Refresh West Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05870428 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2020

for

REFRESH WEST LIMITED

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

J S Andrews

M J Cranney

J R Mallett

M P Mallett

SECRETARY:

M J Cranney

REGISTERED OFFICE:

Unit 2, St Martins Court

Cole Road

Bristol

BS2 0UA

REGISTERED NUMBER:

05870428 (England and Wales)

ACCOUNTANTS:

Richardson Swift

Chartered Accountants

11 Laura Place

Bath

BA2 4BL

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Refresh West Limited for the year ended 31 December 2020 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Refresh West Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Refresh West Limited and state those matters that we have agreed to state to the Board of Directors of Refresh West Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Refresh West Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Refresh West Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Refresh West Limited. You consider that Refresh West Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Refresh West Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Richardson Swift

Chartered Accountants

11 Laura Place

Bath

BA2 4BL

19 August 2021

FIXED ASSETS

Tangible assets

4

22,532

24,438

CURRENT ASSETS

Stocks

1,128

1,670

Debtors

5

15,121

64,392

Cash at bank

83,137

151,570

99,386

217,632

CREDITORS

Amounts falling due within one year

6

30,471

64,595

NET CURRENT ASSETS

68,915

153,037

TOTAL ASSETS LESS CURRENT LIABILITIES

91,447

177,475

CREDITORS

Amounts falling due after more than one year

7

(54,503

)

(6,483

)

PROVISIONS FOR LIABILITIES

10

(4,281

)

(4,643

)

NET ASSETS

32,663

166,349

CAPITAL AND RESERVES

Called up share capital

11

100

100

Retained earnings

32,563

166,249

SHAREHOLDERS' FUNDS

32,663

166,349

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

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

The directors acknowledge their 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 Board of Directors and authorised for issue on 19 August 2021 and were signed on its behalf by:

J S Andrews - Director

1.	STATUTORY INFORMATION

Refresh West 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

The current Covid 19 crisis has led to the cancellation of festivals and events for 2020 and uncertainty as to when festivals and events can fully resume, therefore leading to a reduction in turnover for the company. The directors have taken the steps necessary to reduce the company's outgoings and have accessed relevant government support, and these measures have allowed the company to continue to meet its obligations such that it can be in a position to continue to trade in due course. Therefore the directors consider that the company remains a going concern and the accounts have been prepared on a going concern basis.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised at the point the service is provided.

Tangible fixed assets

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

Plant and machinery

-

25% on reducing balance

Office equipment

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors, loans from banks and other third parties.

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 profit or loss account.

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 assets original 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 the best estimate, which is an approximation, of the amount the company would receive for the asset if it were to be sold at the reporting 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2019 - 21 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

Office

and

Motor

machinery

equipment

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 January 2020

3,820

7,516

21,878

26,935

60,149

Additions

495

316

109

7,750

8,670

Disposals

(530

)

-

(3,792

)

-

(4,322

)

At 31 December 2020

3,785

7,832

18,195

34,685

64,497

DEPRECIATION

At 1 January 2020

2,451

4,450

16,413

12,397

35,711

Charge for year

334

845

683

5,572

7,434

Eliminated on disposal

(232

)

-

(948

)

-

(1,180

)

At 31 December 2020

2,553

5,295

16,148

17,969

41,965

NET BOOK VALUE

At 31 December 2020

1,232

2,537

2,047

16,716

22,532

At 31 December 2019

1,369

3,066

5,465

14,538

24,438

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

252

6,736

Other debtors

14,869

57,656

15,121

64,392

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Hire purchase contracts

3,081

5,653

Trade creditors

3,967

9,919

Taxation and social security

16,435

43,551

Other creditors

6,988

5,472

30,471

64,595

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans (see note 8)

50,000

-

Hire purchase contracts

4,503

6,483

54,503

6,483

8.

LOANS

An analysis of the maturity of loans is given below:

2020

2019

£

£

Amounts falling due between two and five years:

Bank loans - 2-5 years

50,000

-

9.	SECURED DEBTS

The bank loan relates to a government supported bounce back loan.

10.	PROVISIONS FOR LIABILITIES

2020

2019

£

£

Deferred tax

4,281

4,643

Deferred

tax

£

Balance at 1 January 2020

4,643

Accelerated capital allowances

(362

)

Balance at 31 December 2020

4,281

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

100

Ordinary Shares

£1

100

100

12.	CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

No significant judgements or key assumptions have had to be made by the directors in preparing these financial statements.