REGISTERED NUMBER:
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BEST DRESSED GROUP LIMITED |
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STRATEGIC REPORT, |
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REPORT OF THE DIRECTORS AND |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2019 |
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REGISTERED NUMBER:
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BEST DRESSED GROUP LIMITED |
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STRATEGIC REPORT, |
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REPORT OF THE DIRECTORS AND |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2019 |
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BEST DRESSED GROUP LIMITED (REGISTERED NUMBER: 08820424) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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Company Information | 1 |
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Strategic Report | 2 | to | 3 |
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Report of the Directors | 4 | to | 5 |
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Report of the Independent Auditors | 6 | to | 7 |
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Income Statement | 8 |
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Other Comprehensive Income | 9 |
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Balance Sheet | 10 |
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Statement of Changes in Equity | 11 |
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Notes to the Financial Statements | 12 | to | 20 |
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BEST DRESSED GROUP LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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14 All Saints Street |
Stamford |
Lincolnshire |
PE9 2PA |
BEST DRESSED GROUP LIMITED (REGISTERED NUMBER: 08820424) |
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STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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The directors present their strategic report for the year ended 31 December 2019. |
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REVIEW OF BUSINESS |
The company is a wholly-owned subsidiary of Mountain Berg Holdings Limited ('MBHL'). The company is a holding company with no turnover. |
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In the period the company made a loss on ordinary activities before taxation of £1,266k (2018: loss of £1,765k). |
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Net Assets have reduced by £1.3 million to £14.9 million reflecting the trading loss for the year. The balance sheet remains strong and is sufficient for the company to achieve its objectives in the forthcoming period. |
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The Directors are satisfied with the performance of the company and, despite the uncertainties and challenges of Coronavirus and the UK's withdrawal from the EU, they are confident that the company will perform to expectations in 2020. |
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Key Performance Indicators |
Management monitor the performance of the operations compared to budget and forecast. The KPIs monitored are: |
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- Costs, statement of financial value and cash - 2019 was in line with expectations. |
- Overheads against budget and previous year - in line with budget and lower than previous year as activities were moved down into the subsidiary companies. |
- Overtime and absenteeism - in line with expectation. |
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Financial review and dividends |
There have been no significant changes in the company's activities in the period under review. In 2020 the company transferred its staff and operating costs into its subsidiaries. |
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BEST DRESSED GROUP LIMITED (REGISTERED NUMBER: 08820424) |
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STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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PRINCIPAL RISKS AND UNCERTAINTIES |
The company's activities expose it to a number of financial risks including Interest rates movements, foreign exchange exposure, credit and liquidity risk, Covid-19 and Brexit implications. |
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Impacts of COVID-19 |
The company is monitoring its exposure and the impact of the coronavirus (COVID-19) pandemic and we are referring to government and professional advice being published so that action can be considered which may help minimise the impact of this risk. |
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UK Exit from the European Union |
The company continues to monitor its risks related to the uncertainties and effects of the implementation of the United Kingdom's withdrawal from membership of the EU (referred to as Brexit), including financial, legal, tax and trade implications. The company has subsidiaries in the European Union as well as the UK and the Directors believe this will assist in mitigating the risks and costs of Brexit. |
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Interest rate risk |
Interest rate risk is the risk that unexpected changes in interest rates could impact the overall financial performance of the company. The company has no third-party debt and significant movements in interest rates will have a small impact. |
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Foreign exchange risk |
The company's activities expose it to financial risks of changes in foreign currency exchange rates. The company continues to monitor this risk and mitigate the impact where possible. |
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Credit risk |
The company manages credit risk by entering into contracts with customers that have good creditworthiness. The company has no significant concentration of credit risk. |
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Liquidity risk |
The company manages its liquidity needs to ensure sufficient funds are available for ongoing operations and future developments. |
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ON BEHALF OF THE BOARD: |
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BEST DRESSED GROUP LIMITED (REGISTERED NUMBER: 08820424) |
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REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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The directors present their report with the financial statements of the company for the year ended 31 December 2019. |
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DIVIDENDS |
No dividends will be distributed for the year ended 31 December 2019. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2019 to the date of this report. |
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Other changes in directors holding office are as follows: |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
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Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable accounting standards have been followed, subject to any material departures disclosed
and explained in the financial statements; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
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The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
BEST DRESSED GROUP LIMITED (REGISTERED NUMBER: 08820424) |
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REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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AUDITORS |
The auditors, Duncan & Toplis Limited, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
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ON BEHALF OF THE BOARD: |
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BEST DRESSED GROUP LIMITED |
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Opinion |
We have audited the financial statements of Best Dressed Group Limited (the 'company') for the year ended 31 December 2019 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
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In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 December 2019 and of its loss for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
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Conclusions relating to going concern |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where: |
- | the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or |
- | the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
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Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
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In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
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Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BEST DRESSED GROUP LIMITED |
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Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
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We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
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In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
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Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
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A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
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Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
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for and on behalf of
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14 All Saints Street |
Stamford |
Lincolnshire |
PE9 2PA |
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BEST DRESSED GROUP LIMITED (REGISTERED NUMBER: 08820424) |
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INCOME STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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2019 | 2018 |
Notes | £ | £ |
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TURNOVER |
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Administrative expenses | ( |
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(971,687 | ) | (1,663,572 | ) |
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Other operating income |
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OPERATING LOSS | 4 | ( |
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Cost of fundamental reorg | 5 |
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Impairment of freehold |
property | 5 |
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(708,944 | ) | (2,638,665 | ) |
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Income from shares in group undertakings |
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Interest receivable and similar income |
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(368,206 | ) | (1,509,626 | ) |
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Interest payable and similar expenses | 6 | ( |
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LOSS BEFORE TAXATION | ( |
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Tax on loss | 7 |
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LOSS FOR THE FINANCIAL YEAR | ( |
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BEST DRESSED GROUP LIMITED (REGISTERED NUMBER: 08820424) |
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OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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2019 | 2018 |
Notes | £ | £ |
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LOSS FOR THE YEAR | ( |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR |
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( |
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BEST DRESSED GROUP LIMITED (REGISTERED NUMBER: 08820424) |
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BALANCE SHEET |
31 DECEMBER 2019 |
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2019 | 2018 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
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Investments | 9 |
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CURRENT ASSETS |
Debtors | 10 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 11 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 13 |
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Merger relief reserve |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on
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BEST DRESSED GROUP LIMITED (REGISTERED NUMBER: 08820424) |
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STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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Called up | Merger |
share | Retained | relief | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
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Balance at 1 January 2018 |
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Changes in equity |
Total comprehensive income | - | ( |
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Balance at 31 December 2018 |
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Changes in equity |
Total comprehensive income | - | ( |
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Balance at 31 December 2019 |
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BEST DRESSED GROUP LIMITED (REGISTERED NUMBER: 08820424) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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1. | STATUTORY INFORMATION |
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Best Dressed Group Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
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• | the requirements of Section 7 Statement of Cash Flows; |
• | the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); |
• | the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A; |
• | the requirement of paragraph 33.7. |
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The company is a subsidiary of Mountain Berg Holdings Limited. Consolidated financial statements of Mountain Berg Holdings Limited can be obtained from: |
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Companies House |
Crown Way |
Cardiff |
CF14 3UZ |
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Preparation of consolidated financial statements |
The financial statements contain information about Best Dressed Group Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Mountain Berg Holdings Limited, 10 St James's Place, London, SW1A 1NP. |
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Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
BEST DRESSED GROUP LIMITED (REGISTERED NUMBER: 08820424) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Critical accounting judgements and key sources of estimation uncertainty |
In the application of the Company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
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The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
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There are no critical accounting judgements or estimation uncertainty that, in the opinion of the directors, will have a material effect on the financial statements. |
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Tangible fixed assets |
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Freehold property | - |
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Fixtures and fittings | - |
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Computer equipment | - |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
BEST DRESSED GROUP LIMITED (REGISTERED NUMBER: 08820424) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments. |
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Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, 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. |
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At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. |
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Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. |
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Such assets are subsequently carried at fair value and the changes in fair value are recognised in the income statement, except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment. |
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Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. |
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Basic financial liabilities, including trade and other 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 receipts discounted at a market rate of interest. |
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Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
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Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts 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. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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BEST DRESSED GROUP LIMITED (REGISTERED NUMBER: 08820424) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Pension costs and other post-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. |
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Going concern |
The company has net current liabilities of £3,187,687 due to a loan due to the ultimate controlling party, David Ross. David Ross has given assurances that he will not withdraw this loan for at least 12 months from the date these financial statements are signed. |
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3. | EMPLOYEES AND DIRECTORS |
2019 | 2018 |
£ | £ |
Wages and salaries |
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Social security costs |
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Other pension costs |
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The average number of employees during the year was as follows: |
2019 | 2018 |
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Management |
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2019 | 2018 |
£ | £ |
Directors' remuneration |
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Directors' pension contributions to money purchase schemes |
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The number of directors to whom retirement benefits were accruing was as follows: |
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Money purchase schemes |
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BEST DRESSED GROUP LIMITED (REGISTERED NUMBER: 08820424) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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4. | OPERATING LOSS |
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The operating loss is stated after charging/(crediting): |
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2019 | 2018 |
£ | £ |
Depreciation - owned assets |
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Profit on disposal of fixed assets |
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Auditors' remuneration |
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Auditors' remuneration for non audit work |
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Foreign exchange differences |
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5. | EXCEPTIONAL ITEMS |
2019 | 2018 |
£ | £ |
Exceptional items | - | (117,369 | ) |
Cost of fundamental reorg |
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Impairment of freehold |
property |
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( |
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117,368 | (1,619,050 | ) |
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6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2019 | 2018 |
£ | £ |
Loan |
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7. | TAXATION |
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Analysis of the tax charge |
No liability to UK corporation tax arose for the year ended 31 December 2019 nor for the year ended 31 December 2018. |
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Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
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2019 | 2018 |
£ | £ |
Loss before tax | ( |
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Loss multiplied by the standard rate of corporation tax in the UK of
(2018 - |
( |
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( |
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Effects of: |
Expenses not deductible for tax purposes | ( |
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Income not taxable for tax purposes |
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( |
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Capital allowances in excess of depreciation | ( |
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Tax losses not utilised | 370,232 | 239,654 |
Total tax charge | - | - |
BEST DRESSED GROUP LIMITED (REGISTERED NUMBER: 08820424) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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8. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | and | Computer |
property | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2019 |
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Additions |
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Disposals | ( |
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( |
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At 31 December 2019 |
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DEPRECIATION |
At 1 January 2019 |
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Charge for year |
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Eliminated on disposal | ( |
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( |
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At 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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The company's freehold property was impaired following a valuation and post year end sale indicated that the fair value was below the carrying value. |
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9. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2019 |
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Additions |
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Disposals | ( |
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At 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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BEST DRESSED GROUP LIMITED (REGISTERED NUMBER: 08820424) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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9. | FIXED ASSET INVESTMENTS - continued |
|
The company has holdings in the share capital of the following subsidiary undertakings: |
|
Company |
Country of
incorporation |
|
Principal activity |
Shares held |
Class | % |
|
Simon Jersey Holdings Limited | United Kingdom | Non trading | Ordinary | 100 |
Simon Jersey Group Limited | United Kingdom | Non trading | Ordinary | 100 |
Simon Jersey Limited |
United Kingdom |
|
Design, manufacture
and supply workwear |
|
Ordinary |
|
100 |
Pioner Limited | United Kingdom | Non trading | Ordinary | 100 |
Ballyclare Limited |
United Kingdom |
|
Design, manufacture
and supply workwear and protective clothing |
|
Ordinary |
|
100 |
Ballyclare LHD Limited |
United Kingdom |
|
Design, manufacture
and supply workwear and protective clothing |
|
Ordinary |
|
100 |
Uniform Brands GmbH |
Germany |
|
Design, manufacture
and supply workwear |
|
Ordinary |
|
100 |
Uniform Brands Europe B.V |
Netherlands |
|
Design, manufacture
and supply workwear |
|
Ordinary |
|
100 |
Uniform Brands B.V |
Netherlands |
|
Design, manufacture
and supply workwear |
|
Ordinary |
|
100 |
Uniform Brands North Africa SARL |
Tunisia |
|
Design, manufacture
and supply workwear |
|
Ordinary |
|
99 |
Simon Jersey (Netherlands) B.V |
Netherlands |
|
Design, manufacture
and supply workwear |
|
Ordinary |
|
100 |
Ballyclare (Netherlands) B.V |
Netherlands |
|
Design, manufacture
and supply workwear and protective clothing |
|
Ordinary |
|
100 |
Crown East North Africa SARL |
Tunisia |
|
Design, manufacture
and supply workwear |
|
Ordinary |
|
99 |
Crown East Tunisia SARL |
Tunisia |
|
Design, manufacture
and supply workwear |
|
Ordinary |
|
100 |
|
The company has interests in the following joint ventures: |
|
Company |
Country of
incorporation |
|
Interest % |
|
Uniform Brands S.L | Spain | 60 |
BEST DRESSED GROUP LIMITED (REGISTERED NUMBER: 08820424) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
|
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Amounts owed by group undertakings |
|
|
Amounts owed by participating interests | 1,250,085 | 1,098,276 |
Other debtors |
|
|
VAT |
|
|
Prepayments and accrued income |
|
|
|
|
|
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Other loans (see note 12) |
|
|
Trade creditors |
|
|
Amounts owed to group undertakings |
|
|
Other taxes and social security |
|
|
Other creditors |
|
|
Accruals and deferred income |
|
|
|
|
|
12. | LOANS |
|
An analysis of the maturity of loans is given below: |
|
2019 | 2018 |
£ | £ |
Amounts falling due within one year or on demand: |
Shareholder Loan |
|
|
|
13. | CALLED UP SHARE CAPITAL |
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | £ | £ |
|
Ordinary | £1 | 200 | 200 |
|
Preference | £1 | 23,000,000 | 23,000,000 |
23,000,200 | 23,000,200 |
|
The preference shares are irredeemable, have no voting rights and rank ahead of the Ordinary shares of £1 each on winding up. In all other respects, they rank pari passu with Ordinary shares of £1 each. |
|
14. | ULTIMATE PARENT COMPANY |
|
Mountain Berg Holdings Limited is regarded by the directors as being the company's ultimate parent company. |
BEST DRESSED GROUP LIMITED (REGISTERED NUMBER: 08820424) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
|
15. | CAPITAL COMMITMENTS |
2019 | 2018 |
£ | £ |
Contracted but not provided for in the |
financial statements |
|
|
|
16. | RELATED PARTY DISCLOSURES |
|
|
2019 | 2018 |
£ | £ |
Amount due to related party |
|
|
|
|
|
|
2019 | 2018 |
£ | £ |
Interest received | - | 67,671 |
Other income | - | 101,667 |
|
17. | ULTIMATE CONTROLLING PARTY |
|
The ultimate controlling party is
|