Registration number:
Prepared for the registrar
for the
Year Ended 30 September 2022
Brightborough Capital Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Brightborough Capital Limited
Company Information
Directors |
Dr N C Trilk M P Urquhart |
Registered office |
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Solicitors |
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Bankers |
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Auditors |
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Brightborough Capital Limited
(Registration number: 07092380)
Balance Sheet as at 30 September 2022
Note |
2022 |
2021 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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- |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current (liabilities)/assets |
( |
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Total assets less current liabilities |
( |
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Creditors: Amounts falling due after more than one year |
- |
( |
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Net (liabilities)/assets |
( |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
( |
( |
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Total equity |
( |
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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
Director
Brightborough Capital Limited
Notes to the Financial Statements for the Year Ended 30 September 2022
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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
Recognition and measurement
Impairment
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
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was as follows:
2022 |
2021 |
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Average number of employees |
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Tangible assets |
Furniture, fittings and equipment |
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Cost |
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At 1 October 2021 |
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At 30 September 2022 |
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Depreciation |
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At 1 October 2021 |
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Charge for the year |
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At 30 September 2022 |
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Carrying amount |
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At 30 September 2022 |
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At 30 September 2021 |
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Brightborough Capital Limited
Notes to the Financial Statements for the Year Ended 30 September 2022
Investments |
Subsidiaries |
£ 000 |
Cost |
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At 1 October 2021 and 30 September 2022 |
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Provision |
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Provision in year and at 30 September 2022 |
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Carrying amount |
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At 30 September 2022 |
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At 30 September 2021 |
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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 |
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2022 |
2021 |
Subsidiary undertakings |
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England |
Ordinary |
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England |
Ordinary |
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Ireland |
Ordinary |
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England |
Ordinary |
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England |
Ordinary |
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England |
Ordinary |
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Subsidiary undertakings |
Advanced Coated Products Limited The principal activity of Advanced Coated Products Limited is |
TEAM Precision Pipe Assemblies Limited The principal activity of TEAM Precision Pipe Assemblies Limited is |
TEAM Precision Pipe Assemblies Limited The principal activity of TEAM Precision Pipe Assemblies Limited is |
Guiston Limited The principal activity of Guiston Limited is |
MN340 Limited The principal activity of MN340 Limited is |
MN341 Limited* The principal activity of MN341 Limited* is |
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.
Debtors |
2022 |
2021 |
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Trade debtors |
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- |
Receivables from related parties |
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Other debtors |
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Prepayments |
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Creditors |
2022 |
2021 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
- |
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Amounts due to related parties |
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Social security and other taxes |
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Accrued expenses |
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Corporation tax liability |
48 |
48 |
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2022 |
2021 |
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Due after one year |
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Other non-current financial liabilities |
- |
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Other non-current financial liabilities relate to unsecured loan notes repayable to the company's parent, Brightborough Group Limited.
Share capital |
Allotted, called up and fully paid shares
2022 |
2021 |
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No. 000 |
£ 000 |
No. 000 |
£ 000 |
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2,250 |
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2,250 |
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2,250 |
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2,250 |
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250 |
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250 |
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250 |
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250 |
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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
Parent and ultimate parent undertaking |
The company's parent is
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.
Audit report |