AGENCY BRAZIL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2023
Company Registration Number: 04699184
AGENCY BRAZIL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
CONTENTS PAGES
Company information 1
Balance sheet 2 to 3
Notes to the financial statements 4 to 10
AGENCY BRAZIL LIMITED
COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023
DIRECTORS
Mr J R Van Raalte-Kaufman
Ms T Durkin
SECRETARY
Ms T Durkin
REGISTERED OFFICE
54 Marshall Street
London
W1F 9BH
COMPANY REGISTRATION NUMBER
04699184 England and Wales
AGENCY BRAZIL LIMITED
BALANCE SHEET
AS AT 31 MARCH 2023
Notes 2023 2022
£ £
FIXED ASSETS
Intangible assets 5 3,773 -
Tangible assets 6 14,542 20,827
Investments 7 1,610 1,610
19,925 22,437
CURRENT ASSETS
Debtors 8 157,619 188,693
Cash at bank and in hand 179,939 220,698
337,558 409,391
CREDITORS: Amounts falling due within one year 9 117,285 123,431
NET CURRENT ASSETS 220,273 285,960
TOTAL ASSETS LESS CURRENT LIABILITIES 240,198 308,397
CREDITORS: Amounts falling due after more than one year 10 78,788 115,155
Provisions for liabilities and charges 479 1,502
NET ASSETS 160,931 191,740
CAPITAL AND RESERVES
Called up share capital 5 5
Distributable profit and loss account 160,827 191,636
Capital redemption reserve 99 99
SHAREHOLDERS' FUNDS 160,931 191,740
AGENCY BRAZIL LIMITED
BALANCE SHEET
AS AT 31 MARCH 2023
These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board of directors
Mr J R Van Raalte-Kaufman Ms T Durkin
Director Director
Date approved by the board: 26 October 2023
AGENCY BRAZIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
1 GENERAL INFORMATION
Agency Brazil Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
54 Marshall Street
London
W1F 9BH
The financial statements are presented in Sterling, which is the functional currency of the company.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation of financial statements
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
Revenue recognition
Turnover is measured at the fair value of consideration received or receivable. It is recognised in respect of public relation services as soon as there is a right to consideration and is determined by reference to the value of the work performed. Turnover is stated net of trade discounts and value added tax.
The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.
Intangible fixed assets
Intangible fixed assets, other than goodwill, are stated at cost less accumulated amortisation and any accumulated impairment losses. It is amortised on a straight-line basis over its useful economic life of 5 years.
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new expectations.
Tangible fixed assets
Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.
Depreciation has been provided at the following rate so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives.
Office equipment Straight line basis at 33.3% per annum
Furniture and fittings Straight line basis at 20% per annum
Property improvements Reducing balance basis at 25% per annum
On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses.
AGENCY BRAZIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Investments
Investments in group undertakings are shown at cost less accumulated impairment losses.
Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account.
If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account.
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 subsequently at amortised cost, less any impairment.
AGENCY BRAZIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
Leases
Leases are classified as finance leases when they transfer substantially all the risks and rewards of ownership of the leased assets to the company. Other leases that do not transfer substantially all the risks and rewards of ownership of the leased assets to the company are classified as operating leases.
Payments applicable to operating leases are charged against profit on a straight line basis over the lease term.
Taxation
Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other taxable profits.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Current and deferred tax assets and liabilities are not discounted.
Pensions
The company operates a defined contribution pension scheme. The amount charged to the profit and loss account in respect of pension costs and other post-retirement benefits is the amount payable in the year. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments in the balance sheet.
AGENCY BRAZIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
3 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
No significant accounting estimates and judgements have had to be made by the directors in preparing these financial statements.
4 EMPLOYEES
The average number of persons employed by the company (including directors) during the year was:
2023 2022
Average number of employees 10 12
5 INTANGIBLE FIXED ASSETS
Website
£
Cost
Additions 4,158
At 31 March 2023 4,158
Accumulated amortisation and impairments
Charge for year 385
At 31 March 2023 385
Net book value
At 1 April 2022 -
At 31 March 2023 3,773
AGENCY BRAZIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
6 TANGIBLE ASSETS
Office equipment Furniture and fittings Property improvements Total
£ £ £ £
Cost
At 1 April 2022 24,728 50,343 30,877 105,948
Additions 6,290 - - 6,290
Disposals (1,487) (4,436) - (5,923)
At 31 March 2023 29,531 45,907 30,877 106,315
Accumulated depreciation and impairments
At 1 April 2022 17,869 40,248 27,004 85,121
Charge for year 4,155 6,213 968 11,336
Disposals (855) (3,829) - (4,684)
At 31 March 2023 21,169 42,632 27,972 91,773
Net book value
At 1 April 2022 6,859 10,095 3,873 20,827
At 31 March 2023 8,362 3,275 2,905 14,542
7 FIXED ASSET INVESTMENTS
Total other investments
£
Cost
At 1 April 2022 1,610
At 31 March 2023 1,610
Net book value
At 1 April 2022 1,610
At 31 March 2023 1,610
AGENCY BRAZIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
8 DEBTORS
2023 2022
£ £
Trade debtors 43,080 73,081
Prepayments and accrued income 15,268 15,652
Other debtors 99,271 99,960
157,619 188,693
9 CREDITORS: Amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 36,364 36,360
Trade creditors 3,258 6,479
Taxation and social security 58,804 61,676
Accruals and deferred income 8,257 7,732
Other creditors 10,602 11,184
117,285 123,431
10 CREDITORS: Amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 78,788 115,155
Included in the amounts falling due after more than one year are the following amounts which are due in more
than five years:
2023 2022
£ £
Bank loans and overdrafts - 6,064
AGENCY BRAZIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
11 CONTINGENCIES AND COMMITMENTS
Other Commitments
Amounts falling due under operating leases: 2023 2022
£ £
In less than one year 41,417 71,000
In more than one but less than five years - 41,417
41,417 112,417
Amounts receivable under operating leases 2023 2022
£ £
In less than one year 37,240 36,160
12 DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
The following director's advances, credits and guarantees took place during the year
Balance at 1 April 2022 Amounts advanced Amounts repaid Amounts written off or waived Balance at 31 March 2023
£ £ £ £ £
Mr J R Van Raalte-Kaufman and Ms T Durkin 99,960 129,878 130,567 - 99,271
Interest has been charged on this advance at the Beneficial Loan Arrangement Official Rate as prescribed by HM Revenue and Customs. The advance is repayable on demand.
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