2022-04-012023-03-312023-03-31false10024360Brainpool 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Brainpool Ltd

Registered Number
10024360
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2023

Brainpool Ltd
Company Information
for the year from 1 April 2022 to 31 March 2023

Directors

Peter Bebbington
Katarzyna Borowska

Registered Address

45 Albemarle Street
3rd Floor, Mayfair
London
W1S 4JL

Registered Number

10024360 (England and Wales)
Brainpool Ltd
Balance Sheet as at
31 March 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets52,6893,261
Investments62626
2,7153,287
Current assets
Debtors183,009167,277
Cash at bank and on hand40,53672,370
223,545239,647
Creditors amounts falling due within one year10(42,834)(54,898)
Net current assets (liabilities)180,711184,749
Total assets less current liabilities183,426188,036
Net assets183,426188,036
Capital and reserves
Called up share capital1212
Share premium386,113386,113
Profit and loss account(202,699)(198,089)
Shareholders' funds183,426188,036
The financial statements were approved and authorised for issue by the Board of Directors on 12 July 2023, and are signed on its behalf by:
Katarzyna Borowska
Director
Registered Company No. 10024360
Brainpool Ltd
Notes to the Financial Statements
for the year ended 31 March 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Accounting policies
Functional and presentation currency policy
The financial statements are presented in sterling and this is the functional currency of the company.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Office Equipment3
Revenue recognition policy
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Foreign currency translation and operations policy
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Investments policy
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Employee benefits policy
Contributions to defined contribution plans are expensed in the period to which they relate.
4.Employee information

20232022
Average number of employees during the year07
5.Property, plant and equipment

Office Equipment

Total

££
Cost or valuation
At 01 April 229,3739,373
Additions1,0441,044
At 31 March 2310,41710,417
Depreciation and impairment
At 01 April 226,1126,112
Charge for year1,6161,616
At 31 March 237,7287,728
Net book value
At 31 March 232,6892,689
At 31 March 223,2613,261
6.Fixed asset investments
During the year 31 March 2022, the company invested in two subsidiaries for a share capital of £10.00 each, Brainpool Consultancy Ltd and Brainpool Products Ltd. Brainpool Ltd owns 100% of the share capital of these companies.

Investments in groups1

Total

££
Cost or valuation
At 01 April 222626
At 31 March 232626
Net book value
At 31 March 232626
At 31 March 222626

Notes

1Investments in group undertakings and participating interests
7.Description of nature of transactions and balances with related parties
The amount owed by group undertakings is a loan of £182,177.03 to Brainpool Consultancy Ltd, a Private Company Limited By Shares in England and Wales that is owned and controlled by Brainpool Ltd. Interest of 2% was added to the loan, equivalent to the HMRC beneficial loan rate, and it is repayable on demand. The amount owed by related parties is a loan of £599.83 (2022: £470.77) to DAISY AI Inc (corporation number BC1229900), a company registered in Canada, in which Brainpool Ltd has an investment. No interest was charged to the loan and it is repayable on demand. The amount owed to related parties is a loan of £10 from Brainpool Products Ltd, a Private Company Limited By Shares in England and Wales that is owned and controlled by Brainpool Ltd. No interest was charged to the loan and it is repayable on demand.
8.Further information regarding the company's income
Government Grant income includes £44,076.86 received under the Corona Job Retention Scheme during the year ended 31 March 2022.
9.Debtors within one year

2023

2022

££
Trade debtors / trade receivables-42,200
Amounts owed by group undertakings182,177123,634
Amounts owed by associates and joint ventures / participating interests600471
Other debtors232972
Total183,009167,277
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
10.Creditors within one year

2023

2022

££
Trade creditors / trade payables1,386281
Bank borrowings and overdrafts44,13849,209
Amounts owed to related parties1010
Taxation and social security(3,455)-
Other creditors63,198
Accrued liabilities and deferred income7492,200
Total42,83454,898
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.