Company registration number 13741112 (England and Wales)
BRENNAN INNOVATIONS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
BRENNAN INNOVATIONS LTD
COMPANY INFORMATION
Directors
P G Brennan
V A Brennan
J Holland
Company number
13741112
Registered office
Administration Office
Lightowlers Lane
Summit
Littleborough
Lancashire
United Kingdom
OL15 OLR
Accountants
Azets
Ship Canal House
98 King Street
Manchester
M2 4WU
BRENNAN INNOVATIONS LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
BRENNAN INNOVATIONS LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
3
83
83
Current assets
Debtors
4
99,461
101,379
Creditors: amounts falling due within one year
5
(1,833)
(583)
Net current assets
97,628
100,796
Net assets
97,711
100,879
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
97,611
100,779
Total equity
97,711
100,879

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 December 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 member has 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 12 July 2024 and are signed on its behalf by:
P G Brennan
Director
Company Registration No. 13741112
BRENNAN INNOVATIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Brennan Innovations Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Administration Office, Lightowlers Lane, Summit, Littleborough, Lancashire, United Kingdom, OL15 OLR.

1.1
Reporting period

The comparative reporting period covers the period from incorporation on 12 November 2021 to 31 December 2022, thus represents a long period of account.

1.2
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.3
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.

1.4
Fixed asset investments

Interests in subsidiaries 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
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.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

BRENNAN INNOVATIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial assets

Basic financial assets, which include debtors are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. 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, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised

 

1.6
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.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

BRENNAN INNOVATIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
2
Employees

The average monthly number of persons employed by the company during the year was:

2023
2022
Number
Number
Total
-
0
-
0
3
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
83
83
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
98,924
101,154
Other debtors
100
100
99,024
101,254
Deferred tax asset
437
125
99,461
101,379
5
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
833
83
Other creditors
1,000
500
1,833
583
BRENNAN INNOVATIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
6
Related party transactions

During the year, advances totalling £nil (2022: £88,732) were made to the company by Brennan Trade Holdings Limited, a company related by common ultimate control. During the prior period, following confirmation from the controlling party of that entity that repayment of this balance would not be requested, the full balance was written off to the profit and loss account during the period.

 

During the year, advances totalling £nil (2022: £12,422) were made to the company by Fothergill Engineered Fabrics Limited, a company related by common ultimate control. During the prior period, following confirmation from the controlling party of that entity that repayment of this balance would not be requested, the full balance was written off to the profit and loss account during the period.

 

During the year, advances totalling £nil (2022: £101,154) were made by the company to Brennan Surveying Ltd, a wholly owned subsidiary. As at the balance sheet date the company was owed £98,924 (2022: £101,154) from Brennan Surveying Ltd. The balance is interest free and repayable on demand. In addition, at the balance sheet date the company owed £83 (2022: £83) to Brennan Surveying Ltd.

 

During the year, advances totalling £750 (2022: £nil) were made to the company by Brennan Property Holdings Limited, a company related by common ultimate control. As at the balance sheet date the company owed £750 (2022: £nil) to Brennan Property Holdings Ltd. The balance is interest free and repayable on demand.

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