Company Registration No. 10276796 (England and Wales)
BELGIUM BIDCO LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2018
PAGES FOR FILING WITH REGISTRAR
BELGIUM BIDCO LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
BELGIUM BIDCO LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2018
31 December 2018
- 1 -
2018
2018
Notes
£
£
£
£
Fixed assets
Investments
3
14,792,144
14,792,144
Current assets
Debtors
5
1,839,036
1,839,037
Cash at bank and in hand
1,961
12,989
1,840,997
1,852,026
Creditors: amounts falling due within one year
6
(17,090,505)
(8,811,544)
Net current liabilities
(15,249,508)
(6,959,518)
Total assets less current liabilities
(457,364)
7,832,626
Creditors: amounts falling due after more than one year
7
-
(8,204,349)
Net liabilities
(457,364)
(371,723)
Capital and reserves
Called up share capital
8
1
1
Profit and loss reserves
(457,365)
(371,724)
Total equity
(457,364)
(371,723)
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 24 June 2019 and are signed on its behalf by:
Mr C Burns
Mr R Boston
Director
Director
Company Registration No. 10276796
BELGIUM BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2018
- 2 -
1
Accounting policies
Company information
Belgium Bidco Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Unit 25 Shortwood Court, Shortwood Business Park, Dearne Valley Parkway, Barnsley, S74 9LH.
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, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares
publicly available consolidated financial statements
, including this company,
which are
intended to give a true and fair view of the assets, liabilities,
financial position and profit or loss
of the group
.
T
he company has
therefore
taken advantage of
e
xemptions from the following disclosure requirements:
-
Section 4 ‘Statement of Financial Position’ – Reconciliation of the opening and closing number of shares
;
-
Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash
f
low and related notes and disclosures
;
-
Section 33 ‘Related Party Disclosures’ – Compensation for key management personnel
.
The financial statements of the company are consolidated in the financial statements of
Belgium Topco Limited
. These consolidated financial statements are available from its registered office,
Unit 25 Shortwood Court, Shortwood Business Park, Dearne Valley Parkway, Barnsley S74 9LH
.
1.2
Going concern
A
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Reporting period
The company shortened its accounting period in the period to 31 December, so as to be coterminous with its new ultimate parent undertaking, These financial statements cover the 3 month period ended 31 December 2018.
The prior period financial statements cover the year ended 30 September 2018. As such, the comparative amounts (including the related notes) are not entirely comparable.
1.4
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
.
BELGIUM BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 3 -
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.6
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.
1.7
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.
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, bank loans, loans from
fellow group companies and preference shares that are classified as debt, 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
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
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.
BELGIUM BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 4 -
1.8
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.
1.9
Taxation
The tax expense represents the sum of 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.
1.10
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.
1.11
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 period was nil (30 September 2018: nil).
3
Fixed asset investments
2018
2018
£
£
Investments
14,792,144
14,792,144
BELGIUM BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2018
3
Fixed asset investments
(Continued)
- 5 -
Movements in fixed asset investments
Investment in group undertakings
£
Cost or valuation
At 1 October 2018 & 31 December 2018
14,792,144
Carrying amount
At 31 December 2018
14,792,144
At 30 September 2018
14,792,144
4
Subsidiaries
Details of the company's subsidiaries at 31 December 2018 are as follows:
Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Barber of Sheffield (Holdings) Limited
UK
Holding company
Ordinary
100.00
Barber of Sheffield Limited
UK
Tattoo and medical supplies
Ordinary
100.00
Powerline Supplies (UK) Limited
UK
Dormant
Ordinary
100.00
Chameleon Studio Limited
UK
Tattoo supplies
Ordinary
100.00
P'tit Rock SAS
France
Tattoo supplies
Ordinary
100.00
5
Debtors
2018
2018
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
1,839,036
1,839,037
6
Creditors: amounts falling due within one year
2018
2018
£
£
Amounts due to group undertakings
17,090,505
8,811,544
BELGIUM BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2018
- 6 -
7
Creditors: amounts falling due after more than one year
2018
2018
£
£
Bank loans and overdrafts
-
6,137,500
Other creditors
-
2,066,849
-
8,204,349
8
Called up share capital
2018
2018
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1 each
1
1
1
1
9
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 Chris Howitt.
The auditor was Henton & Co LLP.
10
Financial commitments, guarantees and contingent liabilities
Golub Capital LLC as Security Trustee held fixed and floating charges over the company.