Brightborough Capital Limited 07092380 false 2021-10-01 2022-09-30 2022-09-30 The principal activity of the company is being an intermediate holding company. Digita Accounts Production Advanced 6.30.9574.0 true true false 07092380 2021-10-01 2022-09-30 07092380 2022-09-30 07092380 bus:OrdinaryShareClass2 2022-09-30 07092380 bus:OrdinaryShareClass3 2022-09-30 07092380 bus:OrdinaryShareClass4 2022-09-30 07092380 bus:OrdinaryShareClass5 2022-09-30 07092380 bus:Consolidated 2022-09-30 07092380 core:RetainedEarningsAccumulatedLosses 2022-09-30 07092380 core:ShareCapital 2022-09-30 07092380 core:CurrentFinancialInstruments core:WithinOneYear 2022-09-30 07092380 core:Non-currentFinancialInstruments core:AfterOneYear 2022-09-30 07092380 core:ProvidedReleasedInPeriodProvisionsForImpairmentInvestments 2022-09-30 07092380 core:FurnitureFittingsToolsEquipment 2022-09-30 07092380 bus:SmallEntities 2021-10-01 2022-09-30 07092380 bus:Audited 2021-10-01 2022-09-30 07092380 bus:FullAccounts 2021-10-01 2022-09-30 07092380 bus:SmallCompaniesRegimeForAccounts 2021-10-01 2022-09-30 07092380 bus:RegisteredOffice 2021-10-01 2022-09-30 07092380 bus:Director1 2021-10-01 2022-09-30 07092380 bus:Director2 2021-10-01 2022-09-30 07092380 bus:OrdinaryShareClass2 2021-10-01 2022-09-30 07092380 bus:OrdinaryShareClass3 2021-10-01 2022-09-30 07092380 bus:OrdinaryShareClass4 2021-10-01 2022-09-30 07092380 bus:OrdinaryShareClass5 2021-10-01 2022-09-30 07092380 bus:PrivateLimitedCompanyLtd 2021-10-01 2022-09-30 07092380 bus:Agent1 2021-10-01 2022-09-30 07092380 core:FurnitureFittingsToolsEquipment 2021-10-01 2022-09-30 07092380 core:MotorVehicles 2021-10-01 2022-09-30 07092380 core:Subsidiary1 2021-10-01 2022-09-30 07092380 core:Subsidiary1 countries:England 2021-10-01 2022-09-30 07092380 core:Subsidiary2 2021-10-01 2022-09-30 07092380 core:Subsidiary2 countries:England 2021-10-01 2022-09-30 07092380 core:Subsidiary3 2021-10-01 2022-09-30 07092380 core:Subsidiary3 countries:Ireland 2021-10-01 2022-09-30 07092380 core:Subsidiary4 2021-10-01 2022-09-30 07092380 core:Subsidiary4 countries:England 2021-10-01 2022-09-30 07092380 core:Subsidiary5 2021-10-01 2022-09-30 07092380 core:Subsidiary5 countries:England 2021-10-01 2022-09-30 07092380 core:Subsidiary6 2021-10-01 2022-09-30 07092380 core:Subsidiary6 countries:England 2021-10-01 2022-09-30 07092380 countries:EnglandWales 2021-10-01 2022-09-30 07092380 core:CostValuation 2021-09-30 07092380 core:FurnitureFittingsToolsEquipment 2021-09-30 07092380 2020-10-01 2021-09-30 07092380 2021-09-30 07092380 bus:OrdinaryShareClass2 2021-09-30 07092380 bus:OrdinaryShareClass3 2021-09-30 07092380 bus:OrdinaryShareClass4 2021-09-30 07092380 bus:OrdinaryShareClass5 2021-09-30 07092380 core:RetainedEarningsAccumulatedLosses 2021-09-30 07092380 core:ShareCapital 2021-09-30 07092380 core:CurrentFinancialInstruments core:WithinOneYear 2021-09-30 07092380 core:Non-currentFinancialInstruments core:AfterOneYear 2021-09-30 07092380 core:FurnitureFittingsToolsEquipment 2021-09-30 07092380 core:Subsidiary1 2020-10-01 2021-09-30 07092380 core:Subsidiary2 2020-10-01 2021-09-30 07092380 core:Subsidiary3 2020-10-01 2021-09-30 07092380 core:Subsidiary4 2020-10-01 2021-09-30 07092380 core:Subsidiary5 2020-10-01 2021-09-30 07092380 core:Subsidiary6 2020-10-01 2021-09-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 07092380

Prepared for the registrar

Brightborough Capital Limited

Annual Report and Financial Statements

for the Year Ended 30 September 2022

 

Brightborough Capital Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 9

 

Brightborough Capital Limited

Company Information

Directors

Dr N C Trilk

M P Urquhart

Registered office

C/O Advanced Coated Products Limited
The Vineyards Industrial Estate
Gloucester Road
Cheltenham
Gloucestershire
GL51 8NH

Solicitors

Penningtons Manches Cooper LLP
Apex Plaza
Forbury Road
Reading
Berkshire
RG1 1AX

Bankers

Metro Bank PLC
One Southampton Row
London
WC1B 5HA

Auditors

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

Brightborough Capital Limited

(Registration number: 07092380)
Balance Sheet as at 30 September 2022

Note

2022
 £ 000

2021
 £ 000

Fixed assets

 

Tangible assets

4

5

6

Investments

5

296

6,095

 

301

6,101

Current assets

 

Debtors

6

712

3,792

Cash at bank and in hand

 

51

-

 

763

3,792

Creditors: Amounts falling due within one year

7

(2,590)

(2,442)

Net current (liabilities)/assets

 

(1,827)

1,350

Total assets less current liabilities

 

(1,526)

7,451

Creditors: Amounts falling due after more than one year

7

-

(2,475)

Net (liabilities)/assets

 

(1,526)

4,976

Capital and reserves

 

Called up share capital

8

5,000

5,000

Profit and loss account

(6,526)

(24)

Total equity

 

(1,526)

4,976

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 29 July 2024 and signed on its behalf by:
 


M P Urquhart
Director

 

Brightborough Capital Limited

Notes to the Financial Statements for the Year Ended 30 September 2022

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
C/O Advanced Coated Products Limited
The Vineyards Industrial Estate
Gloucester Road
Cheltenham
Gloucestershire
GL51 8NH

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Group accounts not prepared

As described in the Director's Report, following the year end certain subsidiaries within the group were put into an insolvency process. Consequently, the Directors no longer have control over those entities nor sufficient access to the accounting records in order to be able to prepare accurate consolidated financial statements. These financial statements contain the result of Brightborough Capital Limited as a standalone single entity only.

Statement of compliance

For the reasons noted above, the directors acknowledge that these financial statements were not prepared in accordance with the Companies Act 2006' and therefore represent a departure from the Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest thousand pounds.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

Judgements

No significant judgements have been made by management in preparing these financial statements.

 

Brightborough Capital Limited

Notes to the Financial Statements for the Year Ended 30 September 2022

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when: the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Tax

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements and on unused tax losses or tax credits in the group. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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 assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

4 years

Fixtures and fittings, office and computer equipment

2 to 15 years

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

 

Brightborough Capital Limited

Notes to the Financial Statements for the Year Ended 30 September 2022

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the group's shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
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 profit or loss, 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.

 Impairment
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 profit or loss as described below. A non financial 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, 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.

 

Brightborough Capital Limited

Notes to the Financial Statements for the Year Ended 30 September 2022

 

3

Staff numbers

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

2022
 No.

2021
 No.

Average number of employees

4

4

 

4

Tangible assets

Furniture, fittings and equipment
 £ 000

Cost

At 1 October 2021

7

At 30 September 2022

7

Depreciation

At 1 October 2021

1

Charge for the year

1

At 30 September 2022

2

Carrying amount

At 30 September 2022

5

At 30 September 2021

6

 

Brightborough Capital Limited

Notes to the Financial Statements for the Year Ended 30 September 2022

 

5

Investments

Subsidiaries

£ 000

Cost

At 1 October 2021 and 30 September 2022

6,095

Provision

Provision in year and at 30 September 2022

5,799

Carrying amount

At 30 September 2022

296

At 30 September 2021

6,095

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2022

2021

Subsidiary undertakings

Advanced Coated Products Limited

England

Ordinary

100%

100%

TEAM Precision Pipe Assemblies Limited

England

Ordinary

100%

100%

TEAM Precision Pipe Assemblies Limited

Ireland

Ordinary

100%

100%

Guiston Limited

England

Ordinary

100%

100%

MN340 Limited

England

Ordinary

100%

100%

MN341 Limited*

England

Ordinary

100%

100%

Subsidiary undertakings

Advanced Coated Products Limited

The principal activity of Advanced Coated Products Limited is manufacturing.

TEAM Precision Pipe Assemblies Limited

The principal activity of TEAM Precision Pipe Assemblies Limited is manufacturing.

TEAM Precision Pipe Assemblies Limited

The principal activity of TEAM Precision Pipe Assemblies Limited is manufacturing.

Guiston Limited

The principal activity of Guiston Limited is being a dormant company.

MN340 Limited

The principal activity of MN340 Limited is being a dormant company.

MN341 Limited*

The principal activity of MN341 Limited* is being a dormant company.

 

Brightborough Capital Limited

Notes to the Financial Statements for the Year Ended 30 September 2022

* MN341 Limited is a subsidiary of of Advanced Coated Products Limited and therefore an indirect holding.

Following the year end, TEAM Precision Pipe Assemblies Limited (in Wales) appointed an Administrator; and TEAM Precision Pipe Assemblies Limited (in Ireland) appointed a Provisional Liquidator, and then a Liquidator. Consequently, the value of the company's investment in both of those subsidiaries has been written down to £nil.

 

6

Debtors

2022
 £ 000

2021
 £ 000

Trade debtors

96

-

Receivables from related parties

537

3,721

Other debtors

9

3

Prepayments

70

68

 

712

3,792

 

7

Creditors

2022
 £ 000

2021
 £ 000

Due within one year

Loans and borrowings

1,119

951

Trade creditors

-

58

Amounts due to related parties

1,050

1,073

Social security and other taxes

22

14

Accrued expenses

351

298

Corporation tax liability

48

48

2,590

2,442

2022
£ 000

2021
£ 000

Due after one year

Other non-current financial liabilities

-

2,475

Other non-current financial liabilities relate to unsecured loan notes repayable to the company's parent, Brightborough Group Limited.

 

8

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No. 000

£ 000

No. 000

£ 000

A ordinary shares of £1 each

2,250

2,250

2,250

2,250

B ordinary shares of £1 each

2,250

2,250

2,250

2,250

C ordinary shares of £1 each

250

250

250

250

D ordinary shares of £1 each

250

250

250

250

 

5,000

5,000

5,000

5,000

All shares in issue have separate rights to dividends. In all other respects, they rank parri passu.

 

Brightborough Capital Limited

Notes to the Financial Statements for the Year Ended 30 September 2022

 

9

Parent and ultimate parent undertaking

The company's parent is Brightborough Group Limited, a company incorporated in England and Wales.

 On 13 September 2023, the company appointed an Administrator and from that date was under the control of the Administrator.

On 1 May 2024, the administration ended and control of the company passed back to Brightborough Group Limited.



 

 

10

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 29 July 2024 was Ryan Hancock, who signed for and on behalf of Hazlewoods LLP.