REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE PERIOD 1ST AUGUST 2022 TO 30TH JULY 2023 |
FOR |
BESAN BRANDS LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE PERIOD 1ST AUGUST 2022 TO 30TH JULY 2023 |
FOR |
BESAN BRANDS LIMITED |
BESAN BRANDS LIMITED (REGISTERED NUMBER: 02863275) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1ST AUGUST 2022 TO 30TH JULY 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
BESAN BRANDS LIMITED |
COMPANY INFORMATION |
FOR THE PERIOD 1ST AUGUST 2022 TO 30TH JULY 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants & Statutory Auditors |
1 Doughty Street |
London |
WC1N 2PH |
BANKERS: |
South Midlands Corporate Banking Centre |
Quadra, 500 Pavilion Drive |
Northampton Business Park |
Northampton |
NN4 7YJ |
BESAN BRANDS LIMITED (REGISTERED NUMBER: 02863275) |
BALANCE SHEET |
30TH JULY 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
BESAN BRANDS LIMITED (REGISTERED NUMBER: 02863275) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1ST AUGUST 2022 TO 30TH JULY 2023 |
1. | STATUTORY INFORMATION |
Besan Brands Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 02863275 and registered office address is 10-14 Stewarts Road, Finedon Road Industrial Estate, Wellingborough, Northamptonshire, NN8 4RJ. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The financial statements have been prepared on a going concern basis which the directors consider to be appropriate. The directors have assessed the going concern risks to the Company and have concluded that financial projections indicate that the Company will continue to meet its liabilities as they fall due over the next twelve months from the date of approval of these financial statements. |
The company has received banking facilities from HSBC Bank plc.The Board is of the opinion that the bank will continue to provide the facility until the next review. The company has, to-date, been able to service the facility, and meet the interest and capital repayments and the Board believe that the company will continue to operate within the currently available facility. |
Based on this, the Board has reasonable expectations that the Company has adequate resources to continue as a going concern. Therefore, the Board considers it appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result from this basis of preparation being inappropriate. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Revenue for sale of goods is recognised when the significant risks and rewards of ownership have been transferred to the buyer, there is no continuing involvement with the goods, and the amount of revenue can be measured reliably, which can be on the date of shipment or the date of receipt by the customer. Transfer of risks and rewards varies depending on the individual terms of the contract of sale, including the delivery conditions, agreed with the customers. |
Revenue is recorded net of trade promotion and discounts, which is recognised as incurred, generally at the time of the sale. Accruals for expected promotion and discount payouts to customer are included as accruals in the Balance Sheet. Revenue is also recorded net of Value Added Tax. |
Revenue from the royalty and patent licences is generated from negotiated agreements. The timing and amount of revenue recognised depends upon a variety of factors, including the terms of each agreement and the nature of the obligations of the parties. Royalty income is recognised on an accrual basis. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
BESAN BRANDS LIMITED (REGISTERED NUMBER: 02863275) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1ST AUGUST 2022 TO 30TH JULY 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
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. |
Critical accounting judgements and key sources of estimation uncertainty |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. |
The estimates and assumptions used in the accompanying financial statements are based upon management's evaluation of the relevant facts and circumstances as on the date of the financial statements. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected. |
Information about estimation uncertainties that may have a significant risk of resulting in a material adjustment within the next financial year are: |
Intangible fixed assets - the estimation of the useful lives is based on historic performance as well as expectation about future use and, therefore, requires a degree of judgement to be applied. The amortisation rates represent management's current best estimate of the useful lives of the assets. A material change in these estimates may significantly impact the carrying values of these assets. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was NIL (2022 - |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1st August 2022 |
and 30th July 2023 |
AMORTISATION |
At 1st August 2022 |
Charge for period |
At 30th July 2023 |
NET BOOK VALUE |
At 30th July 2023 |
At 31st July 2022 |
BESAN BRANDS LIMITED (REGISTERED NUMBER: 02863275) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1ST AUGUST 2022 TO 30TH JULY 2023 |
5. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 1st August 2022 |
and 30th July 2023 |
PROVISIONS |
Provision for period | 50,625 |
At 30th July 2023 | 50,625 |
NET BOOK VALUE |
At 30th July 2023 |
At 31st July 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary Shares | £1 | 114,853 | 114,853 |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
10. | CONTINGENT LIABILITIES |
Virani Food Products Limited, a company with common shareholders and directors, has received various facilities from HSBC Bank plc, which are secured by a fixed and floating charge over this company's assets. At the period-end, the amount guaranteed by the company was £2,205,668 (2022: £1,615,563). There is also a right to set-off with the related companies. |
BESAN BRANDS LIMITED (REGISTERED NUMBER: 02863275) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1ST AUGUST 2022 TO 30TH JULY 2023 |
11. | RELATED PARTY DISCLOSURES |
During the period, total dividends of £5,743 (2022: £4,594) were paid to the shareholders / directors. |
The company undertook the following transactions with a company with common directors and/or |
shareholders: |
2023 | 2022 |
£ | £ |
Purchases from related party, including delivery charges | 1,443,746 | 1,425,763 |
Royalty income from related party | 14,654 | 13,426 |
Management expenses paid to related party | 9,000 | 9,053 |
Expenses recharged by related party | 5,102 | 12,472 |
Net amounts due from / (to) related parties at balance sheet date | (81,760 | ) | (418,779 | ) |
Both the Company and related parties have received banking facilities from HSBC Bank plc which are secured by cross guarantees provided by these companies to the Bank. Details of cross-guarantees provided by this company are shown in the 'Contingent Liabilities' note to the financial statements. |