Company registration number 13444025 (England and Wales)
BRW HOLDINGS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
BRW HOLDINGS LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
BRW HOLDINGS LTD
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
4
2,037,642
2,306,990
Current assets
Debtors
5
710
21,547
Cash at bank and in hand
3,032
63,137
3,742
84,684
Creditors: amounts falling due within one year
6
(500,490)
(790,692)
Net current liabilities
(496,748)
(706,008)
Total assets less current liabilities
1,540,894
1,600,982
Creditors: amounts falling due after more than one year
7
(1,000,000)
(999,996)
Net assets
540,894
600,986
Capital and reserves
Called up share capital
9
600,001
600,001
Profit and loss reserves
(59,107)
985
Total equity
540,894
600,986
The directors of the company have 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 directors acknowledge their 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 by the board of directors and authorised for issue on 31 July 2024 and are signed on its behalf by:
Mr SJ Roberts
Director
Company registration number 13444025 (England and Wales)
BRW HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 2 -
1
Accounting policies
Company information
BRW Holdings Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 3 Sovereign Court, South Portway Close, Round Spinney Industrial Estate, Northampton, Northamptonshire, United Kingdom, NN38RH.
1.1
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.
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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
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.
BRW HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
1
7
3
Subsidiaries
Details of the company's subsidiaries at 31 October 2023 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
2 Seasons Holdings Ltd
United Kingdom
Ordinary
100.00
Tiki Surf Ltd
United Kingdom
Ordinary
100.00
BRW HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 4 -
4
Fixed asset investments
2023
2022
Notes
£
£
Investments in subsidiaries
3
2,037,642
2,306,990
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 August 2022
2,306,990
Valuation changes
(244,224)
At 31 October 2023
2,062,766
Impairment
At 1 August 2022
-
Impairment losses
25,124
At 31 October 2023
25,124
Carrying amount
At 31 October 2023
2,037,642
At 31 July 2022
2,306,990
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
20,653
Prepayments and accrued income
710
894
710
21,547
6
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Other borrowings
8
200,000
400,000
Trade creditors
9,909
103
Amounts owed to group undertakings
130,969
387,089
Taxation and social security
120,011
Accruals and deferred income
39,601
3,500
500,490
790,692
BRW HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 5 -
7
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Other borrowings
8
1,000,000
999,996
8
Loans and overdrafts
2023
2022
£
£
Other loans
1,200,000
1,399,996
Payable within one year
200,000
400,000
Payable after one year
1,000,000
999,996
The other borrowings are secured by a floating charge over the assets of the company.
9
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
100,000
100,000
100,000
100,000
Ordinary B shares of £1 each
200,000
200,000
200,000
200,000
Ordinary C shares of £1 each
1
1
1
1
300,001
300,001
300,001
300,001
2023
2022
2023
2022
Preference share capital
Number
Number
£
£
Issued and fully paid
Redeemable preference shares of £1 each
300,000
300,000
300,000
300,000
Preference shares classified as equity
300,000
300,000
Total equity share capital
600,001
600,001