Girl Rona Limited - Period Ending 2020-08-31
Girl Rona Limited - Period Ending 2020-08-31
Registration number:
Girl Rona Limited
for the Year Ended 31 August 2020
Girl Rona Limited
(Registration number: 06506394)
Balance Sheet as at 31 August 2020
Note |
2020 |
2019 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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Girl Rona Limited
(Registration number: 06506394)
Balance Sheet as at 31 August 2020
For the financial year ending 31 August 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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
.........................................
Director
Girl Rona Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2020
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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.
Going concern
In light of the rapid global spread of the Coronavirus “COVID-19” in early 2020, the directors have reviewed the budgets for the next twelve months. Following this review, the directors consider there to be little impact on the Company’s ability to act as a going concern.
The directors have reviewed the supply chains, key customers and the capital resources available and consider that the company has adequate resources in place to continue trading for the next twelve months.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Girl Rona Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2020
Government grants
Grants are credited to deferred income. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fishing vessel |
5% straight line |
Fixture and fittings |
10% straight line |
Motor vehicles |
25% straight line |
Plant and machinery |
25% straight line |
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Fishing licence |
2% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Girl Rona Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2020
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year was
Girl Rona Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2020
Intangible assets |
Fishing licence |
Total |
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Cost |
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At 1 September 2019 |
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At 31 August 2020 |
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Amortisation |
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At 1 September 2019 |
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Amortisation charge |
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At 31 August 2020 |
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Carrying amount |
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At 31 August 2020 |
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At 31 August 2019 |
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Tangible assets |
Fishing |
Fixtures and fittings |
Motor vehicles |
Plant and machinery |
Total |
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Cost |
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At 1 September 2019 |
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At 31 August 2020 |
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Depreciation |
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At 1 September 2019 |
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Charge for the year |
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- |
- |
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At 31 August 2020 |
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Carrying amount |
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At 31 August 2020 |
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- |
- |
- |
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At 31 August 2019 |
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- |
- |
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Stocks |
2020 |
2019 |
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Other inventories |
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Girl Rona Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2020
Debtors |
Note |
2020 |
2019 |
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Trade debtors |
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Receivables from related parties |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2020 |
2019 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Other creditors |
- |
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Accruals and deferred income |
2,775 |
2,694 |
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Share capital |
Allotted, called up and fully paid shares
2020 |
2019 |
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No. |
£ |
No. |
£ |
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2 |
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2 |
Girl Rona Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2020
Related party transactions |
Directors' remuneration
The directors' remuneration for the year was as follows:
2020 |
2019 |
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Remuneration |
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Income and receivables from related parties
2020 |
Parent |
Other related parties |
Sale of goods |
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Amounts receivable from related party |
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- |
2019 |
Parent |
Other related parties |
Sale of goods |
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Amounts receivable from related party |
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Expenditure with and payables to related parties
2020 |
Other related parties |
Rendering of services |
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Amounts payable to related party |
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2019 |
Other related parties |
Rendering of services |
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Amounts payable to related party |
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Loans to related parties
2020 |
Parent |
At start of period |
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Advanced |
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Interest |
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At end of period |
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Girl Rona Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2020
2019 |
Parent |
Other related parties |
At start of period |
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Advanced |
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- |
Repaid |
- |
( |
Interest |
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- |
At end of period |
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- |
Loans from related parties
2020 |
Other related parties |
At start of period |
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Advanced |
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Repaid |
( |
At end of period |
- |
2019 |
Other related parties |
Total |
Advanced |
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At end of period |
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Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is
The ultimate controlling parties are