Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2022-01-01false2313falsetrue 10800155 2022-01-01 2022-12-31 10800155 2021-01-01 2021-12-31 10800155 2022-12-31 10800155 2021-12-31 10800155 c:Director2 2022-01-01 2022-12-31 10800155 d:MotorVehicles 2022-01-01 2022-12-31 10800155 d:MotorVehicles 2022-12-31 10800155 d:MotorVehicles 2021-12-31 10800155 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 10800155 d:FurnitureFittings 2022-01-01 2022-12-31 10800155 d:FurnitureFittings 2022-12-31 10800155 d:FurnitureFittings 2021-12-31 10800155 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 10800155 d:ComputerEquipment 2022-01-01 2022-12-31 10800155 d:ComputerEquipment 2022-12-31 10800155 d:ComputerEquipment 2021-12-31 10800155 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 10800155 d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 10800155 d:CurrentFinancialInstruments 2022-12-31 10800155 d:CurrentFinancialInstruments 2021-12-31 10800155 d:Non-currentFinancialInstruments 2022-12-31 10800155 d:Non-currentFinancialInstruments 2021-12-31 10800155 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 10800155 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 10800155 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 10800155 d:Non-currentFinancialInstruments d:AfterOneYear 2021-12-31 10800155 d:ShareCapital 2022-12-31 10800155 d:ShareCapital 2021-12-31 10800155 d:RetainedEarningsAccumulatedLosses 2022-12-31 10800155 d:RetainedEarningsAccumulatedLosses 2021-12-31 10800155 c:OrdinaryShareClass1 2022-01-01 2022-12-31 10800155 c:OrdinaryShareClass1 2022-12-31 10800155 c:FRS102 2022-01-01 2022-12-31 10800155 c:AuditExempt-NoAccountantsReport 2022-01-01 2022-12-31 10800155 c:FullAccounts 2022-01-01 2022-12-31 10800155 c:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 10800155 2 2022-01-01 2022-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 10800155









BRIGHT COURTYARD LONDON LIMITED

UNAUDITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2022

 
BRIGHT COURTYARD LONDON LIMITED
 

CONTENTS



Page
Balance Sheet
 
 
1 - 2
Notes to the Financial Statements
 
 
3 - 9


 
BRIGHT COURTYARD LONDON LIMITED
REGISTERED NUMBER: 10800155

BALANCE SHEET
AS AT 31 DECEMBER 2022

As restated
2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 4 
22,381
43,300

Current assets
  

Stocks
  
33,814
34,112

Debtors: amounts falling due within one year
 5 
700,901
291,502

Cash at bank and in hand
  
224,948
413,573

  
959,663
739,187

Creditors: amounts falling due within one year
 6 
(1,063,230)
(763,733)

Net current liabilities
  
 
 
(103,567)
 
 
(24,546)

Total assets less current liabilities
  
(81,186)
18,754

Creditors: amounts falling due after more than one year
 7 
(308,750)
(353,750)

Net liabilities
  
(389,936)
(334,996)


Capital and reserves
  

Called up share capital 
 8 
100
100

Profit and loss account
  
(390,036)
(335,096)

  
(389,936)
(334,996)


Page 1

 
BRIGHT COURTYARD LONDON LIMITED
REGISTERED NUMBER: 10800155

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2022

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 income and retained earnings 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: 



G Gao
Director
Date: 17 February 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
BRIGHT COURTYARD LONDON LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Bright Courtyard London Limited is a private company, limited by shares, and incorporated in England and Wales. The registered office address is 43-45 Baker Street, London, W1U 8EW. 
The functional and presentational currency of the company is pounds sterling (£).

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on the going concern basis which assumes that the company will continue in operation for the foreseeable future, being a period of at least twelve months from the date of approval of these financial statements. The parent undertaking, Fashion Life UK Limited has confirmed that it will continue to maintain its financial support of the company, by deferment of the amounts due to it or by other means and the company is also reliant upon director loans.
Given the above, and the improved trading performance in the year the director is therefore satisfied that the company will have sufficient resources to enable it to continue normal trading operations for the foreseeable future, and that it is therefore appropriate to prepare the financial statements on a going concern basis.

 
2.3

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.

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.

Page 3

 
BRIGHT COURTYARD LONDON LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to Statement of Income and Retained Earnings at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

 
2.5

Interest income

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

 
2.6

Borrowing costs

All borrowing costs are recognised in Statement of Income and Retained Earnings in the year in which they are incurred.

 
2.7

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 Statement of Income and Retained Earnings 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.

 
2.8

Taxation

Tax is recognised in Statement of Income and Retained Earnings 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 corporation 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.

 
2.9

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

 
BRIGHT COURTYARD LONDON LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

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:

Motor vehicles
-
20% straight-line
Fixtures and fittings
-
20% straight-line
Computer equipment
-
20% straight-line

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.

 
2.10

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 Statement of Income and Retained Earnings.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. 

 
2.12

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.

 
2.13

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.

 
2.14

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.

Financial instruments are recognised in the company's Balance Sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Page 5

 
BRIGHT COURTYARD LONDON LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.14
Financial instruments (continued)


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.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument 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.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


 

Page 6

 
BRIGHT COURTYARD LONDON LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.14
Financial instruments (continued)

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including directors, during the year was 23 (2021 - 13).


4.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost


At 1 January 2022
7,401
112,107
1,049
120,557


Additions
-
3,831
-
3,831



At 31 December 2022

7,401
115,938
1,049
124,388



Depreciation


At 1 January 2022
4,810
71,817
630
77,257


Charge for the year on owned assets
1,480
23,060
210
24,750



At 31 December 2022

6,290
94,877
840
102,007



Net book value



At 31 December 2022
1,111
21,061
209
22,381



At 31 December 2021
2,591
40,290
419
43,300

Page 7

 
BRIGHT COURTYARD LONDON LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

5.


Debtors

As restated
2022
2021
£
£


Trade debtors
63,283
35,196

Amounts owed by group undertakings
610,519
198,629

Other debtors
412
52,239

Prepayments and accrued income
26,687
5,438

700,901
291,502



6.


Creditors: Amounts falling due within one year

2022
2021
£
£

Bank loans
45,000
45,000

Trade creditors
627,870
443,874

Other taxation and social security
76,862
3,490

Other creditors
292,724
252,407

Accruals and deferred income
20,774
18,962

1,063,230
763,733



7.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Bank loans
108,750
153,750

Other loans
200,000
200,000

308,750
353,750


The following liabilities were secured:

2022
2021
£
£



Bank loans
153,750
198,750

153,750
198,750

Details of security provided:

The loan is secured by way of fixed and floating charges over the all the company's assets.

Page 8

 
BRIGHT COURTYARD LONDON LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

8.


Share capital

2022
2021
£
£
Allotted, called up and fully paid



100  Ordinary shares of £1 each
100
100



9.


Prior year adjustment

The financial statements recognise a prior year adjustment of £149,578 due to an overstatement of sales and debtors. The impact of this adjustment is a reduction in turnover, an increase in the loss after tax of £149,578 and a decrease in trade debtors and increase in net liabilities of the same sum at 31 December 2021. 


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 £11,403 (2021 - £6,257). Contributions totalling £1,807 (2021 - £1,288) were payable to the fund at the balance sheet date.


11.


Related party transactions

The company has taken advantage of the exemption afforded by Financial Reporting Standard 102 not to disclose transactions with wholly owned members of the group.
The amount owed to the directors as at the balance sheet date was £200,000 (2021 - £200,000).


12.


Parent company

Throughout the period the immediate parent company was Fashion Life UK Limited, a company incorporated in England and Wales. Its Registered Office is 3rd Floor, 24 Old Bond Street, London, United Kingdom, W1S 4AP.
The ultimate parent company is Shanghai Life Fashion Restaurants and Entertainment Management Company Limited, a company incorporated in The People's Republic of China. 


Page 9