Company Registration No. 9915737 (England and Wales)
BRAND SCIENTIFIC LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
PAGES FOR FILING WITH REGISTRAR
BRAND SCIENTIFIC LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
BRAND SCIENTIFIC LTD
BALANCE SHEET
AS AT
31 DECEMBER 2018
31 December 2018
- 1 -
2018
2017
Notes
£
£
£
£
Current assets
Debtors
3
30,015
29,507
Cash at bank and in hand
69,116
62,420
99,131
91,927
Creditors: amounts falling due within one year
4
(25,847)
(30,839)
Net current assets
73,284
61,088
Capital and reserves
Called up share capital
6
40,000
40,000
Profit and loss reserves
33,284
21,088
Total equity
73,284
61,088
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
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 26 June 2019 and are signed on its behalf by:
C Schoeler
Director
Company Registration No. 9915737
BRAND SCIENTIFIC LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
- 2 -
1
Accounting policies
Company information
BRAND Scientific Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
37th Floor, One Canada Square, Canary Wharf, London, E14 5AA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The company's financial statements have been prepared on a going concern basis on the grounds that current and future sources of funding or support will be more than adequate for the company's needs. In assessing going concern, the directors have a reasonable expectation that the company will continue as a going concern and is able to meet all of its obligations as they fall due for a minimum of 12 months from the date of approval of these financial statements.
1.3
Turnover
Revenue is recognised to the extent that it is probable economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Revenue from a contract to provide services is recognised in the period in which the services are provided.
1.4
Cash at bank and in hand
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.
1.5
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. The company has no more complex financial instruments that require measurement at amortised cost using the effective interest method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable
. No deferred tax is provided for, as no timing differences of a type that could give arise to such a provision existed at the Balance Sheet date.
BRAND SCIENTIFIC LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 3 -
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.
1.8
Retirement benefits
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due.
1.9
Leases
Leases in which the company assumes substantially all the risk and rewards of ownership of the leased asset are classified as finance leases. All other leases are classified as operating leases.
Payments (excluding costs for services and insurance) made under operating leases are recognised in the profit and loss account on a straight-line basis over the term of the lease unless the payments to the lessor are structured to increase in line with expected general inflation; in which case the payments related to the structured increases are recognised as incurred. Lease incentives received are recognised in profit and loss over the term of the lease as an integral part of the total lease expense.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 4 (2017 - 4).
3
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
18,937
18,951
Other debtors
11,078
10,556
30,015
29,507
4
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
5,747
6,980
Corporation tax
2,910
3,418
Other creditors
17,190
20,441
25,847
30,839
BRAND SCIENTIFIC LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 4 -
5
Retirement benefit schemes
2018
2017
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
7,389
7,003
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.
The charge to profit or loss in respect of defined contribution schemed was £7,839 (2017- £7,003). Contributions totalling £nil (2017 - £2,246) were payable to the fund at the balance sheet date and are included in creditors.
6
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
40,000 of £1 each
40,000
40,000
7
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2018
2017
£
£
Total lease commitments
24,552
34,692
8
Related party transactions
The company is a wholly owned subsidiary of BRAND INTERNATIONAL GMBH, whose registered office address is Paul-Ehlich-Str. 41, 60596 Frankfurt am Main, Germany.
During the year, the company supplied services of £188,061 (2017: £180,796) to VACUUBRAND GMBH + CO KG, a limited partnership in which C Schoeler is a limited partner, and supplied services of £154,852 (2017: £153,844) to BRAND GMBH + CO KG, a limited partnership in which C Schoeler is a limited partner.
As at 31st December 2018, the company was owed £11,456 (2017: £11,149) by VACUUBRAND GMBH + CO KG, and £7,481 (2017: £7,802) by BRAND GMBH + CO KG.