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Registration number: 09167075

Charles Brown ADR Services Limited

Annual Report and Unaudited Financial Statements

for the Period from 1 April 2022 to 30 September 2023

 

Charles Brown ADR Services Limited

Contents

Company Information

1

Director's Report

2

Statement of Income and Retained Earnings

3

Statement of Financial Position

4

Notes to the Unaudited Financial Statements

5 to 11

 

Charles Brown ADR Services Limited

Company Information

Director

C Brown

Registered office

Salatin House
19 Cedar Road
Sutton
Surrey
SM2 5DA

Accountants

Harmer Slater Limited
Salatin House
19 Cedar Road
Sutton
Surrey
SM2 5DA

 

Charles Brown ADR Services Limited

Director's Report
for the Period from 1 April 2022 to 30 September 2023

The director presents his report and the financial statements for the period from 1 April 2022 to 30 September 2023.

Principal activity

The principal activity of the company is that of the provision of arbitration, adjudication and business consultancy.

Director of the company

The director who held office during the period was as follows:

C Brown

Going concern

The company ceased trading on 30 September 2023. Consequently, these financial statements have not been prepared on a going concern basis.

Small companies provision statement

The directors have taken advantage of the small companies exemptions provided by sections 414B and 415A of the Companies Act 2006 from the requirement to prepare a strategic report and in preparing the directors’ report on the grounds that the company is entitled to prepare its accounts for the year in accordance with the small companies regime.

Approved and authorised by the director on 25 January 2024
 

.........................................
C Brown
Director

 

Charles Brown ADR Services Limited

Statement of Income and Retained Earnings
for the Period from 1 April 2022 to 30 September 2023

Note

2023
£

2022
£

Revenue

 

48,431

80,997

Administrative expenses

 

(23,816)

(20,499)

Operating profit

 

24,615

60,498

Other interest receivable and similar income

 

-

644

Interest payable and similar charges

 

(904)

(388)

Profit before tax

23,711

60,754

Taxation

4

(4,588)

(11,652)

Profit for the financial period

 

19,123

49,102

Retained earnings brought forward

 

730

128

Dividends paid

 

(19,800)

(48,500)

Retained earnings carried forward

 

53

730

 

Charles Brown ADR Services Limited

(Registration number: 09167075)
Statement of Financial Position as at 30 September 2023

Note

2023
£

2022
£

Non-Current Assets

 

Property, plant and equipment

5

-

438

Current assets

 

Receivables

6

10,958

22,147

Cash at bank and in hand

 

6,454

4,671

 

17,412

26,818

Payables: Amounts falling due within one year

7

(13,636)

(20,330)

Net current assets

 

3,776

6,488

Total assets less current liabilities

 

3,776

6,926

Creditors: Amounts falling due after more than one year

7

(3,623)

(6,096)

Net assets

 

153

830

Equity

 

Called up share capital

11

100

100

Retained earnings

11

53

730

Shareholders' funds

 

153

830

For the financial period ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

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

The director acknowledges his 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 and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements of Charles Brown ADR Services Limited were approved and authorised for issue by the director on 25 January 2024

.........................................

C Brown
Director

 

Charles Brown ADR Services Limited

Notes to the Unaudited Financial Statements
for the Period from 1 April 2022 to 30 September 2023

1

General information

Charles Brown ADR Services Limited (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1. The nature of the company’s operations and its principal activities are set out in the directors' report on page 2.

2

Accounting policies

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

The functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).

Going concern

The company ceased trading on 30 September 2023. Consequently, these financial statements have not been prepared on a going concern basis.

Critical judgements and key sources of estimation uncertainties

There were no key sources of estimation uncertainties or critical judgements made by the directors in the process of applying the company’s accounting policies with significant effect on the amounts recognised in the financial statements.

Judgements

There are no critical judgements, estimations or assumptions made by the director in the process of applying the company's accounting policies which have a significant effect on the amounts recognised in the financial statements.

Revenue recognition

Revenue comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Revenue is shown net of value added tax.

The company recognises revenue when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the entity.

 

Charles Brown ADR Services Limited

Notes to the Unaudited Financial Statements
for the Period from 1 April 2022 to 30 September 2023 (continued)

2

Accounting policies (continued)

Tax

The tax expense for the period comprises current tax. Tax is recognised in income statement, 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.

Property, plant and equipment

Property, plant and equipment is stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of property, plant and equipment includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is charged so as to write off the cost of assets as follows:

Asset class

Depreciation method and rate

Computer equipment

Straight line over 4 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and at bank.

Receivables

Receivables 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 receivables 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.

Payables

Payables 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.

Payables are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Charles Brown ADR Services Limited

Notes to the Unaudited Financial Statements
for the Period from 1 April 2022 to 30 September 2023 (continued)

2

Accounting policies (continued)

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 income statement 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.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 1 (2022 - 1).

 

Charles Brown ADR Services Limited

Notes to the Unaudited Financial Statements
for the Period from 1 April 2022 to 30 September 2023 (continued)

4

Taxation

Tax charged/(credited) in the income statement

2023
£

2022
£

Current taxation

UK corporation tax

4,588

11,652

The tax on profit before tax for the period is higher than the standard rate of corporation tax in the UK (2022 - higher than the standard rate of corporation tax in the UK) of 19% (2022 - 19%).

The differences are reconciled below:

2023
£

2022
£

Profit before tax

23,711

60,754

Corporation tax at standard rate

4,505

11,543

Effect of expense not deductible in determining taxable profit (tax loss)

-

66

Tax increase from effect of capital allowances and depreciation

83

43

Total tax charge

4,588

11,652

 

Charles Brown ADR Services Limited

Notes to the Unaudited Financial Statements
for the Period from 1 April 2022 to 30 September 2023 (continued)

5

Property, plant and equipment

Office equipment
 £

Cost

At 1 April 2022

3,100

Disposals

(3,100)

At 30 September 2023

-

Depreciation

At 1 April 2022

2,662

Eliminated on disposal

(2,662)

At 30 September 2023

-

Carrying amount

At 30 September 2023

-

At 31 March 2022

438

6

Receivables

2023
£

2022
£

Other receivables

10,958

21,733

Prepayments

-

414

10,958

22,147

7

Payables

Payables: amounts falling due within one year

Note

2023
£

2022
£

Loans and borrowings

8

2,130

2,380

Payables

 

123

1,396

Taxation and social security

 

10,268

15,227

Accruals and deferred income

 

1,115

1,327

 

13,636

20,330

 

Charles Brown ADR Services Limited

Notes to the Unaudited Financial Statements
for the Period from 1 April 2022 to 30 September 2023 (continued)

7

Payables (continued)

Payables: amounts falling due after more than one year

Note

2023
£

2022
£

Loans and borrowings

8

3,623

6,096

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

3,623

6,096

2023
£

2022
£

Current loans and borrowings

Bank borrowings

2,130

2,380

9

Dividends

Final dividends paid

   

2023
£

 

2022
£

Final dividend of £198.00 (2022 - £485.00) per each Ordinary shares

 

19,800

 

48,500

         

10

Related party transactions

Transactions with the director

During the year the company advanced £39,400 (2022: £88,968) to C L Brown and C L Brown repaid £50,174 (2022: £87,647) to the company. At 30 September 2023, CL Brown owed £10,958 (2022: £21,732) to the company. This amount is unsecured, interest free and is repayable no later than 30 June 2024.

 

Charles Brown ADR Services Limited

Notes to the Unaudited Financial Statements
for the Period from 1 April 2022 to 30 September 2023 (continued)

11

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100