0 30 August 2024 false false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 4,677,048 110 2,886,117 1,791,041 1,791,041 4,677,048 xbrli:pure xbrli:shares iso4217:GBP 10122049 2023-01-01 2023-12-31 10122049 2023-12-31 10122049 2022-12-31 10122049 2022-01-01 2022-12-31 10122049 2022-12-31 10122049 2021-12-31 10122049 bus:Director1 2023-01-01 2023-12-31 10122049 core:WithinOneYear 2023-12-31 10122049 core:WithinOneYear 2022-12-31 10122049 core:AfterOneYear 2022-12-31 10122049 core:ShareCapital 2023-12-31 10122049 core:ShareCapital 2022-12-31 10122049 core:RetainedEarningsAccumulatedLosses 2023-12-31 10122049 core:RetainedEarningsAccumulatedLosses 2022-12-31 10122049 core:CostValuation core:Non-currentFinancialInstruments 2022-12-31 10122049 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2023-12-31 10122049 core:DisposalsRepaymentsInvestments core:Non-currentFinancialInstruments 2023-12-31 10122049 core:CostValuation core:Non-currentFinancialInstruments 2023-12-31 10122049 core:Non-currentFinancialInstruments 2023-12-31 10122049 core:Non-currentFinancialInstruments 2022-12-31 10122049 bus:SmallEntities 2023-01-01 2023-12-31 10122049 bus:Audited 2023-01-01 2023-12-31 10122049 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 10122049 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 10122049 bus:FullAccounts 2023-01-01 2023-12-31
COMPANY REGISTRATION NUMBER: 10122049
Brennan Industries of Europe Limited
Filleted Financial Statements
31 December 2023
Brennan Industries of Europe Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Investments
4
1,791,041
4,677,048
Current assets
Debtors
5
209,821
201,375
Creditors: amounts falling due within one year
6
84,401
5,394,468
---------
------------
Net current assets/(liabilities)
125,420
( 5,193,093)
------------
------------
Total assets less current liabilities
1,916,461
( 516,045)
Creditors: amounts falling due after more than one year
7
40,000
------------
---------
Net assets/(liabilities)
1,916,461
( 556,045)
------------
---------
Capital and reserves
Called up share capital
1
1
Profit and loss account
1,916,460
( 556,046)
------------
---------
Shareholders funds/(deficit)
1,916,461
( 556,045)
------------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 30 August 2024 , and are signed on behalf of the board by:
Mr D M Carr
Director
Company registration number: 10122049
Brennan Industries of Europe Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Squire Patton Boggs (UK) LLP, Rutland House, 148 Edmund Street, Birmingham, B3 2JR.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
Although the company's prior year's statement of financial position is insolvent, the company is considered to be a going concern by the director. This is because the company benefits from the support of other companies within the group and those other companies have undertaken not to require recovery of the debt to an extent that would cause the company to be unable to meet its obligations.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Investments
Shares in group undertakings
£
Cost
At 1 January 2023
4,677,048
Additions
110
Disposals
( 2,886,117)
------------
At 31 December 2023
1,791,041
------------
Impairment
At 1 January 2023 and 31 December 2023
------------
Carrying amount
At 31 December 2023
1,791,041
------------
At 31 December 2022
4,677,048
------------
5. Debtors
2023
2022
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
209,820
201,374
Other debtors
1
1
---------
---------
209,821
201,375
---------
---------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
40,001
5,350,068
Other creditors
44,400
44,400
--------
------------
84,401
5,394,468
--------
------------
JPMorgan Chase Bank, N.A. holds a fixed and floating charge over all the property or undertaking of the company and a negative pledge made by the company, dated 25 May 2023.
7. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
40,000
----
--------
JPMorgan Chase Bank, N.A. holds a fixed and floating charge over all the property or undertaking of the company and a negative pledge made by the company, dated 25 May 2023.
8. Summary audit opinion
The auditor's report dated 30 August 2024 was unqualified .
The senior statutory auditor was Peter Stewart FCA , for and on behalf of Gregory Priestley & Stewart .
9. Controlling party
The immediate parent company is Brennan Industries Inc, registered office: 6701, Cochran Road, Solon, Ohio, 44139, United States.