Company registration number 01726007 (England and Wales)
ROMANTICA OF DEVON LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
ROMANTICA OF DEVON LIMITED
COMPANY INFORMATION
Directors
Mrs S M Waddington
Mr K P Gibbs
Company number
01726007
Registered office
Unit 2 Woodlands Business Park
Burlescombe
Tiverton
Devon
United Kingdom
EX16 7LL
Accountants
Streets Bush Limited
2 Barnfield Crescent
Exeter
EX1 1QT
ROMANTICA OF DEVON LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
ROMANTICA OF DEVON LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
2,000
3,000
Tangible assets
4
866,845
885,789
868,845
888,789
Current assets
Stocks
471,612
534,604
Debtors
5
1,299,230
1,409,244
Cash at bank and in hand
52,744
112,428
1,823,586
2,056,276
Creditors: amounts falling due within one year
6
(1,172,840)
(1,344,294)
Net current assets
650,746
711,982
Total assets less current liabilities
1,519,591
1,600,771
Creditors: amounts falling due after more than one year
7
(726,297)
(771,576)
Net assets
793,294
829,195
Capital and reserves
Called up share capital
10,000
10,000
Retained earnings
783,294
819,195
Total equity
793,294
829,195
ROMANTICA OF DEVON LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2024
31 August 2024
- 2 -

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 31 August 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 18 February 2025 and are signed on its behalf by:
Mrs S M Waddington
Mr K P Gibbs
Director
Director
Company Registration No. 01726007
ROMANTICA OF DEVON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -
1
Accounting policies
Company information

Romantica of Devon Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 2 Woodlands Business Park, Burlescombe, Tiverton, Devon, United Kingdom, EX16 7LL.

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 is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Intangible fixed assets - goodwill

Goodwill recognised represents the excess of the fair value and directly attributable costs to the purchase consideration over the fair value of the identifiable assets, liabilities and contingent liabilities.

 

Goodwill is currently being amortised over its estimated useful life of 5 years. Where the company is unable to make a reliable estimate of useful life, goodwill is amortised over a period not exceeding 5 years. Goodwill is assessed for impairment and any impairment charged to the income statement. Reversals of impairment are recognised when the reasons for the impairment no longer apply.

1.4
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.

ROMANTICA OF DEVON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 4 -

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:

Freehold property
2% Straight Line
Fixtures, fittings & equipment
15% Striaght Line
Computers
20% Straight Line
Motor vehicles
25% Reducing Balance

No depreciation has been provided in respect of land.

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.

1.5
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.

1.6
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.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

ROMANTICA OF DEVON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 5 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
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.

1.9
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.10
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

ROMANTICA OF DEVON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 6 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
19
21
3
Intangible fixed assets
Goodwill
£
Cost
At 1 September 2023 and 31 August 2024
5,000
Amortisation and impairment
At 1 September 2023
2,000
Amortisation charged for the year
1,000
At 31 August 2024
3,000
Carrying amount
At 31 August 2024
2,000
At 31 August 2023
3,000
ROMANTICA OF DEVON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 7 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 September 2023
1,016,618
476,789
1,493,407
Additions
14,480
11,674
26,154
Disposals
-
0
(22,266)
(22,266)
At 31 August 2024
1,031,098
466,197
1,497,295
Depreciation and impairment
At 1 September 2023
216,573
391,045
607,618
Depreciation charged in the year
19,329
24,545
43,874
Eliminated in respect of disposals
-
0
(21,042)
(21,042)
At 31 August 2024
235,902
394,548
630,450
Carrying amount
At 31 August 2024
795,196
71,649
866,845
At 31 August 2023
800,045
85,744
885,789
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,069,577
1,219,377
Other debtors
229,653
189,867
1,299,230
1,409,244
ROMANTICA OF DEVON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 8 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
34,444
31,289
Trade creditors
639,984
746,454
Taxation and social security
37,194
8,053
Other creditors
461,218
558,498
1,172,840
1,344,294
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
726,297
771,576

The bank loans are secured by fixed and floating charges over the assets of the company.

Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
558,545
619,301
8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
148,681
200,368
9
Related party transactions

Included in other creditors are amounts owed to the directors of £342,177. The loans are interest free and carry no fixed terms of repayment.

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Mrs S M WaddingtonMr K P GibbsMr J Waddingtonfalsefalse
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