IRIS Accounts Productionv24.2.0.38307147675Board of Directors1.1.2331.12.2331.12.23falsetruefalsefalsetruefalseOrdinary1.00000Ordinary A1.00000633996880091039633999644063399 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh071476752022-12-31071476752023-12-31071476752023-01-012023-12-31071476752021-09-30071476752021-10-012022-12-31071476752022-12-3107147675ns15:EnglandWales2023-01-012023-12-3107147675ns14:PoundSterling2023-01-012023-12-3107147675ns10:Director12023-01-012023-12-3107147675ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3107147675ns10:SmallEntities2023-01-012023-12-3107147675ns10:AuditExempt-NoAccountantsReport2023-01-012023-12-3107147675ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3107147675ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3107147675ns10:FullAccounts2023-01-012023-12-3107147675ns10:OrdinaryShareClass12023-01-012023-12-3107147675ns10:OrdinaryShareClass22023-01-012023-12-310714767542ns10:Director22022-12-310714767542ns10:Director22021-09-300714767542ns10:Director22021-10-012022-12-310714767542ns10:Director22023-01-012023-12-310714767542ns10:Director22022-12-3107147675ns5:CurrentFinancialInstruments2023-12-3107147675ns5:CurrentFinancialInstruments2022-12-3107147675ns5:Non-currentFinancialInstruments2023-12-3107147675ns5:Non-currentFinancialInstruments2022-12-3107147675ns5:ShareCapital2023-12-3107147675ns5:ShareCapital2022-12-3107147675ns5:RetainedEarningsAccumulatedLosses2023-12-3107147675ns5:RetainedEarningsAccumulatedLosses2022-12-3107147675ns5:FurnitureFittings2023-01-012023-12-3107147675ns5:MotorVehicles2023-01-012023-12-3107147675ns5:ComputerEquipment2023-01-012023-12-3107147675ns5:FurnitureFittings2022-12-3107147675ns5:MotorVehicles2022-12-3107147675ns5:ComputerEquipment2022-12-3107147675ns5:FurnitureFittings2023-12-3107147675ns5:MotorVehicles2023-12-3107147675ns5:ComputerEquipment2023-12-3107147675ns5:FurnitureFittings2022-12-3107147675ns5:MotorVehicles2022-12-3107147675ns5:ComputerEquipment2022-12-3107147675ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2022-12-3107147675ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-01-012023-12-3107147675ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-12-3107147675ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2022-12-3107147675ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3107147675ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3107147675ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-12-3107147675ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2022-12-3107147675ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-12-3107147675ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2022-12-3107147675ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3107147675ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3107147675ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-12-3107147675ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2022-12-3107147675ns5:HirePurchaseContracts2023-12-3107147675ns5:HirePurchaseContracts2022-12-3107147675ns5:WithinOneYear2023-12-3107147675ns5:WithinOneYear2022-12-3107147675ns5:Secured2023-12-3107147675ns5:Secured2022-12-3107147675ns5:DeferredTaxation2022-12-3107147675ns5:DeferredTaxation2023-01-012023-12-3107147675ns5:DeferredTaxation2023-12-3107147675ns10:OrdinaryShareClass12023-12-3107147675ns10:OrdinaryShareClass22023-12-3107147675ns10:Director22023-01-012023-12-31071476751ns10:Director12022-12-31071476751ns10:Director12021-09-30071476751ns10:Director12023-01-012023-12-31071476751ns10:Director12021-10-012022-12-31071476751ns10:Director12023-12-31071476751ns10:Director12022-12-3107147675ns10:Director222022-12-3107147675ns10:Director222021-09-3007147675ns10:Director222023-01-012023-12-3107147675ns10:Director222021-10-012022-12-3107147675ns10:Director222023-12-3107147675ns10:Director222022-12-31

REGISTERED NUMBER: 07147675 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR


NEW BRANDS LTD


NEW BRANDS LTD (REGISTERED NUMBER: 07147675)


CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023











Page



Balance sheet  

1



Notes to the financial statements  

3




NEW BRANDS LTD (REGISTERED NUMBER: 07147675)


BALANCE SHEET

31 DECEMBER 2023



2023

2022



Notes

£   

£   

£   

£   


Fixed assets

Tangible assets

4

52,327


71,841




Current assets

Stocks

96,472


67,356



Debtors

5

88,401


94,403



Cash at bank

423


334



185,296


162,093



Creditors

Amounts falling due within one year

6

154,512


118,844



Net current assets

30,784


43,249



Total assets less current liabilities

83,111


115,090




Creditors

Amounts falling due after more than one year

7

(71,920

)

(99,886

)



Provisions for liabilities

10

(10,989

)

(15,087

)


Net assets

202


117




Capital and reserves

Called up share capital

11

100


100



Retained earnings

102


17



Shareholders' funds

202


117




The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.  


The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.  


The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

NEW BRANDS LTD (REGISTERED NUMBER: 07147675)


BALANCE SHEET - continued

31 DECEMBER 2023



The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.  


In accordance with Section 444 of the Companies Act 2006, the Statement of comprehensive income has not been delivered.


The financial statements were approved by the Board of Directors and authorised for issue on 10 September 2024 and were signed on its behalf by:






Mrs S New - Director



NEW BRANDS LTD (REGISTERED NUMBER: 07147675)


NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023



1.

Statutory information



New Brands Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 07147675. The registered office is 7 & 8 Church Street, Wimborne, Dorset, BH21 1JH, and business address is 17 Factory Road, Upton, Poole, Dorset, BH16 5SN.


2.

Accounting policies



Basis of preparing the financial statements


These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.  



The company extended its year end to 31st December, to aid internal management reporting requirements.



The period of accounts ended 31st December 2022 are for a fifteen month period and for this reason the comparatives are therefore not entirely comparable.



Turnover


Turnover represents income generated from the sale of shoes, net of VAT where applicable.



Tangible fixed assets


Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.  


Fixtures and fittings

-

25% on reducing balance


Motor vehicles

-

25% on reducing balance


Computer equipment

-

25% on reducing balance



Stocks


Stock is valued at the lower of cost and net realisable value. Provision is made for obsolete, slow moving or defective items where appropriate.



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 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.


Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

NEW BRANDS LTD (REGISTERED NUMBER: 07147675)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2023



2.

Accounting policies - continued



Financial instruments


Basic financial instruments are initially recognised at transaction price and accounted for according to the substance of the contractual arrangement, as either financial assets, liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company, after deducting all liabilities.



At each balance sheet date, financial instruments are measured at amortised cost using the effective interest method. Any losses arising from impairment are recognised in the profit and loss account in the period to which they relate.


3.

Employees and directors



The average number of employees during the year was 3 (2022 - 3 ) .


4.

Tangible fixed assets


Fixtures



and


Motor


Computer



fittings


vehicles


equipment


Totals

£   

£   

£   

£   



Cost


At 1 January 2023

9,030


106,274


13,256


128,560




Additions

-


-


815


815




Disposals

-


(13,274

)

-


(13,274

)



At 31 December 2023

9,030


93,000


14,071


116,101




Depreciation


At 1 January 2023

6,477


39,450


10,792


56,719




Charge for year

638


15,984


820


17,442




Eliminated on disposal

-


(10,387

)

-


(10,387

)



At 31 December 2023

7,115


45,047


11,612


63,774




Net book value


At 31 December 2023

1,915


47,953


2,459


52,327




At 31 December 2022

2,553


66,824


2,464


71,841





Fixed assets, included in the above, which are held under hire purchase contracts are as follows:


Motor


vehicles

£   



Cost


At 1 January 2023


and 31 December 2023

93,000




Depreciation


At 1 January 2023

29,063




Charge for year

15,984




At 31 December 2023

45,047




Net book value


At 31 December 2023

47,953




At 31 December 2022

63,937




NEW BRANDS LTD (REGISTERED NUMBER: 07147675)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2023



5.

Debtors: amounts falling due within one year


2023

2022


£   

£   



Trade debtors

23,274


26,051




Directors' current accounts

59,887


63,400




VAT

3,011


2,312




Prepayments and accrued income

2,229


2,640



88,401


94,403




6.

Creditors: amounts falling due within one year


2023

2022


£   

£   



Bank loans and overdrafts

42,271


39,253




Other loans

19,712


30,652




Hire purchase contracts  (see note 8)

16,715


15,889




Trade creditors

46,964


5,217




Tax

25,560


18,553




Accruals and deferred income

3,290


9,280



154,512


118,844




7.

Creditors: amounts falling due after more than one year


2023

2022


£   

£   



Bank loans - 1-2 years

11,251


11,251




Bank loans - 2-5 years

4,688


15,939




Hire purchase contracts  (see note 8)

55,981


72,696



71,920


99,886




8.

Leasing agreements



Minimum lease payments fall due as follows:



Hire purchase contracts


2023

2022


£   

£   



Net obligations repayable:


Within one year

16,715


15,889




Between one and five years

55,981


72,696



72,696


88,585





Non-cancellable operating

leases


2023

2022


£   

£   



Within one year

594


-




NEW BRANDS LTD (REGISTERED NUMBER: 07147675)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2023



9.

Secured debts



The following secured debts are included within creditors:


2023

2022


£   

£   



Bank overdrafts

31,020


28,002




Hire purchase contracts

72,696


88,585



103,716


116,587





Amounts owing under hire purchase agreements are secured against the assets to which they relate.



All monies and liabilities owed to Lloyds Bank PLC are secured by way of a debenture deed, dated 25 May 2010, over all the assets of the company.



All monies, obligations and liabilities owed to Lloyds Commercial Finance Limited are secured by way of an all assets debenture, dated 22 September 2011, over all the assets of the company.



All amounts owed to Seneca Trade Partners Ltd which were fully repaid in the period, were secured by way of a legal charge, dated 12 March 2018, over all the assets of the company.


10.

Provisions for liabilities

2023

2022


£   

£   



Deferred tax

10,989


15,087





Deferred



tax


£   



Balance at 1 January 2023

15,087




Credit to Income statement during year

(4,098

)



Balance at 31 December 2023

10,989




11.

Called up share capital



Allotted, issued and fully paid:


Number:

Class:

Nominal

2023

2022



value:

£   

£   



96

Ordinary

£1.00

96


96




4

Ordinary A

£1.00

4


4



100


100




NEW BRANDS LTD (REGISTERED NUMBER: 07147675)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2023



12.

Directors' advances, credits and guarantees



The following advances and credits to directors subsisted during the year ended 31 December 2023 and the period ended 31 December 2022:


2023

2022


£   

£   



Mrs S New and Mr L New


Balance outstanding at start of year

63,399


68,800




Amounts advanced

-


91,039




Amounts repaid

(63,399

)

(96,440

)



Amounts written off

-


-




Amounts waived

-


-




Balance outstanding at end of year

-


63,399





Mrs S New


Balance outstanding at start of year

-


-




Amounts advanced

24,914


-




Amounts repaid

-


-




Amounts written off

-


-




Amounts waived

-


-




Balance outstanding at end of year

24,914


-





Mr L New


Balance outstanding at start of year

-


-




Amounts advanced

34,972


-




Amounts repaid

-


-




Amounts written off

-


-




Amounts waived

-


-




Balance outstanding at end of year

34,972


-




At the year end the directors Mr L New and Mrs S New owed the company £34,974 and £24,914 respectively, (2022 Mr & Mrs New jointly, owed the company amounts totalling £63,399) These balances were repaid in full within nine months of the year end.

The maximum amount out standing at any time during the period was £63,399

13.

Ultimate controlling party



The company is controlled by the directors, Mr & Mrs L New, who between them own 96% of the issued share capital.