Girl Rona Holdings Limited - Period Ending 2022-08-31

Girl Rona Holdings Limited

Contents

Balance Sheet	1
Notes to the Unaudited Financial Statements	2 to 6

Girl Rona Holdings Limited

(Registration number: 09689672)
Balance Sheet as at 31 August 2022

	Note	2022 £	2021 £
Fixed assets
Investments	4	918,640	918,640
Current assets
Debtors	5	230	230
Cash at bank and in hand		28	1
		258	231
Creditors: Amounts falling due within one year	6	(901,306)	(861,356)
Net current liabilities		(901,048)	(861,125)
Total assets less current liabilities		17,592	57,515
Creditors: Amounts falling due after more than one year	6	(78,964)	(112,061)
Net liabilities		(61,372)	(54,546)
Capital and reserves
Called up share capital		100	100
Profit and loss account		(61,472)	(54,646)
Total equity		(61,372)	(54,546)

For the financial year ending 31 August 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	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.

Approved and authorised by the Board on 18 May 2023 and signed on its behalf by:
 

......................................... A D J Spear Director

Girl Rona Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2022

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Coombe Fisheries Limited
Riverside Road
Pottington Business Park
Barnstaple
Devon
EX31 1QN

These financial statements were authorised for issue by the Board on 18 May 2023.

2	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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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 continued to review and monitor the budgets for the next twelve months. Following this ongoing 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 sales/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 Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2022

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year was 3 (2021 - 4).

4	Investments

	2022 £	2021 £
Investments in subsidiaries	918,640	918,640

Subsidiaries	£
Cost
At 31 August 2021 and 31 August 2022	918,640
Carrying amount
At 31 August 2021 and 31 August 2022	918,640

Girl Rona Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2022

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Registered office	Holding	Proportion of voting rights and shares held
			2022	2021
Subsidiary undertakings
Girl Rona Limited	Coombe Fisheries, Riverside road, Pottington Business Park, Barnstaple, EX31 1QN	Equity shares	100%	100%

The principal activity of Girl Rona Limited is Marine fishing.

5

Debtors

	2022 £	2021 £
Prepayments	198	198
Other debtors	32	32
	230	230

6

Creditors

	Note	2022 £	2021 £
Due within one year
Other loans	7	33,301	32,324
Trade creditors		5,826	5,627
Amounts owed to group undertakings and undertakings in which the company has a participating interest	8	860,684	817,654
Taxation		-	4,401
Accruals and deferred income		1,495	1,350
		901,306	861,356
Due after one year
Loans and borrowings	7	78,964	112,061

Girl Rona Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2022

7	Loans and borrowings

	2022 £	2021 £
Non-current loans and borrowings
Bank borrowings	78,964	112,061

	2022 £	2021 £
Current loans and borrowings
Bank borrowings	33,301	32,324

8	Related party transactions

Summary of transactions with all subsidiaries

Girl Rona Limited
 

Expenditure with and payables to related parties

2022	Parent £	Subsidiary £	Other related parties £
Purchase of goods	238	-	13
Amounts payable to related party	523	5,290	13

2021	Parent £	Subsidiary £	Other related parties £
Purchase of goods	285	285	52
Amounts payable to related party	285	5,290	52

Loans from related parties

2022	Subsidiary £	Total £
At start of period	817,654	817,654
Advanced	43,031	43,031
At end of period	860,685	860,685

2021	Parent £	Subsidiary £	Other related parties £	Total £
At start of period	164,357	786,337	38,520	989,214
Advanced	-	31,317	-	31,317
Repaid	(164,357)	-	(38,520)	(202,877)
At end of period	-	817,654	-	817,654

Girl Rona Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2022

9	Parent and ultimate parent undertaking

The company's immediate parent is Spearco Limited, incorporated in England and Wales.

 The ultimate controlling parties in the year were I J Spear, A D J Spear and R A C Spear.