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Registration number: 09195389

Bright Ventures Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2023

 

Bright Ventures Limited

Contents

Company Information

1

Directors' Report

2

Statement of Directors' Responsibilities

3

Independent Auditor's Report

4 to 7

Profit and Loss Account

8

Statement of Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Notes to the Financial Statements

12 to 20

 

Bright Ventures Limited

Company Information

Directors

Ms Monicca Nivetha Maran

Mr Gkevin Muthu Maran

Mr Ravi Venkatraman

Mr Porkodiyan Nachiappan

Registered office

Belstead Brook Muthu Hotel
Belstead Road
Ipswich
Suffolk
IP2 9HB

Auditors

Tahas & Co Ltd
Chartered Certified Accountants and Statutory Auditors
Suite 3, Second Floor
760 Eastern Avenue
Newbury Park
London
IG2 7HU

 

Bright Ventures Limited

Directors' Report for the Year Ended 31 December 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors of the company

The directors who held office during the year were as follows:

Ms Monicca Nivetha Maran

Mr Gkevin Muthu Maran

Mr Ravi Venkatraman

Mr Porkodiyan Nachiappan

Principal activity

The principal activity of the company is that of providing accommodation and leisure services in the tourism,hospitality and leisure industry

Results

The profit for the period, after taxation, amounted to £388,968.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Reappointment of auditors

The auditors Tahas & Co Ltd are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 6 September 2024 and signed on its behalf by:
 

.........................................
Mr Porkodiyan Nachiappan
Director

 

Bright Ventures Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Bright Ventures Limited

Independent Auditor's Report to the Members of Bright Ventures Limited

Opinion

We have audited the financial statements of Bright Ventures Limited (the 'company') for the year ended 31 December 2023, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

 

Bright Ventures Limited

Independent Auditor's Report to the Members of Bright Ventures Limited

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Directors' Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit; or

the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 3], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

 

Bright Ventures Limited

Independent Auditor's Report to the Members of Bright Ventures Limited

In identifying and assessing risks of material misstatement in respect of irregularities including fraud and non-compliance with laws and regulations, we considered the following

- the nature of the industry and sector, control environment and business performance and performance targets
- results of our enquiries of management and the company's financial manager's own identification and assessment of the risks of irregularities.
- any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non- compliance
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations
- Using analytical procedures to identify any unsual or unexpected relationships.

We remained alert to any indications of fraud throughout the audit. As required by auditing standards and taking into account possible pressures to achieve targets, we performed procedures to address the risk of management override of controls and the risk of making inappropriate accounting entries.

We also performed procedures including identifying journal entries and other adjustments to test based on risk criteria and comparing the identified entries to supporting documents. These included those posted to unusual accounts.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. In addition, as with any audit, there remained a higher risk of non-detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

 

Bright Ventures Limited

Independent Auditor's Report to the Members of Bright Ventures Limited

......................................
Mr M Poonawala (Senior Statutory Auditor)
For and on behalf of Tahas & Co Ltd, Statutory Auditor

Suite 3, Second Floor
760 Eastern Avenue
Newbury Park
London
IG2 7HU

6 September 2024

 

Bright Ventures Limited

Profit and Loss Account for the Year Ended 31 December 2023

Note

2023
£

2022
£

Turnover

 

3,086,517

2,673,865

Cost of sales

 

(1,201,388)

(1,072,994)

Gross profit

 

1,885,129

1,600,871

Administrative expenses

 

(1,464,093)

(1,253,814)

Other operating income

 

-

6,000

Operating profit

 

421,036

353,057

Other interest receivable and similar income

 

91,288

54,600

Interest payable and similar expenses

 

(2,102)

(1,011)

   

89,186

53,589

Profit before tax

5

510,222

406,646

Tax on profit

 

(121,254)

(77,263)

Profit for the financial year

 

388,968

329,383

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Bright Ventures Limited

Statement of Comprehensive Income for the Year Ended 31 December 2023

2023
£

2022
£

Profit for the year

388,968

329,383

Total comprehensive income for the year

388,968

329,383

 

Bright Ventures Limited

(Registration number: 09195389)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

6

125,357

152,928

Current assets

 

Debtors

7

4,218,045

4,195,837

Cash at bank and in hand

 

453,268

545,785

 

4,671,313

4,741,622

Creditors: Amounts falling due within one year

8

(2,497,775)

(1,516,016)

Net current assets

 

2,173,538

3,225,606

Total assets less current liabilities

 

2,298,895

3,378,534

Creditors: Amounts falling due after more than one year

8

(1,136,102)

(2,599,471)

Provisions for liabilities

(23,818)

(29,057)

Net assets

 

1,138,975

750,006

Capital and reserves

 

Called up share capital

9

1

1

Retained earnings

1,138,974

750,005

Shareholders' funds

 

1,138,975

750,006

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.

Approved and authorised by the Board on 6 September 2024 and signed on its behalf by:
 

.........................................
Mr Porkodiyan Nachiappan
Director

 

Bright Ventures Limited

Statement of Changes in Equity for the Year Ended 31 December 2023

Share capital
£

Retained earnings
£

Total
£

At 1 January 2023

1

750,006

750,007

Profit for the year

-

388,968

388,968

At 31 December 2023

1

1,138,974

1,138,975

Share capital
£

Retained earnings
£

Total
£

At 1 January 2022

1

420,622

420,623

Profit for the year

-

329,383

329,383

At 31 December 2022

1

750,005

750,006

 

Bright Ventures Limited

Notes to the Financial Statements for the Year Ended 31 December 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:
Belstead Brook Muthu Hotel
Belstead Road
Ipswich
Suffolk
IP2 9HB
United Kingdom

The principal place of business is:
Belstead Brook Muthu Hotel
Belstead Road
Ipswich
Suffolk
IP2 9HB
United Kingdom

These financial statements were authorised for issue by the Board on 6 September 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.

 

Bright Ventures Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

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.

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Furnitures and fittings

25% on reducing balance

Plant and machinery

25% on reducing balance

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.

 

Bright Ventures Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

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.

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 27 (2022 - 29).

4

Auditors' remuneration

2023
£

2022
£

Audit of the financial statements

7,000

6,000


 

 

Bright Ventures Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

5

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

41,785

50,797

 

Bright Ventures Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

6

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

423,927

252,328

676,255

Additions

14,213

-

14,213

At 31 December 2023

438,140

252,328

690,468

Depreciation

At 1 January 2023

354,578

168,749

523,327

Charge for the year

20,890

20,894

41,784

At 31 December 2023

375,468

189,643

565,111

Carrying amount

At 31 December 2023

62,672

62,685

125,357

At 31 December 2022

69,349

83,579

152,928

7

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

13,120

18,052

Amounts owed by related parties

10

4,051,255

3,524,400

Prepayments

 

32,321

22,803

Other debtors

 

121,349

630,582

   

4,218,045

4,195,837

The amounts shown under debtors includes £2,626,791 (2022: £2,521,953) which fall due for payment after more than one year.

The amounts due from group undertakings are unsecured and do not bear interest.
 

 

Bright Ventures Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

243,109

120,586

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

10

1,877,517

1,018,505

Taxation and social security

 

250,356

211,726

Accruals and deferred income

 

17,413

56,412

Other creditors

 

109,380

108,787

 

2,497,775

1,516,016

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

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

1,136,102

2,599,471

The amount due to group undertakings are unsecured and do not bear interest.

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £0.65 each

2

1

2

1

       

10

Related party transactions

The company is a directly owned subsidiary of MGM UK Hotels Holdings Limited and has taken advantage of the exemption conferred by Section 33.1A of FRS 102 not to disclose transactions with MGM UK Hotels Holdings Limited or other wholly owned subsidiaries within the group.

 

Bright Ventures Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

72,500

48,000

The directors were remunerated through associate companies. Their remuneration in respect of this company that is separately identifiable is recognised above.

 

Bright Ventures Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Summary of transactions with other related parties

At 31st December 2023 the company was owed Nil (2022: £545,162) by Soc. Gestao Financeira Central Ours, LDA Limited, a company under common control.

At 31st December 2023 the company owed £36,009 (2022 was owed: £549,500) to Cator Crescent UK Limited, a company under common control.

At 31st December 2023 the company was owed £5,472 (2022: £1733) by Oban Regent Management Limited, a company under common control.

At 31st December 2023 the company was owed £9,433 (2022: £5,112) by Oban Queens Management Limited, a company under common control.

At 31st December 2023 the company was owed £115,100 (2022: £15,000) by Oban Regent Assets Limited, a company under common control.

At 31st December 2023 the company was owed £130,236 (2022: £158,955) by Glasgow Erskine Bridge Hotel Management Company Limited, a company under common control.

At 31st December 2023 the company was owed £20,000 (2022: £20,000) by Glasgow Erskine Bridge Hotel Asset Company Limited, a company under common control.

At 31st December 2023 the company was owed £650,000 (2022: Nil) by SAFL British Hotels Limited, a company under common control.

At 31st December 2023 the company owed Nil (2022: £22,439) to Ourapraia-Hoteis SA, a company under common control.

At 31st December 2023 the company owed Nil (2022: £2,254) to Polvilha Sucesso, LDA, a company under common control.

At 31st December 2023 the company owed £32,219 (2022: £525) to Fort West End Hotel Management Ltd, a company under common control.

At 31st December 2023 the company owed Nil (2022: £361,206) to Leisure Dimensions Limited, a company under common control.

At 31st December 2023 the company owed £855,737 (2022: £855,737) to Magnum Euro Limited, a company under common control.

At 31st December 2023 the company owed Nil (2022: £1,102,164) to Vale Mangude Exploracoes Hoteleiras, SA, a company under common control.

At 31st December 2023 the company owed £280,365 (2022: £280,365) to City Treasure Ventures Limited, a company under common control.

 

 

Bright Ventures Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

11

Parent and ultimate parent undertaking

The company's immediate and ultimate parent is MGM UK Hotels Holdings Limited, incorporated in England.

MGM UK Hotels Holdings Limited is controlled by Maran family.