Company registration number 12926465 (England and Wales)
ROMULO BRANDS HOLDING COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
ROMULO BRANDS HOLDING COMPANY LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
ROMULO BRANDS HOLDING COMPANY LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
29 FEBRUARY 2024
29 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
22,631
32,934
Current assets
Stocks
-
5,587
Debtors
7,044
23,284
Cash at bank and in hand
14
686
7,058
29,557
Creditors: amounts falling due within one year
(76,819)
(167,944)
Net current liabilities
(69,761)
(138,387)
Net liabilities
(47,130)
(105,453)
Capital and reserves
Called up share capital
4
515,200
515,200
Profit and loss reserves
(562,330)
(620,653)
Total equity
(47,130)
(105,453)
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 29 February 2024 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 members have 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 11 November 2024 and are signed on its behalf by:
Ms R Romulo
Director
Company registration number 12926465 (England and Wales)
ROMULO BRANDS HOLDING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 2 -
1
Accounting policies
Company information
Romulo Brands Holding Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is 77, Cornwall Crescent, London, England, W11 1PJ.
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 £.
Going concern
The directors have considered the working capital needs of the company for a period of twelve months from the date of approval of these financial statements. These financial statements have been prepared on the going concern basis, on the understanding that the directors and shareholders will continue to financially support the company during this uncertain period by not withdrawing their funding to the detriment of other unsecured creditors and by providing further working capital and/or equity funding as required by the company in order to deliver against its latest business plan.
1.2
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Revenue is recognised at the point of invoicing.
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:
Plant and equipment
20% on cost
Computers
25% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost 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.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
ROMULO BRANDS HOLDING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
1.6
Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
4
3
Tangible fixed assets
Plant and equipment
Computers
Total
£
£
£
Cost
At 1 March 2023 and 29 February 2024
50,888
500
51,388
Depreciation and impairment
At 1 March 2023
18,267
187
18,454
Depreciation charged in the year
10,178
125
10,303
At 29 February 2024
28,445
312
28,757
Carrying amount
At 29 February 2024
22,443
188
22,631
At 28 February 2023
32,621
313
32,934
4
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary C of £1 each
257,600
257,600
257,600
257,600
Ordinary R of £1 each
257,600
257,600
257,600
257,600
515,200
515,200
515,200
515,200
ROMULO BRANDS HOLDING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 4 -
5
Related party transactions
Ms R Romulo
Director and major shareholder
In a previous period Ms Romulo advanced £174 to the company as working capital. During the year, Ms Romulo loaned the company a further £75,235. As at 29 February 2024 the loan outstanding was £75,409 (2023: £174). The advance is unsecured and interest-free. No terms of repayment have been agreed and the advance is therefore technically repayable on demand, although Ms Romulo has agreed not to withdraw this balance to the detriment of other unsecured creditors.
Kasa and Kin Group UK Limited
Company under similar ownership with some common directors and shareholders
In a previous period, the related party recharged the company for the purchase of goods and services. The value of such recharges remaining unpaid by the related party at 29 February 2024 was £7,067 (2023: £52,690). The balance is unsecured, interest free and repayable on demand.
Romulo Restaurant Group UK Limited
Company under similar ownership with some common directors and shareholders
This company purchased goods and services on behalf of the related party, which it then recharged to the related party until the related party went into liquidation. At the date of liquidation the directors consider that there was no indebtedness between the company and the related party. As a result, there is no balance between the companies at the year end.
6
Contingent liability
As noted above under related party transactions, the directors consider there to be no indebtedness between this company and Romulo Restaurant Group UK Limited at the year end. As a result, there is no balance between the companies at the year end, although this position has yet to be finalised with the liquidator.