Caseware UK (AP4) 2023.0.135 2023.0.135 2023-01-018falseNo description of principal activity8falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 02563551 2023-01-01 2023-12-31 02563551 2022-01-01 2022-12-31 02563551 2023-12-31 02563551 2022-12-31 02563551 c:Director1 2023-01-01 2023-12-31 02563551 c:Director2 2023-01-01 2023-12-31 02563551 d:Buildings 2023-01-01 2023-12-31 02563551 d:Buildings 2023-12-31 02563551 d:Buildings 2022-12-31 02563551 d:Buildings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02563551 d:PlantMachinery 2023-01-01 2023-12-31 02563551 d:PlantMachinery 2023-12-31 02563551 d:PlantMachinery 2022-12-31 02563551 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02563551 d:MotorVehicles 2023-01-01 2023-12-31 02563551 d:FurnitureFittings 2023-01-01 2023-12-31 02563551 d:FurnitureFittings 2023-12-31 02563551 d:FurnitureFittings 2022-12-31 02563551 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02563551 d:OfficeEquipment 2023-01-01 2023-12-31 02563551 d:OfficeEquipment 2023-12-31 02563551 d:OfficeEquipment 2022-12-31 02563551 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02563551 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02563551 d:CurrentFinancialInstruments 2023-12-31 02563551 d:CurrentFinancialInstruments 2022-12-31 02563551 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 02563551 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 02563551 d:ShareCapital 2023-12-31 02563551 d:ShareCapital 2022-12-31 02563551 d:RevaluationReserve 2023-12-31 02563551 d:RevaluationReserve 2022-12-31 02563551 d:OtherMiscellaneousReserve 2023-01-01 2023-12-31 02563551 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 02563551 d:RetainedEarningsAccumulatedLosses 2023-12-31 02563551 d:RetainedEarningsAccumulatedLosses 2022-12-31 02563551 c:FRS102 2023-01-01 2023-12-31 02563551 c:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 02563551 c:FullAccounts 2023-01-01 2023-12-31 02563551 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 02563551 5 2023-01-01 2023-12-31 02563551 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 02563551










Brown Europe Limited








Unaudited

Financial statements

Information for filing with the registrar

For the Year Ended 31 December 2023





 
Brown Europe Limited
 
  
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of Brown Europe Limited for the Year Ended 31 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Brown Europe Limited for the year ended 31 December 2023 which comprise  the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of Brown Europe Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Brown Europe Limited  and state those matters that we have agreed to state to the Board of directors of Brown Europe Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Brown Europe Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Brown Europe Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Brown Europe Limited. You consider that Brown Europe Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Brown Europe Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Kreston Reeves LLP
 
Chartered Accountants
  
Montague Place
Quayside
Chatham Maritime
Chatham
Kent
ME4 4QU
27 March 2024
Page 1

 
Brown Europe Limited
Registered number: 02563551

Balance sheet
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,508,666
1,511,688

  
1,508,666
1,511,688

Current assets
  

Stocks
 5 
589,178
566,975

Debtors: amounts falling due within one year
 6 
350,270
458,481

Cash at bank and in hand
 7 
1,130,714
817,831

  
2,070,162
1,843,287

Creditors: amounts falling due within one year
 8 
(169,386)
(174,882)

Net current assets
  
 
 
1,900,776
 
 
1,668,405

Total assets less current liabilities
  
3,409,442
3,180,093

Provisions for liabilities
  

Deferred tax
  
(26,623)
(19,736)

  
 
 
(26,623)
 
 
(19,736)

Net assets
  
3,382,819
3,160,357


Capital and reserves
  

Called up share capital 
  
6,000
6,000

Revaluation reserve
 9 
398,171
402,010

Profit and loss account
 9 
2,978,648
2,752,347

  
3,382,819
3,160,357


Page 2

 
Brown Europe Limited
Registered number: 02563551

Balance sheet (continued)
As at 31 December 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 on 27 March 2024.




Deborah T Pearson
Nichola J Adshead
Director
Director

The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
Brown Europe Limited
 

 
Notes to the financial statements
For the Year Ended 31 December 2023

1.


General information

Brown Europe Limited is a limited liability company incorporated in England and Wales.  The registered office address is Unit 33-34 Gleamingwood Drive, Lordswood Industrial Estate, Kent, ME5 8RZ.  The company registration number is 02563551.

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

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

 
Brown Europe Limited
 

 
Notes to the financial statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)


2.3
Tangible fixed assets (continued)

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:

Freehold property
-
2% straight line
Plant & Machinery
-
25% reducing balance
Motor Vehicles
-
25% reducing balance
Fixtures & Fittings
-
15% reducing balance
Office Equipment
-
25% reducing balance

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.

 
2.4

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.5

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.

 
2.6

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 5

 
Brown Europe Limited
 

 
Notes to the financial statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.7

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.

 
2.8

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

 
2.9

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.

 
2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.11

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.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.12

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 Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 6

 
Brown Europe Limited
 

 
Notes to the financial statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.14

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.


3.


Employees

The average monthly number of employees, including directors, during the year was 8 (2022 - 8).


4.


Tangible fixed assets





Freehold property
Plant & Machinery
Fixtures & Fittings
Office Equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
1,450,000
78,122
77,707
56,579
1,662,408


Additions
-
4,120
7,422
1,480
13,022



At 31 December 2023

1,450,000
82,242
85,129
58,059
1,675,430



Depreciation


At 1 January 2023
-
43,912
58,790
48,018
150,720


Charge for the year on owned assets
-
9,583
3,951
2,510
16,044



At 31 December 2023

-
53,495
62,741
50,528
166,764



Net book value



At 31 December 2023
1,450,000
28,747
22,388
7,531
1,508,666



At 31 December 2022
1,450,000
34,210
18,917
8,561
1,511,688

Page 7

 
Brown Europe Limited
 

 
Notes to the financial statements
For the Year Ended 31 December 2023
 
Cost or valuation at 31 December 2023 is as follows:

Land and buildings
Plant and machinery
£
£



At cost
1,063,215
70,856


Revaluation
386,785
11,386




1,450,000
82,242

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2023
2022
£
£



Cost
1,063,215
1,063,215

Accumulated depreciation
(226,951)
(208,687)

Net book value
836,264
854,528

If the plant and machinery had not been included at valuation they would have been included under the historical cost convention as follows:

2023
2022
£
£



Cost
151,054
146,934

Accumulated depreciation
(138,311)
(134,691)

Net book value
12,743
12,243


5.


Stocks

2023
2022
£
£

Finished goods and goods for resale
589,178
566,975

589,178
566,975


Page 8

 
Brown Europe Limited
 

 
Notes to the financial statements
For the Year Ended 31 December 2023

6.


Debtors

2023
2022
£
£


Trade debtors
253,425
308,203

Other debtors
2,903
3,100

Prepayments and accrued income
93,942
147,178

350,270
458,481



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,130,714
817,831

1,130,714
817,831



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
13,396
15,106

Corporation tax
78,099
75,589

Other taxation and social security
53,204
43,156

Other creditors
19,942
36,287

Accruals and deferred income
4,745
4,744

169,386
174,882



9.


Reserves

Other reserves

Non-distributable reserves comprise revaluation of properties and plant and machinery.

Profit & loss account

Profit and loss reserves comprises all current and prior period retained profits and losses after deducting any distributions to the company's shareholders.

Page 9

 
Brown Europe Limited
 

 
Notes to the financial statements
For the Year Ended 31 December 2023


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. The pension cost charge represents contributions payable by the company to the fund and amounted to £145,664 (2022 - £110,742). No contributions (2022 - £Nil) were payable to the fund at the balance sheet.


Page 10