47 Brand Europe Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07567616 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

FOR

47 BRAND EUROPE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

S D'Angelo

D D'Angelo

REGISTERED OFFICE:

11th Floor, Whitefriars

Lewis Mead

Bristol

BS1 2NT

REGISTERED NUMBER:

07567616 (England and Wales)

AUDITORS:

Corrigan Accountants Limited

Statutory Auditor

The Tramshed

25 Lower Park Row

Bristol

BS1 5BN

FIXED ASSETS

Tangible assets

4

7,367

9,822

CURRENT ASSETS

Stocks

5

682,923

944,954

Debtors

6

1,086,364

985,912

Cash at bank

1,027,508

500,164

2,796,795

2,431,030

CREDITORS

Amounts falling due within one year

7

(1,640,920

)

(2,618,022

)

NET CURRENT ASSETS/(LIABILITIES)

1,155,875

(186,992

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,163,242

(177,170

)

CAPITAL AND RESERVES

Called up share capital

9

1

1

Retained earnings

1,163,241

(177,171

)

SHAREHOLDERS' FUNDS

1,163,242

(177,170

)

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

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

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 2 November 2021 and were signed on its behalf by:

D D'Angelo - Director

1.	STATUTORY INFORMATION

47 Brand Europe 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

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented.

Going concern

The company's financial statements have been prepared on a going concern basis on the grounds that current and future sources of funding or support will be more than adequate for the company's needs. The directors have considered a period of twelve months from the date of approval of the financial statements. The company is reliant on the ongoing support of the wider group to be able to meet liabilities as they fall due. £1,182,873 (2019: £2,243,600) was owed to the parent company at the year end. The directors of the company have received confirmation from the parent company that the parent will continue its support for a period no shorter than twelve months from the date of approval of these financial statements. Accordingly, these financial statements have been prepared on the going concern basis.

Basis of preparing the financial statements and statement of compliance

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

Revenue recognition

Revenue consists of the sale of apparel and accessories.

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company's activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:

The amount of revenue can be reliably measured;

it is probable that future economic benefits will flow to the entity;

and specific criteria have been met for each of the company's activities.

Tangible fixed assets

Tangible fixed assets held for the company's own use, are stated at cost less accumulated depreciation and accumulated impairment losses.

Depreciation is provided on all tangible fixed assets to write off the cost less estimated residual value of each asset over its estimated useful life. The rated used are:

Plant and machinery - 25% reducing balance.

Tax

The tax expense represents the sum of the current tax expense and deferred tax expense. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax

Deferred corporation tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred corporation tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profits.

Foreign currencies

Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into sterling at the rates of exchange ruling at the balance sheet date. Exchange differences are taken into account in arriving at the operating result.

The results of overseas branches are translated into sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas branches are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas branches at actual rate are recognised in other comprehensive income.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as an employee benefit expense when they are due.

Employee Benefits

The costs of short-term employee benefits are recognised as a liability and an expense. The cost of any unused holiday entitlement is recognised in the period in which the employees' services are received.

Cash and cash equivalents

Cash and cash equivalents in the balance sheet comprise cash at bank and in hand and short-term deposits.

Short-term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment of debtors are recognised in the Statement of profit and loss in administrative expenses.

Stocks

Stocks are stated at the lower of cost and estimated selling price less cost to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of goods for resale comprises direct cost and, where applicable, those overheads that have been incurred in bringing the inventories to their present location and condition. At each report date, stocks are assessed for impairment.

If stocks are impaired, the carrying amount is reduced to its selling price less cost to complete and sell; the impairment loss is recognised immediately in profit and loss.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2019 - 9 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

Cost

At 1 January 2020

and 31 December 2020

53,743

Depreciation

At 1 January 2020

43,921

Charge for year

2,455

At 31 December 2020

46,376

Net book value

At 31 December 2020

7,367

At 31 December 2019

9,822

5.

STOCKS

2020

2019

£

£

Stocks

682,923

944,954

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

1,075,184

911,904

Other debtors

6,806

32,985

Deferred tax asset

403

5,814

Prepayments

3,971

35,209

1,086,364

985,912

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

38,398

117,996

Amounts owed to group undertakings

1,182,873

2,243,600

Tax

285,259

-

Accrued expenses

134,390

256,426

1,640,920

2,618,022

8.	LEASING AGREEMENTS

The total of future minimum lease payments is as follows:

2020

2019

£

£

Operating lease commitments

18,750

58,500

18,750

58,500

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

1

Ordinary

1

1

1

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

11.	ULTIMATE CONTROLLING PARTY

Twins Enterprise Inc. (incorporated in United States of America) is regarded by the directors as being the company's ultimate parent company.

The largest group in which the results of the company are consolidated is that headed by Twins Enterprise Inc., and the smallest is headed by 47 Brand LLC, both are private companies incorporated in the United States of America, with their principal place of business at 15 Southwest Park Westwood, MA 02090, USA.