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Registration number: 12271323

Brighter-Futures-Cymru Limited

trading as Brighter Futures Cymru

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

Brighter-Futures-Cymru Limited

trading as Brighter Futures Cymru

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Brighter-Futures-Cymru Limited

trading as Brighter Futures Cymru

Company Information

Directors

Ms Ceri Allen

Mr Mark Lazarus

Registered office

The Malthouse
Unit 29 Regent Street
LLangollen
Wales
LL20 8HS

Accountants

Neil Wilson Accountancy Limited
Bank Chambers
260-262 Union Street
Torquay
Devon
TQ2 5QU

 

Brighter-Futures-Cymru Limited

trading as Brighter Futures Cymru

(Registration number: 12271323)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

34,904

34,476

Current assets

 

Debtors

5

321,212

321,920

Cash at bank and in hand

 

486,472

138,534

 

807,684

460,454

Creditors: Amounts falling due within one year

6

(567,342)

(327,785)

Net current assets

 

240,342

132,669

Total assets less current liabilities

 

275,246

167,145

Provisions for liabilities

(140,000)

(120,000)

Net assets

 

135,246

47,145

Capital and reserves

 

Called up share capital

7

1

1

Retained earnings

135,245

47,144

Shareholders' funds

 

135,246

47,145

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.

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 13 August 2024 and signed on its behalf by:
 

 

Brighter-Futures-Cymru Limited

trading as Brighter Futures Cymru

(Registration number: 12271323)
Balance Sheet as at 31 October 2023

.........................................
Ms Ceri Allen
Director

 

Brighter-Futures-Cymru Limited

trading as Brighter Futures Cymru

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 England and Wales.

The address of its registered office is:
The Malthouse
Unit 29 Regent Street
LLangollen
Wales
LL20 8HS

These financial statements were authorised for issue by the Board on 13 August 2024.

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.

Tax

The tax expense for the period comprises current 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.

 

Brighter-Futures-Cymru Limited

trading as Brighter Futures Cymru

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

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

25% reducing balance basis

Fixtures and fittings

25% reducing balance basis

Motor vehicles

18% reducing balance basis

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.

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

 

Brighter-Futures-Cymru Limited

trading as Brighter Futures Cymru

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

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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 46 (2022 - 32).

 

Brighter-Futures-Cymru Limited

trading as Brighter Futures Cymru

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

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2022

16,617

26,845

43,462

Additions

629

11,150

11,779

Disposals

-

(3,700)

(3,700)

At 31 October 2023

17,246

34,295

51,541

Depreciation

At 1 November 2022

4,154

4,832

8,986

Charge for the year

3,273

5,303

8,576

Eliminated on disposal

-

(925)

(925)

At 31 October 2023

7,427

9,210

16,637

Carrying amount

At 31 October 2023

9,819

25,085

34,904

At 31 October 2022

12,463

22,013

34,476

5

Debtors

Current

2023
£

2022
£

Trade debtors

321,211

321,919

Other debtors

1

1

 

321,212

321,920

6

Creditors

Creditors: amounts falling due within one year

 

Brighter-Futures-Cymru Limited

trading as Brighter Futures Cymru

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

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

102,850

93,707

Trade creditors

 

127,555

16,405

Taxation and social security

 

74,738

38,929

Accruals and deferred income

 

73,040

30,040

Other creditors

 

189,159

148,704

 

567,342

327,785

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary share of £1 each

1

1

1

1

         

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

-

207

Other borrowings

102,850

93,500

102,850

93,707

9

Related party transactions

Transactions with directors

2023

At 1 November 2022
£

Repayments by director
£

At 31 October 2023
£

Ms Ceri Allen

Director loan

(45,047)

(58,459)

(103,506)

       
     

Mr Mark Lazarus

Director loan

(22,812)

(13,391)

(36,203)

       
     

 

 

Brighter-Futures-Cymru Limited

trading as Brighter Futures Cymru

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

2022

At 1 November 2021
£

At 31 October 2022
£

Ms Ceri Allen

Director loan

(45,047)

(45,047)

     
   

Mr Mark Lazarus

Director loan

(22,812)

(22,812)

     
   

 

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

93,378

49,445

Contributions paid to money purchase schemes

101,823

81,951

195,201

131,396