B & G (EUROPE) HOLDING LTD
Company Registration No. 09777613 (England and Wales)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
PAGES FOR FILING WITH REGISTRAR
B & G (EUROPE) HOLDING LTD
CONTENTS
Page
Balance sheet
2
Notes to the financial statements
3 - 6
B & G (EUROPE) HOLDING LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2018
- 1 -
2018
2017
£
£
Profit for the year
10,907
39,880
Other comprehensive income
Currency translation differences
(407,997)
659,389
Total comprehensive income for the year
(397,090)
699,269
B & G (EUROPE) HOLDING LTD
BALANCE SHEET
AS AT
31 DECEMBER 2018
31 December 2018
- 2 -
2018
2017
Notes
£
£
£
£
Fixed assets
Investments
2
6,883,392
1,383,048
Current assets
Debtors
3
-
7,134,146
Cash at bank and in hand
32
16
32
7,134,162
Creditors: amounts falling due within one year
4
(6,059)
(7,252,034)
Net current liabilities
(6,027)
(117,872)
Total assets less current liabilities
6,877,365
1,265,176
Capital and reserves
Called up share capital
5
6,179
6,179
Share premium account
425,849
425,849
Equity reserve
7,388,304
1,379,025
Profit and loss reserves
(942,967)
(545,877)
Total equity
6,877,365
1,265,176
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
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 27 September 2019 and are signed on its behalf by:
Mr A R Milner
Director
Company Registration No. 09777613
B & G (EUROPE) HOLDING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
- 3 -
1
Accounting policies
Company information
B & G (Europe) Holding Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Units 1-3, Taffs Mead Road, Treforest Industrial Estate, Pontypridd, Mid Glamorgan, CF37 5SU.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares
publicly available consolidated financial statements
, including this company,
which are
intended to give a true and fair view of the assets, liabilities,
financial position and profit or loss
of the group
.
T
he company has
therefore
taken advantage of
e
xemptions from the following disclosure requirements:
-
Section 4 ‘Statement of Financial Position’ – Reconciliation of the opening and closing number of shares
;
-
Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash
f
low and related notes and disclosures
;
-
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income
;
-
Section 26 ‘Share based Payment’ – Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements
;
-
Section 33 ‘Related Party Disclosures’ – Compensation for key management personnel
.
The financial statements of the company are consolidated in the financial statements of
Hamsard 3468 Limited
. These consolidated financial statements are available from its registered office,
Sterling House, Grimbald Crag Close, Knaresborough, England, HG58PJ
.
1.2
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
B & G (EUROPE) HOLDING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 4 -
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
1.3
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.
1.4
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.
1.5
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.
1.6
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 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.
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.
2
Fixed asset investments
2018
2017
£
£
Investments
6,883,392
1,383,048
B & G (EUROPE) HOLDING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
2
Fixed asset investments
(Continued)
- 5 -
Fixed asset investments not carried at market value
Financial assets for which fair value cannot be measured reliably
The investment represents shares in subsidiary companies. These have been valued at the cost of the investment.
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 January 2018
1,383,048
Additions
5,500,344
At 31 December 2018
6,883,392
Carrying amount
At 31 December 2018
6,883,392
At 31 December 2017
1,383,048
3
Debtors
2018
2017
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
-
7,134,146
4
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
3,501
9,250
Amounts owed to group undertakings
-
7,233,279
Corporation tax
2,558
9,505
6,059
7,252,034
B & G (EUROPE) HOLDING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 6 -
5
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
6,179 Ordinary of £1 each
6,179
6,179
6
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Andrew Young.
The auditor was Dyke Yaxley Limited.