Company registration number 13683601 (England and Wales)
BR1 PROMOTIONS LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
BR1 PROMOTIONS LTD
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
BR1 PROMOTIONS LTD
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
15,643
15,997
Current assets
Debtors
4
3,600
-
0
Cash at bank and in hand
32,381
13,274
35,981
13,274
Creditors: amounts falling due within one year
5
(17,182)
(8,615)
Net current assets
18,799
4,659
Total assets less current liabilities
34,442
20,656
Provisions for liabilities
(3,911)
(3,999)
Net assets
30,531
16,657
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
30,431
16,557
Total equity
30,531
16,657

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 22 February 2024
Mr B Rodd
Director
Company registration number 13683601 (England and Wales)
BR1 PROMOTIONS LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 15 October 2021
-
0
-
0
-
Period ended 31 October 2022:
Profit and total comprehensive income
-
18,557
18,557
Issue of share capital
6
100
-
100
Dividends
-
(2,000)
(2,000)
Balance at 31 October 2022
100
16,557
16,657
Year ended 31 October 2023:
Profit and total comprehensive income
-
14,874
14,874
Dividends
-
(1,000)
(1,000)
Balance at 31 October 2023
100
30,431
30,531
BR1 PROMOTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -
1
Accounting policies
Company information

BR1 Promotions Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Bradbury House, Mission Court, Newport, NP20 2DW.

1.1
Reporting period

The previous financial statements covered a period from it's incorporation, and as a result the figures are not comparable.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Turnover

Turnover is recognised as earned when, and to the extent that, the company obtains the right to consideration in exchange for promotional services provided. Turnover represents the value of goods and services provided in the normal course of business excluding VAT.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Sports equipment
25% on cost
Fixtures and fittings
20% on cost
Computers
33% on cost

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.

BR1 PROMOTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.

 

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
1
1
BR1 PROMOTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 5 -
3
Tangible fixed assets
Sports equipment
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 November 2022
14,184
1,509
1,000
16,693
Additions
-
0
-
0
4,343
4,343
At 31 October 2023
14,184
1,509
5,343
21,036
Depreciation and impairment
At 1 November 2022
591
50
55
696
Depreciation charged in the year
3,546
302
849
4,697
At 31 October 2023
4,137
352
904
5,393
Carrying amount
At 31 October 2023
10,047
1,157
4,439
15,643
At 31 October 2022
13,593
1,459
945
15,997
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
3,600
-
0
5
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
3,671
539
Other creditors
13,511
8,076
17,182
8,615
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
BR1 PROMOTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 6 -
7
Directors' transactions

Dividends totalling £1,000 (2022 - £2,000) were paid in the year in respect of shares held by the company's director.

The director operates a current loan account with the company, which is debited with payments made by the company on behalf of the director and credited with funds introduced and undrawn director's fees. The amount outstanding to the director at the year end was £12,597 (2022: £7,076). This amount being included in creditors; amounts falling due within one year.

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