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Company No: 10536661 (England)

BRAVE ALLSTARS LTD

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

BRAVE ALLSTARS LTD

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

BRAVE ALLSTARS LTD

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
BRAVE ALLSTARS LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 34,884 24,250
34,884 24,250
Current assets
Stocks 4 4,605 374
Debtors 5 15,500 14,314
Cash at bank and in hand 6 105,080 139,890
125,185 154,578
Creditors: amounts falling due within one year 7 ( 44,429) ( 58,081)
Net current assets 80,756 96,497
Total assets less current liabilities 115,640 120,747
Provision for liabilities 8 ( 5,937) ( 3,768)
Net assets 109,703 116,979
Capital and reserves
Called-up share capital 9 100 100
Profit and loss account 109,603 116,879
Total shareholders' funds 109,703 116,979

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Brave Allstars Ltd (registered number: 10536661) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

Elaine Moira Matthews
Director

05 April 2024

BRAVE ALLSTARS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
BRAVE ALLSTARS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Brave Allstars Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England. The address of the Company's registered office is Larking Gowen LLP, 1st Floor Prospect House, Rouen Road, NR1 1RE, Norwich, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 5 years straight line
Fixtures and fittings 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 10 7

3. Tangible assets

Plant and machinery Fixtures and fittings Total
£ £ £
Cost
At 01 January 2023 79,976 15,853 95,829
Additions 13,761 4,150 17,911
At 31 December 2023 93,737 20,003 113,740
Accumulated depreciation
At 01 January 2023 59,311 12,268 71,579
Charge for the financial year 6,007 1,270 7,277
At 31 December 2023 65,318 13,538 78,856
Net book value
At 31 December 2023 28,419 6,465 34,884
At 31 December 2022 20,665 3,585 24,250

4. Stocks

2023 2022
£ £
Stocks 4,605 374

5. Debtors

2023 2022
£ £
Trade debtors 0 164
Prepayments and accrued income 15,500 13,994
Other debtors 0 156
15,500 14,314

6. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 105,080 139,890

7. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 3,293 8,435
Amounts owed to directors 8,028 18,456
Accruals and deferred income 931 879
Taxation and social security 21,735 24,228
Other creditors 10,442 6,083
44,429 58,081

8. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 3,768) ( 1,716)
Charged to the Income Statement ( 2,169) ( 2,052)
At the end of financial year ( 5,937) ( 3,768)

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
34 A ordinary shares of £ 1.00 each (2022: nil shares) 34 0
66 B ordinary shares of £ 1.00 each (2022: nil shares) 66 0
Nil Ordinary shares (2022: 100 shares of £ 1.00 each) 0 100
100 100

In the financial year, 100 ordinary shares were reclassified to 34 ordinary A shares and 66 ordinary B shares.