Company registration number 08297110 (England and Wales)
BUSTER AND PUNCH LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
BUSTER AND PUNCH LIMITED
COMPANY INFORMATION
Directors
I D Dulley
A J Foottit
M B Minale
M J Preen
Company number
08297110
Registered office
29 St. Peter's Street
Stamford
Lincolnshire
United Kingdom
PE9 2PF
Auditor
Azets Audit Services
2nd Floor
Regis House
45 King William Street
London
EC4R 9AN
BUSTER AND PUNCH LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Statement of cash flows
10
Notes to the financial statements
11 - 25
BUSTER AND PUNCH LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 1 -
The directors present the strategic report for the year ended 31 March 2023.
Fair review of the business
The results for the Company are set out on page 7 and show a profit for the financial year of £1.1m. The directors are satisfied with the trading performance for the year and are confident of future prospects. Particularly pleasing was the opening of the new London Showroom, successful go live of the new European Logistics facility, developing the multiroom shopping capability showcased by the house of Buster and Punch campaign and the launch of a plethora of new products underpinned the trading performance.
The Company’s principle activity is that of the retail of luxury homeware products made from solid metals.
Principal risks and uncertainties
The risks set out below are considered to be the principal risks and uncertainties of the Group.
Strategic risk
We consider the reputation risk of potential product defects as well as theft of our intellectual property as being the key strategic risk. The necessary insurance of products as well as certification of products and sourcing through vetted suppliers mitigates the product defects. Continued investment in design registrations and Intellectual property protection helps to mitigate the risk of our unique products being replicated.
Financial risk
The careful strategic planning before committing to new business ventures as well as key financial controls over customers and credit helps mitigate the financial risk of the business. The key risks are non-payment from customer on credit terms and failure of our key suppliers after making advanced payments.
Operational risk
The risk of losses caused by failed processes, systems or events that disrupt business operations are considered and mitigated through necessary controls. The key operational risks resulting from employee errors, criminal activity such as fraud, and physical events leading to supply chain disruption are among the factors that would impact the business and which are considered as part of business interruption planning.
Key performance indicators
Management’s key performance indicators are:
2023
2022
Revenue
£13.2m
£16.3m
EBITDA
£1.90m
£2.11m
ROMI
3.35
2.68
Current ratio
1.53
1.45
M J Preen
Director
12 October 2023
BUSTER AND PUNCH LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
The directors present their annual report and financial statements for the year ended 31 March 2023.
Results and dividends
The results for the year are set out on page 7.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
I D Dulley
A J Foottit
M B Minale
M J Preen
Qualifying third party indemnity provisions
The Directors have the benefit of the indemnification provisions contained in the company’s Articles of Association and the Company has maintained throughout the year Directors and Officers liability insurance for the benefit of the Company, the Directors and its officers.
Research and development
Research and Development within the Company and the wider Group involving the research, testing and development of new processes for existing products and new tools and processes to support new product launches, amounted to £0.1m during the year (2022: £0.3m)
Future developments
The Directors have a clear strategic plan to deliver sustainable growth in the next financial year. The three key pillars of product development, operational excellence and geographic expansion will underpin the strategy. The launch of a backlog of new products under the banner of “House of Buster and Punch", opening up of a new warehouse facility in Europe and sourcing and opening a London showroom are key to the future growth of the Company.
The Company continues to shape and develop its ESG agenda and have created and formed an ESG board focused on formalising and steering the Company into setting clear direction and future achievable targets in the pillars of people, planet and prosperity.
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
M J Preen
Director
12 October 2023
BUSTER AND PUNCH LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
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.
BUSTER AND PUNCH LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BUSTER AND PUNCH LIMITED
- 4 -
Opinion
We have audited the financial statements of Buster and Punch Limited (the 'company') for the year ended 31 March 2023 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 significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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 2023 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
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.
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.
BUSTER AND PUNCH LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BUSTER AND PUNCH LIMITED
- 5 -
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 identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which 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 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.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
BUSTER AND PUNCH LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BUSTER AND PUNCH LIMITED
- 6 -
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we 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. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
Reviewing minutes of meetings of those charged with governance;
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. 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.
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 so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Toby Mason
Senior Statutory Auditor
For and on behalf of Azets Audit Services
19 October 2023
Chartered Accountants
Statutory Auditor
2nd Floor
Regis House
45 King William Street
London
EC4R 9AN
BUSTER AND PUNCH LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
2023
2022
Notes
£
£
Turnover
3
13,245,544
16,331,026
Cost of sales
(4,769,687)
(6,526,353)
Gross profit
8,475,857
9,804,673
Distribution costs
(785,871)
(1,018,420)
Administrative expenses
(9,433,570)
(8,347,228)
Other operating income
3,165,930
1,450,344
Exceptional items
4
(120,114)
Operating profit
5
1,422,346
1,769,255
Interest payable and similar expenses
8
(46,985)
(30,513)
Profit before taxation
1,375,361
1,738,742
Tax on profit
9
(269,516)
(112,074)
Profit for the financial year
1,105,845
1,626,668
The profit and loss account has been prepared on the basis that all operations are continuing operations.
BUSTER AND PUNCH LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 8 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
10
1,523,260
1,242,239
Tangible assets
11
357,311
238,510
Investments
12
46,789
44,505
1,927,360
1,525,254
Current assets
Stocks
14
4,859,596
4,937,658
Debtors
15
8,030,528
5,128,127
Cash at bank and in hand
1,501,579
2,870,472
14,391,703
12,936,257
Creditors: amounts falling due within one year
16
(9,397,636)
(8,636,260)
Net current assets
4,994,067
4,299,997
Total assets less current liabilities
6,921,427
5,825,251
Creditors: amounts falling due after more than one year
17
(44,444)
(311,111)
Provisions for liabilities
Deferred tax liability
19
67,889
45,317
(67,889)
(45,317)
Net assets
6,809,094
5,468,823
Capital and reserves
Called up share capital
22
105
105
Other reserves
268,577
34,151
Profit and loss reserves
6,540,412
5,434,567
Total equity
6,809,094
5,468,823
The financial statements were approved by the board of directors and authorised for issue on 12 October 2023 and are signed on its behalf by:
M J Preen
Director
Company Registration No. 08297110
BUSTER AND PUNCH LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 9 -
Share capital
Other reserves
Profit and loss reserves
Total
£
£
£
£
Balance at 1 April 2021
105
-
3,807,899
3,808,004
Period ended 31 March 2022:
Profit and total comprehensive income for the period
-
-
1,626,668
1,626,668
Capital contribution
-
34,151
-
34,151
Balance at 31 March 2022
105
34,151
5,434,567
5,468,823
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
1,105,845
1,105,845
Capital contribution
-
234,426
-
234,426
Balance at 31 March 2023
105
268,577
6,540,412
6,809,094
BUSTER AND PUNCH LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023
- 10 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
25
16,719
(3,492,158)
Interest paid
(46,985)
(30,513)
Income taxes paid
(145,283)
(175,610)
Net cash outflow from operating activities
(175,549)
(3,698,281)
Investing activities
Purchase of intangible assets
(598,571)
(939,519)
Purchase of tangible fixed assets
(289,089)
(181,502)
Proceeds from disposal of tangible fixed assets
3,712
Purchase of subsidiaries
(2,284)
(3,955)
Net cash used in investing activities
(889,944)
(1,121,264)
Financing activities
Repayment of bank loans
(266,667)
(222,222)
Net cash used in financing activities
(266,667)
(222,222)
Net decrease in cash and cash equivalents
(1,332,160)
(5,041,767)
Cash and cash equivalents at beginning of year
2,676,850
7,718,617
Cash and cash equivalents at end of year
1,344,690
2,676,850
Relating to:
Cash at bank and in hand
1,501,579
2,870,472
Bank overdrafts included in creditors payable within one year
(156,889)
(193,622)
BUSTER AND PUNCH LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 11 -
1
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.
2
Accounting policies
Company information
Buster and Punch Limited is a private company limited by shares incorporated in England and Wales. The registered office is 29 St. Peter's Street, Stamford, Lincolnshire, United Kingdom, PE9 2PF.
2.1
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 amounts 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.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
Buster and Punch Limited is a wholly owned subsidiary of End Ordinary Group Ltd and the results of Buster and Punch Limited are included in the consolidated financial statements of End Ordinary Group Ltd which are available from Companies House.
2.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
2.3
Turnover
Turnover represents invoiced sales of design and sales of interior furnishings, excluding value added tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
BUSTER AND PUNCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2
Accounting policies
(Continued)
- 12 -
2.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
When the likelihood of claims made for tax credits on research and development expenditure is not considered probable, no asset is recognised until confirmation has been obtained that these credits will be received by the company.
2.5
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 where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
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
5 years
Patents & licences
5 years
Development costs
5 years
2.6
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:
Fixtures, fittings and equipment
33% on cost
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.
2.7
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
2.8
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.
BUSTER AND PUNCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
2
Accounting policies
(Continued)
- 13 -
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) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
2.9
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
2.10
Cash and cash equivalents
Cash and cash equivalents 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.
2.11
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.
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.
BUSTER AND PUNCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
2
Accounting policies
(Continued)
- 14 -
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.
Basic financial liabilities
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 payments 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. Amounts 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.
BUSTER AND PUNCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
2
Accounting policies
(Continued)
- 15 -
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 subsequently 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 through 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.
2.12
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.
2.13
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.
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.
BUSTER AND PUNCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
2
Accounting policies
(Continued)
- 16 -
2.14
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 is 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.
2.15
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.
2.16
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2.17
Share-based payments
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 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.
When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.
Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.
2.18
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss 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 leases asset are consumed.
2.19
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 in the period are included in profit or loss.
BUSTER AND PUNCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 17 -
3
Turnover
2023
2022
£
£
Turnover analysed by geographical market
UK
5,359,593
7,960,735
Europe
6,586,397
6,745,969
Americas
71,658
224,003
Asia Pacific
809,098
1,069,408
Other
418,798
330,911
13,245,544
16,331,026
4
Exceptional item
2023
2022
£
£
Expenditure
IPO expenses
-
120,114
Costs incurred for initial IPO procedures have been shown as exceptional items on the face of the balance sheet as they represent one off costs outside the normal course of business.
5
Operating profit
2023
2022
Operating profit for the year is stated after charging:
£
£
Exchange losses
34,313
61,613
Research and development costs
141,581
261,505
Fees payable to the company's auditor for the audit of the company's financial statements
25,000
22,000
Depreciation of owned tangible fixed assets
170,288
126,306
(Profit)/loss on disposal of tangible fixed assets
4,211
Amortisation of intangible assets
312,066
211,897
Loss on disposal of intangible assets
5,484
Share-based payments
234,426
34,151
Operating lease charges
139,920
50,799
BUSTER AND PUNCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 18 -
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Directors
4
4
Sales
9
9
Customer service
8
7
Administrative
42
43
Total
63
63
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
4,258,768
3,592,496
Social security costs
561,842
574,273
Pension costs
114,568
118,167
4,935,178
4,284,936
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
745,744
536,714
Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
255,200
195,150
8
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Other interest on financial liabilities
46,985
30,513
BUSTER AND PUNCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 19 -
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
226,979
125,315
Adjustments in respect of prior periods
19,965
(22,993)
Total current tax
246,944
102,322
Deferred tax
Origination and reversal of timing differences
22,572
9,752
Total tax charge
269,516
112,074
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:
2023
2022
£
£
Profit before taxation
1,375,361
1,738,742
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
261,319
330,361
Tax effect of expenses that are not deductible in determining taxable profit
4,706
26,319
Group relief
(34)
(27)
Permanent capital allowances in excess of depreciation
(60,981)
(228,073)
Share based payment charge
44,541
6,489
Under/(over) provided in prior years
19,965
(22,995)
Taxation charge for the year
269,516
112,074
BUSTER AND PUNCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 20 -
10
Intangible fixed assets
Software
Patents & licences
Development costs
Total
£
£
£
£
Cost
At 1 April 2022
383,950
947,960
423,798
1,755,708
Additions - internally developed
241,615
241,615
Additions - separately acquired
22,714
305,122
29,120
356,956
Disposals
(5,965)
(5,965)
At 31 March 2023
648,279
1,247,117
452,918
2,348,314
Amortisation and impairment
At 1 April 2022
123,576
262,865
127,028
513,469
Amortisation charged for the year
25,497
204,861
81,708
312,066
Disposals
(481)
(481)
At 31 March 2023
149,073
467,245
208,736
825,054
Carrying amount
At 31 March 2023
499,206
779,872
244,182
1,523,260
At 31 March 2022
260,374
685,095
296,770
1,242,239
11
Tangible fixed assets
Fixtures, fittings and equipment
£
Cost
At 1 April 2022
805,434
Additions
289,089
Disposals
(351,782)
At 31 March 2023
742,741
Depreciation and impairment
At 1 April 2022
566,924
Depreciation charged in the year
170,288
Eliminated in respect of disposals
(351,782)
At 31 March 2023
385,430
Carrying amount
At 31 March 2023
357,311
At 31 March 2022
238,510
BUSTER AND PUNCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 21 -
12
Fixed asset investments
2023
2022
Notes
£
£
Investments in subsidiaries
13
46,789
44,505
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 April 2022
44,505
Additions
2,384
Disposals
(100)
At 31 March 2023
46,789
Carrying amount
At 31 March 2023
46,789
At 31 March 2022
44,505
13
Subsidiaries
Details of the company's subsidiaries at 31 March 2023 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Buster Design (Shenzhen) Limited Company
China
Ordinary shares
100.00
Buster and Punch AB
Sweden
Ordinary shares
100.00
Buster and Punch Inc
USA
Ordinary shares
100.00
Buster and Punch PTY
Australia
Ordinary shares
100.00
Buster and Punch KK
Japan
Ordinary shares
100.00
Buster and Punch HK Limited
Hong Kong
Ordinary shares
100.00
Buster and Punch SP z o o
Poland
Ordinary shares
100.00
14
Stocks
2023
2022
£
£
Finished goods and goods for resale
4,859,596
4,937,658
BUSTER AND PUNCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 22 -
15
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
275,947
229,851
Amounts owed by group undertakings
6,507,730
3,302,911
Other debtors
637,960
161,030
Prepayments and accrued income
608,891
1,434,335
8,030,528
5,128,127
16
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans and overdrafts
18
423,556
460,289
Trade creditors
515,625
1,355,006
Amounts owed to group undertakings
6,931,647
5,387,097
Corporation tax
226,978
125,317
Other taxation and social security
92,858
91,963
Other creditors
1,206,972
1,216,588
9,397,636
8,636,260
17
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
18
44,444
311,111
18
Loans and overdrafts
2023
2022
£
£
Bank loans
311,111
577,778
Bank overdrafts
156,889
193,622
468,000
771,400
Payable within one year
423,556
460,289
Payable after one year
44,444
311,111
There is no security provided for the bank loans.
Bank loans represent a Coronavirus Business Interruption Loan Scheme (CBILS), repayable by instalments over a 3 year period commencing June 2021. Interest is charged at 3.99% over the Bank of England Base Rate.
BUSTER AND PUNCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 23 -
19
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
67,889
45,317
2023
Movements in the year:
£
Liability at 1 April 2022
45,317
Charge to profit or loss
22,572
Liability at 31 March 2023
67,889
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.
20
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
114,568
118,167
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.
21
Share-based payment transactions
Number of share options
Weighted average exercise price
2023
2022
2023
2022
Number
Number
£
£
Outstanding at 1 April 2022
8,541
101.00
Granted
8,541
101.00
Forfeited
(591)
101.00
Outstanding at 31 March 2023
7,950
8,541
101.00
101.00
Exercisable at 31 March 2023
The options outstanding at 31 March 2023 had an exercise price of £12.00, and a remaining contractual life of 5 years.
BUSTER AND PUNCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
21
Share-based payment transactions
(Continued)
- 24 -
The weighted average fair value of options granted in the year was determined using the Black-Scholes option pricing model. The Black-Scholes model is considered to apply the most appropriate valuation method due to the relatively short contractual lives of the options.
The expected life used in the model has been based on management’s best estimate, and adjusted for the effect of non-transferability, exercise restrictions, and behavioural considerations.
Liabilities and expenses
During the year, the company recognised total share-based payment expenses of £234,426 (2021: £34,151) which related to equity settled share based payment transactions.
22
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A Shares of 1p each
52
52
52
52
Ordinary B Shares of 1p each
53
53
53
53
105
105
105
105
23
Operating lease commitments
Lessee
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:
2023
2022
£
£
Within one year
82,453
31,201
Between two and five years
77,863
12,453
160,316
43,654
BUSTER AND PUNCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 25 -
24
Related party transactions
During the year, the company paid £30,000 (2022: £Nil) for design fees to Preen Partners Ltd, a company of which M Preen is a director. At the balance sheet date the company owed £Nil (2022: £Nil) to Preen Partners Ltd.
25
Cash generated from/(absorbed by) operations
2023
2022
£
£
Profit for the year after tax
1,105,845
1,626,668
Adjustments for:
Taxation charged
269,516
112,074
Finance costs
46,985
30,513
(Gain)/loss on disposal of tangible fixed assets
4,211
Loss on disposal of intangible assets
5,484
Amortisation and impairment of intangible assets
312,066
211,897
Depreciation and impairment of tangible fixed assets
170,288
126,306
Equity settled share based payment expense
234,426
34,151
Movements in working capital:
Decrease/(increase) in stocks
78,062
(1,590,878)
Increase in debtors
(2,902,401)
(3,809,432)
Increase/(decrease) in creditors
696,448
(237,668)
Cash generated from/(absorbed by) operations
16,719
(3,492,158)
26
Analysis of changes in net funds
1 April 2022
Cash flows
31 March 2023
£
£
£
Cash at bank and in hand
2,870,472
(1,368,893)
1,501,579
Bank overdrafts
(193,622)
36,733
(156,889)
2,676,850
(1,332,160)
1,344,690
Borrowings excluding overdrafts
(577,778)
266,667
(311,111)
2,099,072
(1,065,493)
1,033,579
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