Girl Rona Holdings Limited - Period Ending 2019-08-31

Registration number: 09689672

Girl Rona Holdings Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2019

Girl Rona Holdings Limited

Contents

Balance Sheet	1
Notes to the Unaudited Financial Statements	2 to 6

Girl Rona Holdings Limited

(Registration number: 09689672)
Balance Sheet as at 31 August 2019

	Note	2019 £	2018 £
Fixed assets
Investments	3	918,640	918,640
Current assets
Debtors	4	32	32
Creditors: Amounts falling due within one year	5	(861,297)	(578,958)
Net current liabilities		(861,265)	(578,926)
Total assets less current liabilities		57,375	339,714
Creditors: Amounts falling due after more than one year	5	(134,115)	(400,000)
Net liabilities		(76,740)	(60,286)
Capital and reserves
Called up share capital		100	100
Profit and loss account		(76,840)	(60,386)
Total equity		(76,740)	(60,286)

For the financial year ending 31 August 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 29 May 2020 and signed on its behalf by:
 

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

I J Spear
Director

The notes on pages 2 to 6 form an integral part of these financial statements.

Page 1

Girl Rona Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 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:
Coombe Fisheries Limited
Riverside Road
Pottington Business Park
Barnstaple
Devon
EX31 1QN

These financial statements were authorised for issue by the Board on 29 May 2020.

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 that as disclosed in the accounting policies certain items are shown at fair value.

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.

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.

Page 2

Girl Rona Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2019

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.

3	Investments

	2019 £	2018 £
Investments in subsidiaries	918,640	918,640

Subsidiaries	£
Cost
At 1 September 2018 and 31 August 2019	918,640
Carrying amount
At 31 August 2018 and 31 August 2019	918,640

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
Girl Rona Limited	Coombe Fisheries, Riverside road, Pottington Business Park, Barnstaple, EX31 1QN	Equity shares	100%	100%

The principal activity of Girl Rona Limited is Marine fishing.

The profit after tax for the financial period of Girl Rona Limited was £134,316 (2018 - £137,551) and the aggregate amount of capital and reserves at the end of the period was £892,912 (2018 - £758,596).

Page 3

Girl Rona Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2019

4

Debtors

	2019 £	2018 £
Other debtors	32	32
Total current trade and other debtors	32	32

5

Creditors

Creditors: amounts falling due within one year

	Note	2019 £	2018 £
Due within one year
Other loans	7	38,520	38,520
Trade creditors		4,206	781
Amounts owed to group undertakings and undertakings in which the company has a participating interest	8	812,857	534,372
Taxation		4,401	2,407
Accruals and deferred income		1,313	2,878
		861,297	578,958
Due after one year
Other non-current financial liabilities		134,115	400,000

6	Share capital

Allotted, called up and fully paid shares

	2019		2018
	No.	£	No.	£
AA Ordinary shares of £0.01 each	3,226	32.26	3,226	32.26
AB Ordinary shares of £0.01 each	6,774	67.74	6,774	67.74
	10,000	100	10,000	100

Page 4

Girl Rona Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2019

7	Loans and borrowings

	2019 £	2018 £
Current loans and borrowings
Other borrowings	38,520	38,520

8	Related party transactions

Summary of transactions with all subsidiaries

Girl Rona Limited
 

Expenditure with and payables to related parties

2019	Subsidiary £	Other related parties £
Purchase of goods	2,854	-
Amounts payable to related party	3,425	781

2018	Other related parties £
Purchase of goods	781
Amounts payable to related party	781

Loans from related parties

2019	Parent £	Subsidiary £	Other related parties £	Total £
At start of period	441,685	492,687	38,250	972,622
Advanced	-	186,837	-	186,837
Repaid	(186,837)	-	-	(186,837)
Interest transactions	12,599	-	-	12,599
At end of period	267,447	679,524	38,250	985,221

2018	Parent £	Subsidiary £	Other related parties £	Total £
At start of period	427,767	365,809	38,250	831,826
Advanced	-	125,000	-	125,000
Interest transactions	13,918	1,878	-	15,796
At end of period	441,685	492,687	38,250	972,622

Page 5

Girl Rona Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2019

9	Parent and ultimate parent undertaking

The company's immediate parent is Spearco Limited, incorporated in England and Wales.

 The ultimate controlling parties are I J Spear, A D J Spear and R A C Spear.

Page 6