ACCOUNTS - Final Accounts preparation

RUBY AND TED CLOTHING COMPANY LIMITED - Company Information

Caseware UK (AP4) 2021.0.152 2021.0.152 2020-12-312020-12-312022-05-172022-05-172020-01-01falseThe principal activity of the company continued to be that of designing, manufacturing and wholesaling of high quality garments for women.22falsetrue 07860719 2020-01-01 2020-12-31 07860719 2019-01-01 2019-12-31 07860719 2020-12-31 07860719 2019-12-31 07860719 c:Director1 2020-01-01 2020-12-31 07860719 d:CurrentFinancialInstruments 2020-12-31 07860719 d:CurrentFinancialInstruments 2019-12-31 07860719 d:Non-currentFinancialInstruments 2020-12-31 07860719 d:Non-currentFinancialInstruments 2019-12-31 07860719 d:CurrentFinancialInstruments d:WithinOneYear 2020-12-31 07860719 d:CurrentFinancialInstruments d:WithinOneYear 2019-12-31 07860719 d:Non-currentFinancialInstruments d:AfterOneYear 2020-12-31 07860719 d:Non-currentFinancialInstruments d:AfterOneYear 2019-12-31 07860719 d:ShareCapital 2020-12-31 07860719 d:ShareCapital 2019-12-31 07860719 d:RetainedEarningsAccumulatedLosses 2020-12-31 07860719 d:RetainedEarningsAccumulatedLosses 2019-12-31 07860719 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2020-12-31 07860719 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2019-12-31 07860719 c:FRS102 2020-01-01 2020-12-31 07860719 c:Audited 2020-01-01 2020-12-31 07860719 c:FullAccounts 2020-01-01 2020-12-31 07860719 c:PrivateLimitedCompanyLtd 2020-01-01 2020-12-31 07860719 c:SmallCompaniesRegimeForAccounts 2020-01-01 2020-12-31 iso4217:GBP xbrli:pure

Registered number: 07860719

RUBY AND TED CLOTHING COMPANY LTD

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2020

RUBY AND TED CLOTHING COMPANY LTD

REGISTERED NUMBER: 07860719

BALANCE SHEET

AS AT 31 DECEMBER 2020

		2020		2019
Note		£		£


Current assets
Debtors: amounts falling due within one year	4	35,984		271,005
Cash at bank and in hand	5	7,434		7,457
		43,418		278,462
Creditors: amounts falling due within one year	6	(1,016,542)		(992,350)
Net current liabilities			(973,124)		(713,888)
Total assets less current liabilities			(973,124)		(713,888)
Creditors: amounts falling due after more than one year	7		(484,093)		(475,693)

Net liabilities			(1,457,217)		(1,189,581)

Capital and reserves
Called up share capital	100	100
Profit and loss account	(1,457,317)	(1,189,681)
	(1,457,217)	(1,189,581)

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 May 2022.

Evelthon Vassiliou

Director

The notes on pages 2 to 7 form part of these financial statements.

Page 1

RUBY AND TED CLOTHING COMPANY LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

1.	General information

Ruby and Ted Clothing Company Limited is a company limited by shares and incorporated and domiciled in England and Wales.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Going concern

The Directors consider that the Company has adequate resources to continue in operational existance for the foreseeable future. Whilst the Covid pandemic continues to be a key source of uncertainty, we believe the company and business group overall is sufficiently robust to continue to trade without significant disruption and meet its liabilities as and when they fall due. This view has also been reflected by the parent organisation, who are committed to support the UK business should the local economic situation worsen beyond local projections.
The Board is commited to continue to safeguard the future of the business and accordingly, the Directors have continued to prepare the financial statements on a going concern basis.

2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 2

RUBY AND TED CLOTHING COMPANY LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

2.Accounting policies (continued)

2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 3

RUBY AND TED CLOTHING COMPANY LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

2.Accounting policies (continued)

2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.10

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

2.11

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Investments in non-derivative instruments that are equity to the issuer are measured:

∙at fair value with changes recognised in the Statement of comprehensive income if the shares are publicly traded or their fair value can otherwise be measured reliably;

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RUBY AND TED CLOTHING COMPANY LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

2.Accounting policies (continued)

2.11

Financial instruments (continued)

∙at cost less impairment for all other investments.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.

Employees

The average monthly number of employees, including directors, during the year was 2 (2019 - 2).

Debtors

					2020	2019
					£	£


Trade debtors	-	105
Other debtors	8,374	7,169
Prepayments and accrued income	27,610	41,461
Deferred taxation	-	222,270
	35,984	271,005

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RUBY AND TED CLOTHING COMPANY LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

5.	Cash and cash equivalents
		2020	2019
		£	£

Cash at bank and in hand	7,434	7,457
	7,434	7,457

6.	Creditors: Amounts falling due within one year
		2020	2019
		£	£

Amounts owed to group undertakings	1,008,031	983,250
Other creditors	-	7,300
Accruals and deferred income	8,511	1,800
	1,016,542	992,350

7.	Creditors: Amounts falling due after more than one year
		2020	2019
		£	£

Amounts owed to group undertakings	484,093	475,693
	484,093	475,693

8.	Financial instruments
		2020	2019
		£	£

	Financial assets
	Financial assets measured at fair value through profit or loss	7,434	7,457

Page 6

RUBY AND TED CLOTHING COMPANY LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

9.	Related party transactions
	The Company is a subsidiary of Alison Hayes (UK) Limited. The ultimate controlling party and ultimate parent Company, Synek Limited is incorporated in Cyprus. The Company has taken advantage of the exemption conferred by FRS102 Section 33 not to disclose transactions with other Group entities whose voting rights are 100% controlled within the Group.

10.	Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2020 was unqualified.

The audit report was signed on 17 May 2022 by Pers Aswani (Senior statutory auditor) on behalf of Pers & Co London LLP.

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