The Brand in a Box Company Limited 05086588 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is that of providing packaging for the catering industry Digita Accounts Production Advanced 6.30.9574.0 true 05086588 2022-04-01 2023-03-31 05086588 2023-03-31 05086588 core:AcceleratedTaxDepreciationDeferredTax 2023-03-31 05086588 core:ProvisionsDeferredTax 2023-03-31 05086588 core:CurrentFinancialInstruments 2023-03-31 05086588 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 05086588 core:Non-currentFinancialInstruments 2023-03-31 05086588 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 05086588 core:FurnitureFittingsToolsEquipment 2023-03-31 05086588 bus:SmallEntities 2022-04-01 2023-03-31 05086588 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 05086588 bus:FullAccounts 2022-04-01 2023-03-31 05086588 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 05086588 bus:RegisteredOffice 2022-04-01 2023-03-31 05086588 bus:Director3 2022-04-01 2023-03-31 05086588 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 05086588 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 05086588 core:OfficeEquipment 2022-04-01 2023-03-31 05086588 countries:EnglandWales 2022-04-01 2023-03-31 05086588 core:FurnitureFittingsToolsEquipment 2022-03-31 05086588 2021-04-01 2022-03-31 05086588 2022-03-31 05086588 core:AcceleratedTaxDepreciationDeferredTax 2022-03-31 05086588 core:ProvisionsDeferredTax 2022-03-31 05086588 core:CurrentFinancialInstruments 2022-03-31 05086588 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 05086588 core:Non-currentFinancialInstruments 2022-03-31 05086588 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 05086588 core:FurnitureFittingsToolsEquipment 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 05086588

Prepared for the registrar

The Brand in a Box Company Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

The Brand in a Box Company Limited

(Registration number: 05086588)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

1,081

3,556

Current assets

 

Stocks

145,434

125,092

Debtors

6

781,512

735,602

Cash at bank and in hand

 

10,084

50,059

 

937,030

910,753

Creditors: Amounts falling due within one year

7

(493,213)

(407,516)

Net current assets

 

443,817

503,237

Total assets less current liabilities

 

444,898

506,793

Creditors: Amounts falling due after more than one year

7

(199,995)

(299,996)

Deferred tax liabilities

 

(245)

(713)

Net assets

 

244,658

206,084

Capital and reserves

 

Called up share capital

30

30

Profit and loss account

244,628

206,054

Shareholders' funds

 

244,658

206,084

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 22 November 2023 and signed on its behalf by:
 


Mr A Rodgers
Director

 

The Brand in a Box Company Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 7B
Damery Works
Woodford
Berkeley
GL13 9JR

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Judgements

No significant judgements have been made by management in preparing these financial statements.

Revenue recognition

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

The Brand in a Box Company Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% straight line

Fixtures and fittings

25% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

 

The Brand in a Box Company Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the profit and loss.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 6).

 

The Brand in a Box Company Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

 

4

Deferred tax

Deferred tax assets and liabilities

2023

Asset
£

Liability
£

Difference between accumulated deprecation and capital allowances

-

270

Short term timing differences

25

-

25

270

2022

Asset
£

Liability
£

Difference between accumulated deprecation and capital allowances

-

758

Short term timing differences

45

-

45

758

 

5

Tangible assets

Furniture, fittings and equipment
 £

Cost

At 1 April 2022

38,523

At 31 March 2023

38,523

Depreciation

At 1 April 2022

34,967

Charge for the year

2,475

At 31 March 2023

37,442

Carrying amount

At 31 March 2023

1,081

At 31 March 2022

3,556

 

6

Debtors

Note

2023
 £

2022
 £

Trade debtors

 

278,106

229,146

Amounts owed by related parties

10

15,376

14,752

Other debtors

 

481,010

481,010

Prepayments

 

7,020

10,694

 

781,512

735,602

 

The Brand in a Box Company Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

 

7

Creditors

Note

2023
 £

2022
 £

Due within one year

 

Loans and borrowings

8

195,482

133,749

Trade creditors

 

102,874

95,362

Social security and other taxes

 

33,858

23,010

Outstanding defined contribution pension costs

 

236

417

Accrued expenses

 

106,569

121,505

Corporation tax liability

54,194

33,473

 

493,213

407,516

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

199,995

299,996

 

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank loan (secured)

100,000

100,000

Bank overdraft

95,482

33,749

195,482

133,749

2023
£

2022
£

Non-current loans and borrowings

Bank loan (secured)

199,995

299,996

 

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £Nil (2022 - £34,715).

 

10

Related party transactions

Transactions with directors

At 31 March 2023, the company was owed £7,688 (2022: £7,376) by the director R Thompson and £7,688 (2022: £7,376) by the director A Rodgers in the form of directors' loan accounts. The loans have no fixed repayment terms, are repayable on demand and no interest was charged in the year.

 

11

Control

The company's parent is BIABCO Investments Ltd incorporated in United Kingdom.