Boori (Europe) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05363317 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

FOR

BOORI (EUROPE) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

J Chui

L J Harrod

REGISTERED OFFICE:

Griffins Court

24-32 London Road

NEWBURY

Berkshire

RG14 1JX

REGISTERED NUMBER:

05363317 (England and Wales)

AUDITORS:

Wilkins Kennedy Audit Services

Griffins Court

24-32 London Road

Newbury

Berkshire

RG14 1JX

FIXED ASSETS

Tangible assets

4

23,674

24,429

CURRENT ASSETS

Stocks

272,301

238,591

Debtors

5

220,138

262,499

Cash at bank and in hand

41,891

119,783

534,330

620,873

CREDITORS

Amounts falling due within one year

6

6,231,200

5,878,950

NET CURRENT LIABILITIES

(5,696,870

)

(5,258,077

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(5,673,196

)

(5,233,648

)

CAPITAL AND RESERVES

Called up share capital

8

1,000

1,000

Retained earnings

(5,674,196

)

(5,234,648

)

SHAREHOLDERS' FUNDS

(5,673,196

)

(5,233,648

)

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 27 September 2019 and were signed on its behalf by:

J Chui - Director

1.	STATUTORY INFORMATION

Boori (Europe) Limited is a private company, limited by shares , registered in England and Wales. The company's registered

number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared in sterling which is the functional currency of the company and rounded to

the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies

have been consistently applied to all years presented unless otherwise stated.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial

Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly

owned subsidiaries within the group.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that

affect the amounts reported for assets and liabilities as at the balance sheet date and the amounted reported for revenues

and expenses during the period. However, the nature of estimation means that actual outcomes could differ from those

estimate. The following judgements (apart from those involving estimates) have had the most significant effect on amounts

recognised in the financial statements.

Revenue recognition

The key judgements made by management is respect of revenue is the point at which that revenue should be recognised.

Management consider the underlying contract terms and conclude upon the most appropriate point of the cycle at which

to recognise revenue based upon these terms and in particular where the risks and rewards of ownership transfer.

Tangible fixed assets

Tangible fixed assets are depreciated over their useful lives taking into account residual value, where appropriate. The

actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. Residual

values assessment consider issues such as the remaining life of the asset and projected disposal value.

Deferred tax asset

Management estimation is required to determine the amount of deferred tax asset that can be recognised based upon likely

timing and level of future profits.

Turnover

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts.

Turnover relates to the sale of nursery furniture.

Sales of goods

Turnover is recognised when significant risks and rewards of ownership of the goods have been transferred to the buyer,

the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction

will flow to the company and the costs incurred in respect of the transaction can be measured reliably. This is usually on

dispatch of the goods.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

20% on cost

Plant and machinery

-

at varying rates on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving

items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent

that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively

enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet

date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in

which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been

enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be

recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet

date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of

transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme

are charged to profit or loss in the period to which they relate.

Operating lease commitments

Rentals paid under operating leases are charges to the profit and loss account on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

Payments in respect of other post-retirement benefits are charged to profit or loss in the period to which they relate.

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction

price. Any losses arising from impairments are recognised in the profit and loss account in other administrative expenses.

Provisions

Provisions are recognised when the company has a legal or constructive obligation at the report date as a result of a past

event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be

reliably estimated.

Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

Impairments

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet

date. If such indication exist, the recoverable amount of the asset, or asset's cash generating unit, is estimated and

compared to its carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is

recognised in the profit and loss, unless its carried at a revalued amount, where the impairment loss is a revaluation

decrease.

Short-term employee benefits

Short-term employees benefits are recognised as an expense in the period in which they are incurred.

Going concern

The company made a loss of £439,548 for the year under review. The balance sheet at the end of year shows current

liabilities of £5,696,870, as well as a net liability overall of £5,673,196.

The company is therefore reliant on continued support from group companies and the ultimate controlling party, to whom

there are liabilities outstanding at the balance sheet date totalling £6,110,207.

On the basis of the expected continued support, which cannot be guaranteed, and other relevant information the directors

consider is appropriate to prepare the financial statements on a going concern basis. The financial statements do not

include adjustments that would result if the company was unable to continue as a going concern.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2017 - 9 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

to

Plant and

property

machinery

Totals

£

£

£

COST

At 1 January 2018

7,372

88,965

96,337

Additions

12,415

2,957

15,372

Disposals

-

(33,654

)

(33,654

)

At 31 December 2018

19,787

58,268

78,055

DEPRECIATION

At 1 January 2018

2,320

69,588

71,908

Charge for year

3,307

12,820

16,127

Eliminated on disposal

-

(33,654

)

(33,654

)

At 31 December 2018

5,627

48,754

54,381

NET BOOK VALUE

At 31 December 2018

14,160

9,514

23,674

At 31 December 2017

5,052

19,377

24,429

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/18

31/12/17

£

£

Trade debtors

149,649

160,955

Other debtors

43,397

47,918

VAT

11,444

23,843

Prepayments

15,648

29,783

220,138

262,499

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/18

31/12/17

£

£

Bank loans and overdrafts

4,247

-

Trade creditors

3,002,428

2,572,003

Amounts owed to group undertakings

728,779

720,242

Social security and other taxes

29,958

37,921

Other creditors

8,184

22,560

Directors' current accounts

2,429,090

2,429,090

Accrued expenses

28,514

97,134

6,231,200

5,878,950

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31/12/18

31/12/17

£

£

Within one year

25,000

25,000

Between one and five years

39,583

64,583

64,583

89,583

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31/12/18

31/12/17

value:

£

£

1,000

Ordinary Shares

£1

1,000

1,000

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Christopher Duggan (Senior Statutory Auditor)

for and on behalf of Wilkins Kennedy Audit Services

We draw attention to note 2 in the financial statements, at the balance sheet date the company had current liabilities of

£5,696,870, as well as a net liability overall of £5,673,196. These conditions identified cast significant doubt on the entity's

ability to continue as a going concern. As stated in note 2, these conditions, along with the other matters as set forth in

note 2, indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a

going concern. Our opinion is not modified in respect of this matter.