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Company No: 09223687 (England and Wales)

BROOKS INTERNATIONAL LTD.

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

BROOKS INTERNATIONAL LTD.

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

BROOKS INTERNATIONAL LTD.

COMPANY INFORMATION

For the financial year ended 31 December 2023
BROOKS INTERNATIONAL LTD.

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTOR L Damasceno
SECRETARY Cargil Management Services Limited
REGISTERED OFFICE 27/28 Eastcastle Street
London
W1W 8DH
United Kingdom
COMPANY NUMBER 09223687 (England and Wales)
ACCOUNTANT Gravita Business Services Limited
Finsgate
5-7 Cranwood Street
London
EC1V 9EE
United Kingdom

ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF
THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF BROOKS INTERNATIONAL LTD.

For the financial year ended 31 December 2023

ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF
THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF BROOKS INTERNATIONAL LTD. (continued)

For the financial 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 Brooks International Ltd. for the financial year ended 31 December 2023 which comprise the Balance Sheet and the related notes 1 to 6 from the Company’s accounting records and from information and explanations you have given us.

We are subject to the ethical and professional requirements of the Institute of Chartered Accountants in England & Wales (ICAEW) which are detailed at www.icaew.com/regulation.

It is your duty to ensure that Brooks International Ltd. 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 loss of Brooks International Ltd.. You consider that Brooks International Ltd. is exempt from the statutory audit requirement for the financial year.

We have not been instructed to carry out an audit or a review of the financial statements of Brooks International Ltd.. 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.

This report is made solely to the Director of Brooks International Ltd., as a body, in accordance with the terms of our engagement letter dated 30 January 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Brooks International Ltd. and state those matters that we have agreed to state to the director of Brooks International Ltd., as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Brooks International Ltd. and its Director as a body for our work or for this report.

Gravita Business Services Limited
Accountant

Finsgate
5-7 Cranwood Street
London
EC1V 9EE
United Kingdom

01 March 2024

BROOKS INTERNATIONAL LTD.

BALANCE SHEET

As at 31 December 2023
BROOKS INTERNATIONAL LTD.

BALANCE SHEET (continued)

As at 31 December 2023
2023 2022
£ £
Current assets
Debtors 3 2,075 2,124
Cash at bank and in hand 259,603 289,659
261,678 291,783
Creditors: amounts falling due within one year 4 ( 286,312) ( 241,624)
Net current (liabilities)/assets (24,634) 50,159
Total assets less current liabilities (24,634) 50,159
Net (liabilities)/assets ( 24,634) 50,159
Capital and reserves
Called-up share capital 100 100
Profit and loss account ( 24,734 ) 50,059
Total shareholders' (deficit)/funds ( 24,634) 50,159

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.

Director's responsibilities:

The financial statements of Brooks International Ltd. (registered number: 09223687) were approved and authorised for issue by the Director on 01 March 2024. They were signed on its behalf by:

L Damasceno
Director
BROOKS INTERNATIONAL LTD.

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
BROOKS INTERNATIONAL 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

Brooks International Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 27/28 Eastcastle Street, London, W1W 8DH, United Kingdom.

The financial statements have been prepared under the historical cost convention, 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.

The functional currency of Brooks International Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director notes the Company made a loss but believes with due consideration of the forecast cashflows expected to be generated by the Company from new projects, alongside financial support available to the business from the Group, if required, this will provide adequate resources to meet forecast cashflow needs for the next 12 months from the date of signing these financial statements.

The director is satisfied the parent company will continue to financially support the business, and has the funds to do so if needed, for a minimum period of 12 months from the date of these financial statements being signed and to not request repayment of the loan within 12 months from the date of these financial accounts being signed unless the Company has the funds available to do so. The Company has not required post year end support to date. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

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 Balance Sheet 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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

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***

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through the Profit and Loss Account, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are 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.

Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 3 3

3. Debtors

2023 2022
£ £
Other taxation and social security 2,075 2,124

4. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 3,459 1,408
Amounts owed to Parent undertakings 272,528 228,936
Accruals 10,325 11,280
286,312 241,624

The amounts owed to Parent undertakings are interest free, unsecured and repayable on demand.

5. Related party transactions

The total aggregate directors remuneration for the year was £Nil (2022: £20,657). The director is the only key management personnel of this Company.

The Company has taken advantage of the exemption available under FRS 102 Section 1A not to disclose details of transactions with wholly owned members of the group headed by the parent company.

6. Ultimate controlling party

The Company is a wholly owned subsidiary of Brooks International Holdings INC, which is incorporated in the United States of America and registered at 307 Evernia St, STE 400, 33401-5442 West Palm Beach.

The ultimate controlling party is L Damasceno by virtue of his shareholding in the ultimate parent company.