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REGISTERED NUMBER: 08660886 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 August 2023

for

Braintrain2020 Limited

Braintrain2020 Limited (Registered number: 08660886)






Contents of the Financial Statements
for the Year Ended 31 August 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Braintrain2020 Limited

Company Information
for the Year Ended 31 August 2023







DIRECTORS: Mr R C Mills
Dr M Van de Werken
Mr R Di Benedetto





REGISTERED OFFICE: Kroto Innovation Centre
North Campus University of Sheffield
318 Broad Lane
Sheffield
South Yorkshire
S3 7HQ





REGISTERED NUMBER: 08660886 (England and Wales)





ACCOUNTANTS: Harris & Co Limited
Chartered Accountants
Marland House
13 Huddersfield Road
Barnsley
South Yorkshire
S70 2LW

Braintrain2020 Limited (Registered number: 08660886)

Balance Sheet
31 August 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 5 1,272,410 1,047,133
Tangible assets 6 20,138 22,953
Investments 7 100 100
1,292,648 1,070,186

CURRENT ASSETS
Debtors 8 177,247 93,342
Cash at bank 163,100 651,620
340,347 744,962
CREDITORS
Amounts falling due within one year 9 (929,494 ) (848,755 )
NET CURRENT LIABILITIES (589,147 ) (103,793 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

703,501

966,393

CREDITORS
Amounts falling due after more than one
year

10

(34,032

)

(39,982

)
NET ASSETS 669,469 926,411

CAPITAL AND RESERVES
Called up share capital 11 1,829 1,822
Share premium 1,540,201 1,515,494
Retained earnings (872,561 ) (590,905 )
SHAREHOLDERS' FUNDS 669,469 926,411

Braintrain2020 Limited (Registered number: 08660886)

Balance Sheet - continued
31 August 2023


The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the Company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the Company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the Company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the Company.

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 November 2023 and were signed on its behalf by:





Mr R C Mills - Director


Braintrain2020 Limited (Registered number: 08660886)

Notes to the Financial Statements
for the Year Ended 31 August 2023

1. STATUTORY INFORMATION

Braintrain2020 Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation and functional currency of the financial statements is the Pound Sterling (£).

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared on a going concern basis under the historical cost convention.

Significant judgements and estimates
The principal accounting policies and significant judgements and estimates applied in the preparation of these financial statements are set out below. These policies, judgements and estimates have been consistently applied to all years presented unless otherwise stated.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of twenty years.

Development costs are being amortised evenly over their estimated useful life of ten years.

Patents & licences
Patent costs are deferred and amortised over the period from which the company is expected to benefit.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance

All fixed assets are initially recorded at cost.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Braintrain2020 Limited (Registered number: 08660886)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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 future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

5. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 September 2022 1,497,182
Additions 407,400
At 31 August 2023 1,904,582
AMORTISATION
At 1 September 2022 450,049
Charge for year 182,123
At 31 August 2023 632,172
NET BOOK VALUE
At 31 August 2023 1,272,410
At 31 August 2022 1,047,133

Braintrain2020 Limited (Registered number: 08660886)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

6. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 September 2022 49,573
Additions 739
At 31 August 2023 50,312
DEPRECIATION
At 1 September 2022 26,620
Charge for year 3,554
At 31 August 2023 30,174
NET BOOK VALUE
At 31 August 2023 20,138
At 31 August 2022 22,953

7. FIXED ASSET INVESTMENTS
Shares in
group
undertaking
£   
COST
At 1 September 2022
and 31 August 2023 100
NET BOOK VALUE
At 31 August 2023 100
At 31 August 2022 100

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed by group undertakings 21,983 595
Other debtors 155,264 92,747
177,247 93,342

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 5,556 5,556
Trade creditors 19,039 150,906
Taxation and social security 4,381 5,836
Other creditors 900,518 686,457
929,494 848,755

Braintrain2020 Limited (Registered number: 08660886)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 34,032 39,982

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than 5 years
by instalments 11,809 17,759
11,809 17,759

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
63,880 A Ordinary 1p 639 639

Allotted and issued:
Number: Class: Nominal 2023 2022
value: £    £   
119,014 Ordinary 1p 1,190 1,183

The following shares were issued during the year:

688 Ordinary shares of 1p for cash of £ 24,713