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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2018 |
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47 BRAND EUROPE LIMITED |
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REGISTERED NUMBER:
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2018 |
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FOR |
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47 BRAND EUROPE LIMITED |
47 BRAND EUROPE LIMITED (REGISTERED NUMBER: 07567616) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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47 BRAND EUROPE LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Statutory Auditor |
The Tramshed |
25 Lower Park Row |
Bristol |
BS1 5BN |
47 BRAND EUROPE LIMITED (REGISTERED NUMBER: 07567616) |
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BALANCE SHEET |
31 DECEMBER 2018 |
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2018 | 2017 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks | 5 |
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Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 | ( |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
( |
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( |
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CAPITAL AND RESERVES |
Called up share capital | 9 |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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In accordance with Section 444 of the Companies Act 2006, the Statement of profit and loss has not been delivered. |
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The financial statements were approved and authorised for issue by the Board of Directors on
signed on its behalf by: |
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47 BRAND EUROPE LIMITED (REGISTERED NUMBER: 07567616) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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1. | STATUTORY INFORMATION |
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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. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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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. |
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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 £3,616,223 (2017: |
£4,703,689) 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. |
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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. |
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Revenue recognition |
Revenue consists of the sale of apparel and accessories. |
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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. |
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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. |
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Tangible fixed assets |
Tangible fixed assets held for the company's own use, are stated at cost less accumulated depreciation and |
accumulated impairment losses. |
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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: |
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Plant and machinery - 25% reducing balance. |
47 BRAND EUROPE LIMITED (REGISTERED NUMBER: 07567616) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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2. | ACCOUNTING POLICIES - continued |
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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. |
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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. |
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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. |
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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. |
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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. |
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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. |
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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. |
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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. |
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Contributions to defined contribution plans are recognised as an employee benefit expense when they are due. |
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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. |
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Cash and cash equivalents |
Cash and cash equivalents in the balance sheet comprise cash at bank and in hand and short-term deposits. |
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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. |
47 BRAND EUROPE LIMITED (REGISTERED NUMBER: 07567616) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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2. | ACCOUNTING POLICIES - continued |
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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. |
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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. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
Cost |
At 1 January 2018 |
and 31 December 2018 |
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Depreciation |
At 1 January 2018 |
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Charge for year |
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At 31 December 2018 |
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Net book value |
At 31 December 2018 |
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At 31 December 2017 |
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5. | STOCKS |
2018 | 2017 |
£ | £ |
Stocks |
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47 BRAND EUROPE LIMITED (REGISTERED NUMBER: 07567616) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
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Other debtors |
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Deferred tax asset |
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Prepayments |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Tax |
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Social security and other taxes |
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Other creditors |
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Accrued expenses |
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8. | LEASING AGREEMENTS |
The total of future minimum lease payments is as follows: |
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2018 | 2017 |
£ | £ |
Operating lease commitments | 43,750 | 56,250 |
43,750 | 56.250 |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2018 | 2017 |
value: | £ | £ |
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Ordinary | 1 | 1 | 1 |
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10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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As the profit and loss account has been omitted from the filing copy of the financial statements the following |
information in relation to the audit report on the statutory financial statements is provided in accordance with |
s444(5B) of the Companies Act 2006: |
- The audit report was unqualified. |
- The senior statutory auditor was Stuart Crisp BSc FCA. |
- The auditor was Corrigan Accountants Limited. |
47 BRAND EUROPE LIMITED (REGISTERED NUMBER: 07567616) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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11. | ULTIMATE CONTROLLING PARTY |
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Twins Enterprise Inc. (incorporated in United States of America) is regarded by the directors as being the company's |
ultimate parent company. |
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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. |