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Registered number: 10323864









PLAYBRAVE LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2022

 
PLAYBRAVE LIMITED
 

CONTENTS



Page
Balance Sheet
 
1 - 2
Notes to the Financial Statements
 
3 - 9


 
PLAYBRAVE LIMITED
REGISTERED NUMBER:10323864

BALANCE SHEET
AS AT 31 DECEMBER 2022

As restated
2022
2021
Note
£
£

Fixed assets
  

Intangible fixed assets
 4 
108,964
135,532

Tangible fixed assets
 5 
9,131
12,046

  
118,095
147,578

Current assets
  

Stocks
  
273,524
221,562

Debtors: amounts falling due within one year
 6 
41,505
44,057

Bank and cash balances
  
22,857
61,431

  
337,886
327,050

Creditors: amounts falling due within one year
 7 
(2,910,114)
(2,826,830)

Net current liabilities
  
 
 
(2,572,228)
 
 
(2,499,780)

Total assets less current liabilities
  
(2,454,133)
(2,352,202)

Creditors: amounts falling due after more than one year
 8 
(25,833)
(35,833)

  

Net liabilities
  
(2,479,966)
(2,388,035)


Capital and reserves
  

Called up share capital 
  
100
100

Share premium account
  
199,920
199,920

Profit and loss account
  
(2,679,986)
(2,588,055)

  
(2,479,966)
(2,388,035)


Page 1

 
PLAYBRAVE LIMITED
REGISTERED NUMBER:10323864
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2022

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




J A N Prenn
Director

Date: 12 October 2023

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
PLAYBRAVE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Playbrave Limited is a private company, limited by shares, incorporated in England and Wales. The address of the registered office is Unit 3 Crewkerne Business Park, Cropmead, Crewkerne, Somerset TA18 7HJ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company is reliant on the support of its parent company and directors. The directors have given their assurance to continue to support the company. The director has carefully reviewed the future prospects of the company and its future cashflows and has reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, being at least 12 months from signing of these financial statements. The accounts have been prepared on this basis.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
PLAYBRAVE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.4

Revenue

Revenue from the sale and installation of carpets is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts and value added tax. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually
associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of comprehensive income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
PLAYBRAVE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.6
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
20%
Website
-
50%
Computer equipment
-
25%
Office equipment
-
10%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
PLAYBRAVE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2021 - 2).


4.


Intangible assets




Trade Marks
Goodwill
Total

£
£
£



Cost


At 1 January 2022
22,430
171,632
194,062



At 31 December 2022

22,430
171,632
194,062



Amortisation


At 1 January 2022
14,326
44,204
58,530


Charge for the year on owned assets
4,486
22,082
26,568



At 31 December 2022

18,812
66,286
85,098



Net book value



At 31 December 2022
3,618
105,346
108,964



At 31 December 2021
8,104
127,428
135,532



Page 6

 
PLAYBRAVE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

5.


Tangible fixed assets





Plant and machinery
Office equipment
Computer equipment
Website
Total

£
£
£
£
£



Cost or valuation


At 1 January 2022
5,174
18,798
1,502
35,972
61,446



At 31 December 2022

5,174
18,798
1,502
35,972
61,446



Depreciation


At 1 January 2022
1,993
9,933
1,502
35,972
49,400


Charge for the year on owned assets
1,035
1,880
-
-
2,915



At 31 December 2022

3,028
11,813
1,502
35,972
52,315



Net book value



At 31 December 2022
2,146
6,985
-
-
9,131



At 31 December 2021
3,181
8,865
-
-
12,046

Page 7

 
PLAYBRAVE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

6.


Debtors

2022
2021
£
£


Trade debtors
27,275
38,453

Other debtors
1,709
1,244

Called up share capital not paid
20
20

Prepayments and accrued income
12,501
4,340

41,505
44,057





7.


Creditors: Amounts falling due within one year

2022
As restated 2021
£
£

Bank loans
10,000
10,000

Trade creditors
8,934
37,611

Amounts owed to group undertakings
1,719,262
1,635,643

Other taxation and social security
-
8,786

Other creditors
1,086,280
1,133,500

Accruals and deferred income
85,638
1,290

2,910,114
2,826,830


Other creditors includes amounts owed to a company under common control: £173,339 (2021 - £320,424). This loan is interest free and repayable on demand

Other creditors includes amounts owed to a company under common control: £10,000 (2021 - £Nil). This loan is interest free and repayable on demand.

Other creditors includes a loan of £899,874 (2021 - £809,966) owed to the director. This loan is interest free and repayable on demand.

At the year end, the Company owed £1,719,262 (2021 - £1,635,643) to its parent company. This loan is interest free and repayable on demand.

Page 8

 
PLAYBRAVE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

8.


Creditors: Amounts falling due after more than one year

2022
As restated 2021
£
£

Bank loans
25,833
35,833




9.


Prior year adjustment

During the preparation of the financial statements, it was identified that £2,445,609 of creditors were incorrectly shown as due after more than one year. A prior year adjustment has been made in these financial statements to reflect this amount was due within one year. The adjustment has no resultant change to the loss for the year ended 31 December 2021 or the value of net assets at that date.

 
Page 9