Whiteclub Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04691557 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 APRIL 2020 TO 29 MARCH 2021

FOR

WHITECLUB LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

J N Spallone

REGISTERED OFFICE:

3rd Floor, Linton House

24 Wells Street

London

W1T 3PH

REGISTERED NUMBER:

04691557 (England and Wales)

ACCOUNTANTS:

MDG Business Associates Limited

Room 73

Wrest House

Wrest Park

Silsoe

Bedfordshire

MK45 4HR

FIXED ASSETS

Intangible assets

5

58,333

63,333

Tangible assets

6

315,000

346,611

373,333

409,944

CURRENT ASSETS

Debtors

7

147,904

11,471

Cash at bank

469

68

148,373

11,539

CREDITORS

Amounts falling due within one year

8

1,321,769

802,689

NET CURRENT LIABILITIES

(1,173,396

)

(791,150

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(800,063

)

(381,206

)

CREDITORS

Amounts falling due after more than one year

9

(50,000

)

-

PROVISIONS FOR LIABILITIES

(306

)

(306

)

NET LIABILITIES

(850,369

)

(381,512

)

CAPITAL AND RESERVES

Called up share capital

10

1

1

Retained earnings

(850,370

)

(381,513

)

SHAREHOLDERS' FUNDS

(850,369

)

(381,512

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 29 March 2021.

The members have not required the company to obtain an audit of its financial statements for the period ended 29 March 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 16 March 2022 and were signed by:

J N Spallone - Director

1.	STATUTORY INFORMATION

Whiteclub 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

During the period the company made of a loss after tax of £468,857 and had a net deficiency in reserves of

£850,369 at 29 March 2021.

The company meets its day to day working capital requirements through supplier credit and loans due to related parties The director has confirmed that the loans due to related undertakings will not be repaid until such time as the company has sufficient cash reserves to do so. After making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the director continues to adopt the going concern basis in preparing the financial statements.

Subsequent to the year end, the global health crisis caused by Coronavirus (COVID-19) has had a significant impact on all businesses. The director has assessed the potential impact of this uncertain situation on the company and does not consider that it will lead to any subsequent impairment of the reported amount of the value of assets. Contingency plans have been put in place in order to mitigate the negative effects of any period of interrupted trading, which will enable the company to continue as a going concern.

Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and Value Added Tax.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Trademarks are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful

life.

Long leasehold - Straight line over 15 years

Plant and machinery - 33% on cost

Fixtures and fittings - 33% on cost

Computer equipment - 33% on cost

Taxation

Taxation for the period 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 period 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.

Coronavirus job retention scheme

The Coronavirus Job Retention Scheme (CJRS) is a government wage support measure. It is designed to protect jobs in the wake of the economic impacts of the COVID-19 pandemic, and to support employers to continue paying wages. The CJRS allows employers to reclaim up to 80% of the wage costs of 'furloughed employees,' being those directly impacted by the pandemic, up to a cap of £2,500 per month per employee.

Business bounce back loan scheme

The Bounce Back Loan Scheme (BBLS) enables smaller businesses to access finance more quickly during the coronavirus outbreak. The scheme helps small and medium sized businesses to borrow between £2,000 and up to 25% of their turnover. The maximum loan available is £50,000. The government guarantees 100% for the loan and there are no fees or interest to pay for the first 12 months. After 12 months the interest rate will be 2.5% per annum.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 2 (2020 - 2 ) .

5.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

Cost

At 1 April 2020

and 29 March 2021

75,000

Amortisation

At 1 April 2020

11,667

Charge for period

5,000

At 29 March 2021

16,667

Net book value

At 29 March 2021

58,333

At 31 March 2020

63,333

6.	TANGIBLE FIXED ASSETS

Fixtures

Long

Plant and

and

Computer

leasehold

machinery

fittings

equipment

Totals

£

£

£

£

£

Cost

At 1 April 2020

and 29 March 2021

450,000

1,859

30,865

12,654

495,378

Depreciation

At 1 April 2020

105,000

1,859

29,254

12,654

148,767

Charge for period

30,000

-

1,611

-

31,611

At 29 March 2021

135,000

1,859

30,865

12,654

180,378

Net book value

At 29 March 2021

315,000

-

-

-

315,000

At 31 March 2020

345,000

-

1,611

-

346,611

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Amounts owed by group undertakings

25,752

-

Other debtors

119,556

11,163

VAT

2,596

308

147,904

11,471

Included within "Other debtors" is an amount of £8,417 (2020: £8,417) due is respect of a rent deposit which is recoverable more than one year from the balance sheet date.

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

24,342

12,976

Trade creditors

91,511

57,826

Amounts owed to group undertakings

391,731

330,758

Social security and other taxes

2,703

2,703

Other creditors

811,482

398,426

1,321,769

802,689

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans - 1-2 years

50,000

-

The bank loan is due for repayment in more than one year from the balance sheet date with interest being charged at 0% in the first year and 2.5% per annum thereafter.

The loan is 100% guaranteed by the government in line with the COVID scheme rules.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

1

Ordinary

£1

1

1

11.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with other group companies.