Branded Clothing International Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03699679 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2021

FOR

BRANDED CLOTHING INTERNATIONAL LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr N Futcher

REGISTERED OFFICE:

19-20 Bourne Court

Southend Road

Woodford Green

Essex

IG8 8HD

REGISTERED NUMBER:

03699679 (England and Wales)

ACCOUNTANTS:

Raffingers LLP

Chartered Certified Accountants

19-20 Bourne Court

Southend Road

Woodford Green

Essex

IG8 8HD

FIXED ASSETS

Intangible assets

4

3,341

6,057

Tangible assets

5

62,009

69,933

65,350

75,990

CURRENT ASSETS

Stocks

535,411

651,640

Debtors

3,341,239

2,634,534

Cash at bank and in hand

94,577

479,327

3,971,227

3,765,501

CREDITORS

Amounts falling due within one year

2,388,127

2,220,730

NET CURRENT ASSETS

1,583,100

1,544,771

TOTAL ASSETS LESS CURRENT LIABILITIES

1,648,450

1,620,761

CREDITORS

Amounts falling due after more than one year

6

(567,886

)

(713,317

)

PROVISIONS FOR LIABILITIES

(4,116

)

(4,297

)

NET ASSETS

1,076,448

903,147

CAPITAL AND RESERVES

Called up share capital

10,000

10,000

Retained earnings

1,066,448

893,147

SHAREHOLDERS' FUNDS

1,076,448

903,147

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 30 November 2021 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the director and authorised for issue on 23 June 2022 and were signed by:

Mr N Futcher - Director

1.	STATUTORY INFORMATION

Branded Clothing International Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of seven years.

Tangible fixed assets

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

Equipment

-

33% on cost

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on cost

Government grants

Government grants, including non-monetary grants shall not be recognised until there is reasonable assurance that:

(a) the entity will comply with the conditions attaching to them; and

(b) the grants will be received

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

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

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

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Short term debtors and creditors

Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transactions costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2020 - 19 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 December 2020

and 30 November 2021

19,015

AMORTISATION

At 1 December 2020

12,958

Amortisation for year

2,716

At 30 November 2021

15,674

NET BOOK VALUE

At 30 November 2021

3,341

At 30 November 2020

6,057

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 December 2020

166,958

Additions

10,807

Disposals

(31,140

)

At 30 November 2021

146,625

DEPRECIATION

At 1 December 2020

97,025

Charge for year

18,731

Eliminated on disposal

(31,140

)

At 30 November 2021

84,616

NET BOOK VALUE

At 30 November 2021

62,009

At 30 November 2020

69,933

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

Totals

£

COST

At 1 December 2020

25,212

Additions

10,807

At 30 November 2021

36,019

DEPRECIATION

At 1 December 2020

10,119

Charge for year

10,505

At 30 November 2021

20,624

NET BOOK VALUE

At 30 November 2021

15,395

At 30 November 2020

15,093

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

2021

2020

£

£

Repayable by instalments

Bank loans

-

66,667

7.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Hire purchase contracts

14,755

13,923

The current bank facilities are secured by a debenture dated 12/06/12 and a legal assignment of contract dated 22/08/12 securing all monies due or becoming due to HSBC Bank plc.

There is a floating charge dated 10/07/12 securing all monies due or becoming due to HSBC Invoice Finance Ltd and a fixed charge dated 10/07/12 on purchased debts which fail to vest securing all monies due or becoming due to HSBC Invoice Finance (UK) Ltd.

Unlimited multilateral guarantee dated 12/06/12 given by Branded Clothing International Ltd, BCI Holdings Ltd, BCI Character Clothing Ltd and BCI Trademarks Ltd. Unlimited multilateral guarantee dated 05/08/14 given by Branded Clothing International Ltd, Kid Genius Retail Limited.

General Letter of Pledge dated 12 June 2012.

Guarantee dated 16/07/12 in favour of HM Revenue & Customs for £200,000

Hire purchase contracts are secured over the assets to which they relate.

8.	RELATED PARTY DISCLOSURES

At the balance sheet date the company was owed £247,712 (2020 - £272,655) by Kid Genius Retail Limited and £107,984 (2020 - £105,104) by Missimo.com Limited, both being companies controlled by Mr N Futcher, the director.