Company Registration No. 04531406 (England and Wales)
SAFFRON BRAND CONSULTANTS LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
PAGES FOR FILING WITH REGISTRAR
SAFFRON BRAND CONSULTANTS LIMITED
COMPANY INFORMATION
Director
J Benbunan
Secretary
J Benbunan
Company number
04531406
Registered office
Ibex House
Baker Street
Weybridge
Surrey
KT13 8AH
Accountants
MGI Midgley Snelling LLP
Ibex House
Baker Street
Weybridge
Surrey
KT13 8AH
SAFFRON BRAND CONSULTANTS LIMITED
CONTENTS
Page
Director's report
1
Profit and loss account
2
Balance sheet
3
Notes to the financial statements
4 - 10
SAFFRON BRAND CONSULTANTS LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2016
- 1 -

The director presents his annual report and financial statements for the year ended 31 December 2016.

Director

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

J Benbunan
I Stephens
(Resigned 9 November 2016)

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

By order of the board
J Benbunan
Secretary
5 July 2017
SAFFRON BRAND CONSULTANTS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2016
- 2 -
2016
2015
Notes
£
£
Turnover
2,267,419
1,591,974
Administrative expenses
(2,670,040)
(1,628,603)
Other operating income
82,271
102,688
Operating (loss)/profit
(320,350)
66,059
Interest payable and similar expenses
(118)
(365)
(Loss)/profit before taxation
(320,468)
65,694
Taxation
-
(156)
(Loss)/profit for the financial year
(320,468)
65,538
SAFFRON BRAND CONSULTANTS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2016
31 December 2016
- 3 -
2016
2015
Notes
£
£
£
£
Fixed assets
Investments
4
51,072
51,072
Current assets
Stocks
172,048
90,195
Debtors
5
526,610
519,063
Cash at bank and in hand
221,864
160,083
920,522
769,341
Creditors: amounts falling due within one year
6
(1,867,584)
(1,395,935)
Net current liabilities
(947,062)
(626,594)
Total assets less current liabilities
(895,990)
(575,522)
Capital and reserves
Called up share capital
7
1,000
1,000
Profit and loss reserves
(896,990)
(576,522)
Total equity
(895,990)
(575,522)

For the financial year ended 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements. he director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 . he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 .

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

The financial statements were approved by the board of directors and authorised for issue on 5 July 2017 and are signed on its behalf by:
J Benbunan
Director
Company Registration No. 04531406
SAFFRON BRAND CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
- 4 -
1
Accounting policies
Company information

Saffron Brand Consultants Limited is a private company limited by shares incorporated in England and Wales. The registered office is Ibex House, Baker Street, Weybridge, Surrey, KT13 8AH. The place of business is 68-80 Hanbury Street, London, E1 5JL.

 

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling , which is the functional currency of the company. Monetary a mounts 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.

These financial statements for the year ended 31 December 2016 are the first financial statements of Saffron Brand Consultants Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 January 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts , on the basis that the group of which this is the parent qualifies as a small group . The financial statements present information about the company as an individual entity and not about its group .

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business , and is shown net of VAT and other sales related taxes . The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. , and is shown net of VAT and other sales related taxes . The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Tangible fixed assets

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

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

Fixtures, fittings & office equipment
25% on cost
Computer equipment
33% on cost

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 .

SAFFRON BRAND CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
1
Accounting policies
(Continued)
- 5 -
1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company . Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.5
Stocks

Work in progress is valued at the lower of cost and net realisable value . Cost comprises direct costs including direct labour costs and relevant overheads . . Cost comprises direct costs including direct labour costs and relevant overheads .

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
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.

 

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 and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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.

SAFFRON BRAND CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. 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. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

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

1.9
Taxation

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

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. 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. The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

SAFFRON BRAND CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
1
Accounting policies
(Continued)
- 7 -
1.10
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.

 

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.

1.11
Retirement benefits

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

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to income 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 lease asset are consumed. including any lease incentives received, are charged to income 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 lease asset are consumed.

1.13
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 are included in the profit and loss account for the period.

1.14

Going concern

The directors consider that with the continuing support of their parent company that the company is a going concern.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 18 (2015 - 18).

SAFFRON BRAND CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
- 8 -
3
Tangible fixed assets
Fixtures, fittings & office equipment
Computer equipment
Total
£
£
£
Cost
At 1 January 2016
40,672
26,039
66,711
Disposals
(4,259)
(25,641)
(29,900)
At 31 December 2016
36,413
398
36,811
Depreciation and impairment
At 1 January 2016
40,672
26,039
66,711
Eliminated in respect of disposals
(4,259)
(25,641)
(29,900)
At 31 December 2016
36,413
398
36,811
Carrying amount
At 31 December 2016
-
-
-
At 31 December 2015
-
-
-
4
Fixed asset investments
2016
2015
£
£
Investments
51,072
51,072

 

Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 January 2016 & 31 December 2016
51,072
Carrying amount
At 31 December 2016
51,072
At 31 December 2015
51,072

The group holds 47% (2015 - 47%) of the share capital in Saffron Brand Consultants India Private Limited, a group subsidiary company incorporated in India.

SAFFRON BRAND CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
- 9 -
5
Debtors
2016
2015
Amounts falling due within one year:
£
£
Trade debtors
322,593
293,432
Amounts due from group undertakings
174,281
155,173
Other debtors
29,736
40,458
526,610
489,063
Amounts falling due after more than one year:
Other debtors
-
30,000
Total debtors
526,610
519,063
6
Creditors: amounts falling due within one year
2016
2015
£
£
Trade creditors
58,093
32,270
Amounts due to group undertakings
1,603,750
1,247,634
Other taxation and social security
69,750
82,604
Other creditors
135,991
33,427
1,867,584
1,395,935
7
Called up share capital
2016
2015
£
£
Ordinary share capital
Issued and fully paid
1,000 Ordinary shares of £1 each
1,000
1,000
8
Financial commitments, guarantees and contingent liabilities

At the date of the balance sheet, the company had an outstanding commitment of £456 due in relation to employers pension costs.

SAFFRON BRAND CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
- 10 -
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2016
2015
£
£
363,000
150,000
10
Related party transactions

The company has taken advantage of the exemption under section 33.1a of Financial Reporting Standard 102 not to disclose related party transactions with wholly owned group members true .

11
Parent company

Saffron Brand Consultants S.A. (incorporated in Spain) is regarded by the directors as being the company's ultimate parent company. Saffron Brand Consultants S.A. heads both the largest and smallest group within which the subsidiary belongs and for which group accounts are prepared.

 

Consolidated financial statements are available from, Saffron Brand Consultants S.A., Almagro, 36, 28010 Madrid, Spain.

2016-12-31 2016-01-01 false CCH Software CCH Accounts Production 2017.101 At the date of the balance sheet, the company had an outstanding commitment of £456 due in relation to employers pension costs Saffron Brand Consultants S.A Saffron Brand Consultants S.A., Almagro, 36, 28010 Madrid, Spain 04531406 2016-01-01 2016-12-31 04531406 bus:CompanySecretaryDirector1 2016-01-01 2016-12-31 04531406 bus:Director1 2016-01-01 2016-12-31 04531406 bus:RegisteredOffice 2016-01-01 2016-12-31 04531406 2016-12-31 04531406 2015-01-01 2015-12-31 04531406 2015-12-31 04531406 core:CurrentFinancialInstruments 2016-12-31 04531406 core:CurrentFinancialInstruments 2015-12-31 04531406 core:ShareCapital 2016-12-31 04531406 core:ShareCapital 2015-12-31 04531406 core:RetainedEarningsAccumulatedLosses 2016-12-31 04531406 core:RetainedEarningsAccumulatedLosses 2015-12-31 04531406 core:FurnitureFittings 2016-01-01 2016-12-31 04531406 core:ComputerEquipment 2016-01-01 2016-12-31 04531406 core:FurnitureFittings 2015-12-31 04531406 core:ComputerEquipment 2015-12-31 04531406 2015-12-31 04531406 core:FurnitureFittings 2016-12-31 04531406 core:ComputerEquipment 2016-12-31 04531406 core:Non-currentFinancialInstruments 2015-12-31 04531406 bus:PrivateLimitedCompanyLtd 2016-01-01 2016-12-31 04531406 bus:FRS102 2016-01-01 2016-12-31 04531406 bus:AuditExemptWithAccountantsReport 2016-01-01 2016-12-31 04531406 bus:FullAccounts 2016-01-01 2016-12-31 xbrli:pure xbrli:shares iso4217:GBP