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Registration number: 06506394

Girl Rona Limited

Annual Report and Unaudited Financial Statements

for the Period from 1 September 2022 to 31 December 2023

 

Girl Rona Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Girl Rona Limited

(Registration number: 06506394)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

145,600

151,200

Tangible assets

5

88,006

75,874

 

233,606

227,074

Current assets

 

Stocks

6

2,060

2,060

Debtors

7

442,681

890,900

Cash at bank and in hand

 

634

908

 

445,375

893,868

Creditors: Amounts falling due within one year

8

(176,200)

(138,563)

Net current assets

 

269,175

755,305

Net assets

 

502,781

982,379

Capital and reserves

 

Called up share capital

2

2

Retained earnings

502,779

982,377

Shareholders' funds

 

502,781

982,379

 

Girl Rona Limited

(Registration number: 06506394)
Balance Sheet as at 31 December 2023

For the financial period ending 31 December 2023 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 period 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 11 July 2024 and signed on its behalf by:
 

A D J Spear
Director

   
     
 

Girl Rona Limited

Notes to the Unaudited Financial Statements for the Period from 1 September 2022 to 31 December 2023

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
Riverside Road
Pottington Business Park
Barnstaple
Devon
EX31 1QN

These financial statements were authorised for issue by the Board on 11 July 2024.

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.

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 £.

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 forseeable future. Therefore, these accounts have been prepared on a going concern basis.

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 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.

Government grants

Grants are credited to deferred income. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

 

Girl Rona Limited

Notes to the Unaudited Financial Statements for the Period from 1 September 2022 to 31 December 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 difference.

Tangible assets

Tangible assets are stated in the Balance Sheet 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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fishing vessels

5% straight line

Fixture and fittings

10% straight line

Motor vehicles

25% straight line

Plant and machinery

25% straight line

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

Fishing licences

2% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, 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.

 

Girl Rona Limited

Notes to the Unaudited Financial Statements for the Period from 1 September 2022 to 31 December 2023

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established 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.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. 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.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period was 3 (2022 - 5).

 

Girl Rona Limited

Notes to the Unaudited Financial Statements for the Period from 1 September 2022 to 31 December 2023

4

Intangible assets

Fishing licences
 £

Total
£

Cost

At 1 September 2022

210,000

210,000

At 31 December 2023

210,000

210,000

Amortisation

At 1 September 2022

58,800

58,800

Amortisation charge

5,600

5,600

At 31 December 2023

64,400

64,400

Carrying amount

At 31 December 2023

145,600

145,600

At 31 August 2022

151,200

151,200

5

Tangible assets

Plant and machinery
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Fishing vessels
£

Total
£

Cost or valuation

At 1 September 2022

3,650

400

8,895

132,707

145,652

Additions

8,453

699

9,000

10,000

28,152

Disposals

-

-

-

(10,000)

(10,000)

At 31 December 2023

12,103

1,099

17,895

132,707

163,804

Depreciation

At 1 September 2022

3,650

400

8,895

56,833

69,778

Charge for the period

560

175

188

8,847

9,770

Eliminated on disposal

-

-

-

(3,750)

(3,750)

At 31 December 2023

4,210

575

9,083

61,930

75,798

Carrying amount

At 31 December 2023

7,893

524

8,812

70,777

88,006

At 31 August 2022

-

-

-

75,874

75,874

 

Girl Rona Limited

Notes to the Unaudited Financial Statements for the Period from 1 September 2022 to 31 December 2023

6

Stocks

2023
£

2022
£

Other inventories

2,060

2,060

7

Debtors

Note

2023
£

2022
£

Trade debtors

 

-

5,290

Receivables from related parties

9

434,818

860,684

Prepayments

 

4,539

16,115

Other debtors

 

3,324

8,811

 

442,681

890,900

8

Creditors

Due within one year

Note

2023
£

2022
£

 

Trade creditors

 

3,612

13,351

Amounts due to related parties

9

166,552

121,052

Accruals

 

6,036

4,160

 

176,200

138,563

9

Related party transactions

Directors' remuneration

The directors' remuneration for the period was as follows:

2023
£

2022
£

Remuneration

-

14,894

 

Girl Rona Limited

Notes to the Unaudited Financial Statements for the Period from 1 September 2022 to 31 December 2023

Income and receivables from related parties

2023

Other related parties
£

Sale of goods

87,502

2022

Parent
£

Other related parties
£

Sale of goods

-

5,908

Amounts receivable from related party

5,290

-

Expenditure with and payables to related parties

Summary of transactions with parent

Intercompany loan with Girl Rona Holdings Limited. In the year, dividends totalling £480,000 were paid to Girl Rona Holdings Limited.
 

2023

Other related parties
£

Rendering of services

3,786

2022

Other related parties
£

Rendering of services

2,166

Amounts payable to related party

363

Loans to related parties

2023

Other related parties
£

At start of period

121,052

Advanced

45,500

At end of period

166,552

2022

Other related parties
£

At start of period

30,000

Advanced

91,052

At end of period

121,052

 

Girl Rona Limited

Notes to the Unaudited Financial Statements for the Period from 1 September 2022 to 31 December 2023

Loans from related parties

2023

Parent
£

Total
£

At start of period

860,684

860,684

Advanced

54,133

54,133

Repaid

(480,000)

(480,000)

At end of period

434,817

434,817

2022

Parent
£

Total
£

At start of period

817,654

817,654

Advanced

43,030

43,030

At end of period

860,684

860,684

10

Parent and ultimate parent undertaking

The company's immediate parent is Girl Rona Holdings Limited, incorporated in England and Wales.

 The ultimate parent is Coombefish Holdings Ltd (formerly Spearco Limited), incorporated in England and Wales.

 The ultimate controlling parties in the period to 31 March 2023 were A D J Spear, R A C Spear and I J Spear. From 31 March 2023, the ultimate controlling parties were A D J Spear and R A C Spear. On 21 June 2023, A D J Spear became the ultimate controlling party.