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Registered number: 03501079










BRS TRAINING LTD










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2023



 
BRS TRAINING LTD
REGISTERED NUMBER: 03501079

BALANCE SHEET
AS AT 31 JULY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
96,035
112,782

  
96,035
112,782

Current assets
  

Stocks
 6 
409
4,042

Debtors: amounts falling due within one year
 7 
111,886
51,198

Cash at bank and in hand
  
55,971
70,115

  
168,266
125,355

Creditors: amounts falling due within one year
 8 
(57,349)
(88,871)

Net current assets
  
 
 
110,917
 
 
36,484

Total assets less current liabilities
  
206,952
149,266

  

Net assets
  
206,952
149,266


Capital and reserves
  

Called up share capital 
  
300,000
300,000

Profit and loss account
  
(93,048)
(150,734)

  
206,952
149,266


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: 




Andrew Braithwaite
Director

Date: 4 March 2024

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 
BRS TRAINING LTD
 

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

1.


General information

BRS Training Ltd is a private company limited by shares, domiciled in England and Wales, registration number 03501079. The registered office address and principal place of business is The British Racing School, Snailwell Road, Newmarket, Suffolk, CB8 7NU. 

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.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 2

 
BRS TRAINING LTD
 

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

2.Accounting policies (continued)

 
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 balance sheet 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.

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:

Leasehold property improvements
-
25 and 15 years
Fixtures, fittings and computer equipment
-
25 - 33%
Conference facilities equipment
-
10 - 33%

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.

Page 3

 
BRS TRAINING LTD
 

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

2.Accounting policies (continued)

 
2.9

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.

 
2.10

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.

 
2.11

Financial instruments

Basic financial assets

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.



3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the period. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Tangible fixed assets (see note 6)
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. Residual value assessments consider issues such as the remaining life of the asset and projected disposal values.


4.


Employees

The Company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL).

Page 4

 
BRS TRAINING LTD
 

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

5.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 August 2022
421,430
100,128
-
58,394
579,952


Additions
-
-
1,591
-
1,591



At 31 July 2023

421,430
100,128
1,591
58,394
581,543



Depreciation


At 1 August 2022
309,843
99,034
-
58,293
467,170


Charge for the year
17,143
1,094
-
101
18,338



At 31 July 2023

326,986
100,128
-
58,394
485,508



Net book value



At 31 July 2023
94,444
-
1,591
-
96,035



At 31 July 2022
111,587
1,094
-
101
112,782


6.


Stocks

2023
2022
£
£

Goods for resale
409
4,042

409
4,042



7.


Debtors

2023
2022
£
£


Trade debtors
50,959
21,365

Amounts owed by group undertakings
38,360
-

Other debtors
5,608
6,788

Prepayments and accrued income
16,959
23,045

111,886
51,198


Page 5

 
BRS TRAINING LTD
 

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

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
28,277
3,961

Amounts owed to group undertakings
-
72,686

Corporation tax
9,857
-

Accruals and deferred income
19,215
12,224

57,349
88,871



9.


Related party transactions

The company has taken advance of the exemption in FRS 102 section 33.1A to not disclose transactions with parent entities.
There were no other transactions with related parties during the year.


10.


Controlling party

The directors regard BRS Education Limited, a charitable company registered in England, which is under the control of its Trustees, as the ultimate parent undertaking and controlling party. Copies of the parent's consolidated financial statements may be obtained from the British Racing School, Snailwell Road, Newmarket, Suffolk, CB8 7NU.


11.


Auditor's information

The auditor's report on the financial statements for the year ended 31 July 2023 was unqualified.

The audit report was signed on 4 March 2024 by Fiona Hawkins BSc (Hons) MSc FCA (Senior statutory auditor) on behalf of James Cowper Kreston Audit.

Page 6