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Registration number: SC579086

Prepared for the registrar

Brim Enterprise Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2023

 

Brim Enterprise Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Brim Enterprise Ltd

Company Information

Directors

Christopher Sawyer

Elizabeth Sawyer

Registered office

Caledonian Exchange
19a Canning Street
Edinburgh
EH3 8HE

Accountants

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

Brim Enterprise Ltd

(Registration number: SC579086)
Balance Sheet as at 31 October 2023

Note

2023
 £

2022
 £

Fixed assets

 

Investment property

4

42,510

-

Other financial assets

5

634,694

750,933

 

677,204

750,933

Current assets

 

Cash at bank and in hand

 

8,989

2,740

Creditors: Amounts falling due within one year

6

(888,223)

(871,965)

Net current liabilities

 

(879,234)

(869,225)

Net liabilities

 

(202,030)

(118,292)

Capital and reserves

 

Called up share capital

8

100

100

Revaluation reserve

(201,673)

(119,960)

Profit and loss account

(457)

1,568

Total equity

 

(202,030)

(118,292)

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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.

Approved and authorised by the Board on 26 July 2024 and signed on its behalf by:
 


Christopher Sawyer
Director

 

Brim Enterprise Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

 

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Caledonian Exchange
19a Canning Street
Edinburgh
EH3 8HE
Scotland

 

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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 Pound.

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.

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.

Tax

The tax expense for the period comprises and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income 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 company operates and generates taxable income.

 

Brim Enterprise Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are
initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares
which are not publicly traded and where fair value cannot be measured reliably are measured at cost less
impairment.
Interest income on debt secutities, where applicable, is recognised in income using the effective interest method.
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 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

 

Brim Enterprise Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

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.

 

Brim Enterprise Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

4

Investment properties

£

Additions

42,510

The investment property was last valued by an independent valuer in August 2023 when the property was purchased.

 

Brim Enterprise Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

 

5

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 November 2022

750,933

750,933

Fair value adjustments

(81,713)

(81,713)

Additions

4,474

4,474

Disposals

(39,000)

(39,000)

At 31 October 2023

634,694

634,694

Impairment

Carrying amount

At 31 October 2023

634,694

634,694

 

6

Creditors

Note

2023
 £

2022
 £

Due within one year

 

Loans and borrowings

7

883,631

869,991

Trade creditors

 

2,244

-

Social security and other taxes

 

104

104

Accrued expenses

 

2,244

1,870

 

888,223

871,965

 

Brim Enterprise Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

 

7

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Other borrowings

883,631

869,991

 

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A of £1 each

25

25

25

25

Ordinary B of £1 each

25

25

25

25

Ordinary C of £1 each

25

25

25

25

Ordinary D of £1 each

25

25

25

25

 

100

100

100

100

 

9

Related party transactions

Summary of transactions with key management

Key management personnel are considered to be the directors of the company.

 As at the balance sheet dates, the company owed the directors £883,631 (2023: £869,991). This amount is included in other borrowings. There are no fixed repayments terms and no interest is charged.