ACCOUNTS - Final Accounts preparation

ACCOUNTS - Final Accounts preparation

ELLARD (TORBAY) LIMITED - Company Information

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2013-05-01 false true 2014-03-312014-03-312014-03-31Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the identifiable assets and liabilities. It is amortised to the Profit and loss account over its estimated economic life. 5% straight lineEach of the persons who are Directors at the time when this Directors' report is approved has confirmed that: so far as that Director is aware, there is no relevant audit information of which the Company's auditor is unaware, and that Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information. 04763854 2013-05-01 2014-03-31 04763854 2012-06-01 2013-04-30 04763854 2014-03-31 04763854 2013-04-30 04763854 d:OrdinaryShareClass1 2014-03-31 04763854 d:OrdinaryShareClass1 2013-04-30 04763854 d:OrdinaryShareClass1 2013-05-01 2014-03-31 04763854 d:Director1 2013-05-01 2014-03-31 04763854 d:Director2 2013-05-01 2014-03-31 04763854 d:Director3 2013-05-01 2014-03-31 04763854 d:Director4 2013-05-01 2014-03-31 04763854 d:Director5 2013-05-01 2014-03-31 04763854 d:EntityAccountantsOrAuditors 2014-03-31 04763854 d:AllEntityOfficers 2012-06-01 2013-04-30 04763854 c:PlantMachinery 2013-05-01 2014-03-31 04763854 c:PlantMachinery 2013-04-30 04763854 c:LandBuildings c:LongLeaseholdProperties 2013-05-01 2014-03-31 04763854 c:LandBuildings c:LongLeaseholdProperties 2013-04-30 04763854 d:RegisteredOffice 2013-05-01 2014-03-31 04763854 c:OwnedOrFreeholdTangibleFixedAssets 2012-06-01 2013-04-30 04763854 c:NetGoodwill 2013-05-01 2014-03-31 04763854 c:NetGoodwill 2013-04-30 04763854 c:ProvisionsForDeferredTaxation 2012-06-01 04763854 c:ProvisionsForDeferredTaxation 2013-04-30 04763854 c:ProvisionsForDeferredTaxation 2013-05-01 2014-03-31 04763854 d:EntityAccountantsOrAuditors 2013-05-01 2014-03-31 04763854 c:DividendsPaid d:AllOrdinaryShares 2013-05-01 2014-03-31 xbrli:shares iso4217:GBP

Registered number: 04763854









ELLARD (TORBAY) LIMITED









DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED MARCH 31, 2014
 
ELLARD (TORBAY) LIMITED
 
 
COMPANY INFORMATION


DIRECTORS
Mr K C Patel (appointed May 1, 2013)
Mr K C Patel Jnr (appointed May 1, 2013)
Mr J C Patel Jnr (appointed May 1, 2013)
Mr A J Ellard (resigned May 1, 2013)
Mrs A Ellard (resigned May 1, 2013)




REGISTERED NUMBER
04763854



REGISTERED OFFICE
Lion House
Red Lion Street

London

WC1R 4GB




INDEPENDENT AUDITOR
KMPG LLP, Statutory Auditor
Chartered Accountants

1 Forest Gate

Brighton Road

Crawley

RH11 9PT




 
ELLARD (TORBAY) LIMITED
 

CONTENTS


Page

 
 
Directors' report
 
 
1 - 2
Independent auditor's report
 
 
3 - 4
Profit and loss account
 
 
5
Balance sheet
 
 
6
Notes to the financial statements
 
 
7 - 11
 
ELLARD (TORBAY) LIMITED
 
 
DIRECTORS' REPORT
FOR THE PERIOD ENDED MARCH 31, 2014

The Directors present their report and the financial statements for the period ended March 31, 2014 comparative 11 month period ended 30 April 2013..
 
 
ACCOUNTING REFERENCE DATE
 
 
The company changed its accounting reference date from 30th April 2014 to 31st March 2014. Accordingly these accounts are for an eleven month period.
 
 
PRINCIPAL ACTIVITIES
 
 
The company ceased trading on 30 April 2013. On 1st May 2013 the entire issued share capital of the company was acquired by Day Lewis plc and trade and assets were hived up into that company.
 
 
DIRECTORS' RESPONSIBILITIES STATEMENT
 
 
The Directors are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and regulations.
 
 
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the Directors are required to:

·select suitable accounting policies and then apply them consistently;

·make judgments and accounting estimates that are reasonable and prudent;

·state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

·prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
 
 
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
 
 
DIRECTORS
 
 
The Directors who served during the period were:
 
 
Mr K C Patel (appointed May 1, 2013)
Mr K C Patel Jnr (appointed May 1, 2013)
Mr J C Patel Jnr (appointed May 1, 2013)
Mr A J Ellard (resigned May 1, 2013)
Mrs A Ellard (resigned May 1, 2013)
 
Page 1
 
ELLARD (TORBAY) LIMITED
 
 
DIRECTORS' REPORT
FOR THE PERIOD ENDED MARCH 31, 2014
DISCLOSURE OF INFORMATION TO AUDITOR
 
 
Each of the persons who are Directors at the time when this Directors' report is approved has confirmed that:

·so far as that Director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

·that Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
 
 
AUDITOR
 
 
Under section 487(2) of the Companies Act 2006, KMPG LLP, Statutory Auditor will be deemed to have been reappointed as auditor 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
 
 
In preparing this report, the Directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
 
 
This report was approved by the board and signed on its behalf.
 
 



Mr J C Patel Jnr
Director

Date: March 11, 2015
Page 2
 
ELLARD (TORBAY) LIMITED
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ELLARD (TORBAY) LIMITED

We have audited the financial statements of Ellard (Torbay) Limited for the period ended March 31, 2014, set out on pages 5 to 11. The financial reporting framework that has been applied in their preparation is applicable law and the Financial Reporting Standard for Smaller Entities (effective April 2008) (United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities).
 
 
This report is made solely to the Company's shareholders, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's shareholders those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's shareholders as a body, for our audit work, for this report, or for the opinions we have formed.
 
 
RESPECTIVE RESPONSIBILITIES OF DIRECTORS AND AUDITOR
 
 
As explained more fully in the Directors' responsibilities statement, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors.
 
 
SCOPE OF THE AUDIT OF THE FINANCIAL STATEMENTS
 
 
A description of the scope of an audit of financial statements is provided on the Financial Reporting Council's website at www.frc.org.uk/auditscopeukprivate.
 
 
OPINION ON FINANCIAL STATEMENTS
 
 
In our opinion the financial statements:
 
·give a true and fair view of the state of the Company's affairs as at March 31, 2014 and of its profit for the period then ended;
  
·have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities; and
   
·have been prepared in accordance with the requirements of the Companies Act 2006.
 
 
OTHER MATTER - PRIOR PERIOD FINANCIAL STATEMENTS
 
 
In forming our opinion on the financial statements, which is not modified, we note that the prior period financial statements were not audited. Consequently, International Standards on Auditing (UK and Ireland) require the auditor to state that the corresponding figures contained within these financial statements are unaudited.
 
 
OPINION ON OTHER MATTER PRESCRIBED BY THE COMPANIES ACT 2006
  
 
In our opinion the information given in the Directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements.
 
 
Page 3
 
ELLARD (TORBAY) LIMITED
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ELLARD (TORBAY) LIMITED

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
  
 
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
 
·adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
  
·the financial statements are not in agreement with the accounting records and returns; or
  
·certain disclosures of directors' remuneration specified by law are not made; or
   
·we have not received all the information and explanations we require for our audit; or
 
·the Directors were not entitled to prepare the financial statements in accordance with the small companies regime and to take advantage of the small companies' exemption from the requirement to prepare a Strategic report.
 
 



Timothy Rush (Senior statutory auditor)
  
for and on behalf of
KMPG LLP, Statutory Auditor
 
Chartered Accountants
  
1 Forest Gate
Brighton Road
Crawley
RH11 9PT

March 18, 2015
Page 4
 
ELLARD (TORBAY) LIMITED
 
 
PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED MARCH 31, 2014

Period from 01 May 2013 to
       31 March
Unaudited 
period from 01 June 2012 to
        30 April
        2014
        2013
Note

        £

        £

 
TURNOVER
1
-
1,341,942
 
Cost of sales

-
(993,740)

 
GROSS PROFIT
-
348,202
 
Administrative expenses

(1,158)
(158,490)

 
OPERATING (LOSS)/PROFIT
2
(1,158)
189,712
 
EXCEPTIONAL ITEMS


 
Profit on hive up at fair value
4
1,237,646
-

 
PROFIT ON ORDINARY ACTIVITIES BEFORE INTEREST

1,236,488
189,712
 
Interest receivable and similar income
-
6,663

 
PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION

1,236,488
196,375
 
Tax on profit on ordinary activities
5
-
(40,318)

 
PROFIT FOR THE FINANCIAL PERIOD
 
12
 
 1,236,488
 156,057




The notes on pages 7 to 11 form part of these financial statements.

All results are discontinued operations.

There were no recognised gains and losses other than those included in the Profit and loss account.

Page 5
 
ELLARD (TORBAY) LIMITED
REGISTERED NUMBER: 04763854

BALANCE SHEET
AS AT MARCH 31, 2014

31 March
Unaudited
 30 April
2014
2013
Note
£
£
£
£
 
FIXED ASSETS





 
Intangible assets
 
6
-

21,817
 
Tangible assets
 
7
-
18,037







-

39,854
 
CURRENT ASSETS





 
Stocks
-
41,741

 
Debtors
8
46,650
158,497

 
Cash at bank

-
352,744







 
46,650
552,982
 
CREDITORS: amounts falling due within one year
9
-
(146,858)
 
NET CURRENT ASSETS


46,650

406,124
 
TOTAL ASSETS LESS CURRENT LIABILITIES
46,650
445,978
 
PROVISIONS FOR LIABILITIES





 
Deferred tax
10
-
(1,746)

NET ASSETS




 46,650


 444,232
  
CAPITAL AND RESERVES

 
Called up share capital
11
46,650
46,650
 
Profit and loss account
12
-
397,582
 
SHAREHOLDERS' FUNDS
 

 46,650

 444,232


The financial statements have been prepared in accordance with the provisions applicable to small companies within Part 15 of the Companies Act 2006 and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

The financial statements were approved and authorised for issue by the board and were signed on its behalf on March 11, 2015.




Mr J C Patel Jnr
Director

The notes on pages 7 to 11 form part of these financial statements.

Page 6
 
ELLARD (TORBAY) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED MARCH 31, 2014

1.ACCOUNTING POLICIES

1.1
Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

The company ceased trading on 30 April 2013 following the acquisition and the hive up of its trade to its parent company

1.2
Turnover

Turnover comprises revenue recognised by the Company in respect of goods and services supplied during the period, exclusive of Value Added Tax and trade discounts.

1.3
Intangible fixed assets and amortisation

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the identifiable assets and liabilities. It is amortised to the Profit and loss account over its estimated economic life.

Amortisation is provided at the following rates:
 
Goodwill
-
5% straight line

1.4
Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation.  Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Leasehold property
-
over the term of the lease
Plant and machinery
-
15% reducing balance


2.OPERATING (LOSS)/PROFIT

The operating (loss)/profit is stated after charging:

Period from 01 May 2013 to
       31 March
Unaudited 
period from 01 June 2012 to
        30 April
        2014
        2013
        £

        £

Amortisation - intangible fixed assets
-
1,984
Depreciation of tangible fixed assets:
- owned by the company
-
2,294

Page 7
 
ELLARD (TORBAY) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED MARCH 31, 2014

3.DIRECTORS' REMUNERATION

Period from 01 May 2013 to
       31 March
Unaudited 
period from 01 June 2012 to
        30 April
        2014
        2013
        £

        £

Aggregate remuneration

 -
 12,480

 

4.EXCEPTIONAL ITEMS

Period from 01 May 2013 to
       31 March
Unaudited 
period from 01 June 2012 to
        30 April
        2014
        2013
        £

        £

Profit on disposal of trade and assets
 1,237,646
 -
 

5.TAXATION

Period from 01 May 2013 to
       31 March
Unaudited 
period from 01 June 2012 to
        30 April
        2014
        2013
        £

        £

Analysis of tax charge in the period

Current tax

UK corporation tax charge on profit for the period
-
40,781




Deferred tax (see note 10)



Origination and reversal of timing differences
-
(463)



Tax on profit on ordinary activities

 -
 40,318

Page 8
 
ELLARD (TORBAY) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED MARCH 31, 2014

6.INTANGIBLE FIXED ASSETS


Goodwill


£


Cost


At May 1, 2013
43,274

Transferred on hive up
(43,274)


At March 31, 2014

-

Amortisation


At May 1, 2013
21,457

Transferred on hive up
(21,457)


At March 31, 2014

-




Net book value


At March 31, 2014
 -


At April 30, 2013

 21,817


7.TANGIBLE FIXED ASSETS


Leasehold property
Plant and machinery
Total


£

£

£


Cost 


At May 1, 2013
20,270
29,581
49,851

Transferred on hive up
(20,270)
(29,581)
(49,851)


At March 31, 2014

-

-

-



Depreciation


At May 1, 2013
11,760
20,054
31,814

Transferred on hive up
(11,760)
(20,054)
(31,814)


At March 31, 2014

-

-

-






Net book value


At March 31, 2014
 -
 -
 -


At April 30, 2013

 8,510

 9,527

 18,037

Page 9
 
ELLARD (TORBAY) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED MARCH 31, 2014
 
8.DEBTORS
 
       31 March
Unaudited
30 April
        2014
        2013
        £
        £



Trade debtors
-
136,824
Amounts owed by group undertakings
46,650
-
Other debtors
-
21,673



 46,650
 158,497
 

9.CREDITORS:
Amounts falling due within one year

       31 March
Unaudited
30 April
        2014
        2013
        £

        £

Trade creditors
-
105,401
Corporation tax
-
40,781
Other creditors
-
676


 -
 146,858

 

10.DEFERRED TAXATION

       31 March
Unaudited
30 April
        2014
        2013
        £
        £





At beginning of period
1,746
1,746
Transferred on hive up
(1,746)
-





At end of period

 -
 1,746






The provision for deferred taxation is made up as follows:

       31 March
Unaudited
30 April
        2014
        2013
        £
        £



Accelerated capital allowances
 -
 1,746

Page 10
 
ELLARD (TORBAY) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED MARCH 31, 2014

11.SHARE CAPITAL

       31 March
Unaudited
30 April
        2014
        2013
        £

        £

Allotted, called up and fully paid



46,650 Ordinary shares of £1 each
 46,650
 46,650


12.RESERVES

Profit and loss account
£


At May 1, 2013
397,582
Profit for the financial period
1,236,488
Dividends: Equity capital
(1,634,070)


At March 31, 2014

 -

13.DIVIDENDS

Period from 01 May 2013 to
       31 March
Unaudited 
period from 01 June 2012 to
        30 April
        2014
        2013
        £
        £


Dividends paid on equity capital
 1,634,070
 -
 

14.RELATED PARTY TRANSACTIONS


The company has taken advantage of the exemption available in accordance with FRSEE section 16.2 'Related party disclosures' not to disclose transactions entered into between two or more members of a group, as the company is a wholly owned subsidiary undertaking of the group to which it is party to the transactions.



15.ULTIMATE PARENT UNDERTAKING AND CONTROLLING PARTY

The company's immediate parent company is Day Lewis plc, a company registered in England and Wales. It prepares group accounts which are available at Day Lewis House, 2 Peterwood Way, Croydon, Surrey
CR0 4UQ.

The ultimate parent company is Day Lewis Holdings Limited, a company registered in Cyprus. Mr K C Patel, a director of the company, is the controlling shareholder of that company.

Page 11