|
Registered number: 01760685
SHUBETTE GROUP OF COMPANIES LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 SEPTEMBER 2020
|
|
SHUBETTE GROUP OF COMPANIES LIMITED
REGISTERED NUMBER: 01760685
BALANCE SHEET
AS AT 30 SEPTEMBER 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets less current liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 by:
The notes on pages 3 to 9 form part of these financial statements.
|
|
SHUBETTE GROUP OF COMPANIES LIMITED
REGISTERED NUMBER: 01760685
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2020
|
|
SHUBETTE GROUP OF COMPANIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
Shubette Group of Companies Limited ('the Company') is a private company limited by shares and registered in England and Wales. The address of the Company's registered office and principal place of business is Shubette House, 2 Apsley Way, London, NW2 7HF.
2.Accounting policies
|
|
|
Summary of significant accounting policies
|
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all reporting periods presented, unless otherwise stated.
|
|
|
Basis of preparation of financial statements
|
The financial statements of Shubette Group of Companies Limited 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 UK Companies Act 2006.
The preparation of financial statements in conformity with Financial Reporting Standard 102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Company's accounting policies.
Details of those estimates and/or judgments made in applying the Company's accounting policies towards the preparation of these financial statements that may be considered as yielding a significant risk of a material adjustment being made to the carrying amounts of assets and/or liabilities reported in the balance sheet during the next financial reporting period are disclosed in note 3 to the financial statements.
|
|
|
Exemption from preparing consolidated financial statements
|
The Company is exempt from the requirement to prepare consolidated financial statements by virtue of section 383 of the Companies Act 2006 on the grounds that the Company and its subsidiary undertakings qualify as small both individually and on consolidation.
The financial statements therefore present information about the Company as an individual undertaking and not about its group.
|
|
|
Functional and presentational currency
|
Items included in the financial statements of the Company are measured using the currency of the primary economic environment in which the Company operates (the "functional currency").
The functional currency of the Company and the currency in which the financial statements are presented (the "presentational currency") is 'Pounds Sterling' (£) rounded to the nearest single unit of currency.
|
|
SHUBETTE GROUP OF COMPANIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
2.Accounting policies (continued)
|
|
|
Foreign currency translation
|
Foreign currencies are translated into the functional (and presentational) currency using the exchange rates prevailing at the date of the respective transaction or valuation where items are re-measured.
Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at financial period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.
In determining the appropriate basis of preparation of the financial statements, the directors are required to consider whether the Company can continue in operational existence for the foreseeable future.
The Company as a single independent entity is a subsidiary undertaking holding company with no material working capital requirements as of the balance sheet date. For this reason, the directors have no reason to believe that a material uncertainty exists that may cast significant doubt about the ability of the Company as a single independent entity to continue as a going concern.
In preparing these financial statements the directors are of the opinion that based on current and expected operational performance, there is a reasonable expectation that the Company shall have adequate financial resources available at its disposal to continue in operational existence.
While there will always remain inherent uncertainty, the directors have no reason to believe that a material uncertainty exists, either as a result of the COVID-19 pandemic ongoing at the date these financial statements were approved or any other factor; connected or not, that may cast significant doubt about the ability of the Company to continue as a going concern and therefore consider it both appropriate to continue to adopt the going concern basis in preparing the Company's financial statements and to not recognise any adjustments in the financial statements that would arise if the going concern basis were to become no longer appropriate.
Exceptional items are those transactions, because of either their size, nature and/or incidence, which the directors consider should be disclosed separately to enable a more comprehensive understanding of the Company's results.
Current taxation is calculated using tax rates and on the basis of tax laws enacted or substantively enacted at the balance sheet date in the UK where taxable income is generated by the Company through its business operations. Positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation are periodically evaluated with provisions recognised, where appropriate, on the basis of amounts expected to be payable.
Deferred taxation is recognised on temporary differences arising between the tax bases of assets and liabilities and their respective carrying amounts in the financial statements. Deferred taxation is calculated using tax rates and on the basis of tax laws enacted or substantively enacted at the balance sheet date and are expected to apply when the related deferred tax asset/liability is realised/settled.
|
|
SHUBETTE GROUP OF COMPANIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
2.Accounting policies (continued)
Deferred tax assets are recognised only to the extent that it is sufficiently probable that future taxable profits will be available against which the temporary differences can be utilised. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the respective deferred tax assets and liabilities relate to current taxation levied by the same tax authority.
Fixed asset investments comprise holdings in unlisted company shares of subsidiary undertakings. Such holdings are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at cost less provision for impairment at the balance sheet date.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities; with said financial assets and liabilities classified in accordance with the substance of the underlying contractual obligations rather than its legal form.
Financial assets and liabilities are recognised in the balance sheet upon becoming party to the contractual provisions of the instrument. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or the financial asset is transferred along with substantially all the risks and rewards of ownership of the asset to another party. Financial liabilities are derecognised only when the Company’s obligations are discharged, cancelled or expired.
The measurement of specific financial assets, financial liabilities and equity is as outlined below in notes 2.11 to 2.14.
Debtors deemed to be short term in nature are initially measured at transaction price (i.e fair value) and subsequently held at transaction price less provision for impairment of assets. The Company held no debtors deemed not to be short term in nature during the current or preceding financial reporting periods.
|
|
|
Cash and cash equivalents
|
Cash balances are reported by the Company as being financial instruments classified as short term receivables and are represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours and subject to an insignificant risk of changes in value. Cash balances are held at floating interest rates linked to UK bank rates.
Creditors deemed to be short term in nature are initially measured and subsequently held at transaction price (i.e fair value). The Company held no creditors deemed not to be short term in nature during the current or preceding financial reporting periods.
|
|
SHUBETTE GROUP OF COMPANIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
2.Accounting policies (continued)
Ordinary share capital, shown in equity, is initially measured and subsequently held at its nominal value. Where the transaction price for issued shares exceeds their nominal value, the difference is shown under equity in a share premium account with any directly attributable transaction costs associated with the issuing of said shares deducted from said share premium account.
Equity dividends are recognised in the reporting period in which they become legally payable upon approval by the Company's directors in respect of interim dividends and the Company's shareholders in respect of final dividends.
|
|
Judgments in applying accounting policies and key sources of estimation uncertainty
|
In the application of the Company's accounting policies, the directors are required to apply judgment and make estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other available sources based on historical experience and other factors that are considered to be relevant. Consequently, actual results may differ from that originally estimated.
Judgments in applying the principal accounting policies, outlined in note 2 of these financial statements, towards the preparation of these financial statements that may be considered as having a significant risk of causing a material adjustment to the carrying amount of assets and/or liabilities carried forward as at the balance sheet date where by which the actual future outcome observed may differ from that originally determined and reported were as follows:
Assessment of indicators of impairment
In their assessment, the directors consider both externally available and internal sources of information such as historic and expected market activity and cash flows.
Estimates and assumptions that are considered as having a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial reporting period are addressed below:
Impairment of investments
Where an indication of impairment is identified the estimation of the recoverable value requires estimation of the future cash flows from the underlying asset and application of appropriate discount rates in order to reflect the time value when calculating the net present value of those cash flows.
Recoverable value of debtors
When determining the recoverable value of debtors, the directors consider a variety of factors including, in the case of amounts owed by group undertakings, the forecasted financial performance and expected cash flows, ageing profile and historical experience.
|
|
The average monthly number of employees, including directors, during the year was 3 (2019 - 3).
|
|
|
SHUBETTE GROUP OF COMPANIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
|
|
Investments in subsidiary companies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Falling due within one year
|
|
|
|
|
Amounts owed by group undertakings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other debtors, including amounts owed by group undertakings, falling due within one year as at the balance sheet date are non-interest bearing and, in the opinion of the directors, of a fair value not materially different to their carrying value.
Amounts owed by group undertakings falling due within one year are repayable on demand with no fixed date for repayment.
At the balance sheet date, the provision for impairment carried forward against debtors falling due within one year was £438,584 (2019: £nil).
|
|
|
SHUBETTE GROUP OF COMPANIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
|
|
Cash and cash equivalents
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: Amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accruals and deferred income
|
|
|
|
|
|
|
|
|
|
|
|
|
The Company held no financial instruments during either the current or preceding financial reporting periods that would require specific disclosure under sections 1.12, 11 or 12 of Financial Reporting Standard 102 and paragraph 36 of Schedule 1 to the Companies Act 2006.
|
|
SHUBETTE GROUP OF COMPANIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
|
|
Related party transactions
|
|
|
The Company has taken advantage of exemptions provided by Section 33 of Financial Reporting Standard 102 from the requirement to disclose transactions undertaken or balances carried forward as at the balance sheet date between the Company and its fellow wholly-owned group undertakings.
Outstanding aggregated balances with the Company's fellow wholly-owned group undertakings as at the balance sheet date are disclosed within notes 6 and/or 8 of these financial statements.
At the balance sheet date the Company was owed £300,877 (2019: £nil) by Gina Bacconi Trading Limited, a company with directors in common. Amounts owed are unsecured, interest-free and repayable on demand with no fixed date of repayment.
During the year, the following directors continued to maintain unsecured interest bearing loan accounts with the Company. The loan accounts are repayable on demand and have no fixed date of repayment. Amounts due from the Company as at the balance sheet date towards the respective loan accounts, were as follows:
∙Gary Offenbach - £128 (2019: £77,847)
∙Mark Offenbach - £8,787 (2019 - £133,264)
∙Juliette Kulukundis - £524 (2019: £65,576)
There were no other related party transactions and/or period end balances to report in accordance with the Companies Act 2006 and Section 1A of Financial Reporting Standard 102 as part of these financial statements.
|
Gary Berin Offenbach and Mark James Offenbach are considered to be the ultimate controlling parties of the Company.
The auditors' report on the financial statements for the year ended 30 September 2020 was unqualified.
The audit report was signed on 4 February 2022 by Richard Paul (senior statutory auditor) on behalf of Nyman Libson Paul LLP.
|
