Roast (Holdings) Limited Filleted accounts for Companies House (small and micro)

ROAST (HOLDINGS) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 07890687

Roast (Holdings) Limited

Filleted Unaudited Financial Statements

31 December 2019

Roast (Holdings) Limited

Statement of Financial Position

31 December 2019

	2019		2018
Note	£	£	£	£

Fixed assets

Investments	5		688,434		688,434

Current assets

Debtors	6	–	22
Cash at bank and in hand		3,045	8,729
		-------	-------
		3,045	8,751

Creditors: amounts falling due within one year	7	367,201		344,228
		---------		---------
Net current liabilities			364,156		335,477
			---------		---------
Total assets less current liabilities			324,278		352,957

Creditors: amounts falling due after more than one year	8	272,950	283,759
		---------	---------
Net assets		51,328	69,198
		---------	---------

Capital and reserves

Called up share capital	9	1,000	1,000
Profit and loss account		50,328	68,198
		--------	--------
Shareholders funds		51,328	69,198
		--------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 December 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 financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Roast (Holdings) Limited

Statement of Financial Position (continued)

31 December 2019

These financial statements were approved by the board of directors and authorised for issue on 29 June 2020 , and are signed on behalf of the board by:

S M Roast	P M West
Director	Director

Company registration number: 07890687

Roast (Holdings) Limited

Notes to the Financial Statements

Year ended 31 December 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 146 New London Road, Chelmsford, Essex, CM2 0AW.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Revenue recognition

The turnover shown in the profit and loss account represents management charges invoiced to its subsidiaries during the year.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 4 (2018: 4 ).

5. Investments

	Shares in group undertakings
	£
Cost
At 1 January 2019 and 31 December 2019	688,434
	---------
Impairment
At 1 January 2019 and 31 December 2019	–
	---------

Carrying amount
At 31 December 2019	688,434
	---------
At 31 December 2018	688,434
	---------

Subsidiaries, associates and other investments

	Class of share	Percentage of shares held
Subsidiary undertakings
P R Roast & Company Limited	Ordinary	100
Calipso (Roast) Limited	Ordinary	100

6. Debtors

	2019	2018
	£	£
Other debtors	–	22
	----	----

7. Creditors: amounts falling due within one year

	2019	2018
	£	£
Bank loans and overdrafts	10,581	10,181
Amounts owed to group undertakings	283,106	225,808
Accruals and deferred income	5,805	5,160
Corporation tax	10,166	14,486
Director loan accounts	50,000	50,000
Other taxes and social security	7,543	7,981
Other creditors	–	30,612
	---------	---------
	367,201	344,228
	---------	---------

Included above is an amount of £10,581 (2018: £10,181) which is secured by the company by way of unlimited inter-company guarantees with all its subsidiaries, debentures incorporating full fixed and floating charges over all UK assets, and first legal mortgages over certain freehold properties held by its subsidiary company P R Roast & Company Limited.

8. Creditors: amounts falling due after more than one year

	2019	2018
	£	£
Bank loans and overdrafts	272,950	283,759
	---------	---------

Included above is an amount of £272,950 (2018: £283,759) which is secured by the company by way of unlimited inter-company guarantees with all its subsidiaries, debentures incorporating full fixed and floating charges over all UK assets, and first legal mortgages over certain freehold properties held by its subsidiary company P R Roast & Company Limited.

9. Called up share capital

Issued, called up and fully paid

	2019		2018
	No.	£	No.	£
Ordinary shares of £ 1 each	1,000	1,000	1,000	1,000
	-------	-------	-------	-------

10. Contingencies

Total financial commitments, guarantees and contingencies undertaken on behalf of group undertakings which are not included in the balance sheet amount to £328,124 (2018: £283,619). Security on the above takes the form of fixed and floating charges over all UK assets and undertakings, and by a first legal mortgage over the freehold property included on P R Roast & Company Limited.

11. Related party transactions

	Interest received/(paid)	Outstanding balances Dr/(Cr)
	£	£
Directors
At 31 December 2019		(50,000)
At 31 December 2018		(50,000)

The company has taken advantage of the exemption granted by paragraph 1AC.35 of FRS 102 not to disclose related party transactions with group companies.