Company Registration No. 06506060 (England and Wales)
LEVI ROOTS REGGAE REGGAE FOODS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
LEVI ROOTS REGGAE REGGAE FOODS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
LEVI ROOTS REGGAE REGGAE FOODS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
24,751
1,641
Current assets
Debtors
4
38,876
214,207
Cash at bank and in hand
64,878
103,754
214,207
Creditors: amounts falling due within one year
5
(38,750)
(66,448)
Net current assets
65,004
147,759
Total assets less current liabilities
89,755
149,400
Capital and reserves
Called up share capital
800
800
Profit and loss reserves
88,955
148,600
Total equity
89,755
149,400
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 23 September 2024 and are signed on its behalf by:
T O Picton-Howell
Director
Company Registration No. 06506060
LEVI ROOTS REGGAE REGGAE FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Levi Roots Reggae Reggae Foods Limited is a private company limited by shares incorporated in England and Wales. The registered office is 125 Wood Street, London, United Kingdom, EC2V 7AW.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents royalties and advances on royalty. Royalties are recognised when receivable and advances on royalty are recognised when earned on a straight line basis over the life of the contract.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings and equipment
33.33% Straight line
Motor vehicles
20% Straight line
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
LEVI ROOTS REGGAE REGGAE FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
1.7
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
The accounts relate to the year ended 31 December 2023. The comparative figures relate to the period 31 August 2021 to 31 December 2022.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
LEVI ROOTS REGGAE REGGAE FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
3
Tangible fixed assets
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 January 2023
3,815
3,815
Additions
25,515
25,515
At 31 December 2023
3,815
25,515
29,330
Depreciation and impairment
At 1 January 2023
2,174
2,174
Depreciation charged in the year
1,129
1,276
2,405
At 31 December 2023
3,303
1,276
4,579
Carrying amount
At 31 December 2023
512
24,239
24,751
At 31 December 2022
1,641
1,641
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
4,000
17,070
Corporation tax recoverable
11,774
Amounts due from fellow group undertakings
158,896
Other debtors
4,931
Accrued income
18,171
38,241
38,876
214,207
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
4,393
7,476
Corporation tax
71
31,235
Other taxation and social security
16,343
13,243
Other creditors
7,025
1,277
Accruals
10,918
13,217
38,750
66,448