Company Registration No. 04531406 (England and Wales)
SAFFRON BRAND CONSULTANTS LIMITED
DIRECTORS' REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2015
SAFFRON BRAND CONSULTANTS LIMITED
COMPANY INFORMATION
Directors
J Benbunan
I Stephens
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
Directors' report
1
Profit and loss account
2
Balance sheet
3
Notes to the financial statements
4 - 9
SAFFRON BRAND CONSULTANTS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2015
- 1 -
The directors present their report and financial statements for the year ended 31 December 2015.
Directors
The following directors have held office since 1 January 2015:
J Benbunan
I Stephens
This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
By order of the board
J Benbunan
Secretary
17 June 2016
SAFFRON BRAND CONSULTANTS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2015
- 2 -
2015
2014
Notes
£
£
Turnover
2
1,591,974
2,098,928
Administrative expenses
(1,628,603)
(2,047,326)
Other operating income
102,688
159,239
Operating profit
3
66,059
210,841
Other interest receivable and similar income
4
-
780
Interest payable and similar charges
(365)
(2,183)
Profit on ordinary activities before taxation
65,694
209,438
Tax on profit on ordinary activities
5
(156)
-
Profit for the year
11
65,538
209,438
SAFFRON BRAND CONSULTANTS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2015
31 December 2015
- 3 -
2015
2014
Notes
£
£
£
£
Fixed assets
Investments
7
51,072
51,072
Current assets
Stocks
90,195
181,447
Debtors
8
519,063
473,570
Cash at bank and in hand
160,083
12,480
769,341
667,497
Creditors: amounts falling due within one year
9
(1,395,935)
(1,359,629)
Net current liabilities
(626,594)
(692,132)
Total assets less current liabilities
(575,522)
(641,060)
Capital and reserves
Called up share capital
10
1,000
1,000
Profit and loss account
11
(576,522)
(642,060)
Shareholders' funds
(575,522)
(641,060)
For the financial year ended 31 December 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and the Financial Reporting Standard for Smaller Entities (effective Janurary 2015).
Approved by the Board for issue on 17 June 2016
J Benbunan
Director
Company Registration No. 04531406
SAFFRON BRAND CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2015
- 4 -
1
Accounting policies
1.1
Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.3
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Computer equipment
33% on cost
Fixtures, fittings & office equipment
25% on cost
1.4
Investments
Fixed asset investments are stated at cost less provision for diminution in value.
1.5
Stock and work in progress
Work in progress is valued at the lower of cost and net realisable value.
1.6
Deferred taxation
Deferred taxation is provided at appropriate rates on all timing differences using the liability method only to the extent that, in the opinion of the directors, there is a reasonable probability that a liability or asset will crystallise in the foreseeable future.
1.7
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
1.8

Going concern

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

2
Turnover
In the year to 31 December 2015 73% (2014 - 65%) of the company's turnover was to markets outside the United Kingdom.

The turnover and profit before taxation are attributable to the one principal activity of the company.

SAFFRON BRAND CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2015
- 5 -
3
Operating profit
2015
2014
£
£
Operating profit is stated after charging:
Depreciation of tangible assets
-
4,945
Director's remuneration
230,296
256,875
Loss on foreign exchange transactions
11,764
49,111
4
Investment income
2015
2014
£
£
Bank interest
-
780
-
780
5
Taxation
2015
2014
£
£
Domestic current year tax
Adjustment for prior years
156
-
Total current tax
156
-
6
Tangible fixed assets
Computer equipment
Fixtures, fittings & office equipment
Total
£
£
£
Cost
At 1 January 2015 & at 31 December 2015
26,039
40,672
66,711
Depreciation
At 1 January 2015 & at 31 December 2015
26,039
40,672
66,711
Net book value
At 31 December 2015
-
-
-
At 31 December 2014
-
-
-
SAFFRON BRAND CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2015
- 6 -
7
Fixed asset investments
Shares in group undertakings
£
Cost
At 1 January 2015 & at 31 December 2015
51,072
Net book value
At 31 December 2015
51,072
At 31 December 2014
51,072

The company holds 47% (2014 - 47%) of the share capital in Saffron Brand Consultants India Private Limited, a group subsidiary company incorporated in India.

8
Debtors
2015
2014
£
£
Trade debtors
293,432
233,302
Amounts owed by group undertakings
155,173
162,451
Other debtors
70,458
77,817
519,063
473,570
Debtors include an amount of £30,000 (2014 - £30,000) which is due after more than one year.
9
Creditors: amounts falling due within one year
2015
2014
£
£
Trade creditors
32,270
46,496
Amounts owed to group undertakings
1,247,634
1,089,540
Taxation and social security
82,604
80,283
Other creditors
33,427
143,310
1,395,935
1,359,629
SAFFRON BRAND CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2015
- 7 -
10
Share capital
2015
2014
£
£
Allotted, called up and fully paid
1,000 Ordinary shares of £1 each
1,000
1,000
11
Statement of movements on profit and loss account
Profit
and loss
account
£
Balance at 1 January 2015
(642,060)
Profit for the year
65,538
Balance at 31 December 2015
(576,522)
12
Financial commitments
At 31 December 2015 the company was committed to making the following payments under non-cancellable operating leases in the year to 31 December 2016:
2015
2014
£
£
Operating leases which expire:
Between two and five years
100,000
100,000
13
Control

Saffron Brand Consultants S.A. (incorporated in Spain) is regarded by the directors as being the company's ultimate parent company.

 

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

SAFFRON BRAND CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2015
- 8 -
14
Related party relationships and transactions
Transactions with directors
The following directors had interest free loans during the year. The movement on these loans are as follows:
% Rate
Opening Balance
Amounts Advanced
Interest Charged
Amounts Repaid
Closing Balance
£
£
£
£
£
I Stephens
-
430
211
-
641
-
0
430
211
-
641
-
SAFFRON BRAND CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2015
14
Related party relationships and transactions
(Continued)
- 9 -

Saffron Brand Consultants S.A.

The parent company

 

The company paid management and project fees in the ordinary course of business of £32,598 (2014 - £127,673) to Saffron Brand Consultants S.A.

 

Amount due to related party at the balance sheet date was £862,826 (2014 - £752,944)

 

Saffron Brand Consultants Inc

A fellow subsidiary undertaking

 

During the year net amounts of £66,115 were loaned by Saffron Brand Consultants Inc (2014 - £45,029 repaid to).

 

Amount due to related party at the balance sheet date was £94,846 (2014 - £28,731)

 

Saffron Brand Consultants Private Limited

A fellow subsidiary undertaking

 

During the year invoices of £5,503 were issued by Saffron Brand Consultants Private Limited (2014 - £4,987 of invoices issued by).

 

Amount due from related party at the balance sheet date was £155,173 (2014 - £162,451)

 

A branch of Saffron Brand Consultants S.A.

A branch within the group

 

During the year invoices of £10,660 were issued by a branch of Saffron Brand Consultants S.A. located in Austria (2014 - £11,666 of invoices issued by).

 

Amount due to related party at the balance sheet date was £289,962 (2014 - £307,865).

 

 

 

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