Brand Fusion International Limited
|
Registered number: |
04455736
|
Balance Sheet |
as at 28 February 2021
|
|
Notes |
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|
2021 |
|
|
2020 |
£ |
£ |
Fixed assets |
Intangible assets |
3 |
|
|
93,895 |
|
|
129,803 |
Tangible assets |
4 |
|
|
25,746 |
|
|
8,907 |
|
|
|
|
119,641 |
|
|
138,710 |
|
Current assets |
Stocks |
|
|
2,725,947 |
|
|
2,918,347 |
Debtors |
5 |
|
1,133,581 |
|
|
1,049,314 |
Cash at bank and in hand |
|
|
621,684 |
|
|
318,651 |
|
|
|
4,481,212 |
|
|
4,286,312 |
|
Creditors: amounts falling due within one year |
6 |
|
(2,128,713) |
|
|
(2,133,676) |
|
Net current assets |
|
|
|
2,352,499 |
|
|
2,152,636 |
|
Total assets less current liabilities |
|
|
|
2,472,140 |
|
|
2,291,346 |
|
|
Provisions for liabilities |
|
|
|
(1,521) |
|
|
- |
|
|
Net assets |
|
|
|
2,470,619 |
|
|
2,291,346 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
1 |
|
|
1 |
Profit and loss account |
|
|
|
2,470,618 |
|
|
2,291,345 |
|
Shareholder's funds |
|
|
|
2,470,619 |
|
|
2,291,346 |
|
|
|
|
|
|
|
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The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
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The member has not required the company to obtain an audit in accordance with section 476 of the Act.
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The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
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The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
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N D Freemantle |
Director |
Approved by the board on 8 November 2021
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|
Brand Fusion International Limited
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Notes to the Accounts |
for the year ended 28 February 2021
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|
1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
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Intangible fixed assets |
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Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
|
|
|
Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
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|
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Plant & equipment |
25% & 40% per annum on reducing balance |
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Computer equipment |
40% per annum on reducing balance |
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Software Licences |
33% & 50% on cost |
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|
Stocks |
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Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, where applicable, less any impairment losses for bad and doubtful debts.
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method where applicable.
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
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Provisions |
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Provisions (i.e. liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
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Leased assets |
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A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
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2 |
Employees |
2021 |
|
2020 |
Number |
Number |
|
|
Average number of persons employed by the company |
20 |
|
19 |
|
|
|
|
|
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3 |
Intangible fixed assets |
£ |
|
Goodwill, Patents & Trade Marks : |
|
|
Cost |
|
At 1 March 2020 |
641,286 |
|
At 28 February 2021 |
641,286 |
|
|
|
|
|
|
|
|
|
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Amortisation |
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At 1 March 2020 |
511,483 |
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Provided during the year |
35,908 |
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At 28 February 2021 |
547,391 |
|
|
|
|
|
|
|
|
|
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Net book value |
|
At 28 February 2021 |
93,895 |
|
At 29 February 2020 |
129,803 |
|
|
|
|
|
|
|
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Patents & trade marks are not amortised. Goodwill acquired prior to 1st March 2016 is being amortised at the rate of 5% per annum on cost over an expected useful life of 20 years. Goodwill acquired from 1st March 2016 onwards is being amortised at the rate of 20% per annum over an expected useful life of 5 years. |
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|
4 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Plant and machinery etc |
£ |
|
Cost |
|
At 1 March 2020 |
246,758 |
|
Additions |
24,445 |
|
At 28 February 2021 |
271,203 |
|
|
|
|
|
|
|
|
|
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Depreciation |
|
At 1 March 2020 |
237,851 |
|
Charge for the year |
7,606 |
|
At 28 February 2021 |
245,457 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 28 February 2021 |
25,746 |
|
At 29 February 2020 |
8,907 |
|
|
5 |
Debtors |
2021 |
|
2020 |
£ |
£ |
|
|
Trade debtors |
1,072,476 |
|
993,943 |
|
Other debtors |
61,105 |
|
55,371 |
|
|
|
|
|
|
1,133,581 |
|
1,049,314 |
|
|
|
|
|
|
|
|
|
|
6 |
Creditors: amounts falling due within one year |
2021 |
|
2020 |
£ |
£ |
|
|
Bank loans and overdrafts |
- |
|
36,147 |
|
Trade creditors |
1,158,520 |
|
798,185 |
|
Taxes and social security costs |
93,374 |
|
23,496 |
|
Other creditors |
876,819 |
|
1,275,848 |
|
|
|
|
|
|
2,128,713 |
|
2,133,676 |
|
|
|
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Other creditors includes director's loan balances totalling £744,650 as at 28th February 2021 (£944,650 as at 29th February 2020).These represent the balances of unsecured loans made to the company by N D Freemantle and K A J Friend. There are no formal arrangements to repay these loans and there is no general provision for the directors to charge the company interest on the outstanding balance, but during the year to 28th February 2021, the company did pay interest on part of the loan from N D Freemantle and the loan from K A J Friend. These loans will be repaid to the directors as and when funds are available. Other creditors also include - a) Two separate unsecured loans with respective balances of £28,000 (£30,000 - 2020) and £25,500 (£165,500 - 2020) which are interest bearing and have no fixed date for repayment. Where applicable, interest is calculated on private loans quarterly at a tracker rate of 3% above the Bank of England base rate and paid at the end of each financial quarter of the company. Monies owing to Barclays Bank plc at any time are secured on all company assets. In addition, personal guarantees have been given to Barclays Bank plc by N D Freemantle (a director and sole shareholder) in respect of liabilities to the bank. |
|
7 |
Other financial commitments |
2021 |
|
2020 |
£ |
£ |
|
|
Total future minimum payments under non-cancellable operating leases |
|
5,425 |
|
137,425 |
|
|
|
|
|
|
|
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|
8 |
Other information |
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Brand Fusion International Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
Station House |
|
Station Road |
|
Betchworth |
|
Surrey |
|
RH3 7BZ |