Company Registration No. 07855042 (England and Wales)
Robert Galbraith Limited
Unaudited financial statements
for the year ended 30 June 2021
Pages for filing with the Registrar
Robert Galbraith Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
Robert Galbraith Limited
Statement of financial position
As at 30 June 2021
Page 1
2021
2020
Notes
£
£
£
£
Current assets
Debtors
4
178,946
237,342
Cash at bank and in hand
356,848
117,044
535,794
354,386
Creditors: amounts falling due within one year
5
(398,650)
(216,725)
Net current assets
137,144
137,661
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
137,143
137,660
Total equity
137,144
137,661
The director of the company has elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 30 June 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he 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 and signed by the director and authorised for issue on 30 March 2022.
Neil Blair
Director
Company Registration No. 07855042
Robert Galbraith Limited
Notes to the financial statements
For the year ended 30 June 2021
Page 2
1
Accounting policies
Company information
Robert Galbraith Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
71 Queen Victoria Street, London, EC4V 4BE.
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 a
mounts
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
Going concern
A
true
t the time of approving the financial statements
,
t
he director has a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover comprises of revenue recognised by the company in respect of literary publishing and television royalties received during the year, exclusive of Value Added Tax and trade discounts. Royalties are recognised in the period in which they are earned.
1.4
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
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 statement of financial position 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.
Robert Galbraith Limited
Notes to the financial statements (continued)
For the year ended 30 June 2021
1
Accounting policies (continued)
Page 3
Basic financial assets
Basic financial assets, which include debtors, 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.
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
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, 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
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts 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. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
Robert Galbraith Limited
Notes to the financial statements (continued)
For the year ended 30 June 2021
1
Accounting policies (continued)
Page 4
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. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. 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
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
No remuneration was paid to the director.
Robert Galbraith Limited
Notes to the financial statements (continued)
For the year ended 30 June 2021
Page 5
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
86,125
Other debtors
141,081
138,052
141,081
224,177
2021
2020
Amounts falling due after more than one year:
£
£
Deferred tax asset
37,865
13,165
Total debtors
178,946
237,342
5
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
12,705
4,800
Corporation tax
24,768
Other taxation and social security
37,573
10,728
Other creditors
69,743
Accruals and deferred income
323,604
131,454
398,650
216,725
6
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Assets
Assets
2021
2020
Balances:
£
£
Timing difference on the movement of the donations
37,865
13,165
Robert Galbraith Limited
Notes to the financial statements (continued)
For the year ended 30 June 2021
6
Deferred taxation (continued)
Page 6
2021
Movements in the year:
£
Asset at 1 July 2020
(13,165)
Credit to profit or loss
(24,700)
Asset at 30 June 2021
(37,865)
The deferred tax asset set out above is expected to reverse within 12 months and relates to the utilisation of tax losses against future expected profits of the same period.
7
Related party transactions
During the year, commission of £58,352 (2020: £103,301) was paid to an entity under common control. The outstanding commission payable as at the year end was £21,145 (2020: £19,995)
8
Parent company
The ultimate controlling party was J K Rowling by way of her majority shareholding.