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Registration number: 06577367

Central Brands Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2023

 

Central Brands Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 9

 

Central Brands Limited

Company Information

Director

Mr Sasha Nekic

Registered office

Unit B11, OYO Business Units
187 Park Lane
Castle Vale
Birmingham
B35 6AN

Accountants

Bissell & Brown Midlands Ltd
Chartered Certified Accountants
Charter House
56 High Street
Sutton Coldfield
West Midlands
B72 1UJ

 

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Central Brands Limited
for the Year Ended 31 May 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Central Brands Limited for the year ended 31 May 2023 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/gb/en/discover/public-value/rulebook.html.

This report is made solely to the Board of Directors of Central Brands Limited, as a body, in accordance with the terms of our engagement letter dated 1 April 2021. Our work has been undertaken solely to prepare for your approval the accounts of Central Brands Limited and state those matters that we have agreed to state to the Board of Directors of Central Brands Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at
http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/october/factsheet-163-audit-exempt-
companies.html.

To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Central Brands Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Central Brands Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Central Brands Limited. You consider that Central Brands Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Central Brands Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Bissell & Brown Midlands Ltd
Chartered Certified Accountants
Charter House
56 High Street
Sutton Coldfield
West Midlands
B72 1UJ


14 March 2024

 

Central Brands Limited

(Registration number: 06577367)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

6

29,417

41,656

Current assets

 

Stocks

7

33,157

45,820

Debtors

8

18,748

17,518

Cash at bank and in hand

 

3,872

2,877

 

55,777

66,215

Creditors: Amounts falling due within one year

9

(84,518)

(77,859)

Net current liabilities

 

(28,741)

(11,644)

Total assets less current liabilities

 

676

30,012

Creditors: Amounts falling due after more than one year

9

(76,715)

(105,451)

Provisions for liabilities

(5,589)

(5,938)

Net liabilities

 

(81,628)

(81,377)

Capital and reserves

 

Called up share capital

10

100

100

Profit and loss account

(81,728)

(81,477)

Total equity

 

(81,628)

(81,377)

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

Director's 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 director acknowledges his 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 Directors' Report or the Profit and Loss Account has been taken.

Approved and authorised by the director on 28 February 2024

.........................................

Mr Sasha Nekic
Director

 

Central Brands Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales. The company's registration number is 06577367.

The address of its registered office is:
Unit B11, OYO Business Units
187 Park Lane
Castle Vale
Birmingham
B35 6AN

These financial statements were authorised for issue by the director on 28 February 2024.

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 that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity, and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change 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.

 

Central Brands Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

2

Accounting policies (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet 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

Plant and machinery

10% straight line

Office equipment

20% 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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 receivables.

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.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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 subsequently measured at amortised cost using the effective interest method.

 

Central Brands Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

2

Accounting policies (continued)

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.

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.

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.

3

Staff numbers

The average number of persons employed (including the director) during the year was 4 (2022 - 9).

4

Loss/profit before tax

Arrived at after charging/(crediting)

2023
 £

2022
 £

Depreciation expense

10,847

11,411

 

Central Brands Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

5

Taxation

Deferred tax

Deferred tax assets and liabilities

2023

Liability
£

Accelerated tax depreciation

5,589

Tax losses

-

 

5,589

2022

Asset
£

Liability
£

Accelerated tax depreciation

-

7,915

Tax losses

1,977

-

 

1,977

7,915

6

Tangible assets

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 June 2022

106,993

-

106,993

Additions

650

400

1,050

Disposals

(8,160)

-

(8,160)

At 31 May 2023

99,483

400

99,883

Depreciation

At 1 June 2022

65,337

-

65,337

Charge for the year

10,767

80

10,847

Eliminated on disposal

(5,718)

-

(5,718)

At 31 May 2023

70,386

80

70,466

Carrying amount

At 31 May 2023

29,097

320

29,417

At 31 May 2022

41,656

-

41,656

7

Stocks

2023
£

2022
£

Finished goods and goods for resale

33,157

45,820

 

Central Brands Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

8

Debtors

2023
£

2022
£

Trade debtors

8,537

10,685

Other debtors

9,248

6,000

Prepayments

963

833

18,748

17,518

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9.1

48,971

54,353

Trade creditors

 

4,557

3,501

Amounts owed to group undertakings and undertakings in which the company has a participating interest

5,328

9,301

Taxation and social security

 

22,682

7,186

Other creditors

 

-

1,018

Accrued expenses

 

2,980

2,500

 

84,518

77,859

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9.1

76,715

105,451

9.1

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

28,618

28,259

Bank overdrafts

1

-

Loans from directors

20,352

26,094

48,971

54,353

 

Central Brands Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

9

Creditors (continued)

9.1

Loans and borrowings (continued)

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

36,715

65,451

Directors loan

40,000

40,000

76,715

105,451

Bank borrowings

The carrying amount of the HSBC Bank PLC secured loan at year end is £29,688 (2022 - £48,438).

HSBC Bank PLC holds a fixed and floating charge over all assets.

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares share of £1 each

100

100

100

100

         

Rights, preferences and restrictions

Ordinary shares have the following rights, preferences and restrictions:
Holders of the ordinary share capital have a right to vote and receive dividends.