Britannia Brands Limited 31/03/2021 iXBRL
Britannia Brands Limited 31/03/2021 iXBRL
Company registration number:
02436286
Financial statements
Year ended
Contents
Directors and other information
Strategic report
Directors report
Independent auditor's report to the members
Statement of income and retained earnings
Statement of financial position
Statement of cash flows
Notes to the financial statements
Directors and other information
Directors |
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(Deceased) | ||
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(Appointed 7 June 2021) | ||
Secretary |
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Company number |
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Registered office |
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Auditor |
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Chartered Accountants | |||
4th Floor, Suite 2B | |||
Congress House | |||
Lyon Road | |||
Harrow | |||
HA1 2EN | |||
Strategic report
Year ended 31 March 2021
The principal and only activity of the company is to act as an investment holding company. Full details of investments are provided in note 9 to the financial statements.
The Company results are disclosed on page 8. The Company's only key performance indicator relates to dividend income received, which amounted to £45,107,294 (31 March 2020 : £28,193,545). The key risk to the Company relates to the cash flows and ability of the investee companies to pay dividends.
Future prospects remain positive with the trading performance of the investee companies remaining healthy.
Principal risks and uncertainties
The company faces the risk and uncertainty of receipts of dividends from the subsidiary undertakings.
The directors anticipate that the business environment will remain stable despite the impact of Covid 19. They believe that the company is in sound financial position and will remain so in the foreseeable future.
This report was approved by the board of directors on 11 June 2021 and signed on behalf of the board by:
Director
Directors report
Year ended 31 March 2021
The directors present their report and the financial statements of the company for the year ended 31 March 2021.
Directors
The directors who served the company during the year were as follows:
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(Deceased) | |||
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(Appointed 7 June 2021) | |||
During the year under review, Mr. Anil Kumar Hirjee, Director passed away on 27 September 2020. The Board placed on record its sincere appreciation of the contributions made by him as a Member of the Board
Dividends
Particulars of recommended dividends are detailed in note 8 to the financial statements.
Future developments
The directors believe that the company is in good financial position.
Financial instruments
The company has a normal level of exposure to price, liquidity and cashflow risks arising from trading activities.
Events after the end of the reporting period
Particulars of events after the reporting period are detailed in note 14 to the financial statements.
Disclosure of information in the strategic report.
Directors responsibilities statement
The directors are responsible for preparing the strategic report, directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
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select suitable accounting policies and then apply them consistently;
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2
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06. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Disclosure of information to auditor
Each of the persons who is a director at the date of approval of this report confirms that:
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so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
Auditor
The auditor Atkins & Partners is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.
This report was approved by the board of directors on
11 June 2021
and signed on behalf of the board by:
Director
Date: 11 June 2021
Independent auditor's report to the members of
Year ended 31 March 2021
Opinion
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
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the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
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the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
Other Information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the strategic report and the directors' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
For and on behalf of
Chartered Accountants and Statutory Auditor
4th Floor, Suite 2B
Congress House
Lyon Road
Harrow
HA1 2EN
Statement of income and retained earnings
Year ended 31 March 2021
2021 | 2020 | |||||
Note | £ | £ | ||||
Turnover | - | - | ||||
Administrative expenses |
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Operating loss | 4 |
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Income from other fixed asset investments | 6 |
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Profit before taxation |
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Tax on profit | 7 | - | - | |||
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Profit for the financial year and total comprehensive income |
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Dividends declared and paid or payable during the year | 8 |
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Retained earnings at the start of the year |
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Retained earnings at the end of the year |
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All the activities of the company are from continuing operations.
Statement of financial position
31 March 2021
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Note | £ | £ | £ | £ | |||||
Fixed assets | |||||||||
Investments | 9 |
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Current assets | |||||||||
Debtors: | |||||||||
Amounts falling due within one year | 10 |
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Cash at bank and in hand |
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Creditors: amounts falling due | |||||||||
within one year | 11 |
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Net current assets |
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Total assets less current liabilities |
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Net assets |
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Capital and reserves | |||||||||
Called up share capital | 12 |
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Share premium account | 13 |
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Profit and loss account | 13 |
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Shareholders funds |
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These financial statements were approved by the
board of directors
and authorised for issue on
11 June 2021
, and are signed on behalf of the board by:
Director
Company registration number:
02436286
Statement of cash flows
Year ended 31 March 2021
2021 | 2020 | |||
£ | £ | |||
Cash flows from operating activities | ||||
Profit for the financial year |
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Adjustments for: | ||||
Income from other fixed asset investments |
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Changes in: | ||||
Trade and other debtors |
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6,121 | ||
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Cash generated from operations |
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Net cash from/(used in) operating activities |
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Cash flows from investing activities | ||||
Dividends received |
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Net cash from investing activities |
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Cash flows from financing activities | ||||
Proceeds from loans from group undertakings |
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Equity dividends paid |
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Net cash used in financing activities |
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Net increase/(decrease) in cash and cash equivalents |
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Cash and cash equivalents at beginning of year | 45,579 | 43,348 | ||
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Cash and cash equivalents at end of year |
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Notes to the financial statements
Year ended 31 March 2021
1.
General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 34 Ely Place, London, England, EC1N 6TD.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
Consolidation
Taxation
Foreign currencies
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
Cash and cash equivalent
Related parties
4.
Operating profit
Operating profit is stated after charging/(crediting):
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Foreign exchange differences |
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Fees payable for the audit of the financial statements |
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5.
Staff costs
There were no employees during the year apart from the directors.No remuneration was paid to directors during the year.
6.
Income from other fixed asset investments
2021 | 2020 | |||
£ | £ | |||
Income from other fixed asset investments | 45,107,294 | 28,193,545 | ||
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Tax on profit
No provision for corporation tax liabilities has been made in these financial statements due to tax losses incurred during the year.
8.
Dividends
Equity dividends
2021 | 2020 | |||
£ | £ | |||
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year) |
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9.
Investments
Shares in group undertakings | Total | ||
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Cost | |||
At 1 April 2020 and 31 March 2021 |
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Impairment | |||
At 1 April 2020 and 31 March 2021 | - | - | |
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Carrying amount | |||
At 31 March 2021 |
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At 31 March 2020 |
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10.
Debtors
Debtors falling due within one year are as follows:
2021 | 2020 | |||
£ | £ | |||
Amounts owed by group undertakings | - |
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Other debtors |
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11.
Creditors: amounts falling due within one year
2021 | 2020 | |||
£ | £ | |||
Amounts owed to group undertakings | - |
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Accruals and deferred income |
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12.
Called up share capital
Issued, called up and fully paid
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No | £ | No | £ | ||||||
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2 | 2 | 2 | 2 | |||||
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2 | 1 | 2 | 1 | |||||
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13.
Reserves
The Profit & Loss and share premium reserves include all current and prior year's retained profits and losses
14.
Events after the end of the reporting period
During the year, the intermediate parent Company, Leila Lands Ltd, entered into a facility agreement with Deutsche Bank AG, Singapore branch for USD 200,000,000 for various purposes. The loan is secured by corporate guarantees from the Company and other subsidiaries of Leila Lands Ltd along with a letter of comfort from the ultimate holding company, The Bombay Burmah Trading Corporation, Limited. In April and May 2021, the loan was fully drawn down.
15.
Related party transactions
The Company has taken advantage under FRS 8 not to disclose transactions with group companies whose voting rights are controlled within the group.
16.
Ultimate parent undertaking
The immediate parent undertaking is Leila Lands Limited, a company registered in Mauritius. The company is an investment holding company. The ultimate parent undertaking is The Bombay Burmah Trading Corporation Limited and the group accounts include the results, assets and liabilities of the company. The group accounts can be obtained at the registered office of the company.