.6
Retirement benefits
The costs of short-term employee benefits are recognised as a liability and an expense
.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2017 - 1).
3
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
15,874
16,944
Amount due from parent undertaking
800
800
Other debtors
45,777
36,568
Prepayments and accrued income
42,829
52,979
105,280
107,291
4
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
696
1,368
Amounts due to fellow subsidiary
16,808
22,435
Corporation tax
2,156
6,558
Other creditors
800
800
Accruals and deferred income
31,000
31,500
51,460
62,661
LEVI ROOTS REGGAE REGGAE FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 AUGUST 2018
- 4 -
5
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
800 Ordinary shares of £1 each
800
800
800
800
6
Controlling parties
The controlling party is LRE Limited, a company incorporated in England and Wales.