Rylo Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07852293 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 JANUARY 2018 TO 30 JUNE 2019

FOR

RYLO LIMITED

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

Mr S R Lopez

Mrs S E B Lopez

REGISTERED OFFICE:

Glynfelin House

Longford Road

Dyffryn

Neath

SA10 7AX

REGISTERED NUMBER:

07852293 (England and Wales)

ACCOUNTANTS:

WBV Limited

The Third Floor,

Langdon House, Langdon Road

SA1 Swansea Waterfront

Swansea

West Glamorgan

SA1 8QY

BANKERS:

HSBC Plc

Ty Dyffryn

Atlantic Close

Swansea Enterprise Park

Swansea

SA7 9FJ

The following reproduces the text of the report prepared for the directors in respect of the company's

annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only

required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other

primary statements and the Report of the Directors are not required to be filed with the Registrar of

Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your

approval the financial statements of Rylo Limited for the period ended 30 June 2019 which comprise the

Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the

company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Rylo Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Rylo Limited and state those matters that we have agreed to state to the Board of Directors of Rylo Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Rylo Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Rylo Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Rylo Limited. You consider that Rylo Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of Rylo Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

WBV Limited

The Third Floor,

Langdon House, Langdon Road

SA1 Swansea Waterfront

Swansea

West Glamorgan

SA1 8QY

12 September 2019

FIXED ASSETS

Investments

4

36,978,834

5,129,641

CURRENT ASSETS

Debtors

5

13,841,194

1,587,866

Cash at bank

6,052,494

665,214

19,893,688

2,253,080

CREDITORS

Amounts falling due within one year

6

4,580,537

3,149,309

NET CURRENT ASSETS/(LIABILITIES)

15,313,151

(896,229

)

TOTAL ASSETS LESS CURRENT LIABILITIES

52,291,985

4,233,412

CAPITAL AND RESERVES

Called up share capital

7

575

575

Capital redemption reserve

425

425

Retained earnings

52,290,985

4,232,412

SHAREHOLDERS' FUNDS

52,291,985

4,233,412

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 June 2019.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 June 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 12 September 2019 and were signed on its behalf by:

Mr S R Lopez - Director

1.	STATUTORY INFORMATION

Rylo 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

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.

Turnover

Turnover in the comparative figures relates entirely to management charges. Turnover in the 2019

period relates to income received from investments after the sale of the subsidiary.

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

trade discounts. The policies adopted for the recognition of turnover are as follows:

Management charges

The management charges are determined on a group basis and are recognised when the services

have been provided.

Dividends receivable

Dividend income is recognised as the company's right to receive payment is established.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Other investments

Investments are recognised initially at fair value which is normally the transaction price excluding

transaction costs. Subsequently, they are measured at fair value through the profit or loss if the

shares are publicly traded or their fair value can otherwise be measured reliably. Other investments

are measured at cost less impairment.

Taxation

Taxation for the period 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 period 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.

Financial instruments

Financial assets and liabilities are recognised by the company when it becomes a party to the

contractual provisions of the financial instrument.

Cash and cash equivalents

These comprise cash at bank.

Debtors

Debtors are stated at their normal value and do not attract interest. Appropriate provision for

estimated irrecoverable amounts are recognised in the profit and loss account when there is

evidence of impairment.

Trade creditors

Trade creditors are stated at their normal value and do not attract interest.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 2 (2017 - 2 ) .

4.	FIXED ASSET INVESTMENTS

Shares in

group

Other

undertakings

investments

Totals

£

£

£

COST

At 1 January 2018

5,129,641

-

5,129,641

Additions

2

36,978,832

36,978,834

Disposals

(5,129,641

)

-

(5,129,641

)

At 30 June 2019

2

36,978,832

36,978,834

NET BOOK VALUE

At 30 June 2019

2

36,978,832

36,978,834

At 31 December 2017

5,129,641

-

5,129,641

The other investments include quoted shares and bonds.

The accounting policy for investments is for them to be shown at fair value. However, as there had

been no material changes to the values of the investments at 30 June 2019, the investments are

included in the accounts at their original cost.

For future periods the values of the investments will be considered at the end of the accounting

period, and any increase or decrease reflected in the financial statements as a fair value adjustment.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2017

£

£

Amounts owed by group undertakings

7,787,152

-

Other debtors

6,054,042

1,587,866

13,841,194

1,587,866

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2017

£

£

Amounts owed to group undertakings

-

2,965,615

Taxation and social security

14,939

165,008

Other creditors

4,565,598

18,686

4,580,537

3,149,309

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2017

value:

£

£

575

Ordinary

£1

575

575

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the period ended 30 June 2019 and

the year ended 31 December 2017:

2019

2017

£

£

Mr S R Lopez

Balance outstanding at start of period

(12,215

)

-

Amounts advanced

12,215

1,473,504

Amounts repaid

-

(1,485,719

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of period

-

(12,215

)

No interest is charged on loans due to directors.

9.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr S R Lopez by virtue of his majority shareholding.