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REGISTERED NUMBER: 06758298 (England and Wales)











Bravo Benefits Limited

Financial Statements

for the Year Ended 31 December 2023






Bravo Benefits Limited (Registered number: 06758298)

Contents of the Financial Statements
for the Year Ended 31 December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Bravo Benefits Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: W M Dochan
L F Wesley
A L Tyler
G M Weatherill





REGISTERED OFFICE: Office 4
Swan Park Business Centre
Kettlebrook
Tamworth
Staffordshire
B77 1AG





REGISTERED NUMBER: 06758298 (England and Wales)





AUDITORS: Haines Watts Tamworth Limited
Chartered Accountants and Statutory Auditors
Sterling House
97 Lichfield Street
Tamworth
Staffordshire
B79 7QF

Bravo Benefits Limited (Registered number: 06758298)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 4,447 4,733
Tangible assets 5 302,325 320,946
306,772 325,679

CURRENT ASSETS
Debtors 6 423,361 415,703
Cash at bank 7,633,993 9,844,637
8,057,354 10,260,340
CREDITORS
Amounts falling due within one year 7 7,822,161 9,794,021
NET CURRENT ASSETS 235,193 466,319
TOTAL ASSETS LESS CURRENT
LIABILITIES

541,965

791,998

PROVISIONS FOR LIABILITIES 28,451 16,591
NET ASSETS 513,514 775,407

CAPITAL AND RESERVES
Called up share capital 8 1 1
Retained earnings 513,513 775,406
SHAREHOLDERS' FUNDS 513,514 775,407

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 September 2024 and were signed on its behalf by:





L F Wesley - Director


Bravo Benefits Limited (Registered number: 06758298)

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


1. STATUTORY INFORMATION

Bravo Benefits Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The financial statements have been prepared using the going concern basis of accounting.

The directors have prepared forecasts for the next twelve months and as such, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the company continued to adopt the going concern basis in preparing the annual report and financial statements.

Bravo Benefits Limited (Registered number: 06758298)

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


2. ACCOUNTING POLICIES - continued

Significant judgements and estimates
The company makes estimates and assumptions concerning the future. Management are also required to exercise judgement in the process of applying the company's accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

In preparing these financial statements, the directors have made the following judgements:

- Determine whether leases entered into by the company either as a lessor or a lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis based on an evaluation of the terms and conditions of the arrangements, and accordingly whether the lease requires an asset and liability to be recognised in the statement of financial position.

- A provision is recognised when the company has a present legal or constructive obligation as a result of a past event for which it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. If the effect is material, provisions are determined by discounting the expected future cash flow at a rate that reflects the time value of money and the risks specific to the liability.

- Whether a present obligation is probable or not requires judgement. The nature and type of risks for these provisions differ and management's judgement is applied regarding the nature and extent of obligations in deciding if an outflow of resources is probable or not.

- Sales ledger debt provisions. Management review debts on a case by case basis to highlight deviation from terms and therefore possible provision requirement.

- Expired vouchers. Management review voucher allocation and provision on a case by case basis to highlight expired and inactive vouchers. Provision of expired vouchers, and inactive e-vouchers more than 24 months old are identified, and in line with adopted policy, 90% is triggered for release to revenue in equal instalments over the ensuing 24 month period.

- Depreciation and residual values. Management have reviewed the asset lives and associated residual values of all fixed asset classes and concluded that they are appropriate.

The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projects disposal values.

Bravo Benefits Limited (Registered number: 06758298)

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


2. ACCOUNTING POLICIES - continued

Turnover
Revenue represents the value of sales, excluding value added tax, and is attributable to the company's principal activity and arises wholly within the United Kingdom. The company charges employers a service charge for administering childcare vouchers and other salary sacrifice schemes, receives introductory commissions for Cycle to Work Schemes and re-sells licences for retail discounts and Employee Assistance Programme portals. Revenue is recognised when the administration services are provided. Platform fees are charged for a year in advance, with 75% of the income being recognised at the point of the invoice being raised and the remaining 25% spread on a monthly basis until renewal.

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following criteria are satisfied:

- the amount of revenue can be measured reliably;

- it is probable that the Company will receive the consideration due under the contract;

- the stage of completion of the contract at the end of the reporting period can be measured reliably; and

- the costs incurred and the costs to complete the contract can be measured reliably.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on cost
Computer equipment - 33% on cost and 20% on cost

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement.

Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


Bravo Benefits Limited (Registered number: 06758298)

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


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Finance costs
Finance costs of financial liabilities are recognised in the profit and loss account over the term of such instruments at a constant rate on the carrying amount.

Pensions
The company contributes to a number of money purchase pension schemes. The assets of the schemes are held separately from those of the company in an independently administered fund. The pension charge represents the amounts payable by the company to the schemes during the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the balance sheet.

Bravo Benefits Limited (Registered number: 06758298)

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


2. ACCOUNTING POLICIES - continued

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Share-based payment
During the year the ultimate parent company, Bravo Benefits Holdings Limited, operated an equity-settled, share-based compensation plan for the employees of all its subsidiaries.

Where deemed material, the fair value of the employee services received by the Company in exchange for the grant of options is recognised as an expense in the Company's accounts and a credit entry is made in equity. The parent company granting the options recognises a corresponding credit in reserves and an increase in its investment in the subsidiaries.

The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted, excluding the impact of any non-market vesting conditions (for example, profitability and sales growth targets). Non-market vesting conditions are included in assumptions about the number of options that are expected to vest. At each balance sheet date, the entity revises its estimates of the number of options awards that are expected to vest. It recognises the impact of the revision to original estimates, if any, in the profit and loss account, with a corresponding adjustment to equity.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2022 - 22 ) .

4. INTANGIBLE FIXED ASSETS
Patents
and
licences
£   
COST
At 1 January 2023
and 31 December 2023 5,720
AMORTISATION
At 1 January 2023 987
Amortisation for year 286
At 31 December 2023 1,273
NET BOOK VALUE
At 31 December 2023 4,447
At 31 December 2022 4,733

Bravo Benefits Limited (Registered number: 06758298)

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


5. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 January 2023 41,096 650,797 691,893
Additions - 128,936 128,936
At 31 December 2023 41,096 779,733 820,829
DEPRECIATION
At 1 January 2023 28,701 342,246 370,947
Charge for year 7,284 140,273 147,557
At 31 December 2023 35,985 482,519 518,504
NET BOOK VALUE
At 31 December 2023 5,111 297,214 302,325
At 31 December 2022 12,395 308,551 320,946

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 244,157 199,601
Amounts owed by group undertakings 37,030 37,030
Other debtors 142,174 179,072
423,361 415,703

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 123,166 140,284
Taxation and social security 256,438 261,902
Other creditors 7,442,557 9,391,835
7,822,161 9,794,021

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
98 Ordinary A £0.01 1 1
2 Ordinary B £0.01 - -
1 1

Bravo Benefits Limited (Registered number: 06758298)

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


9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Stephen Butler BA FCA (Senior Statutory Auditor)
for and on behalf of Haines Watts Tamworth Limited

10. PENSION COMMITMENTS

The group operates a money purchase scheme for the benefit of certain employees. Contributions are charged to the profit and loss account in the year to which they relate. The charge in the year was £83,934 (2022: £80,801)

11. ULTIMATE CONTROLLING PARTY

Since the completion of a management buy out of Busy Bees Benefits Holdings Limited in June 2021, Bravo Benefits Holdings Limited, a company incorporated in Great Britain, is regarded by the directors as being the company's ultimate parent company.

12. SHARE-BASED PAYMENT TRANSACTIONS

The share options are exercisable on the sale of the Company. All share options are in respect of Ordinary B Shares and the number of employees holding share options as at 31 December 2023 was 2 (2022: 3).

WeightedWeighted
averageaverage
exerciseexercise
price (£)Numberprice (£)Number
2023202320222022

Held at the beginning of the year736171--

Options issued/disqualifying in year736(57)736171

Held at the end of the year736114736171

The options are granted by the ultimate parent company, Bravo Benefits Holdings Limited, over its own shares as part of a group wide equity settled share based payment incentive scheme.

During the year following a disqualifying event, 57 options were withdrawn.

Options have a contractual life of 10 years and are vested subject to the holder remaining in the group's employment. There are no individual performance criteria or market-based performance conditions attached to the grant.