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Registration number: 8679027

Brabham Group Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2023

 

Brabham Group Limited

Company Information

Directors

P May

D Brabham

Registered office

Innovations House
19 Staple Gardens
Winchester
Hampshire
SO23 8SR

Accountants

Tax Innovations Limited
Innovations House
19 Staple Gardens
Winchester
Hampshire
SO23 8SR

 

Brabham Group Limited

(Registration number: 8679027)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

630,355

544,000

Tangible assets

5

1,690

2,362

 

632,045

546,362

Current assets

 

Debtors

6

113,358

187,546

Cash at bank and in hand

 

13,743

57,781

 

127,101

245,327

Creditors: Amounts falling due within one year

7

(85,924)

(66,390)

Net current assets

 

41,177

178,937

Total assets less current liabilities

 

673,222

725,299

Creditors: Amounts falling due after more than one year

7

(41,013)

(46,449)

Net assets

 

632,209

678,850

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

632,109

678,750

Shareholders' funds

 

632,209

678,850

For the financial year ending 30 September 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 1 August 2024 and signed on its behalf by:
 

 

Brabham Group Limited

(Registration number: 8679027)
Balance Sheet as at 30 September 2023

.........................................
P May
Director

 

Brabham Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2023

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:
Innovations House
19 Staple Gardens
Winchester
Hampshire
SO23 8SR
England

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 that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Brabham Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2023

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change 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.

Tangible assets

Tangible assets are stated in the balance sheet 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

Office equipment

33% straight line

Intangible assets

Intangible assets are stated in the balance sheet at cost, then revalued to market value if present.

The cost of intangible assets includes directly attributable incremental costs incurred in their acquisition.

Positive revaluations are to be recorded under the revaluation reserve on equity statement.
Negative revaluations are to be put against this revaluation reserve, but if none present then it should be recognised as an impairment loss on the profit and loss.

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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 receivables.

 

Brabham Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2023

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 subsequently measured at amortised cost using the effective interest method.

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.

Dividends

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

3

Staff numbers

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

4

Intangible assets

Trademarks, patents and licences
£

Total
£

Cost or valuation

At 1 October 2022

561,000

561,000

Additions acquired separately

195,921

195,921

At 30 September 2023

756,921

756,921

 

Brabham Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2023

Trademarks, patents and licences
£

Total
£

Amortisation

At 1 October 2022

17,000

17,000

Impairment

109,566

109,566

At 30 September 2023

126,566

126,566

Carrying amount

At 30 September 2023

630,355

630,355

At 30 September 2022

544,000

544,000

Purchase of 8.5% of BRABHAM Trademark value was revalued in June 2023, before making an additional purchase from David Brabham regarding the same trademark. This has increased the percentage from 8.5% to 12.33% in June 2023.

 

Brabham Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2023

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 October 2022

13,144

13,144

At 30 September 2023

13,144

13,144

Depreciation

At 1 October 2022

10,782

10,782

Charge for the year

672

672

At 30 September 2023

11,454

11,454

Carrying amount

At 30 September 2023

1,690

1,690

At 30 September 2022

2,362

2,362

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

21,552

74,810

Amounts owed by related parties

11

59,886

58,136

Other debtors

 

31,920

54,600

   

113,358

187,546

 

Brabham Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

10,625

4,306

Amounts owed to group undertakings and undertakings in which the company has a participating interest

11

22,006

8,932

Taxation and social security

 

50,243

50,242

Accruals and deferred income

 

3,050

2,900

Other creditors

 

-

10

 

85,924

66,390

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

41,013

46,449

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares A of £1 each

77

77

77

77

Ordinary shares B of £1 each

15

15

15

15

Ordinary shares C of £1 each

5

5

5

5

Ordinary shares D of £1 each

1

1

1

1

Ordinary shares E of £1 each

1

1

1

1

Ordinary shares F of £1 each

1

1

1

1

100

100

100

100

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

41,013

46,449

 

Brabham Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2023

10

Dividends

Interim dividends paid

2023
£

2022
£

Interim dividend of £1,724.00 (2022 - £2,840.00) per each Ordinary shares C

8,622

14,200

Interim dividend of £Nil per each Ordinary shares B

-

-

8,622

14,200

11

Related party transactions

Transactions with directors

2023

At 1 October 2022
£

Advances to director
£

Other payments made to company by director
£

At 30 September 2023
£

D Brabham

Director's loan account

18,534

155,381

(195,921)

(22,006)

P May

Director's loan account

(8,932)

9,000

-

68

2022

At 1 October 2021
£

Advances to director
£

At 30 September 2022
£

D Brabham

Director's loan account

(156,166)

174,700

18,534

P May

Director's loan account

(18,932)

10,000

(8,932)

Both loans are on a non-fixed repayment period at 0% interest. Note the £18,534 owed to the company will be cleared before 30th June 2023.