Tavita Limited - Period Ending 2019-04-30

Registration number: 10902719

Prepared for the registrar

Tavita Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2019

Tavita Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 8

Tavita Limited

Company Information

Directors

Mr T J Masamha Mrs R R Masamha

Registered office

77 Westbourne Avenue Hull HU5 3HW

Accountants

Hazlewoods LLP Staverton Court Staverton Cheltenham GL51 0UX

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Tavita Limited

(Registration number: 10902719)
Balance Sheet as at 30 April 2019

	Note	30 April 2019  £	30 April 2018  £
Fixed assets
Investments	4	1,507,713	1,146,432
Current assets
Debtors	5	10,391	105,910
Cash at bank and in hand		64	19
		10,455	105,929
Creditors: Amounts falling due within one year	6	(176,380)	(180,781)
Net current liabilities		(165,925)	(74,852)
Total assets less current liabilities		1,341,788	1,071,580
Creditors: Amounts falling due after more than one year	6	(1,024,372)	(1,077,502)
Net assets/(liabilities)		317,416	(5,922)
Capital and reserves
Called up share capital		100	100
Profit and loss account		317,316	(6,022)
Total equity		317,416	(5,922)

For the financial year ending 30 April 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 31 January 2020 and signed on its behalf by:
 

.........................................

Mr T J Masamha
Director

The notes on pages 3 to 8 form an integral part of these financial statements.
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Tavita Limited

Notes to the Financial Statements for the Year Ended 30 April 2019

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
77 Westbourne Avenue
Hull
HU5 3HW
United Kingdom

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

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Tavita Limited

Notes to the Financial Statements for the Year Ended 30 April 2019

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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Tavita Limited

Notes to the Financial Statements for the Year Ended 30 April 2019

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was as follows:

	Year ended 30 April 2019  No.	7 August 2017 to 30 April 2018  No.
Average number of employees	2	2

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Tavita Limited

Notes to the Financial Statements for the Year Ended 30 April 2019

4

Investments

	2019 £	2018 £
Investments in subsidiaries	1,507,713	1,146,432

Subsidiaries	£
Cost
At 1 May 2018	1,146,432
Additions	361,281
At 30 April 2019	1,507,713
Carrying amount
At 30 April 2019	1,507,713
At 30 April 2018	1,146,432

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Registered office	Holding	Proportion of voting rights and shares held
			2019	2018

Subsidiary undertakings
Meds UK Limited	77 Westbourne Avenue Princes Avenue Hull	Ordinary shares	100%	100%
	England

The principal activity of Meds UK Limited is that of a retail pharmacy.

The profit for the financial period of Meds UK Limited was £124,857 and the aggregate amount of capital and reserves at the end of the period was £21,000.

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Tavita Limited

Notes to the Financial Statements for the Year Ended 30 April 2019

5

Debtors

	Note	30 April 2019  £	30 April 2018  £
Amounts owed by related parties	8	-	10,026
Other debtors		-	84,746
Prepayments		10,391	11,138
		10,391	105,910

6

Creditors

	Note	30 April 2019  £	30 April 2018  £
Due within one year
Loans and borrowings	7	59,161	69,521
Trade creditors		-	6,203
Amounts due to related parties	8	117,219	105,057
		176,380	180,781
Due after one year
Loans and borrowings	7	1,024,372	1,077,502

7

Loans and borrowings

	2019 £	2018 £
Current loans and borrowings
Bank borrowings	59,013	55,621
Other borrowings	148	13,900
	59,161	69,521

	2019 £	2018 £
Non-current loans and borrowings
Bank borrowings	1,024,372	1,077,502

The loan is secured against the assets of the company.

Included in the loans and borrowings are the following amounts due after more than five years:

Borrowings due after five years

	2019 £	2018 £
After more than five years by instalments	788,319	855,018

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Tavita Limited

Notes to the Financial Statements for the Year Ended 30 April 2019

8

Related party transactions

Summary of transactions with key management

Key management personnel are the directors of the company.
At the balance sheet date, the company owed £148 (2018: £13,900) to the directors. This amount is included in other borrowings. There are no fixed repayment terms and no interest is paid.
 

Meds UK Limited
(Subsidiary)
At the balance sheet date, the company owed £12,212 to Meds UK Limited (2018: the company was owed £10,026). There are no fixed repayment terms and no interest is charged on the loan.

Morrill Investments Limited
(Tapiwanashe Masamha is a director of Morrill Investments Limited)
At the balance sheet date, the company owed £22,000 (2018: £22,000) to Morrill Investments Limited. There are no fixed repayment terms and no interest is charged on the loan.

Morrill Properties Limited
(Subsidiary of Morrill Investments Limited)
(Tapiwanashe Masamah is a director of Morrill Properties Ltd)
At the balance sheet date, the company owed £83,007 (2018: £83,057) to Morrill Properties Limited. There are no fixed repayment terms and no interest is charged on the loan.

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