Caseware UK (AP4) 2022.0.179 2022.0.179 2023-07-312023-07-3112falsetrue2022-08-01No description of principal activity14falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11989777 2022-08-01 2023-07-31 11989777 2021-08-01 2022-07-31 11989777 2023-07-31 11989777 2022-07-31 11989777 c:Director3 2022-08-01 2023-07-31 11989777 d:Buildings d:LongLeaseholdAssets 2022-08-01 2023-07-31 11989777 d:Buildings d:LongLeaseholdAssets 2023-07-31 11989777 d:Buildings d:LongLeaseholdAssets 2022-07-31 11989777 d:OfficeEquipment 2022-08-01 2023-07-31 11989777 d:OfficeEquipment 2023-07-31 11989777 d:OfficeEquipment 2022-07-31 11989777 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 11989777 d:ComputerEquipment 2022-08-01 2023-07-31 11989777 d:ComputerEquipment 2023-07-31 11989777 d:ComputerEquipment 2022-07-31 11989777 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 11989777 d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 11989777 d:CurrentFinancialInstruments 2023-07-31 11989777 d:CurrentFinancialInstruments 2022-07-31 11989777 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 11989777 d:CurrentFinancialInstruments d:WithinOneYear 2022-07-31 11989777 d:ShareCapital 2023-07-31 11989777 d:ShareCapital 2022-07-31 11989777 d:SharePremium 2023-07-31 11989777 d:SharePremium 2022-07-31 11989777 d:CapitalRedemptionReserve 2023-07-31 11989777 d:CapitalRedemptionReserve 2022-07-31 11989777 d:RetainedEarningsAccumulatedLosses 2023-07-31 11989777 d:RetainedEarningsAccumulatedLosses 2022-07-31 11989777 c:OrdinaryShareClass1 2022-08-01 2023-07-31 11989777 c:OrdinaryShareClass1 2023-07-31 11989777 c:OrdinaryShareClass1 2022-07-31 11989777 c:FRS102 2022-08-01 2023-07-31 11989777 c:AuditExempt-NoAccountantsReport 2022-08-01 2023-07-31 11989777 c:FullAccounts 2022-08-01 2023-07-31 11989777 c:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 11989777 e:PoundSterling 2022-08-01 2023-07-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 11989777










BROMARPEAK ITS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2023



 
BROMARPEAK ITS LIMITED
REGISTERED NUMBER: 11989777

STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
6,160
2,137

  
6,160
2,137

Current assets
  

Stocks
 5 
16,800
165,526

Debtors: amounts falling due within one year
 6 
654,015
292,801

Cash at bank and in hand
 7 
868,412
775,365

  
1,539,227
1,233,692

Current liabilities
  

Creditors: amounts falling due within one year
 8 
(720,785)
(537,751)

Net current assets
  
 
 
818,442
 
 
695,941

Net assets
  
824,602
698,078


Capital and reserves
  

Called up share capital 
 9 
73
93

Share premium account
  
2,467
2,467

Capital redemption reserve
  
60
40

Profit and loss account
  
822,002
695,478

  
824,602
698,078


Page 1

 
BROMARPEAK ITS LIMITED
REGISTERED NUMBER: 11989777

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JULY 2023

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: 




B E Taylor
Director

Date: 1 February 2024

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
BROMARPEAK ITS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1.


General information

Bromarpeak ITS Limited is a private Company limited by share capital and was incorporated in England and Wales. The registered office and address of the principal place of business is Unit 9 Horseshoe Park, Pangbourne, Reading, England, RG8 7JW.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and 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

Revenue

Revenue 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, rebates, value added tax and other sales taxes. 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.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Page 3

 
BROMARPEAK ITS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

 
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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Long-term leasehold property
-
20%
per annum
Office equipment
-
25%
per annum
Computer equipment
-
25%
per annum

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.

Page 4

 
BROMARPEAK ITS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
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 reporting 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

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
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 ordinary shares.
Short term debtors and creditors are measured at the transaction price, less any impairment. Other financial instruments 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.
Financial liabilities and equity are classified according to the substance of the financial instrument’s contractual obligations, rather than the financial instrument’s legal form. 


3.


Employees

The average monthly number of employees, including directors, during the year was 14 (2022 - 12).

Page 5

 
BROMARPEAK ITS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

4.


Tangible fixed assets





Long-term leasehold property
Office equipment
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 August 2022
-
-
2,986
2,986


Additions
2,994
2,195
-
5,189



At 31 July 2023

2,994
2,195
2,986
8,175



Depreciation


At 1 August 2022
-
-
849
849


Charge for the year on owned assets
449
183
534
1,166



At 31 July 2023

449
183
1,383
2,015



Net book value



At 31 July 2023
2,545
2,012
1,603
6,160



At 31 July 2022
-
-
2,137
2,137


5.


Stocks

2023
2022
£
£

Work in progress
16,800
163,895

Finished goods and goods for resale
-
1,631

16,800
165,526



6.


Debtors

2023
2022
£
£


Trade debtors
617,652
264,988

Other debtors
5,761
2,001

Prepayments and accrued income
30,602
25,812

654,015
292,801


Page 6

 
BROMARPEAK ITS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
868,412
775,365



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
243,543
206,226

Corporation tax
72,352
73,995

Other taxation and social security
168,135
102,215

Other creditors
11,404
16,264

Accruals and deferred income
225,351
139,051

720,785
537,751



9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



7,338 (2022 - 9,338) Ordinary shares of £0.01 each
73
93

During the year, 2,001 Ordinary shares were repurchased by the Company for a total consideration of £150,000 and subsequently cancelled.



10.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. Contributions totalling £379 (2022: £1,720)  were payable to the fund at the reporting date and are included in other creditors.


Page 7