13 false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2021 - FRS102_2021 70,000 26,833 7,000 33,833 36,167 43,167 17,632 10,854 28,486 8,745 7,500 16,245 12,241 8,887 88 88 88 xbrli:pure xbrli:shares iso4217:GBP 11750044 2023-01-01 2023-12-31 11750044 2023-12-31 11750044 2022-12-31 11750044 2022-01-01 2022-12-31 11750044 2022-12-31 11750044 core:PatentsTrademarksLicencesConcessionsSimilar 2023-01-01 2023-12-31 11750044 core:PlantMachinery 2023-01-01 2023-12-31 11750044 bus:Director1 2023-01-01 2023-12-31 11750044 core:PatentsTrademarksLicencesConcessionsSimilar 2022-12-31 11750044 core:PatentsTrademarksLicencesConcessionsSimilar 2023-12-31 11750044 core:PlantMachinery 2022-12-31 11750044 core:PlantMachinery 2023-12-31 11750044 core:WithinOneYear 2023-12-31 11750044 core:WithinOneYear 2022-12-31 11750044 core:AfterOneYear 2023-12-31 11750044 core:AfterOneYear 2022-12-31 11750044 core:ShareCapital 2023-12-31 11750044 core:ShareCapital 2022-12-31 11750044 core:RetainedEarningsAccumulatedLosses 2023-12-31 11750044 core:RetainedEarningsAccumulatedLosses 2022-12-31 11750044 core:PatentsTrademarksLicencesConcessionsSimilar 2022-12-31 11750044 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2023-12-31 11750044 core:CostValuation core:Non-currentFinancialInstruments 2023-12-31 11750044 core:Non-currentFinancialInstruments 2023-12-31 11750044 core:PlantMachinery 2022-12-31 11750044 bus:SmallEntities 2023-01-01 2023-12-31 11750044 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 11750044 bus:FullAccounts 2023-01-01 2023-12-31 11750044 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 11750044 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31
COMPANY REGISTRATION NUMBER: 11750044
BRAND HATCHERS LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 December 2023
BRAND HATCHERS LTD
FINANCIAL STATEMENTS
Year ended 31 December 2023
CONTENTS
PAGE
Balance sheet
1
Notes to the financial statements
3
BRAND HATCHERS LTD
BALANCE SHEET
31 December 2023
2023
2022
Note
£
£
FIXED ASSETS
Intangible assets
5
36,167
43,167
Tangible assets
6
12,241
8,887
Investments
7
88
--------
--------
48,496
52,054
CURRENT ASSETS
Stocks
1,022,344
391,932
Debtors
8
1,852,508
1,550,481
Cash at bank and in hand
20,460
41,492
------------
------------
2,895,312
1,983,905
CREDITORS: amounts falling due within one year
9
( 1,807,676)
( 459,963)
------------
------------
NET CURRENT ASSETS
1,087,636
1,523,942
------------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
1,136,132
1,575,996
CREDITORS: amounts falling due after more than one year
10
( 477,916)
( 1,158,717)
PROVISIONS
( 1,759)
( 1,684)
------------
------------
NET ASSETS
656,457
415,595
------------
------------
CAPITAL AND RESERVES
Called up share capital
125
125
Profit and loss account
656,332
415,470
---------
---------
SHAREHOLDERS FUNDS
656,457
415,595
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
BRAND HATCHERS LTD
BALANCE SHEET (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 25 September 2024 , and are signed on behalf of the board by:
Mrs E S Griffiths
Director
Company registration number: 11750044
BRAND HATCHERS LTD
NOTES TO THE FINANCIAL STATEMENTS
Year ended 31 December 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 22 Great House Farm, Michaelston Road, Cardiff, CF5 6FL. The principal place of business is Suite 5A, Quest House, St Mellons Business Park, Cardiff, CF3 0EY.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Patents, trademarks and licences
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
30% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 13 (2022: 9 ).
5. INTANGIBLE ASSETS
Patents, trademarks and licences
£
Cost
At 1 January 2023 and 31 December 2023
70,000
--------
Amortisation
At 1 January 2023
26,833
Charge for the year
7,000
--------
At 31 December 2023
33,833
--------
Carrying amount
At 31 December 2023
36,167
--------
At 31 December 2022
43,167
--------
6. TANGIBLE ASSETS
Plant and machinery
£
Cost
At 1 January 2023
17,632
Additions
10,854
--------
At 31 December 2023
28,486
--------
Depreciation
At 1 January 2023
8,745
Charge for the year
7,500
--------
At 31 December 2023
16,245
--------
Carrying amount
At 31 December 2023
12,241
--------
At 31 December 2022
8,887
--------
7. INVESTMENTS
Shares in group undertakings
£
Cost
At 1 January 2023
Additions
88
----
At 31 December 2023
88
----
Impairment
At 1 January 2023 and 31 December 2023
----
Carrying amount
At 31 December 2023
88
----
At 31 December 2022
----
8. DEBTORS
2023
2022
£
£
Trade debtors
410,073
465,414
Amounts owed by group undertakings and undertakings in which the company has a participating interest
1,319,636
1,065,646
Other debtors
122,799
19,421
------------
------------
1,852,508
1,550,481
------------
------------
9. CREDITORS: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
202,298
73,736
Trade creditors
111,073
59,222
Corporation tax
118,061
41,396
Social security and other taxes
222,933
109,630
Other creditors
1,153,311
175,979
------------
---------
1,807,676
459,963
------------
---------
Included in creditors falling due within one year are secured creditors of £277,649 (2022: £209,489).
10. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
403,719
126,469
Other creditors
74,197
1,032,248
---------
------------
477,916
1,158,717
---------
------------
Included in creditors falling due after more than one year are secured creditors of £477,916 (2022: £204,717).
11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
Included within creditors is a balance of £930,432 (2022: £954,000) due to the directors. Interest is charged at a rate of 10%. This balance is repayable on demand.
12. RELATED PARTY TRANSACTIONS
The company has taken advantage of the exemption under section 33 of FRS 102 not to disclose transactions with wholly owned entities of the same group.