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

REGISTERED NUMBER: 04691557 (England and Wales)

WHITECLUB LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

J N Spallone

REGISTERED OFFICE:

3rd Floor

Linton House

24 Wells Street

London

W1T 3PH

REGISTERED NUMBER:

04691557 (England and Wales)

ACCOUNTANTS:

Keens Shay Keens Limited

Chartered Accountants

2nd Floor Exchange Building

16 St Cuthberts Street

Bedford

Bedfordshire

MK40 3JG

FIXED ASSETS

Intangible assets

5

63,333

68,333

Tangible assets

6

346,611

378,222

409,944

446,555

CURRENT ASSETS

Debtors

7

92,162

351,869

Cash at bank

68

389

92,230

352,258

CREDITORS

Amounts falling due within one year

8

883,380

1,414,133

NET CURRENT LIABILITIES

(791,150

)

(1,061,875

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(381,206

)

(615,320

)

PROVISIONS FOR LIABILITIES

9

306

13,595

NET LIABILITIES

(381,512

)

(628,915

)

CAPITAL AND RESERVES

Called up share capital

10

1

1

Retained earnings

(381,513

)

(628,916

)

SHAREHOLDERS' FUNDS

(381,512

)

(628,915

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 29 March 2021 and were signed by:

J N Spallone - Director

1.	STATUTORY INFORMATION

Whiteclub 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

During the year the company made of a profit after tax of £247,403 and had a net deficiency in reserves of £381,512 at 31 March 2020.

The company meets its day to day working capital requirements through supplier credit and loans due to related parties.

The director has confirmed that the loans due to related undertakings will not be repaid until such time as the company has sufficient cash reserves to do so.

After making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the director continues to adopt the going concern basis in preparing the financial statements.

Subsequent to the year end, the global health crisis caused by Coronavirus (COVID-19) has had a significant impact on all businesses. The director has assessed the potential impact of this uncertain situation on the company and does not consider that it will lead to any subsequent impairment of the reported amount of the value of assets. Contingency plans have been put in place in order to mitigate the negative effects of any period of interrupted trading, which will enable the company to continue as a going concern.

Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and Value Added Tax.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Trademarks are being amortised evenly over their estimated useful life of fifteen years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Long leasehold

-

Straight line over 15 years

Plant and machinery

-

33% on cost

Fixtures and fittings

-

33% on cost

Computer equipment

-

33% on cost

Taxation

Taxation for the year 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 year 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.

Coronavirus job retention scheme

The Coronavirus Job Retention Scheme (CJRS) is a government wage support measure. It is designed to protect jobs in the wake of the economic impacts of the COVID-19 pandemic, and to support employers to continue paying wages. The CJRS allows employers to reclaim up to 80% of the wage costs of 'furloughed employees,' being those directly impacted by the pandemic, up to a cap of £2,500 per month per employee.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 2 ) .

5.	INTANGIBLE FIXED ASSETS

Trademarks

£

COST

At 1 April 2019

and 31 March 2020

75,000

AMORTISATION

At 1 April 2019

6,667

Amortisation for year

5,000

At 31 March 2020

11,667

NET BOOK VALUE

At 31 March 2020

63,333

At 31 March 2019

68,333

6.	TANGIBLE FIXED ASSETS

Fixtures

Long

Plant and

and

Computer

leasehold

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 April 2019

and 31 March 2020

450,000

1,859

30,865

12,654

495,378

DEPRECIATION

At 1 April 2019

75,000

1,859

27,643

12,654

117,156

Charge for year

30,000

-

1,611

-

31,611

At 31 March 2020

105,000

1,859

29,254

12,654

148,767

NET BOOK VALUE

At 31 March 2020

345,000

-

1,611

-

346,611

At 31 March 2019

375,000

-

3,222

-

378,222

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

-

18,607

Amounts owed by group undertakings

80,691

53,424

Other debtors

11,163

275,535

VAT

308

4,303

92,162

351,869

Included within "Other debtors" is an amount of £8,417 (2019: £8,417) due is respect of a rent deposit which is recoverable more than one year from the balance sheet date.

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

12,976

23,077

Trade creditors

57,826

67,839

Amounts owed to group undertakings

411,449

517,780

Taxation and social security

2,703

19,486

Other creditors

398,426

785,951

883,380

1,414,133

The bank overdraft is unsecured.

The assets and undertakings of the company are secured by way of a legal charge incorporating a chattel mortgage limited to £325,000 over specific property.

9.	PROVISIONS FOR LIABILITIES

2020

2019

£

£

Deferred tax

306

13,595

Deferred

tax

£

Balance at 1 April 2019

13,595

Capital allowances in excess

of depreciation

(13,289

)

Balance at 31 March 2020

306

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

1

Ordinary

£1

1

1

11.	RELATED PARTY DISCLOSURES

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 either the parent company or other wholly owned subsidiaries within the group.