REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 |
FOR |
BRANDS DIRECT LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 |
FOR |
BRANDS DIRECT LIMITED |
BRANDS DIRECT LIMITED (REGISTERED NUMBER: 03127307) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 30 JUNE 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Director | 3 |
Report of the Independent Auditors | 5 |
Income Statement | 8 |
Other Comprehensive Income | 9 |
Balance Sheet | 10 |
Statement of Changes in Equity | 11 |
Cash Flow Statement | 12 |
Notes to the Cash Flow Statement | 13 |
Notes to the Financial Statements | 14 |
BRANDS DIRECT LIMITED |
COMPANY INFORMATION |
for the Year Ended 30 JUNE 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
and Statutory Auditor |
61 Queen Square |
Bristol |
BS1 4JZ |
BANKERS: |
47 High Street |
Braintree |
Essex |
CM7 1JT |
BRANDS DIRECT LIMITED (REGISTERED NUMBER: 03127307) |
STRATEGIC REPORT |
for the Year Ended 30 JUNE 2023 |
The director presents her strategic report for the year ended 30 June 2023. |
REVIEW OF BUSINESS |
Within the principal business for the year 2022-2023 new product development began to recover strongly following quiet years during covid. As a result, the company's and our customers' sales performance through our product base were strong, with turnover growing by 4.4% to £12.2m. We are seeing new development continue into 2024 which has resulted in new job creation for future years. |
The market has now settled regarding the new regulations forced upon companies by Brexit resulting in new administration and systems which had to be implemented for international business and supply chain management. Now the movement of goods has become smoother. |
Unfortunately, turmoil because of the Russia and Ukraine war has forced global price increases throughout the market to unprecedented levels. All companies have suffered in trying to mitigate the full impact to consumers. |
Our service operation comprising of accommodation, restaurant, and public house facilities is unfortunately suffering due to a lack of spend by consumers being extremely cautious due the increases they have incurred in their household costs. |
Despite this, the company ended the year in a stronger position, with Net current assets 27% higher than last year at £4.4m. |
ON BEHALF OF THE BOARD: |
BRANDS DIRECT LIMITED (REGISTERED NUMBER: 03127307) |
REPORT OF THE DIRECTOR |
for the Year Ended 30 JUNE 2023 |
The director presents her report with the financial statements of the company for the year ended 30 June 2023. |
PRINCIPAL ACTIVITIES |
The principal activities of the company in the year under review were those of the import and distribution of food and drink products and provision of management and associated services to related undertakings. |
In addition to the principal activities above, the company owns a public services business, offering accommodation, dining, and public house facility (The Onley) in Stisted Essex. |
DIVIDENDS |
No dividends will be distributed for the year ended 30 June 2023. |
DIRECTOR |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless she is 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 director is 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 director is 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 her to ensure that the financial statements comply with the Companies Act 2006. She is 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. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and she has taken all the steps that she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
BRANDS DIRECT LIMITED (REGISTERED NUMBER: 03127307) |
REPORT OF THE DIRECTOR |
for the Year Ended 30 JUNE 2023 |
AUDITORS |
The auditors, Burnside, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BRANDS DIRECT LIMITED |
Opinion |
We have audited the financial statements of Brands Direct Limited (the 'company') for the year ended 30 June 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of 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 30 June 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. |
Basis for opinion |
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 Auditors' 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 director's 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 director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
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. |
In connection with our audit of the financial statements, 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 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BRANDS DIRECT LIMITED |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
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 Report of the Director. |
We have nothing to report in respect of the following matters where 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 director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BRANDS DIRECT LIMITED |
Auditors' 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 a Report of the Auditors 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
An understanding of the legal and regulatory framework applicable to the entity was obtained from management and those charged with governance of the entity, and the audit engagement team was confirmed to have the appropriate competence and capabilities to identify non-compliance with such a framework. |
No significant instances of fraud, non-compliance with laws and regulations or other irregularities were communicated to the engagement team by management or those charged with governance, and no particular audit areas or legislation were identified that gave rise to any significant risks of material misstatement in respect of such irregularities. |
Due to the size and nature of the entity, its susceptibility to material misstatement resulting from fraud, non-compliance with laws and regulations, or other irregularities is considered to be low, and the audit approach was appropriately planned so as to address this risk. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
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 a Report of the Auditors 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. |
for and on behalf of |
Chartered Accountants |
and Statutory Auditor |
61 Queen Square |
Bristol |
BS1 4JZ |
BRANDS DIRECT LIMITED (REGISTERED NUMBER: 03127307) |
INCOME STATEMENT |
for the Year Ended 30 JUNE 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Distribution costs |
Administrative expenses |
2,796,320 | 2,551,648 |
121,120 | 261,895 |
Other operating income |
OPERATING PROFIT | 6 |
Interest receivable and similar income | 7 |
163,318 | 275,478 |
Interest payable and similar expenses | 8 |
PROFIT BEFORE TAXATION |
Tax on profit | 9 |
PROFIT FOR THE FINANCIAL YEAR |
BRANDS DIRECT LIMITED (REGISTERED NUMBER: 03127307) |
OTHER COMPREHENSIVE INCOME |
for the Year Ended 30 JUNE 2023 |
2023 | 2022 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
BRANDS DIRECT LIMITED (REGISTERED NUMBER: 03127307) |
BALANCE SHEET |
30 JUNE 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 10 |
Investments | 11 |
CURRENT ASSETS |
Stocks | 12 |
Debtors | 13 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
15 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 16 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 17 |
Retained earnings | 18 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the director and authorised for issue on |
BRANDS DIRECT LIMITED (REGISTERED NUMBER: 03127307) |
STATEMENT OF CHANGES IN EQUITY |
for the Year Ended 30 JUNE 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 July 2021 |
Changes in equity |
Total comprehensive income | - |
Balance at 30 June 2022 |
Changes in equity |
Total comprehensive income | - |
Balance at 30 June 2023 |
BRANDS DIRECT LIMITED (REGISTERED NUMBER: 03127307) |
CASH FLOW STATEMENT |
for the Year Ended 30 JUNE 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
) | ( |
) |
Interest paid | ( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities | ( |
) | ( |
) |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Group financing movement |
Net cash from financing activities |
(Decrease)/increase in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
370,389 |
Cash and cash equivalents at end of year |
2 |
671,752 |
743,035 |
BRANDS DIRECT LIMITED (REGISTERED NUMBER: 03127307) |
NOTES TO THE CASH FLOW STATEMENT |
for the Year Ended 30 JUNE 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
Profit before taxation |
Depreciation charges |
Loss on disposal of fixed assets |
Finance costs | 126 | - |
Finance income | - | (6 | ) |
224,824 | 335,594 |
Increase in stocks | ( |
) | ( |
) |
Increase in trade and other debtors | ( |
) | ( |
) |
Decrease in trade and other creditors | ( |
) | ( |
) |
Cash generated from operations | ( |
) | ( |
) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 30 June 2023 |
30.6.23 | 1.7.22 |
£ | £ |
Cash and cash equivalents | 671,752 | 743,035 |
Year ended 30 June 2022 |
30.6.22 | 1.7.21 |
£ | £ |
Cash and cash equivalents | 743,035 | 370,389 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.7.22 | Cash flow | At 30.6.23 |
£ | £ | £ |
Net cash |
Cash at bank | 743,035 | (71,283 | ) | 671,752 |
743,035 | ( |
) | 671,752 |
Total | 743,035 | (71,283 | ) | 671,752 |
BRANDS DIRECT LIMITED (REGISTERED NUMBER: 03127307) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 30 JUNE 2023 |
1. | STATUTORY INFORMATION |
Brands Direct Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about the company as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under s402 of the Companies Act 2006 from the requirement to prepare consolidated financial statements. |
Turnover |
The turnover shown in the profit and loss account represents amounts receivable for sales of goods and services during the year, excluding value added tax. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Government grants |
The company has received Government grants during the previous year, including Coronavirus Job Retention Scheme grants. Grants receivable and relating to that accounting period were recognised as Other Operating Income under the accruals method. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Work in progress |
Work in progress is valued on the basis of direct costs plus attributable overhead based on normal levels of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress. |
BRANDS DIRECT LIMITED (REGISTERED NUMBER: 03127307) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 JUNE 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Financial assets and liabilities are recognised in the balance sheet when the company becomes party to the contractual provisions of the instrument. |
Trade and other debtors and creditors are classified as basic financial instruments and are measured on initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company may not be able to collect all amounts due. |
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank. |
Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of any direct issue costs. |
Taxation |
Taxation for the year 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 year 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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Operating lease agreements |
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease. |
BRANDS DIRECT LIMITED (REGISTERED NUMBER: 03127307) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 JUNE 2023 |
2. | ACCOUNTING POLICIES - continued |
Pension costs |
The company operates a defined contribution pension scheme and also makes contributions to personal pension schemes on behalf of certain employees. Contributions to these pension schemes are charged to the profit and loss account in the period to which they relate. The assets of the pension scheme are held separately to those of the company. |
Going concern |
The director has reviewed the going concern status of the business for the foreseeable future to the best of her ability and has concluded that she has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The director therefore continues to adopt the going concern basis of accounting in preparing these financial statements. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the principal activities of the company. |
An analysis of turnover by class of business is given below: |
2023 | 2022 |
£ | £ |
An analysis of turnover by geographical market is given below: |
2023 | 2022 |
£ | £ |
United Kingdom |
4. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
BRANDS DIRECT LIMITED (REGISTERED NUMBER: 03127307) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 JUNE 2023 |
4. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
2023 | 2022 |
Sales and marketing | 4 | 3 |
Office administration | 26 | 22 |
Pub front of house | 19 | 24 |
5. | DIRECTORS' EMOLUMENTS |
2023 | 2022 |
£ | £ |
Director's remuneration |
Director's pension contributions to money purchase schemes |
6. | OPERATING PROFIT |
The operating profit is stated after charging: |
2023 | 2022 |
£ | £ |
Other operating leases |
Depreciation - owned assets |
Loss on disposal of fixed assets |
Auditors' remuneration - audit |
Auditors' remuneration for non audit work |
Foreign exchange differences |
7. | INTEREST RECEIVABLE AND SIMILAR INCOME |
2023 | 2022 |
£ | £ |
Other interest receivable |
8. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
HMRC interest payable |
BRANDS DIRECT LIMITED (REGISTERED NUMBER: 03127307) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 JUNE 2023 |
9. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax |
Group relief claimed | - | (7,087 | ) |
Total current tax |
Deferred tax | ( |
) | ( |
) |
Tax on profit |
UK corporation tax has been charged at 20.48% (2022 - 19%). |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Utilisation of tax losses |
Impact of tax rate increase |
Total tax charge | 48,848 | 58,486 |
Corporation tax rates changed from 1 April 2023, so the tax charge is at a combination of 19% for nine months and 25% less marginal relief for 3 months. |
At 30 June 2023 the company had a total of £261,795 (2022 - £261,795) of tax losses available to carry forward for offset against relevant future trading profits. |
BRANDS DIRECT LIMITED (REGISTERED NUMBER: 03127307) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 JUNE 2023 |
10. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 July 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 June 2023 |
DEPRECIATION |
At 1 July 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
11. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 July 2022 |
and 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
BRANDS DIRECT LIMITED (REGISTERED NUMBER: 03127307) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 JUNE 2023 |
11. | FIXED ASSET INVESTMENTS - continued |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiary |
Registered office: The Brands House, 61 Kings Road, Halstead, Essex, CO9 1HA |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
Loss for the year | ( |
) |
Associated company |
Registered office: The Brands House, 61 Kings Road, Halstead, Essex CO9 1HA |
Nature of business: |
% |
Class of shares: | holding |
12. | STOCKS |
2023 | 2022 |
£ | £ |
Stocks |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
VAT |
Prepayments and accrued income |
BRANDS DIRECT LIMITED (REGISTERED NUMBER: 03127307) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 JUNE 2023 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Corporation tax |
Social security and other taxes |
VAT | - | 74,612 |
Accruals and deferred income |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Amounts owed to group undertakings |
16. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Tax losses carried forward | ( |
) | ( |
) |
Other timing differences | (1,985 | ) | (1,500 | ) |
12,023 | 12,632 |
Deferred |
tax |
£ |
Balance at 1 July 2022 |
Credit to Income Statement during year | ( |
) |
Balance at 30 June 2023 |
At 30 June 2023, the company also had an unprovided deferred tax asset relating to tax losses carried forward and available to offset relevant future taxable profits totalling £23,512 (2022 - £11,046). |
17. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary share capital | £1 | 100 | 100 |
BRANDS DIRECT LIMITED (REGISTERED NUMBER: 03127307) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 JUNE 2023 |
18. | RESERVES |
Retained |
earnings |
£ |
At 1 July 2022 |
Profit for the year |
At 30 June 2023 |
19. | CONTINGENT LIABILITIES |
The undrawn bank facilities are secured by an unlimited debenture over the company's assets. |
20. | RELATED PARTY DISCLOSURES |
Brands Direct Group Limited, a company incorporated in the British Virgin Islands, is the immediate and ultimate parent undertaking. The ultimate controlling party is Mr G F Kent. |
During the year, the company was charged £504,593 (2022 - £460,000) by Brands Direct (Barbados) Limited, a fellow subsidiary of Brands Direct Group Limited. At the year end the company owed £4,088,561 (2022 - £3,318,504) to Brands Direct (Barbados) Limited. |
At the year end, GFK Homes Limited, a subsidiary, owed £25,953 (2022 - £25,965) to the company. |
During the year the company charged Euricom UK Limited £382,429 (2022 - £277,453) for management services. At the year end the company was owed £460,224 (2022 - £378,572). |
During the year, Leasehold improvements with a net book value of £61,156 were charged at par to Onley Arms Limited, a fellow subsidiary of Brands Direct Group Limited (2022 - £104,966). At the year end the company was owed £512,596 by Onley Arms Limited (2022 - £337,220) . |
The Brands House Limited is a fellow subsidiary of Brands Direct Group Limited. During the year the company charged for works of £Nil (2022 - £157,738) on properties owned by The Brands House Limited. At the year end the company was owed a total of £1,834,923 (2022 - £1,560,339) by The Brands House Limited. |