Brands2Life Limited
Annual Report and Financial Statements
For the year ended 31 March 2020
Company Registration No. 03940462 (England and Wales)
Brands2Life Limited
Company Information
Directors
G Fraser
S Scales
H Rich
A David
T Spink
A Labadie
Secretary
S Scales
Company number
03940462
Registered office
2nd Floor
Blue Fin Building
110 Southwark Street
London
SE1 0SU
Auditor
Moore Kingston Smith LLP
Charlotte Building
17 Gresse Street
London
W1T 1QL
Business address
2nd Floor
Blue Fin Building
110 Southwark Street
London
SE1 0SU
Bankers
NatWest Bank
The Willett Building
2 Sloane Gardens
London
SW1W 8DL
Solicitors
Osborne Clark
2 Temple Back East
Temple Quay
Bristol
BS1 6EG
Brands2Life Limited
Contents
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 28
Brands2Life Limited
Strategic Report
For the year ended 31 March 2020
Page 1
The directors present the strategic report for the year ended 31 March 2020.
Fair review of the business
Since the Company was founded in 2000, Brands2Life has been one of the fastest growing communications agencies in the UK and the winner of multiple industry awards. We have also recently opened a new office in San Francisco, further expanding our international capabilities. The company has remained true to its goal of providing clients with high quality strategic advice and a commitment to real results, every month.
The principle activity of the Company during the year was the provision of marketing and communication consultancy services, on a global and regional scale, operating in multiple sectors, notably the consumer electronics, retail, technology, travel and professional services sectors. The majority of the work of the consultancy is digitally-led and integrated.
During the financial year the Company continued to work on a retained and project basis for some of the world’s most respected brands, and continued to add more exceptional brand names to the Company’s expanding client list.
During the year the agency won several awards, including: B2B Marketing Awards - Best Use of Public Relations; PRWeek Best Places to Work- Large Consultancy of the year, Best Organisational Health; In2Sabre Awards EMEA- PR Agency Marketing, PR Agency Citizenship.
Principal risks and uncertainties
The principal risk to business growth continues to be that of client retention and winning new business. However, exposure to this risk is being reduced by providing clients with high quality strategic advice through C-Suit level relationships and a commitment to real results, as well as investment into marketing and pitches. The directors are confident this will continue.
The principle business risks affecting the company are considered to relate to the Worldwide economic uncertainty arising from the global pandemic of Coronavirus (COVID-19). Other principle risks include:
· Loss of key customers
· Reduction in consumer spending
· Retaining top talent
· Brexit – the impact it could have on business operations and levels of business activity for our
customers
· Competitive pressure
The directors have considered the potential impact of the Coronavirus, and the various measures taken to contain it, on the operations of the company in the near future. In response to the expected economic downturn caused by the COVID-19 pandemic, the directors have taken the following steps to mitigate any associated risks:
· Make use of minimal Government business support schemes;
· Cautious outlook on investment.
The majority of the company’s sales are within the UK although approximately 35% of sales were made in export. In the event sales are significantly impacted then the company will consider cost cutting measures in order to ensure the long-term viability of the business.
The company has sufficient funding in place as at the date of approval of the financial statements to enable it to continue to meet its liabilities as they fall due for at least the next twelve months.
Brands2Life Limited
Strategic Report (Continued)
For the year ended 31 March 2020
Page 2
Future Developments
The Company has continued to grow year on year since it was founded back in 2000, and is strongly positioned to take advantage of new business opportunities.
Key performance indicators
The key performance indicator (KPI) measures are:
a) Gross income - this has increased by 5% on the previous financial year.
b) Staff costs to gross income - this has increased from 63% to 66%; mainly due to investing in the growth of our Health & Wellbeing and Digital teams.
c) Operating profit margin - this has decreased from 18% to 14%.
d) Cash conversion - this has decreased from 126% to 109%.
These KPIs are monitored on a monthly basis as part of the management review process.
Financial risk management
The company’s operations expose it to limited financial risks that included credit risk and foreign exchange risk. Given the size of the company, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The policies set by the board of directors are implemented by the companies finance department.
Credit risk
The company has implemented policies that require appropriate credit verification procedures on potential customers. Trade debtors are monitored on an on-going basis and provision is made for doubtful debts where necessary.
Foreign exchange risk
The company actively manages foreign exchange rate risk on an ad-hoc basis.
..............................
S Scales
Director
.........................
Brands2Life Limited
Directors' Report
For the year ended 31 March 2020
Page 3
The directors present their annual report and financial statements for the year ended 31 March 2020.
Principal activities
The principal activity of the company during the year continued to be the provision of PR consultancy services.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
G Fraser
S Scales
H Rich
A David
J Simpson
(Resigned 31 March 2020)
T Spink
A Labadie
C Rudall
(Resigned 31 March 2020)
Results and dividends
The results for the year are set out on page 8.
Ordinary dividends were paid during the year amounting to £1,615,000 (2019: £1,965,000). The directors do not recommend payment of a final dividend.
Auditor
Kingston Smith LLP were re-appointed auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
S Scales
Director
10 August 2020
Brands2Life Limited
Directors' Responsibilities Statement
For the year ended 31 March 2020
Page 4
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
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:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
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.
Brands2Life Limited
Independent Auditor's Report
To the Members of Brands2Life Limited
Page 5
Opinion
We have audited the financial statements of Brands2Life Limited
(the 'company')
for the year ended 31 March 2020 which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity, the Statement of Cash Flows 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 FRS 102
The Financial Reporting Standard applicable in the UK and Republic of Ireland
(United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the company's affairs as at 31 March 2020 and of its profit 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.
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 Auditor's 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.
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
.
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.
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.
Brands2Life Limited
Independent Auditor's Report (Continued)
To the Members of Brands2Life Limited
Page 6
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit
:
-
the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
-
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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 identifie
d
material misstatements in the Strategic Report and the Directors' Report
.
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.
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement, 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 is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
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.
Auditor's 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 an auditor’s report 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.
Brands2Life Limited
Independent Auditor's Report (Continued)
To the Members of Brands2Life Limited
Page 7
As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
-
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
-
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company’s internal control.
-
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
-
Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.
-
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
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
for no purpose other than to draw to the attention of
the company’s members those matters we are required to
include
in an auditor's report
addressed to them.
To the fullest extent permitted by law, we do not accept or assume responsibility to
any party
other than the company and the company’s members as a body, for our work, for this report, or for the opinions we have formed.
Francesca Robe (Senior Statutory Auditor)
for and on behalf of Moore Kingston Smith LLP
10 August 2020
Chartered Accountants
Statutory Auditor
Charlotte Building
17 Gresse Street
London
W1T 1QL
Brands2Life Limited
Statement of Total Comprehensive Income
For the year Ended 31 March 2020
Page 8
2020
2019
Notes
£
£
Turnover
3
19,522,836
18,433,501
Cost of sales
(4,543,319)
(4,155,337)
Gross profit
14,979,517
14,278,164
Administrative expenses
(12,843,860)
(11,763,604)
Other operating income
1,848
-
Operating profit
4
2,137,505
2,514,560
Interest receivable and similar income
5
13,591
12,875
Profit on ordinary activities before taxation
2,151,096
2,527,435
Tax on ordinary activities
8
(451,628)
(519,484)
Profit and total comprehensive income for the financial year
1,699,468
2,007,951
The profit and loss account has been prepared on the basis that all operations are continuing operations.
Brands2Life Limited
Balance Sheet
As at 31 March 2020
Page 9
2020
2019
Notes
£
£
£
£
Fixed assets
Intangible assets
10
91,033
97,219
Tangible assets
11
616,947
663,701
707,980
760,920
Current assets
Debtors
13
4,079,718
5,106,384
Cash at bank and in hand
5,088,442
5,031,247
9,168,160
10,137,631
Creditors: amounts falling due within one year
14
(5,016,314)
(6,151,613)
Net current assets
4,151,846
3,986,018
Total assets less current liabilities
4,859,826
4,746,938
Provisions for liabilities
15
(309,476)
(299,580)
Net assets
4,550,350
4,447,358
Capital and reserves
Called up share capital
19
100
100
Other reserves
146,797
128,273
Profit and loss reserves
4,403,453
4,318,985
Total equity
4,550,350
4,447,358
The financial statements were approved by the board of directors and authorised for issue on 10 August 2020 and are signed on its behalf by:
G Fraser
Director
Company Registration No. 03940462
Brands2Life Limited
Statement of Changes in Equity
For the year ended 31 March 2020
Page 10
Share capital
Capital contribution reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2018
100
105,252
4,276,034
4,381,386
Year ended 31 March 2019:
Profit and total comprehensive income for the year
-
-
2,007,951
2,007,951
Dividends
9
-
-
(1,965,000)
(1,965,000)
Credit to equity for equity settled share-based payments
-
23,021
-
23,021
Balance at 31 March 2019
100
128,273
4,318,985
4,447,358
Year ended 31 March 2020:
Profit and total comprehensive income for the year
-
-
1,699,468
1,699,468
Dividends
9
-
-
(1,615,000)
(1,615,000)
Credit to equity for equity settled share-based payments
-
18,524
-
18,524
Balance at 31 March 2020
100
146,797
4,403,453
4,550,350
Brands2Life Limited
Statement of Cash Flows
For the year ended 31 March 2020
Page 11
2020
2019
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
2,325,585
3,171,516
Income taxes paid
(501,291)
(474,200)
Net cash inflow from operating activities
1,824,294
2,697,316
Investing activities
Purchase of intangible assets
(29,670)
(87,803)
Purchase of tangible fixed assets
(136,693)
(88,159)
Proceeds on disposal of tangible fixed assets
1,354
-
Proceeds from other investments and loans
(681)
-
Interest received
13,591
12,875
Net cash used in investing activities
(152,099)
(163,087)
Financing activities
Dividends paid
(1,615,000)
(1,965,000)
Net cash used in financing activities
(1,615,000)
(1,965,000)
Net increase in cash and cash equivalents
57,195
569,229
Cash and cash equivalents at beginning of year
5,031,247
4,462,018
Cash and cash equivalents at end of year
5,088,442
5,031,247
Brands2Life Limited
Notes to the Financial Statements
For the year ended 31 March 2020
Page 12
1
Accounting policies
Company information
Brands2Life Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
2nd Floor, Blue Fin Building, 110 Southwark Street, London, SE1 0SU.
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.
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 pound.
The financial statements have been prepared on 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 directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
The net current assets of
the company
are
£4,151,846
as at 31 March 2020, and a profit for the year then
ended of £
1,699,468
the financial statements have been prepared on a going concern basis which the
directors consider to be appropriate for the following reasons.
The directors have prepared cash flow forecasts for a period of 12 months from the date of approval of
these financial statements which indicate that, taking account of reasonably possible downsides, the
company will have sufficient funds, to meet its liabilities as they fall due for that period.
The directors have considered the potential impact of the COVID-19, and the various measures taken to
contain it, on the operations of the business in the near future. The directors will continue to monitor the
government announcements, and in the event income is impacted significantly they will consider cost
cutting measures in order to ensure the long term viability of the business.
Consequently, the directors are confident that the company will have sufficient funds to continue to meet
its liabilities as they fall due for at least 12 months from the date of approval of the financial statements
and therefore have prepared the financial statements on a going concern basis
.
Brands2Life Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2020
1
Accounting policies
(Continued)
Page 13
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Fee income represents revenue earned under a wide variety of contracts to provide professional services. Revenue is recognised as earned when, and to the extent that, the firm obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including expenses and disbursements but excluding value added tax.
Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed. Revenue not billed to clients is included in debtors and payments on account in excess of the relevant amount of revenue are included in creditors.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable
Fee income that is contingent on events outside the control of the firm is recognised when the contingent event occurs.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date if the fair value can be measured reliably.
Amortisation 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:
Software
33.3% straight line
Trademarks
10% straight line
1.5
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:
Land and buildings leasehold
Over the term of the lease
Fixtures & fittings
25% straight line
Office equipment
25% straight line
Computer equipment
33.3% straight line
Brands2Life Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2020
1
Accounting policies
(Continued)
Page 14
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
.
1.6
Impairment of fixed assets
At each reporting
period
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.
Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired.
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.
1.7
Cash and cash equivalents
Cash at bank and in hand
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.
1.8
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.
Brands2Life Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2020
1
Accounting policies
(Continued)
Page 15
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, 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.
Other financial assets
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. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those
held
at
fair value through profit and loss
, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
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.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when
the company
transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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.
Brands2Life Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2020
1
Accounting policies
(Continued)
Page 16
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.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts,
are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are
s
ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as
being measured at
fair value though profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
1.9
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.
1.10
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.
Brands2Life Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2020
1
Accounting policies
(Continued)
Page 17
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.
1.11
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 i
s
measured at present value
,
the unwinding of the discount is recognised as a finance cost in profit or loss in the period
in which
it arises.
1.12
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.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Share-based payments
The company participates in a group share based payment plan.
Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the
Black-Scholes option-pricing model
. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.
Brands2Life Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2020
1
Accounting policies
(Continued)
Page 18
1.15
Leases
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.
1.16
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.
Brands2Life Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2020
Page 19
2
Judgements and key sources of estimation uncertainty
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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Revenue recognition
Revenue from contracts is assessed on an individual basis with revenue earned being ascertained based on the stage of completion of the contract which is estimated using a combination of the milestones in the contract and the time spent to date compared to the total time expected to be required to undertake the contract. Estimates of the total time required to undertake the contracts are made on a regular basis and subject to management review. These estimates may differ from the actual results due to a variety of factors such as efficiency of working, accuracy of assessment of progress to date and client decision making.
Depreciation
The annual depreciation charge for property, plant and equipment is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 1
1
for the carrying amount of the property, plant and equipment and the accounting policies for the useful economic lives for each class of asset.
Debtors recoverability
The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See note 1
3
for the net carrying amount of the debtors
.
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2020
2019
£
£
Turnover
Consultancy services
19,522,836
18,433,501
Brands2Life Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2020
3
Turnover and other revenue
(Continued)
Page 20
2020
2019
£
£
Other significant revenue
Interest income
13,591
12,875
Turnover analysed by geographical market
2020
2019
£
£
UK
12,736,806
12,005,667
Overseas
6,786,030
6,427,834
19,522,836
18,433,501
4
Operating profit
2020
2019
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
70,238
(52,864)
Fees payable to the company's auditor for the audit of the company's financial statements
21,099
15,350
Depreciation of owned tangible fixed assets
182,648
174,994
(Profit)/loss on disposal of tangible fixed assets
(555)
285
Amortisation of intangible assets
35,856
10,948
Share-based payments
18,524
23,021
Operating lease charges
645,582
664,683
5
Interest receivable and similar income
2020
2019
£
£
Interest income
Interest on bank deposits
13,591
12,875
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Average number of employees
147
132
Brands2Life Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2020
6
Employees
(Continued)
Page 21
Their aggregate remuneration comprised:
2020
2019
£
£
Wages and salaries
8,553,449
7,810,903
Social security costs
913,102
886,779
Pension costs
358,602
310,847
9,825,153
9,008,529
7
Directors' remuneration
2020
2019
£
£
Remuneration for qualifying services
979,482
1,673,109
Company pension contributions to defined contribution schemes
51,984
60,555
1,031,466
1,733,664
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 7 (2019: 10).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2020
2019
£
£
Remuneration for qualifying services
218,967
213,451
Company pension contributions to defined contribution schemes
7,729
7,583
8
Taxation
2020
2019
£
£
Current tax
UK corporation tax on profits for the current period
441,732
505,060
Deferred tax
Origination and reversal of timing differences
9,896
14,424
Total tax charge
451,628
519,484
Brands2Life Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2020
8
Taxation
(Continued)
Page 22
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2020
2019
£
£
Profit before taxation
2,151,096
2,527,435
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2019: 19.00%)
408,708
480,213
Tax effect of expenses that are not deductible in determining taxable profit
20,865
24,989
Other permanent differences
(817)
(648)
Share based payment charge
3,520
-
Deferred tax
9,896
14,424
Pensions accrual adjustment
1,653
1,688
Depreciation in excess of/ lower then capital allowances
7,909
(1,236)
Fixed assets profit on disposals
(106)
54
Taxation charge for the year
451,628
519,484
9
Dividends
2020
2019
£
£
Ordinary interim paid
1,615,000
1,965,000
Brands2Life Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2020
Page 23
10
Intangible fixed assets
Software
Trademarks
Total
£
£
£
Cost
At 1 April 2019
153,308
21,352
174,660
Additions
24,716
4,954
29,670
At 31 March 2020
178,024
26,306
204,330
Amortisation and impairment
At 1 April 2019
68,928
8,513
77,441
Amortisation charged for the year
33,489
2,367
35,856
At 31 March 2020
102,417
10,880
113,297
Carrying amount
At 31 March 2020
75,607
15,426
91,033
At 31 March 2019
84,380
12,839
97,219
11
Tangible fixed assets
Land and buildings leasehold
Fixtures & fittings
Office equipment
Computer equipment
Total
£
£
£
£
£
Cost
At 1 April 2019
653,406
147,406
94,430
351,342
1,246,584
Additions
4,454
49,644
20,591
62,004
136,693
Disposals
-
-
-
(886)
(886)
At 31 March 2020
657,860
197,050
115,021
412,460
1,382,391
Depreciation and impairment
At 1 April 2019
162,168
85,317
56,564
278,834
582,883
Depreciation charged in the year
66,317
32,568
20,609
63,154
182,648
Eliminated in respect of disposals
-
-
-
(87)
(87)
At 31 March 2020
228,485
117,885
77,173
341,901
765,444
Carrying amount
At 31 March 2020
429,375
79,165
37,848
70,559
616,947
At 31 March 2019
491,238
62,089
37,866
72,508
663,701
Brands2Life Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2020
Page 24
12
Financial instruments
2020
2019
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
3,012,218
4,483,862
Carrying amount of financial liabilities
Measured at amortised cost
4,385,917
5,181,345
13
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
2,073,840
3,069,637
Amounts due from group undertakings
613,911
501,889
Other debtors
108,075
84,235
Prepayments and accrued income
830,439
997,170
3,626,265
4,652,931
2020
2019
Amounts falling due after more than one year:
£
£
Other debtors
453,453
453,453
Total debtors
4,079,718
5,106,384
14
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
951,353
947,957
Corporation tax
223,556
283,115
Other taxation and social security
406,841
687,153
Other creditors
-
243
Accruals and deferred income
3,434,564
4,233,145
5,016,314
6,151,613
Brands2Life Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2020
Page 25
15
Provisions for liabilities
2020
2019
£
£
Dilapidations
240,000
240,000
Deferred tax liabilities
16
69,476
59,580
309,476
299,580
16
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2020
2019
Balances:
£
£
Accelerated capital allowances
57,774
50,588
Provisions
11,702
8,992
69,476
59,580
The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.
17
Retirement benefit schemes
2020
2019
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
358,602
310,847
The company operates a defined contribution pension scheme for all qualifying employees.
The assets of the scheme are held separately from those of the company in an independently administered fund.
Brands2Life Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2020
Page 26
18
Share-based payment transactions
Number of share options
Weighted average exercise price
2020
2019
2020
2019
Number
Number
£
£
Outstanding at 1 April 2019
22,000
22,000
22.00
22.00
Granted
4,000
-
4.00
-
Forfeited
(2,000)
-
2.00
-
Outstanding at 31 March 2020
24,000
22,000
24.00
22.00
Exercisable at 31 March 2020
-
-
-
-
The options outstanding at 31 March 2020 had an exercise price of £0.001 and a weighted average remaining contractual life of 3 years.
During the year, the company recognised total share-based payment expenses of £18,524 (2019 - £23,021) which related to equity settled share based payment transactions.
The company participates in a group share based payment plan, and recognises and measures its share based payment expense on the basis of a reasonable allocation of the expense recognised for the group. The allocation is based on the number of employees benefiting from the share based payment plan employed by the company.
The EMI scheme is eligible for certain employees. All options under the scheme vest and become exercisable either upon the sale of the company or if the control of the company changes. The options lapse on the earlier of 10 years and the cessation of employment.
19
Share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
100 ordinary shares of £1 each
100
100
100
100
Brands2Life Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2020
Page 27
20
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:
Land and buildings
Other
2020
2019
2020
2019
£
£
£
£
Expiry date:
Within one year
755,755
755,755
1,470
17,637
Between two and five years
3,023,020
3,023,020
-
1,470
In more than five years
1,133,633
1,889,388
-
-
4,912,408
5,668,163
1,470
19,107
21
Related party transactions
The company has taken the exemption under Section 33 of FRS 102 Related Party Disclosures paragraph 33.1A from disclosing transactions with other members of a wholly owned group.
During the year, the company incurred costs on behalf of Brands2Life USA Inc, a company owned by Fraser Scales Holding Limited, of £nil (2019: £5,075) and charged management fees of £7,705 (2019: £10,339). At the year end, Brands2Life USA Inc owed the company £29,848 (2018: £115,878).
During the year, the company incurred costs on behalf of Deconstructed PR Limited, a related company, of £4,360 (2019: £nil). At the year end, Deconstructed PR Limited owed the company £4,360 (2019: £nil).
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2020
2019
£
£
Aggregate compensation
1,066,665
1,446,197
22
Controlling party
Fraser Scales Holdings Limited is the immediate parent undertaking. The ultimate controlling party is Giles Fraser, by virtue of his majority shareholding in Fraser Scales Holdings Limited.
Fraser Scales Holdings Limited is a company domiciled and incorporated in England and Wales. The registered office is 6th Floor, Charlotte Building, 17 Gresse Street, London, W1T 1QL.
Brands2Life Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2020
Page 28
23
Cash generated from operations
2020
2019
£
£
Profit for the year after tax
1,699,468
2,007,951
Adjustments for:
Taxation charged
451,628
519,484
Investment income
(13,591)
(12,875)
(Gain)/loss on disposal of tangible fixed assets
(555)
285
Amortisation and impairment of intangible assets
35,856
10,948
Depreciation and impairment of tangible fixed assets
182,648
174,994
Equity settled share based payment expense
18,524
23,021
Movements in working capital:
Decrease/(increase) in debtors
1,027,347
(760,943)
(Decrease)/increase in creditors
(1,075,740)
1,208,651
Cash generated from operations
2,325,585
3,171,516
2020-03-31
2019-04-01
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CCH Software
CCH Accounts Production 2020.100
G Fraser
S Scales
D Chappell
H Rich
A David
A David
T Spink
A Labadie
J Simpson
S Scales
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