Company registration number 06011670 (England and Wales)
BRAND SEARCH LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
BRAND SEARCH LIMITED
COMPANY INFORMATION
Director
Mr A D Wallington
Secretary
Mrs B Wallington
Company number
06011670
Registered office
Richard House
9 Winckley Square
Preston
PR1 3HP
Auditor
MHA
Richard House
9 Winckley Square
Preston
PR1 3HP
BRAND SEARCH LIMITED
CONTENTS
Page
Strategic report
1 - 2
Director's report
3 - 4
Director's responsibilities statement
5
Independent auditor's report
6 - 8
Statement of income and retained earnings
9
Balance sheet
10
Notes to the financial statements
11 - 22
BRAND SEARCH LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -

The director presents the strategic report for the year ended 30 September 2024.

Review of the business

 

Business Environment

The company is located in the North West. The principal market is the sale of clothing, both wholesale and web-based retail throughout Europe. There is considerable competition within this market place from other providers in the region, on the internet and internationally.

 

Strategy

To maintain and increase our market share in an increasingly competitive market.

 

Product Range

As a group we continue to provide a varied range of products to ensure our customers are able to be offered a range of attire. We offer the full range of clothing products including jeans, sportswear and footwear.

 

Review of current year performance

During the year ending 30 September 2024, the Frasers Group PLC absorption of sports and fashion retailers continued. This resulted in further stock opportunities which enabled us to find many deals within our off price clothing market and in turn gave us boyant sales and profitability which has continues into this current year.

 

Key performance indicators

The key performance indicators are turnover, which decreased to £15,154,838 (2023: £15,705,515), operating profit, which increased to £977,949 (2023: £660,212) and net assets, which increased to £725,452 (2023: £724,607). The director considers the company to be in a strong financial position.

 

Future outlook

The company continues to focus on its core business activity, wholesale supply of clothing, whilst developing its ever increasing web presence. Trading since the year end has continued to be profitable, with demand having returned along with there being several new opportunities for the company. The company is looking to grow the customer base, both in the UK and overseas, and further grow its B2C business online.

 

Whilst the current outlook for the economy in general is weak, as a supplier mainly to discounters, whose business typically grows in a recession, we believe we are well positioned to exploit any opportunities presented. This would be through the increased availability of stock from mainline retailers, as their trade weakens, and our connections with those discounters who are able to sell the stock at more affordable prices. We have also had the support of our bankers and financiers through difficult times, and are confident in their continued support going forward.

 

Consequently, we have confidence that the company has sufficient funds to continue to trade as a going concern for the foreseeable future, and for at least the next 12 months.

BRAND SEARCH LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
Principal risks and uncertainties

The management of the business and the execution of the company strategy are subject to a number of risks. These risks are formally reviewed by the board and appropriate processes put in place to monitor and mitigate them.

 

The key business risk affecting the company are set out below:

 

Stock authenticity

The company deals in branded clothing within the secondary market and there is a risk that stock acquired may be counterfeit or not approved for sale by the labels in the company's market. The company mitigates this risk through extensive due diligence prior to acquisition, obtaining manufactures certificates of authenticity where relevant.

 

Stock amortisation

Due to the business model of the company stock is purchased in bulk to meet the demands of customers. This means that the company necessarily carries high quantities of stock which may go out of fashion. To mitigate this risk the company seeks feedback from customers and potential customers before acquiring product, obtaining advance orders wherever possible. The company, its board and staff have also developed extensive knowledge of the industry, its suppliers, customers and products over 25 years in the business as this knowledge and expertise is fully utilised and consulted before acquiring product.

 

Foreign currency

The company deals with businesses throughout Europe, therefore they can be affected by fluctuations in exchange rates. The company does not purchase hedging rate products but seeks to mitigate the risk by, wherever possible, buying and selling in the same currency.

 

Competition

The company acknowledges that the principal risk to its business is competition. The company constantly reviews its performance to ensure the level of service and products offered is second to none. In addition the company continues to actively market and promote its products and services.

 

Funding

The company has a working capital cycle that necessarily requires significant funding. This is provided in the form of equity, through profits retained in the business and debt finance provided through the company's facilities with HSBC bank, which are reviewed annually. The company operates within the facilities provided by its bankers and maintains good relationships with them. All significant security is provided through company property and other assets.

On behalf of the board

Mr A D Wallington
Director
25 June 2025
BRAND SEARCH LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -

The director presents his annual report and financial statements for the year ended 30 September 2024.

Principal activities

The principal activity of the company during the period of trade was that of a clothing wholesaler.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £510,000. The director does not recommend payment of a further dividend.

Director

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

Mr A D Wallington
Auditor

The auditor, MHA, previously traded through the legal entity MacIntyre Hudson LLP. In response to regulatory changes, MacIntyre Hudson LLP ceased to hold an audit registration with the engagement transitioning to MHA Audit Services LLP.

 

MHA will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of future developments.

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.

Financial instruments

The company has an established, structured approach to risk management. The company's activities expose it to a variety of financial risks, including the effects of credit, liquidity and cash flow risks. The company has adopted risk management policies that seek to mitigate these risks in a cost effective manner. Financial assets that expose the company to financial risk consist primarily of cash and trade and other debtors. Financial liabilities that expose the company to financial risk consist primarily of trade creditors.

 

The company manages its cash requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.

 

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and a provision is made for doubtful debts where necessary.

Medium-sized companies exemption

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

BRAND SEARCH LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
On behalf of the board
Mr A D Wallington
Director
25 June 2025
BRAND SEARCH LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -

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

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:

 

 

The director is 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. He is 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.

BRAND SEARCH LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BRAND SEARCH LIMITED
- 6 -
Opinion

We have audited the financial statements of Brand Search Limited (the 'company') for the year ended 30 September 2024 which comprise the statement of income and retained earnings, the balance sheet 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 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 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 director's 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 director 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 director is 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.

BRAND SEARCH LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BRAND SEARCH LIMITED (CONTINUED)
- 7 -

Opinions on other matters prescribed by the Companies Act 2006

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

 

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 director's report.

Matters on which we are required to report by exception

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 director

As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditor 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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud, is detailed below:

BRAND SEARCH LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BRAND SEARCH LIMITED (CONTINUED)
- 8 -

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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 members, as a body, 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 members those matters we are required to state to them 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 members as a body, for our audit work, for this report, or for the opinions we have formed.

Virginia Cooper FCA
Senior Statutory Auditor
For and on behalf of MHA, Statutory Auditor
Preston, United Kingdom
25 June 2025
2025-06-25
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542)
BRAND SEARCH LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 9 -
2024
2023
Notes
£
£
Turnover
2
15,154,838
15,705,515
Cost of sales
(13,129,891)
(14,278,219)
Gross profit
2,024,947
1,427,296
Distribution costs
(356,152)
(324,593)
Administrative expenses
(749,373)
(696,946)
Other operating income
58,527
254,455
Operating profit
3
977,949
660,212
Interest receivable and similar income
6
237
133
Interest payable and similar expenses
7
(354,029)
(264,194)
Profit before taxation
624,157
396,151
Tax on profit
8
(113,312)
(12,972)
Profit for the financial year
510,845
383,179
Retained earnings brought forward
724,606
341,427
Dividends
9
(510,000)
-
0
Retained earnings carried forward
725,451
724,606

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

BRAND SEARCH LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
120,196
161,487
Current assets
Stocks
11
2,389,008
2,531,319
Debtors
12
1,744,628
1,316,051
Cash at bank and in hand
45,766
74,610
4,179,402
3,921,980
Creditors: amounts falling due within one year
13
(3,403,775)
(3,060,333)
Net current assets
775,627
861,647
Total assets less current liabilities
895,823
1,023,134
Creditors: amounts falling due after more than one year
14
(156,251)
(277,727)
Provisions for liabilities
Deferred tax liability
17
14,120
20,800
(14,120)
(20,800)
Net assets
725,452
724,607
Capital and reserves
Called up share capital
19
1
1
Profit and loss reserves
725,451
724,606
Total equity
725,452
724,607

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

The financial statements were approved and signed by the director and authorised for issue on 25 June 2025
Mr A D Wallington
Director
Company registration number 06011670 (England and Wales)
BRAND SEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 11 -
1
Accounting policies
Company information

Brand Search Limited is a private company limited by shares incorporated in England and Wales. The registered office is Richard House, 9 Winckley Square, Preston, PR1 3HP. The company’s place of business is Telleholme Cottage, Tollgate Road, Burscough, Ormskirk, L40 8LD.

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 B S Property Holdings Limited. These consolidated financial statements can be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.

1.2
Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The director has prepared and made reference to financial budgets covering more than twelve months from the date of approving these financial statements. The budgets support the view that the company will have sufficient liquid resources to discharge all liabilities as they fall due for payment. Consequently ttruehe director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents amounts receivable for the sale of clothing and branded merchandise, net of VAT and trade discounts. Turnover is recognised on despatch of goods.

1.4
Tangible fixed assets

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

BRAND SEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 12 -

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

Fixtures, fittings & equipment
20% reducing balance
Motor vehicles
25% 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

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.6
Stocks

Stocks are stated at the lower of cost and net realisable value.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 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.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Other financial assets

All of the company's financial assets are basic financial instruments.

BRAND SEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 13 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group undertakings, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. Trade creditors are recognised initially at transaction price.

Other financial liabilities

All of the company's financial liabilities are basic financial instruments.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

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

BRAND SEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 14 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.11
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.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

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

1.13
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 balance sheet 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.

1.14
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.

BRAND SEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 15 -
2
Turnover and other revenue

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Attributed to the principal activity
15,154,838
15,705,515
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
9,827,510
8,870,359
Rest of World
5,327,328
6,835,156
15,154,838
15,705,515
2024
2023
£
£
Other revenue
Interest income
237
133
Commissions received
-
0
172,417
3
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange gains
(40,978)
(4,312)
Fees payable to the company's auditor for the audit of the company's financial statements
11,350
10,300
Depreciation of owned tangible fixed assets
6,408
7,320
Depreciation of tangible fixed assets held under finance leases
37,524
18,070
Operating lease charges
76,302
75,104
4
Employees

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

2024
2023
Number
Number
Sales
4
4
Warehouse and distribution
5
5
Administrative
3
3
Total
12
12
BRAND SEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
4
Employees
(Continued)
- 16 -

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
503,526
447,568
Social security costs
52,229
42,626
Pension costs
8,685
8,569
564,440
498,763
5
Director's remuneration
2024
2023
£
£
Remuneration for qualifying services
11,880
10,543
6
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
237
133
7
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
249,651
206,211
Interest on finance leases and hire purchase contracts
8,456
4,441
Other interest
95,922
53,542
354,029
264,194
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
119,992
-
0
BRAND SEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
8
Taxation
2024
2023
£
£
(Continued)
- 17 -
Deferred tax
Origination and reversal of timing differences
(6,680)
11,420
Changes in tax rates
-
0
1,552
Total deferred tax
(6,680)
12,972
Total tax charge
113,312
12,972

The Chancellor announced his intention to increase the headline rate of corporation tax to 25% from 1 April 2023. This policy was substantively enacted on 25 May 2021.

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

2024
2023
£
£
Profit before taxation
624,157
396,151
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.01%)
156,039
87,186
Tax effect of expenses that are not deductible in determining taxable profit
2,828
196
Effect of change in corporation tax rate
-
0
1,552
Group relief
(45,555)
(75,962)
Taxation charge for the year
113,312
12,972
9
Dividends
2024
2023
£
£
Final paid
510,000
-
0
BRAND SEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 18 -
10
Tangible fixed assets
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
Cost
At 1 October 2023
97,758
172,090
269,848
Additions
2,641
-
0
2,641
At 30 September 2024
100,399
172,090
272,489
Depreciation and impairment
At 1 October 2023
68,291
40,070
108,361
Depreciation charged in the year
6,408
37,524
43,932
At 30 September 2024
74,699
77,594
152,293
Carrying amount
At 30 September 2024
25,700
94,496
120,196
At 30 September 2023
29,467
132,020
161,487

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
£
£
Motor vehicles
94,496
132,020
11
Stocks
2024
2023
£
£
Finished goods and goods for resale
2,389,008
2,531,319
12
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,408,712
749,661
Corporation tax recoverable
-
0
40,404
Amounts owed by group undertakings
233,746
464,321
Other debtors
44,147
-
0
Prepayments and accrued income
58,023
61,665
1,744,628
1,316,051
BRAND SEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 19 -
13
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
15
2,575,852
2,543,630
Obligations under finance leases
16
18,004
19,247
Trade creditors
322,784
295,605
Corporation tax
119,992
-
0
Other taxation and social security
257,084
74,272
Other creditors
229
841
Accruals and deferred income
109,830
126,738
3,403,775
3,060,333

Included within creditors falling due within one year are bank loans and overdrafts of £2,575,852 (2023: £2,543,630) which are secured by way of a fixed and floating charge over the assets of the company and obligations under finance leases of £18,004 (2023: £19,247) which are secured against the assets to which they relate.

14
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
15
70,000
175,000
Obligations under finance leases
16
86,251
102,727
156,251
277,727

Included within creditors falling due within one year are bank loans and overdrafts of £70,000 (2023: £175,000) which are secured by way of a fixed and floating charge over the assets of the company and obligations under finance leases of £86,251 (2023: £102,727) which are secured against the assets to which they relate.

15
Loans and overdrafts
2024
2023
£
£
Bank loans
175,000
280,000
Bank overdrafts
2,470,852
2,438,630
2,645,852
2,718,630
Payable within one year
2,575,852
2,543,630
Payable after one year
70,000
175,000
BRAND SEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
15
Loans and overdrafts
(Continued)
- 20 -

Bank loans and overdrafts of £2,645,852 (2023: £2,718,630) are secured by way of a fixed and floating charge over the assets of the company. Bank loans are repayable in monthly instalments ending in May 2026, with an interest rate of 3.84% above base rate.

16
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
26,460
27,703
In two to five years
95,931
122,401
122,391
150,104
Less: future finance charges
(18,136)
(28,130)
104,255
121,974

Finance lease payments represent rentals payable by the company for certain motor vehicles. 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 3-5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

17
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
14,120
21,096
Short term timing differences
-
(296)
14,120
20,800
2024
Movements in the year:
£
Liability at 1 October 2023
20,800
Credit to profit or loss
(6,680)
Liability at 30 September 2024
14,120
BRAND SEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
17
Deferred taxation
(Continued)
- 21 -

As at the signing date of these financial statements, the company has not finalised its capital expenditure programme for the forthcoming year and therefore an assessment as to the likely movement of accelearted capital allowances cannot be made. All of the short term timing differences are expected to return in the next 12 months.

18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
8,685
8,569

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.

19
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
1
1
1
1
20
Financial commitments, guarantees and contingent liabilities

The company is a party to an inter company guarantee in respect of the borrowings of group companies. The companies involved are BS Property Holdings Limited, Brand Search Limited and Designerwear International Limited. At the balance sheet date, total group borrowings totalled £3,120,547.

21
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
18,667
63,667
Between two and five years
2,751
21,418
21,418
85,085
BRAND SEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 22 -
22
Ultimate controlling party

The company is a wholly owned subsidiary of BS Property Holdings Limited, a company incorporated in England and Wales. The registered office of BS Property Holdings Limited is Richard House, 9 Winckley Square, Preston, PR1 3HP.

 

The largest and smallest group in which the results of the company are consolidated is that headed by BS Property Holdings Limited. Copies of the accounts can be obtained from Companies House, Crown Way, Cardiff CF14 3UZ.

23
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Category
Description of
Income
Expenditure
transaction
2024
2023
2024
2023
£
£
£
£
Other related parties
Sales and purchases
87,277
413,709
98,459
-
0
Balances with related parties

The following amounts were outstanding at the reporting end date:

Category
Amounts owed by
Amounts owed to
related parties
related parties
2024
2023
2024
2023
£
£
£
£
Key management personnel
-
0
-
0
229
841
Other related parties
37,104
-
0
-
0
-
0
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