Company registration number 11857984 (England and Wales)
Branding First Limited
Unaudited Financial Statements
For the year ended 31 March 2022
PAGES FOR FILING WITH REGISTRAR
Branding First Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 4
Branding First Limited
Balance sheet
As at 31 March 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
930
1,240
Current assets
Debtors
4
5,450
782
Cash at bank and in hand
8,804
2,653
14,254
3,435
Creditors: amounts falling due within one year
5
(15,696)
(20,183)
Net current liabilities
(1,442)
(16,748)
Net liabilities
(512)
(15,508)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(612)
(15,608)
Total equity
(512)
(15,508)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has 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 and signed by the director and authorised for issue on 21 November 2022
Mr J Lovett
Director
Company Registration No. 11857984
Branding First Limited
Notes to the Financial Statements
For the year ended 31 March 2022
- 2 -
1
Accounting policies
Company information
Branding First Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Pendragon House, 65 London Road, St Albans, Hertfordshire, AL1 1LJ.
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
Although the balance sheet as at 31 March 202
true
2
shows a negative net worth, the accounts have been prepared on a going concern basis as the company is being financed by personal loans from the director.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and 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.
1.4
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:
Equipment
20% 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
.
1.5
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
1.6
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks
and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Branding First Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2022
1
Accounting policies
(Continued)
- 3 -
1.7
Financial instruments
The company has elected to apply the provisions of Section 11
and
Section 12
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price 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
fair
value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, which include trade and other payables and bank loans, are initially measured at transaction price
and are subsequently carried at amortised cost using the effective interest method
unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the
present
fair
value of the future receipts discounted at a market rate of interest
.
1.8
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.
1.9
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.
1.10
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
1
1
Branding First Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2022
- 4 -
3
Tangible fixed assets
Equipment
£
Cost
At 1 April 2021 and 31 March 2022
1,550
Depreciation and impairment
At 1 April 2021
310
Depreciation charged in the year
310
At 31 March 2022
620
Carrying amount
At 31 March 2022
930
At 31 March 2021
1,240
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
5,400
Other debtors
50
782
5,450
782
5
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
761
120
Other creditors
14,935
20,063
15,696
20,183