Registered number
09487992
Performance Brands Limited
Unaudited Filleted Accounts
31 March 2024
Performance Brands Limited
Registered number: 09487992
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 1 1
Tangible assets 4 30,436 4,005
30,437 4,006
Current assets
Stocks 1,299,510 1,265,220
Debtors 5 370,332 955,627
Cash at bank and in hand 90,341 129,177
1,760,183 2,350,024
Creditors: amounts falling due within one year 6 (1,796,612) (2,253,336)
Net current (liabilities)/assets (36,429) 96,688
Net (liabilities)/assets (5,992) 100,694
Capital and reserves
Allotted called up and fully paid share capital 1,500,100 1,500,100
Capital redemption reserve 7 51 51
Profit and loss account (1,506,143) (1,399,457)
Shareholders' funds (5,992) 100,694
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Stephen Hall
Director
Approved by the board on 29 August 2024
Performance Brands Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 3 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 8 8
3 Intangible fixed assets £
Software:
Cost
At 1 April 2023 22,510
At 31 March 2024 22,510
Amortisation
At 1 April 2023 22,509
At 31 March 2024 22,509
Net book value
At 31 March 2024 1
At 31 March 2023 1
Software was being written off in equal annual instalments over its estimated economic life of 3 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2023 30,773 - 30,773
Additions 1,140 33,550 34,690
At 31 March 2024 31,913 33,550 65,463
Depreciation
At 1 April 2023 26,768 - 26,768
Charge for the year 3,459 4,800 8,259
At 31 March 2024 30,227 4,800 35,027
Net book value
At 31 March 2024 1,686 28,750 30,436
At 31 March 2023 4,005 - 4,005
5 Debtors 2024 2023
£ £
Trade debtors 249,594 806,607
Other debtors 120,738 149,020
370,332 955,627
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 1,637,119 1,937,278
Taxation and social security costs 20,963 35,483
Other creditors 138,530 280,575
1,796,612 2,253,336
7 Capital redemption reserve 2024 2023
£ £
At 1 April 2023 51 51
At 31 March 2024 51 51
8 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 28,174 33,317
9 Related party transactions
The company buys the majority of its stock from Rahman Industries Limited, an Indian company, which up until December 2020 owned 56% of the company's share capital. The shares were then transferred to SKN Corporation (FZE) another group company. The value of such purchases together with other Rahman group companies during the year ended 31 March 2024 were £2,027,209 (2023:£2,067,035) and the balance due to Rahman group companies at the year end was £1,564,256 (2023:£1,869,270).
10 Other information
Performance Brands Limited is a private company limited by shares and incorporated in England. Its registered office is:
Cavendish House
St Andrews Court
Leeds
LS3 1JY
Performance Brands Limited 09487992 false 2023-04-01 2024-03-31 2024-03-31 VT Final Accounts April 2024 Stephen Hall No description of principal activity 09487992 2022-04-01 2023-03-31 09487992 core:WithinOneYear 2023-03-31 09487992 core:ShareCapital 2023-03-31 09487992 core:OtherReservesSubtotal 2023-03-31 09487992 core:RetainedEarningsAccumulatedLosses 2023-03-31 09487992 core:AllPeriods 2023-03-31 09487992 core:RevaluationReserve 2022-03-31 09487992 2023-04-01 2024-03-31 09487992 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 09487992 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 09487992 bus:Director40 2023-04-01 2024-03-31 09487992 1 2023-04-01 2024-03-31 09487992 2 2023-04-01 2024-03-31 09487992 core:PlantMachinery 2023-04-01 2024-03-31 09487992 core:Vehicles 2023-04-01 2024-03-31 09487992 countries:England 2023-04-01 2024-03-31 09487992 bus:FRS102 2023-04-01 2024-03-31 09487992 bus:FilletedAccounts 2023-04-01 2024-03-31 09487992 2024-03-31 09487992 core:WithinOneYear 2024-03-31 09487992 core:ShareCapital 2024-03-31 09487992 core:OtherReservesSubtotal 2024-03-31 09487992 core:RetainedEarningsAccumulatedLosses 2024-03-31 09487992 core:IntangibleAssetsOtherThanGoodwill 2024-03-31 09487992 core:PlantMachinery 2024-03-31 09487992 core:Vehicles 2024-03-31 09487992 core:RevaluationReserve 2024-03-31 09487992 core:AllPeriods 2024-03-31 09487992 2023-03-31 09487992 core:IntangibleAssetsOtherThanGoodwill 2023-03-31 09487992 core:PlantMachinery 2023-03-31 09487992 core:Vehicles 2023-03-31 09487992 core:RevaluationReserve 2023-03-31 iso4217:GBP xbrli:pure