Blue Marlin Brand Design Limited
Annual Report and Unaudited Financial Statements
For the year ended 31 December 2016
PAGES FOR FILING WITH REGISTRAR
Company Registration No. 02847789 (England and Wales)
Blue Marlin Brand Design Limited
Company Information
Directors
A J Eyles
D J Hodgson
Secretary
A Yates
Company number
02847789
Registered office
Page Barn
Newbury
Near Frome
Somerset
BA11 3RG
Accountants
Kingston Smith LLP
Charlotte Building
17 Gresse Street
London
W1T 1QL
Business address
Page Barn
Newbury
Near Frome
Somerset
BA11 3RG
Bankers
HSBC Bank Plc
62 George White Street
Cabot Circus
Bristol
BS1 3BA
Blue Marlin Brand Design Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
Blue Marlin Brand Design Limited
Balance Sheet
As at 31 December 2016
Page 1
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible fixed assets
5
76,751
93,234
Current assets
Stocks
6
-
13,118
Debtors
7
1,013,607
1,265,915
Cash at bank and in hand
31,412
429,576
1,045,019
1,708,609
Creditors: amounts falling due within one year
(552,100)
(564,260)
Net current assets
492,919
1,144,349
Total assets less current liabilities
569,670
1,237,583
Provisions for liabilities
10
(31,250)
(31,250)
Net assets
538,420
1,206,333
Capital and reserves
Called up share capital
11
45,100
45,100
Profit and loss reserve
493,320
1,161,233
Total equity
538,420
1,206,333
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
Blue Marlin Brand Design Limited
Balance Sheet (Continued)
As at 31 December 2016
Page 2
For the financial year ended 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
• 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;
-
• The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 31 October 2017
Signed on its behalf by:
A J Eyles
Director
Company Registration No. 02847789
Blue Marlin Brand Design Limited
Notes to the Financial Statements
For the year ended 31 December 2016
Page 3
1
Accounting policies
Company information
Blue Marlin Brand Design Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Page Barn, Newbury, Near Frome, Somerset, BA11 3RG.
1.1
Accounting convention
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
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 financial statements are prepared in
sterling
, which is the functional currency of the company.
1.2
Turnover
Turnover
comprises revenue recognised by the company in respect of services supplied during the year, exclusive of Value Added Tax and trade discounts. Revenue is recognised only once a stage or project has been completed and approved by the client.
1.3
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.
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:
Leasehold property improvements
over the term of the lease
Fixtures & fittings
15% to 75% straight line
Computer equipment
25% to 100% straight line
Motor vehicles
25% straight line
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
.
1.4
Impairment of fixed assets
At each reporting end date, the
company
reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Blue Marlin Brand Design Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2016
1
Accounting policies
(Continued)
Page 4
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
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 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
Cash and cash equivalents
Cash and cash equivalents 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.
1.7
Financial assets
The company only has basic financial instruments measured at amortised cost with no financial instruments classified as other, or basic financial instruments measured at fair value.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Blue Marlin Brand Design Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2016
1
Accounting policies
(Continued)
Page 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 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.
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 profit and loss account, 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.
1.10
Provisions
Provisions are recognised when
,
the
company
has a legal or constructive present obligation as a result of a past event, it is probable that the
company
will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation.
Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision in measured at present value the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.
Blue Marlin Brand Design Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2016
1
Accounting policies
(Continued)
Page 6
1.13
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases,
including
any lease incentives received, are charged to income 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 lease asset are consumed.
1.14
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 are included in the profit and loss account for the period.
2
Critical accounting estimates and judgements
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
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.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below:
- valuation of work in progress
- recognition of accrued and deferred income
- basis of dilapidations provision
3
Operating (loss)/profit
The exceptional item is in respect of a provision against an amount due to the company by a fellow subsidiary undertaking, Blue Marlin Asia Pte Limited.
Blue Marlin Brand Design Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2016
Page 7
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2016
2015
Number
Number
Total
31
33
5
Tangible fixed assets
Leasehold property improvements
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2016
37,072
527,374
564,446
Additions
-
16,275
16,275
At 31 December 2016
37,072
543,649
580,721
Depreciation and impairment
At 1 January 2016
37,072
434,140
471,212
Depreciation charged in the year
-
32,758
32,758
At 31 December 2016
37,072
466,898
503,970
Carrying amount
At 31 December 2016
-
76,751
76,751
At 31 December 2015
-
93,234
93,234
6
Stocks
2016
2015
£
£
Work in progress
-
13,118
Blue Marlin Brand Design Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2016
Page 8
7
Debtors
2016
2015
£
£
Trade debtors
641,659
673,940
Corporation tax recoverable
44,591
-
Amounts due from group undertakings
113,844
310,092
Other debtors
213,513
281,883
1,013,607
1,265,915
Amounts due from group undertakings are receivable within the normal course of business.
8
Creditors: amounts falling due within one year
2016
2015
£
£
Bank loans and overdrafts
129,108
-
Trade creditors
116,727
125,966
Amounts due to group undertakings
-
151,304
Corporation tax
-
44,731
Other taxation and social security
83,683
74,549
Other creditors
222,582
167,710
552,100
564,260
The company's overdraft facilities are secured by a fixed and floating charge over all the assets of the company and its ultimate parent company, Barracuda Holdings Limited, and a cross guarantee between the companies dated 1 October 2012 in favour of HSBC Bank Plc.
Amounts owed to group undertakings are balances payable within the normal course of the business.
Blue Marlin Brand Design Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2016
Page 9
9
Deferred taxation
The deferred tax asset (included in debtors) is made up as follows:
2016
£
At 1 January 2016
21,622
Movement in the year
(3,726)
At 31 December 2016
17,896
2016
2015
£
£
Decelerated capital allowances
17,896
21,622
10
Provisions for liabilities
2016
2015
£
£
Dilapidations provision
31,250
31,250
11
Share capital
2016
2015
£
£
Allotted, called up and fully paid
45,100 Ordinary shares of £1 each
45,100
45,100
12
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2016
2015
£
£
Within one year
113,779
35,417
Between two and five years
-
214,153
113,779
249,570
Blue Marlin Brand Design Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2016
Page 10
13
Control
Blue Marlin Brand Design Limited is a 100% subsidiary of Barracuda Holdings Limited, a company registered in England and Wales. Barracuda Holdings Limited is the ultimate parent company. Copies of the group accounts can be obtained from Page Barn, Newbury, Near Frome, Somerset, BA11 3RG.
A J Eyles and D J Hodgson are the ultimate controlling parties by virtue of their shareholdings.
14
Related party transactions
During the year rent of £
42,294
(201
5
- £42,500) was paid to the Blue Marlin Executive Pension Scheme of which the directors, A J Eyles and D J Hodgson, are the sole members. Other debtors include an amount of £2
6
,
511
(201
5
- £
21,994
) due from the scheme which includes amounts from previous years incurred by the company on its behalf net of the year end creditor for rent.
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