REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
NEW BRANDS LTD |
REGISTERED NUMBER: |
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 |
Current assets |
Stocks |
Debtors | 5 |
Cash at bank |
Creditors |
Amounts falling due within one year | 6 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year | 7 | ( | ) | ( | ) |
Provisions for liabilities | 10 | ( | ) | ( | ) |
Net assets |
Capital and reserves |
Called up share capital | 11 |
Retained earnings |
Shareholders' funds |
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 |
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 |
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 |
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 |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
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 |
4. | Tangible fixed assets |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
Cost |
At 1 January 2023 |
Additions |
Disposals | ( | ) | ( | ) |
At 31 December 2023 |
Depreciation |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( | ) | ( | ) |
At 31 December 2023 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
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 |
Depreciation |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
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 |
Directors' current accounts | 59,887 | 63,400 |
VAT |
Prepayments and accrued income |
6. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Other loans |
Hire purchase contracts (see note 8) |
Trade creditors |
Tax |
Accruals and deferred income |
7. | Creditors: amounts falling due after more than one year |
2023 | 2022 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Hire purchase contracts (see note 8) |
8. | Leasing agreements |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable operating | leases |
2023 | 2022 |
£ | £ |
Within one year |
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 |
Hire purchase contracts | 72,696 | 88,585 |
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 |
Credit to Income statement during year | ( | ) |
Balance at 31 December 2023 |
11. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1.00 | 96 | 96 |
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 |
£ | £ |
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 |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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. |