Reign (UK) Ltd - Accounts to registrar (filleted) - small 18.2

Reign (UK) Ltd - Accounts to registrar (filleted) - small 18.2

REIGN (UK) LTD - Company Information

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REGISTERED NUMBER: SC432542 (Scotland)









UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2020

FOR

REIGN (UK) LTD
REIGN (UK) LTD (REGISTERED NUMBER: SC432542)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 30 September 2020




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


REIGN (UK) LTD

COMPANY INFORMATION
for the year ended 30 September 2020







DIRECTORS: Mr Mark George Stewart
Mr Allan David Freed





REGISTERED OFFICE: Wallace House
Maxwell Place
Stirling
FK8 1JU





REGISTERED NUMBER: SC432542 (Scotland)





ACCOUNTANTS: Haines Watts
Chartered Accountants
Wallace House
Maxwell Place
Stirling
FK8 1JU
Page 1
REIGN (UK) LTD (REGISTERED NUMBER: SC432542)

BALANCE SHEET
30 September 2020

2020 2019
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 2,000 2,000

CURRENT ASSETS
Debtors 5 50 50
Cash at bank 1,634 1,665
1,684 1,715
CREDITORS: AMOUNTS FALLING
DUE WITHIN ONE YEAR
6
689
413
NET CURRENT ASSETS 995 1,302
TOTAL ASSETS LESS CURRENT
LIABILITIES
2,995
3,302

CREDITORS: AMOUNTS FALLING
DUE AFTER MORE THAN ONE YEAR
7
4,500
4,500
NET LIABILITIES (1,505 ) (1,198 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (1,605 ) (1,298 )
SHAREHOLDERS' FUNDS (1,505 ) (1,198 )

The notes on pages 4 to 5 form part of these financial statements

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REIGN (UK) LTD (REGISTERED NUMBER: SC432542)

BALANCE SHEET - continued
30 September 2020


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2021 and were signed on its behalf by:





Mr Allan David Freed - Director


The notes on pages 4 to 5 form part of these financial statements

Page 3
REIGN (UK) LTD (REGISTERED NUMBER: SC432542)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 September 2020

1. STATUTORY INFORMATION

Reign (UK) Ltd is a private company, limited by shares , registered in Scotland. 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. 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.

GOING CONCERN
At 30 September 2020 total liabilities of the company exceed total assets by £1,505 (2019:£1,198). The company is dependent upon the continuing financial support of the directors. The directors have confirmed they will continue to give financial support to the company until such time as its position improves.

The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information in making their assessment. In particular, in response to the COVID-19 pandemic, the directors have tested their cash flow analysis to take into account the impact on their business of possible scenarios brought on by the impact of COVID-19, alongside the measures that they can take to mitigate the impact. Based on these assessments and given the measures that could be undertaken to mitigate the current adverse conditions, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

BRAND IDENTITY
Brand Identity costs in connection with brand development is not currently being amortised as the company is dormant.

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 non-puttable 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 financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

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.

Page 4 continued...
REIGN (UK) LTD (REGISTERED NUMBER: SC432542)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 September 2020

3. EMPLOYEES AND DIRECTORS

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

4. INTANGIBLE FIXED ASSETS
Brand
Identity
£   
COST
At 1 October 2019
and 30 September 2020 2,000
NET BOOK VALUE
At 30 September 2020 2,000
At 30 September 2019 2,000

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£    £   
Other debtors 50 50

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£    £   
Trade creditors 264 -
Other creditors 425 413
689 413

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2020 2019
£    £   
Other creditors 4,500 4,500

8. RELATED PARTY DISCLOSURES

Included within 'Other creditors' is a balance of £149 (2019: £149) due to a director. The loan is interest free and no fixed terms of repayment have been agreed.

Included within 'Other creditors' is a balance of £4,500 (2019: £4,500) due to a company in which one of the directors is associated. This loan is interest free and no fixed terms of repayment have been agreed.

Page 5