The Villa (Levens) Limited - Accounts to registrar (filleted) - small 18.2
The Villa (Levens) Limited - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 December 2020 |
for |
THE VILLA (LEVENS) LIMITED |
THE VILLA (LEVENS) LIMITED (REGISTERED NUMBER: 08678175) |
Contents of the Financial Statements |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
THE VILLA (LEVENS) LIMITED |
Company Information |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
Director: |
Registered office: |
Registered number: |
Senior statutory auditor: |
Auditors: |
1st Floor Waterside House |
Waterside Drive |
Wigan |
Lancashire |
WN3 5AZ |
THE VILLA (LEVENS) LIMITED (REGISTERED NUMBER: 08678175) |
Balance Sheet |
31 DECEMBER 2020 |
31.12.20 | 31.12.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
THE VILLA (LEVENS) LIMITED (REGISTERED NUMBER: 08678175) |
Notes to the Financial Statements |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
1. | STATUTORY INFORMATION |
The Villa (Levens) Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
Depreciation is provided on all tangible assets at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life, using rates between 1% and 25%. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method. |
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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. |
THE VILLA (LEVENS) LIMITED (REGISTERED NUMBER: 08678175) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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. |
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. |
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. |
Impairment |
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the income statement. |
If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in the income statement. |
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. |
Borrowings |
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing. |
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges. |
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date. |
Trade debtors |
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. |
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables. |
Trade creditors |
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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. |
THE VILLA (LEVENS) LIMITED (REGISTERED NUMBER: 08678175) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Freehold | Plant and | Motor |
property | machinery | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2020 |
Additions |
At 31 December 2020 |
DEPRECIATION |
At 1 January 2020 |
Charge for year |
At 31 December 2020 |
NET BOOK VALUE |
At 31 December 2020 |
At 31 December 2019 |
5. | DEBTORS |
31.12.20 | 31.12.19 |
£ | £ |
Amounts falling due within one year: |
Trade debtors | ( |
) |
Amounts owed by group undertakings |
Other debtors |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.20 | 31.12.19 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
THE VILLA (LEVENS) LIMITED (REGISTERED NUMBER: 08678175) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.20 | 31.12.19 |
£ | £ |
Bank loans |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.12.20 | 31.12.19 |
£ | £ |
Bank loans |
Hire purchase contracts | 1,053 | 3,611 |
9. | CALLED UP SHARE CAPITAL |
Allotted and issued: |
Number: | Class: | Nominal | 31.12.20 | 31.12.19 |
value: | £ | £ |
Share capital 1 | 1 | 240,000 | 240,000 |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
11. | POST BALANCE SHEET EVENTS |
On 17 May 2022, The Villa Group Limited, was dissolved by Companies House and removed from the registrar. An application has been submitted to reinstate the company. The directors support this decision and continue to support the company and wider businesses throughout the period. |
12. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |
The company's immediate parent is The Villa Group Limited, formerly known as Rigby Organisation Limited, incorporated in England and Wales. |
THE VILLA (LEVENS) LIMITED (REGISTERED NUMBER: 08678175) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
13. | GOING CONCERN |
The directors have reviewed the company's forecasts and projections for the 12 months ahead and, in particular, have considered the potential implications of the ongoing Coronavirus (COVID-19) pandemic. |
The company has accessed government support throughout the pandemic. |
Whilst the eventual financial impact of the pandemic on the company, and on the overall economy, remains uncertain, the directors are confident that to date the government support has helped the business survive the periods of closure with the business being in the hospitality and leisure industry. During the period of trade, the directors outlook has remained positive as the company adapted and coped with the demands placed upon it during the pandemic. |
The directors believe based on this and current forecasts that the business will survive the pandemic and indications are that trading activity will improve throughout 2021 and 2022. |
Whilst the company has negative assets, other group companies continue to provide ongoing support, with the ultimate shareholder of the group continuing in their support of the wider group. |
The Villa Group Limited, was dissolved by Companies House on 17 May 2022. An application to reinstate the company has been submitted and remains pending at the date of signing the audit report. The company and directors have brought all outstanding documentation up to date and the directors application to Companies House is done on the basis that these records will ensure the company is compliant with Companies House filing requirements. |
The company therefore continues to adopt the going concern basis in preparing its financial statements. |