Branded Clothing International Limited - Accounts to registrar (filleted) - small 18.2
Branded Clothing International Limited - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2020 |
FOR |
BRANDED CLOTHING INTERNATIONAL LIMITED |
BRANDED CLOTHING INTERNATIONAL LIMITED (REGISTERED NUMBER: 03699679) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 30 November 2020 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
BRANDED CLOTHING INTERNATIONAL LIMITED |
COMPANY INFORMATION |
for the year ended 30 November 2020 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
19-20 Bourne Court |
Southend Road |
Woodford Green |
Essex |
IG8 8HD |
BRANDED CLOTHING INTERNATIONAL LIMITED (REGISTERED NUMBER: 03699679) |
ABRIDGED BALANCE SHEET |
30 November 2020 |
2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
6 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
BRANDED CLOTHING INTERNATIONAL LIMITED (REGISTERED NUMBER: 03699679) |
ABRIDGED BALANCE SHEET - continued |
30 November 2020 |
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 |
BRANDED CLOTHING INTERNATIONAL LIMITED (REGISTERED NUMBER: 03699679) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 30 November 2020 |
1. | STATUTORY INFORMATION |
Branded Clothing International Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Equipment | - |
Fixtures and fittings | - |
Motor vehicles | - |
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. |
BRANDED CLOTHING INTERNATIONAL LIMITED (REGISTERED NUMBER: 03699679) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 November 2020 |
2. | ACCOUNTING POLICIES - continued |
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 |
BRANDED CLOTHING INTERNATIONAL LIMITED (REGISTERED NUMBER: 03699679) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 November 2020 |
4. | INTANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 December 2019 |
Additions |
Disposals | ( |
) |
At 30 November 2020 |
AMORTISATION |
At 1 December 2019 |
Amortisation for year |
Eliminated on disposal | ( |
) |
At 30 November 2020 |
NET BOOK VALUE |
At 30 November 2020 |
At 30 November 2019 |
5. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 December 2019 |
Additions |
Disposals | ( |
) |
At 30 November 2020 |
DEPRECIATION |
At 1 December 2019 |
Charge for year |
Eliminated on disposal | ( |
) |
At 30 November 2020 |
NET BOOK VALUE |
At 30 November 2020 |
At 30 November 2019 |
BRANDED CLOTHING INTERNATIONAL LIMITED (REGISTERED NUMBER: 03699679) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 November 2020 |
5. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Totals |
£ |
COST |
At 1 December 2019 | 13,121 |
Additions | 12,091 |
At 30 November 2020 | 25,212 |
DEPRECIATION |
At 1 December 2019 | 4,738 |
Charge for year | 5,381 |
At 30 November 2020 | 10,119 |
NET BOOK VALUE |
At 30 November 2020 | 15,093 |
At 30 November 2019 | 8,383 |
6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS |
2020 | 2019 |
£ | £ |
Repayable by instalments |
Bank loans | 66,667 | - |
BRANDED CLOTHING INTERNATIONAL LIMITED (REGISTERED NUMBER: 03699679) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 November 2020 |
7. | SECURED DEBTS |
The following secured debts are included within creditors: |
2020 | 2019 |
£ | £ |
Hire purchase contracts | 13,923 | 8,018 |
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 Helicopter Charters 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 £272,655 (2019 - £302,366) by Kid Genius Retail Limited and £107,084 (2019 - £94,933) by Missimo.com Limited, both being companies controlled by Mr N Futcher, the director. |