Company registration number 02870061 (England and Wales)
BRANDPATH UK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
BRANDPATH UK LIMITED
COMPANY INFORMATION
Directors
Mr S Resnick
Ms N J Frow
Ms I Ramírez Núñez
Company number
02870061
Registered office
Solstice House
251 MidSummer Boulevard
Milton Keynes
MK9 1EA
Auditor
CLA Evelyn Partners Limited
22 Wycombe End
Beaconsfield
Buckinghamshire
HP9 1NB
BRANDPATH UK LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Statement of financial position
9
Statement of changes in equity
10
Notes to the financial statements
11 - 22
BRANDPATH UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -

The directors present the strategic report for the year ended 30 April 2024.

The entities objectives and strategies
The company's objective was to provide Supply Chain solutions to global brands, helping them sell more of their products and services, faster and more cost effectively in more territories than any other competitor.
Fair review of the business

Brandpath UK posted a strong operating and net profit during the period, following a year that was affected by a move of its UK Distribution Centre (a strategic move that enabled the business to be more centrally located with closer access to carriers and major road systems). During the period, Brandpath continued to further invest in streamlining its operations and is now well positioned for further growth both in the UK and internationally.

 

On 22nd November 2024, DHL Supply Chain International Holdings B.V. acquired a controlling interest in the Brandpath Group.

Summary
In regular monitoring of financial reporting, the directors assess the company's development against both prior year and forecast. The forecasts are prepared annually and reviewed regularly for continuing appropriateness given strategic developments in the business. Key performance measures include revenue, gross profit and profitability.
During the year the entity generated:
Turnover: £8,592,662 (2022: £10,001,516)
Gross profit: £2,620,132 (2023: £1,446,680)
EBITDA: £859,038 (2023 loss: £235,233)
Operating profit: £622,099 (2023 loss: £610,661)
Principal risks and uncertainties

The directors consider that the below are the principal risks that could potentially materially impair the company’s future operations and profitability.

Financial instruments

The company uses various financial instruments including cash, equity investments, and various items, such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to manage financing of the operations.

The existence of these financial instruments exposes the company to a number of financial risks, which are described in more detail below.

The main risks arising from the financial instruments are liquidity risk and credit risk. The directors review and agree policies for managing each of these risks and they are summarised below. These policies have remained unchanged from previous years.

Liquidity risk

The entity seeks to manage liquidity risk by undertaking prudent cashflow forecasting, ensuring that adequate facilities are in place and maintained, and generating positive cashflows in order to meet foreseeable needs and to invest cash assets safely and profitably.

Credit risk

The principal financial assets are cash, trade debtors, and amounts due from group undertakings. The principal credit risk arises from its trade debtors. The directors closely monitor the operations to mitigate any credit risk.

BRANDPATH UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
Recruitment and employee relations
The company's performance relies on the selection, development and retention of highly talented employees. Wherever possible the company attempts to promote from within in order to develop staff and create opportunities for career development.
Maintaining the quality when hiring is ensured through utilising the entities own tools and skills in the selection and assessment process. The entity maintains a preferred supplier list of agencies that can be utilised to cover peaks in workload. These are carefully selected and their outputs closely monitored to ensure there is no variation in standards.
Recruitment policies are designed to ensure equal opportunity of employment regardless of age, race or sex. Appropriate consideration is given to disabled applicants in offering employment.
Good relations are maintained with employees by regular meetings within their operational teams compatible with the teams' particular circumstances.

On behalf of the board

Ms I Ramírez Núñez
Ms N J Frow
Director
Director
31 January 2025
BRANDPATH UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -

The directors present their annual report and financial statements for the year ended 30 April 2024.

Principal activities

The principal activity of the company continues to be the provision of supply chain services and eFulfilment supply chain solutions.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

N G Thomas
(Resigned 26 April 2024)
M J Pettitt
(Resigned 22 November 2024)
C R Gonzalez
(Resigned 26 April 2024)
T Haines
(Resigned 22 November 2024)
T E Harris
(Appointed 22 April 2024 and resigned 22 November 2024)
Mr S Resnick
(Appointed 22 November 2024)
Ms N J Frow
(Appointed 22 November 2024)
Ms I Ramírez Núñez
(Appointed 22 November 2024)
Auditor

In accordance with the company's articles, a resolution proposing that CLA Evelyn Partners Limited be reappointed as auditor of the company will be put at a General Meeting.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Strategic report

Additional disclosures required under SI 2008/410, Sch. 7 have been made in the strategic report where applicable.

BRANDPATH UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Ms I Ramírez Núñez
Ms N J Frow
Director
Director
31 January 2025
BRANDPATH UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF BRANDPATH UK LIMITED
- 5 -
Opinion

We have audited the financial statements of Brandpath UK Limited (the 'company') for the year ended 30 April 2024 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

BRANDPATH UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF BRANDPATH UK LIMITED (CONTINUED)
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either are to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

BRANDPATH UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF BRANDPATH UK LIMITED (CONTINUED)
- 7 -

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's member in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's member those matters we are required to state to the member in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's member, for our audit work, for this report, or for the opinions we have formed.

Keir Singleton (Senior Statutory Auditor)
For and on behalf of CLA Evelyn Partners Limited
31 January 2025
Chartered Accountants
Statutory Auditor
22 Wycombe End
Beaconsfield
Buckinghamshire
HP9 1NB
BRANDPATH UK LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
8,592,662
10,001,516
Cost of sales
(5,972,530)
(8,554,836)
Gross profit
2,620,132
1,446,680
Administrative expenses
(1,998,033)
(1,901,051)
Exceptional relocation expenses
4
-
0
(156,290)
Operating profit/(loss)
5
622,099
(610,661)
Interest payable and similar expenses
8
(132,552)
(529,937)
Profit/(loss) before taxation
489,547
(1,140,598)
Tax on profit/(loss)
9
(124,999)
295,619
Profit/(loss) for the financial year
364,548
(844,979)

The income statement has been prepared on the basis that all operations are continuing operations.

BRANDPATH UK LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 APRIL 2024
30 April 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
279,147
394,643
Current assets
Debtors
11
13,532,410
14,219,936
Cash at bank and in hand
116,869
530,688
13,649,279
14,750,624
Creditors: amounts falling due within one year
12
(11,153,751)
(12,659,603)
Net current assets
2,495,528
2,091,021
Total assets less current liabilities
2,774,675
2,485,664
Creditors: amounts falling due after more than one year
13
-
0
(75,537)
Net assets
2,774,675
2,410,127
Capital and reserves
Called up share capital
18
-
0
-
0
Profit and loss reserves
2,774,675
2,410,127
Total equity
2,774,675
2,410,127

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 31 January 2025 and are signed on its behalf by:
Ms I  Ramírez Núñez
Ms N J Frow
Director
Director
Company registration number 02870061 (England and Wales)
BRANDPATH UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 10 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 May 2022
-
0
3,255,106
3,255,106
Year ended 30 April 2023:
Loss and total comprehensive income
-
(844,979)
(844,979)
Balance at 30 April 2023
-
0
2,410,127
2,410,127
Year ended 30 April 2024:
Profit and total comprehensive income
-
364,548
364,548
Balance at 30 April 2024
-
0
2,774,675
2,774,675
BRANDPATH UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 11 -
1
Accounting policies
Company information

Brandpath UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is Solstice House, 251 MidSummer Boulevard, Milton Keynes, MK9 1EA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Brandpath Group Limited. These consolidated financial statements are available from its registered office, Solstice House, 251 Midsummer Boulevard, Milton Keynes, England, MK9 1EA.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future due to ongoing support from other companies within the group. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 

The Directors have assessed the liquidity requirements for the Company for at least the next 12 months from the date of approval of these financial statements. In addition to this, the Directors have received assurance of continued financial support from an appropriate related party for at least 12 months from the date of approving these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the annual financial statements.

1.3
Turnover

Turnover is measured at the fair value of the consideration received or receivable for the rendering of services in the normal course of business, and is shown net of discounts and VAT. Revenue is recognised when the service is provided.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

BRANDPATH UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 12 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
20% straight line
Computers
33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

The carrying value of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ”Basic Financial Instruments” to all of its financial instruments.

 

Financial instruments are recognised in the company’s balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Short term debtors are measured at transaction price less any provision for impairment. Loans receivable are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method, less any provision for impairment.

Basic financial liabilities

Short term creditors are measured at transaction price. Other financial liabilities, including bank loans and other loans, are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

BRANDPATH UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 13 -
1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Going concern

The Directors have assessed the recoverability of the large related party debtor and have judged the financial statements are to be prepared on a going concern basis. They have considered the level of losses and the future profitability of the Company.

Deferred tax

The directors have assessed the future profitability of the company and have recognised a deferred tax asset in respect of tax losses on the basis that this will be recoverable.

BRANDPATH UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 14 -
Key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Provision against trade debtors

Trade debtors are assessed at the year end for recoverability based on historical performance and known issues with customers at the year end.  At the year end the company was due an amount from A1 Communications Limited, a company which has entered administration, of £522,016.  When assessing the recoverability of the amount due, management have considered the anticipated recovery from the administrators as well as the expected recoverability from assets Brandpath UK Limited hold in their warehouse and which a lien can be exercised on.  Management expects that, through these two routes, the majority, if not all, of the receivable will be recovered.  However, given the uncertain outcome of the administration and the sale of assets which the company can exercise a lien, this is considered to be a significant estimate to the company.

 

3
Turnover
2024
2023
£
£
Turnover analysed by class of business
Fulfilment services
7,733,184
8,984,002
Management fees recievable
859,478
1,017,514
8,592,662
10,001,516
2024
2023
£
£
Turnover analysed by geographical market
UK
8,592,662
10,001,516
4
Exceptional item
2024
2023
£
£
Expenditure
Partial relocation expense
-
156,290

During 2022 the warehouse was relocated resulting in a large amount of removal costs throughout 2022 to 2023.

BRANDPATH UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 15 -
5
Operating profit/(loss)
2024
2023
Operating profit/(loss) for the year is stated after charging:
£
£
Exchange losses
6,370
214
Fees payable to the company's auditor for the audit of the company's financial statements
25,000
23,000
Depreciation of owned tangible fixed assets
77,307
79,590
Depreciation of tangible fixed assets held under finance leases
38,636
34,655
Operating lease charges
898,861
1,178,209
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Sales
2
2
Operations & Admin
73
66
Total
75
68

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
2,468,841
2,466,009
Social security costs
156,917
181,319
Pension costs
33,416
33,365
2,659,174
2,680,693
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
190,942
380,970
Company pension contributions to defined contribution schemes
5,728
11,851
196,670
392,821

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2023 - 7).

BRANDPATH UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
7
Directors' remuneration
(Continued)
- 16 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
n/a
115,949
Company pension contributions to defined contribution schemes
n/a
3,662
8
Interest payable and similar expenses
2024
2023
£
£
Other finance costs:
Other interest
132,552
529,937
BRANDPATH UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 17 -
9
Taxation
2024
2023
£
£
Deferred tax
Origination and reversal of timing differences
124,999
(295,619)

The actual charge/(credit) for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit/(loss) before taxation
489,547
(1,140,598)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
122,387
(216,714)
Tax effect of expenses that are not deductible in determining taxable profit
188
6,470
Effect of change in corporation tax rate
-
0
(70,947)
Permanent capital allowances in excess of depreciation
-
0
(16,264)
Depreciation on assets not qualifying for tax allowances
2,424
1,842
Deferred tax adjustments in respect of prior years
-
0
(6)
Taxation charge/(credit) for the year
124,999
(295,619)
10
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 May 2023
498,037
113,773
611,810
Additions
-
0
447
447
Disposals
(52,019)
(34,126)
(86,145)
At 30 April 2024
446,018
80,094
526,112
Depreciation and impairment
At 1 May 2023
147,602
69,565
217,167
Depreciation charged in the year
92,129
23,814
115,943
Eliminated in respect of disposals
(52,019)
(34,126)
(86,145)
At 30 April 2024
187,712
59,253
246,965
Carrying amount
At 30 April 2024
258,306
20,841
279,147
At 30 April 2023
350,435
44,208
394,643
BRANDPATH UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
10
Tangible fixed assets
(Continued)
- 18 -

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2024
2023
£
£
Fixtures and fittings
119,888
158,524
11
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,001,992
2,424,802
Amounts owed by group undertakings
9,579,033
9,579,033
Other debtors
542,345
597,097
Prepayments and accrued income
379,240
464,205
12,502,610
13,065,137
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset (note 16)
1,029,800
1,154,799
Total debtors
13,532,410
14,219,936

Amounts owed by group undertakings are interest free and repayable on demand.

BRANDPATH UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 19 -
12
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and finance facilities
15
1,277,817
810,942
Obligations under finance leases
14
63,319
74,113
Trade creditors
1,185,592
1,493,337
Amounts owed to group undertakings
7,152,359
8,203,318
Taxation and social security
355,223
534,757
Other creditors
1,007,184
1,299,852
Accruals and deferred income
112,257
243,284
11,153,751
12,659,603

Included in bank facilities is £387,796 (2023 - £810,942) which relates to an invoice financing facility provided by HSBC Invoice Finance (UK) Limited. Amounts are secured against the trade debtors of the company. As of 22 November 2024 all bank facilities have been repaid.

 

Included in obligations under finance leases is £63,319 (2023 - £74,113) in relation to hire purchase obligations. The amounts are secured against the assets to which they relate.

 

Amounts owed to group undertakings are interest free and repayable on demand.

13
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
14
-
0
75,537

Included in obligations under finance leases is £nil (2023 - £75,537) in relation to hire purchase obligations. The amounts are secured against the assets to which they relate.

14
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
63,319
74,113
In two to five years
-
0
75,537
63,319
149,650

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

BRANDPATH UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 20 -
15
Loans and finance facilities
2024
2023
£
£
Facilities
1,277,817
810,942
Payable within one year
1,277,817
810,942

As of 22 November 2024 all bank facilities have been repaid.

16
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Assets
Assets
2024
2023
Balances:
£
£
Accelerated capital allowances
18,973
9,461
Tax losses
1,002,473
1,142,794
Retirement benefit obligations
8,354
2,544
1,029,800
1,154,799
2024
Movements in the year:
£
Asset at 1 May 2023
(1,154,799)
Charge to profit or loss
124,999
Asset at 30 April 2024
(1,029,800)

The deferred tax asset set out above is not expected to reverse within 12 months and relates to accelerated capital allowances and tax losses carried forward that are expected to mature within the same period.

17
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
33,416
33,365

 

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

BRANDPATH UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 21 -
18
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Ordinary share of 1p each
1
1
-
-
19
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
857,884
857,884
Between two and five years
2,539,958
2,377,833
In over five years
-
0
486,375
3,397,842
3,722,092
Lessor

The operating lease represents a lease of leasehold property to a third party. The lease is negotiated over a term of 5 years and rentals are fixed for 5 years. Brandpath UK Limited are party to this agreement as a lessee to an ultimate lessor.

At the reporting end date the company had contracted with tenants for the following minimum lease payments:

2024
2023
£
£
Within one year
212,535
212,535
Between two and five years
521,146
733,681
733,681
946,216
20
Ultimate controlling party

During the year the immediate parent undertaking of Brandpath UK Limited is Brandpath Group Limited (Jersey) and the registered office is the registered office is 44 Esplanade, St. Helier, JE4 9WG, Jersey.

 

The ultimate controlling parent undertaking of Brandpath UK Limited is PJIG Holdings Limited (Jersey) and the registered office is 44 Esplanade, St. Helier, JE4 9WG, Jersey.

 

The smallest group of undertakings for which the group financial statements have been drawn up including this company is that headed by Brandpath Group Limited, a company incorporated in the UK. The group financial statements are publicly available from Companies House.

 

The ultimate controlling party of the company is P Jones CBE as a result of being the sole shareholder in the ultimate parent company PJIG Holdings Limited.

 

Post year end on 22 November 2024 the immediate parent was sold, the new ultimate controlling party is DHL Supply Chain International Holdings B.V.

BRANDPATH UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 22 -
21
Charges and guarantees

Brandpath UK Limited has entered into a cross guarantee in favour of HSBC pursuant to which it guarantees obligations and liabilities for Brandpath Group Limited under a new facility totalling £6,584,000. As of 22 November 2024 this loan has been repaid in full.

 

 

2024-04-302023-05-01falseCCH SoftwareCCH Accounts Production 2024.100N G ThomasM J PettittC R GonzalezT HainesT E HarrisMr S ResnickMs N J FrowMs I Ramírez Núñezfalsefalse028700612023-05-012024-04-3002870061bus:Director62023-05-012024-04-3002870061bus:Director72023-05-012024-04-3002870061bus:Director82023-05-012024-04-3002870061bus:Director12023-05-012024-04-3002870061bus:Director22023-05-012024-04-3002870061bus:Director32023-05-012024-04-3002870061bus:Director42023-05-012024-04-3002870061bus:Director52023-05-012024-04-3002870061bus:RegisteredOffice2023-05-012024-04-30028700612024-04-30028700612022-05-012023-04-300287006112023-05-012024-04-300287006112022-05-012023-04-3002870061core:RetainedEarningsAccumulatedLosses2022-05-012023-04-3002870061core:RetainedEarningsAccumulatedLosses2023-05-012024-04-30028700612023-04-3002870061core:FurnitureFittings2024-04-3002870061core:ComputerEquipment2024-04-3002870061core:FurnitureFittings2023-04-3002870061core:ComputerEquipment2023-04-3002870061core:CurrentFinancialInstrumentscore:WithinOneYear2024-04-3002870061core:CurrentFinancialInstrumentscore:WithinOneYear2023-04-3002870061core:Non-currentFinancialInstrumentscore:AfterOneYear2024-04-3002870061core:Non-currentFinancialInstrumentscore:AfterOneYear2023-04-3002870061core:CurrentFinancialInstruments2024-04-3002870061core:CurrentFinancialInstruments2023-04-3002870061core:ShareCapital2024-04-3002870061core:ShareCapital2023-04-3002870061core:RetainedEarningsAccumulatedLosses2024-04-3002870061core:RetainedEarningsAccumulatedLosses2023-04-3002870061core:ShareCapital2022-04-3002870061core:RetainedEarningsAccumulatedLosses2022-04-3002870061core:FurnitureFittings2023-05-012024-04-3002870061core:ComputerEquipment2023-05-012024-04-3002870061core:UKTax2023-05-012024-04-3002870061core:UKTax2022-05-012023-04-3002870061core:FurnitureFittings2023-04-3002870061core:ComputerEquipment2023-04-30028700612023-04-3002870061core:Non-currentFinancialInstruments2024-04-3002870061core:Non-currentFinancialInstruments2023-04-3002870061core:WithinOneYear2024-04-3002870061core:WithinOneYear2023-04-3002870061core:BetweenTwoFiveYears2024-04-3002870061core:BetweenTwoFiveYears2023-04-3002870061core:MoreThanFiveYears2024-04-3002870061core:MoreThanFiveYears2023-04-3002870061bus:PrivateLimitedCompanyLtd2023-05-012024-04-3002870061bus:FRS1022023-05-012024-04-3002870061bus:Audited2023-05-012024-04-3002870061bus:FullAccounts2023-05-012024-04-30xbrli:purexbrli:sharesiso4217:GBP