Shakeaway Worldwide Limited - Period Ending 2018-01-31

Registration number: 07500524

Shakeaway Worldwide Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2018

Harney & Co Limited
Chartered Certified Accountants
58 Kinson Road
Bournemouth
Dorset
BH10 4AN

Shakeaway Worldwide Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Statement of Changes in Equity	4
Notes to the Financial Statements	5 to 11

Shakeaway Worldwide Limited

Company Information

Directors

Mr P J Dickson Mr M Ibze'a Mr A Ibze'a

Registered office

8 St. Stephens Court 15-17 St. Stephens Road Bournemouth Dorset BH2 6LA

Accountants

Harney & Co Limited Chartered Certified Accountants 58 Kinson Road Bournemouth Dorset BH10 4AN

Page 1

Shakeaway Worldwide Limited

(Registration number: 07500524)
Balance Sheet as at 31 January 2018

	Note	2018 £	2017 £
Fixed assets
Intangible assets	4	332,413	365,591
Tangible assets	5	241,397	273,203
		573,810	638,794
Current assets
Stocks	7	54,112	64,003
Debtors	8	569,999	388,523
Cash at bank and in hand		117,757	109,982
		741,868	562,508
Creditors: Amounts falling due within one year	9	(184,007)	(513,134)
Net current assets		557,861	49,374
Total assets less current liabilities		1,131,671	688,168
Creditors: Amounts falling due after more than one year	9	(5,338)	(10,213)
Provisions for liabilities		(37,893)	(44,672)
Net assets		1,088,440	633,283
Capital and reserves
Called up share capital	11	345,850	100
Profit and loss account		742,590	633,183
Total equity		1,088,440	633,283

For the financial year ending 31 January 2018 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.

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.

The notes on pages 5 to 11 form an integral part of these financial statements.

Page 2

Shakeaway Worldwide Limited

(Registration number: 07500524)
Balance Sheet as at 31 January 2018 (continued)

Approved and authorised by the Board on 30 October 2018 and signed on its behalf by:
 

.........................................

Mr P J Dickson
Director

The notes on pages 5 to 11 form an integral part of these financial statements.

Page 3

Shakeaway Worldwide Limited

Statement of Changes in Equity for the Year Ended 31 January 2018

	Share capital £	Profit and loss account £	Total £
At 1 February 2017	100	633,183	633,283
Profit for the year	-	109,407	109,407
Total comprehensive income	-	109,407	109,407
New share capital subscribed	345,750	-	345,750
At 31 January 2018	345,850	742,590	1,088,440

	Share capital £	Profit and loss account £	Total £
At 1 February 2017	100	599,454	599,554
Profit for the year	-	33,729	33,729
Total comprehensive income	-	33,729	33,729
At 31 January 2017	100	633,183	633,283

The notes on pages 5 to 11 form an integral part of these financial statements.

Page 4

Shakeaway Worldwide Limited

Notes to the Financial Statements for the Year Ended 31 January 2018

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:
8 St. Stephens Court
15-17 St. Stephens Road
Bournemouth
Dorset
BH2 6LA

These financial statements were authorised for issue by the Board on 30 October 2018.

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,'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. Details of the company's transition to this new accounting regime is set out in note 13.

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.

The financial statements are prepared in sterling which is the functional currency of the company and rounded to the nearest £1.

Group accounts not prepared

The company has taken advantage of the exemption to prepare consolidated accounts as the parent and the group qualify as small under the provision of section 398 of the Companies Act 2006.

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 and it is probable that future economic benefits will flow to the entity.

Foreign currency transactions and balances

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Tax

Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except where an item of income or expense is recognised as other comprehensive income, in which case the associated taxation is also recognised directly in other comprehensive income.

Page 5

Shakeaway Worldwide Limited

Notes to the Financial Statements for the Year Ended 31 January 2018 (continued)

2	Accounting policies (continued)

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.

A deferred tax asset or liability is recognised for tax recoverable or payable in future periods in respect of transactions and events recognised in the financial statements of current and previous periods.

Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. Timing differences result from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.

Deferred tax is recognised on all timing differences at the reporting date apart from certain exceptions. Unrelieved tax losses and other deferred tax assets are only recognised to the extent that 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 differences.

Tangible assets

Tangible assets are stated in the statement of financial position 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 over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant & Machinery	10% on a straight line basis
Motor Vehicles	25% on a reducing balance basis

Goodwill

Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Trademarks and licences

Trademarks and licences have a finite useful life and are carried at historical cost less accumulated amortisation and any accumulated impairment losses.

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
Goodwill	20 years on a straight line basis
Trademarks & Licences	10 years on a straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand, 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.

Page 6

Shakeaway Worldwide Limited

Notes to the Financial Statements for the Year Ended 31 January 2018 (continued)

2	Accounting policies (continued)

Trade debtors

Trade debtors are recognised at the transaction price. A provision for the impairment of trade debtors is made 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. 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.

Leases

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

Financial instruments

The company has basic financial instruments which are classified, measured and accounted for according to the substance of the contractual arrangement, as financial assets or financial liabilities. The company has not entered into any complex financial instruments.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 73 (2017 - 78).

Page 7

Shakeaway Worldwide Limited

Notes to the Financial Statements for the Year Ended 31 January 2018 (continued)

4	Intangible assets

	Goodwill  £	Trademarks, patents and licenses  £	Total £
Cost or valuation
At 1 February 2017	285,016	265,739	550,755
Additions acquired separately	-	8,496	8,496
At 31 January 2018	285,016	274,235	559,251
Amortisation
At 1 February 2017	85,505	99,659	185,164
Amortisation charge	14,251	27,423	41,674
At 31 January 2018	99,756	127,082	226,838
Carrying amount
At 31 January 2018	185,260	147,153	332,413
At 31 January 2017	199,511	166,080	365,591

5	Tangible assets

	Motor vehicles  £	Plant & Machinery £	Total £
Cost or valuation
At 1 February 2017	53,077	421,588	474,665
Additions	-	11,101	11,101
At 31 January 2018	53,077	432,689	485,766
Depreciation
At 1 February 2017	38,527	162,935	201,462
Charge for the year	3,638	39,269	42,907
At 31 January 2018	42,165	202,204	244,369
Carrying amount
At 31 January 2018	10,912	230,485	241,397
At 31 January 2017	14,550	258,653	273,203

Included within the net book value of tangible fixed assets is £10,912 (2016: £14,550) in respect of assets held under hire purchase agreements.

Page 8

Shakeaway Worldwide Limited

Notes to the Financial Statements for the Year Ended 31 January 2018 (continued)

6	Investments

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Subsidiary undertaking	Registered office	Holding	Proportion of shares held
			2018	2017
Shakeaway USA LLC	Carson City, Nevada, USA	Membership	100%	100%
Shakeaway Limited	15 Atholl Crescent Edinburgh	Ordinary share	100%	100%

The principal activity of Shakeaway USA LLC is the retail sale of beverages. Its financial period end is 31 December.

The loss for the financial period of Shakeaway USA LLC was £17,327 and the aggregate amount of capital and reserves at the end of the period was £(90,823).

Shakeaway Limited is dormant and as such has no profit or loss for the year. The company has no reserves and the share capital at the end of the year was £1. Its financial year end is 30 November.

7

Stocks

	2018 £	2017 £
Merchandise	46,947	54,277
Consumables	7,165	9,726
	54,112	64,003

8

Debtors

	2018 £	2017 £
Trade debtors	312,311	46,625
Amounts owed by group undertakings	98,061	97,289
Other debtors	159,627	244,609
Total current trade and other debtors	569,999	388,523

Amounts owed by subsidiaries

The balance owed to the company from subsidiary undertakings amounting to £91,191 (2017: £97,289) and from the company's parent amounting to £6,870 (2017; £nil) arose due to an excess of liabilities settled on behalf of the group undertakings over that recovered from the group undertakings.

Page 9

Shakeaway Worldwide Limited

Notes to the Financial Statements for the Year Ended 31 January 2018 (continued)

9

Creditors

	2018 £	2017 £
Due within one year
Trade creditors	118,870	82,216
Obligations under hire purchase contracts	10,213	10,894
Amounts owed to former Director	-	345,750
Taxation and social security	12,915	12,612
Other creditors	42,009	61,662
	184,007	513,134
Due after one year
Obligations under hire purchase contracts	5,338	10,213

Guarantees and charges

As at the year end the company had a fixed and floating charge over the undertaking and all its property and assets in favour of HSBC PLC, created on 24/03/2011 and outstanding as at the date of approval of the accounts. In addition the company has a rent deposit deed dated 08/07/2011 for securing £7,000 in favour of Alexander Levy Company Limited.

11	Share capital

Allotted, called up and fully paid shares

	2018		2017
	No.	£	No.	£
Ordinary Shares of £1 each	345,850	345,850	100	100

345,750 Ordinary shares with a nominal value of £1 per share were allotted on 25/07/2017, each share having equal voting rights and full entitlement to profit and capital distribution.

12	Financial commitments

The total amount of financial commitments not included in the balance sheet is £1,712,441 (2017 - £2,063,971). This comprises annual commitments under a number of operating leases expiring within 2 to 5 years amounting to £205,621 (2017 - £143,796) and expiring in over 5 years amounting to £164,100 (2017 - £204,500).

Page 10

Shakeaway Worldwide Limited

Notes to the Financial Statements for the Year Ended 31 January 2018 (continued)

13	Parent and ultimate parent undertaking

The company's immediate parent is Shakeaway Worldwide Holdings Limited, which is incorporated in England & Wales. Shakeaway Worldwide Holdings Limited is controlled equally by its directors, who are also directors of Shakeaway Worldwide Limited.

 

Page 11