Registered number
04455736
Brand Fusion International Limited
Filleted Accounts
28 February 2023
Brand Fusion International Limited
Report and accounts
Contents
Page
Company information 1
Directors' report 2
Profit and loss account 3
Balance sheet 4
Notes to the accounts 5 to 8
Brand Fusion International Limited
Company Information
Directors
N D Freemantle
S A Freemantle
A R Maxted (died on 30th May 2022)
J A Abbott (appointed 1st July 2022)
Secretary
G K Potter FAIA
Accountants
N W Potter & Co
International Accountants
Station House
Station Road
Betchworth
Surrey
RH3 7BZ
G K Potter FAIA
Registered office
Station House
Station Road
Betchworth
Surrey
RH3 7BZ
Registered number
04455736
Brand Fusion International Limited
Registered number: 04455736
Directors' Report
The directors present their report and accounts for the year ended 28 February 2023.
Principal activities
The company's principal activity during the year continued to be that of wholesale supply and distribution & import and export of golf related products.
Directors
The following persons served as directors during the year:
N D Freemantle
S A Freemantle
A R Maxted (died on 30th May 2022)
J A Abbott (appointed 1st July 2022)
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 18 October 2023 and signed on its behalf.
N D Freemantle
Director
Brand Fusion International Limited
Registered number: 04455736
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 34,195 57,987
Tangible assets 4 40,602 19,844
74,797 77,831
Current assets
Stocks 3,785,143 3,834,549
Debtors 5 1,559,636 1,975,913
Cash at bank and in hand 302,660 168,508
5,647,439 5,978,970
Creditors: amounts falling due within one year 6 (2,528,072) (3,108,190)
Net current assets 3,119,367 2,870,780
Total assets less current liabilities 3,194,164 2,948,611
Provisions for liabilities (625) (1,006)
Net assets 3,193,539 2,947,605
Capital and reserves
Called up share capital 1 1
Profit and loss account 3,193,538 2,947,604
Shareholder's funds 3,193,539 2,947,605
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.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
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.
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.
N D Freemantle
Director
Approved by the board on 18 October 2023
Brand Fusion International Limited
Notes to the Accounts
for the year ended 28 February 2023
1 Accounting policies
Basis of preparation
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).
Turnover
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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
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:
Plant & equipment 25% & 40% per annum on reducing balance
Computer equipment 40% per annum on reducing balance
Software Licences 33% & 50% on cost
Stocks
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.
Debtors
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.
Creditors
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.
Taxation
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.
Provisions
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.
Foreign currency translation
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.
Leased assets
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 18 23
3 Intangible fixed assets £
Goodwill, Patents & Trade Marks :
Cost
At 1 March 2022 641,286
At 28 February 2023 641,286
Amortisation
At 1 March 2022 583,299
Provided during the year 23,792
At 28 February 2023 607,091
Net book value
At 28 February 2023 34,195
At 28 February 2022 57,987
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.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2022 177,913
Additions 31,918
At 28 February 2023 209,831
Depreciation
At 1 March 2022 158,069
Charge for the year 11,160
At 28 February 2023 169,229
Net book value
At 28 February 2023 40,602
At 28 February 2022 19,844
5 Debtors 2023 2022
£ £
Trade debtors 1,556,323 1,971,721
Other debtors 3,313 4,192
1,559,636 1,975,913
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 270,079 395,953
Trade creditors 1,441,643 2,056,287
Taxes and social security costs 319,925 253,550
Other creditors 496,425 402,400
2,528,072 3,108,190
Other creditors include a Directors Loan Account (N D Freemantle) with a capital balance of £353,904 as at 28th February 2023, (£248,430 as at 28th February 2022).There is no formal arrangement to repay the loan and no interest has been paid or accrued on this loan during the year.

During the year, a formal private loan was arranged with a capital balance of £99,999 as at the 28th February 2023. The loan commenced on the 19th January 2023 and matures on the 18th July 2023 when the whole capital sum is repaid plus an interest payment of £5,000.

Other creditors also include -

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 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 5,425 137,425
8 Other information
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
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