Connected_Retail_Limited - Accounts

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.

Connected Retail Limited is a company limited by shares domiciled and incorporated in England and Wales. The registered office is Unit 4.01, Tea Building, 56 Shoreditch High Street, London, E1 6JJ.

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 pound.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

At the balance sheet date the company had net current assets of £32,560 (2017 - £75,845) and net assets of £79,566 (2017 - £116,957).

The companies in the Start group have committed to providing sufficient financial support to each other to enable them to continue to trade and meet their liabilities as they fall due, for a period of at least one year from the date of signature of the audit report for the year ended 31 March 2018. The companies have also confirmed that they will not seek repayment of intercompany loans owed between the companies until such time as the company that owes the intercompany loan is able to repay without compromising its ability to continue to trade and meet its liabilities as they fall due for at least one year from the date of signature of the audit report. The group companies included within this guarantee are Start Limited, Start JG Group Limited, Start Ventures Limited, Start JG Limited, Start JudgeGill Limited and Connected Retail Limited.

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.

Fee income represents revenue earned under a wide variety of contracts to provide professional services. Revenue is recognised as earned when, and to the extent that, the firm obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients , including expenses and disbursements but excluding value added tax.

Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed. Revenue not billed to clients is included in debtors and payments on account in excess of the relevant amount of revenue are included in creditors.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

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.

The company only has basic financial instruments measured at amortised cost, with no financial

instruments classified as other, or basic financial instruments measured at fair value.

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.

The tax expense represents the sum of the tax currently payable and deferred tax.

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.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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.

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.

The average monthly number of persons (including directors) employed by the company during the year was 3 (2017 - 1).

There is an outstanding fixed and floating charge created on 14 May 2018 over the undertaking and all property and assets present and future, including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant & machinery.

On the 30th May 2017, the company issued 267 ordinary A shares with a nominal value of 10p.

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.

Included within debtors is a balance of £17,094 (2017: £434,856) owed by Start Judge Gill Limited, a fellow subsidiary of Start JG Limited.

During the year the company made sales of £nil (2017: £1,067,040) and purchases of £174,310 (2017: £2,311,746 ) with Start JudgeGill Limited.

During the year the company made purchases of £nil (2017: £1,190) from Start Limited. Included with in creditors is £19,200 (2017: £9,005) owed to Start Limited, a parent company of Connected Retail Limited.

During the year the company made sales of £6,545 (2017: £nil) and purchases of £3,000 (2017: £nil) with Start JG Middle East Limited. Included with in debtors is £339,399 (2017: £nil) owed from Start JG Middle East Limited.

At year end the company was owed £39,402 by Start JG Group.

The immediate parent company is Start JG Limited, a company incorporated in England and Wales, by virtue of it's controlling stake in Connected Retail Limited.

The ultimate parent undertaking of the company whom group accounts are prepared is Start Limited, a company registered in England and Wales, by virtue of it's controlling stake in Start JG Limited.