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Registered number:  04034837














BRINGHIGH LIMITED
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


 
BRINGHIGH LIMITED
 
 
COMPANY INFORMATION


Directors
Christine Anne Harris 
Ronald Arthur Harris 
Ryan Jenner 




Registered number
04034837



Registered office
Langtons Chartered Accountants
The Plaza, 100 Old Hall Street

Liverpool

Merseyside

L3 9QJ




Independent auditors
Langtons Professional Services Limited
Chartered Accountants & Statutory Auditors

The Plaza

100 Old Hall Street

Liverpool

L3 9QJ





 
BRINGHIGH LIMITED
 

CONTENTS



Page
Directors' report
1 - 2
Independent auditors' report
3 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Statement of cash flows
10
Analysis of net debt
11
Notes to the financial statements
12 - 23


 
BRINGHIGH 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' responsibilities statement

The directors are responsible for preparing the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;

make judgments 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Directors

The directors who served during the year were:

Christine Anne Harris 
Ronald Arthur Harris 
Ryan Jenner 

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

The auditorsLangtons Professional Services Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

Page 1

 
BRINGHIGH LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

This report was approved by the board on 25 September 2024 and signed on its behalf.
 





Ryan Jenner
Director

Page 2

 
BRINGHIGH LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRINGHIGH LIMITED
 

Opinion


We have audited the financial statements of Bringhigh Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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 directors' 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 financial statements are 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.


Page 3

 
BRINGHIGH LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRINGHIGH LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.


Opinion on other matters 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 the 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 in relation to which 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 Directors' responsibilities statement set out on page 1, 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.


Page 4

 
BRINGHIGH LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRINGHIGH LIMITED (CONTINUED)


Auditors' 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 Auditors' 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.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
The objectives of our audit, in respect to fraud, are: 
• to identify and assess the risks of material misstatement of the financial statements due to fraud; 
• to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due
 to fraud, through designing and implementing appropriate responses; and 
• to respond appropriately to fraud or suspected fraud identified during the audit. 
However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. 
Our approach was as follows: 
We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those that relate to the reporting framework (FRS 102 and the Companies Act 2006), the relevant tax compliance regulations in the UK and the EU General Data Protection Regulation (GDPR). 
We understood how the Company is complying with those frameworks by making enquiries of management.
 
Through consideration of the results of our audit procedures we were able to either corroborate or provide contrary evidence which was then followed up.
Based on our understanding we designed our audit procedures to identify non-compliance with laws and regulations. Our procedures involved: 
• Enquiries of management; and
• Journal entry testing, with a focus on journals indicating large or unusual transactions based on our 
          understanding of the business.
We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur by meeting with management to understand where it considered there was susceptibility to fraud. 
We also considered performance targets and their propensity to influence efforts made by management to manage revenue and earnings. 
Where the risk was considered to be higher, including areas impacting key performance indicators or management remuneration, we performed audit procedures to address each identified fraud risk or other risk of material misstatement. These procedures included those on revenue recognition detailed above, the
Page 5

 
BRINGHIGH LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRINGHIGH LIMITED (CONTINUED)


assessment of items identified by management as non-recurring and testing manual journals and were designed to provide reasonable assurance that the financial statements were free from material fraud or error.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' 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 2006Our 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 Auditors' 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.





Mr Eifion Roberts (Senior statutory auditor)
  
for and on behalf of
Langtons Professional Services Limited
 
Chartered Accountants
Statutory Auditors
  
The Plaza
100 Old Hall Street
Liverpool
L3 9QJ

25 September 2024
Page 6

 
BRINGHIGH LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
5,576,972
4,961,977

Cost of sales
  
(3,475,189)
(3,363,161)

Gross profit
  
2,101,783
1,598,816

Administrative expenses
  
(1,142,978)
(1,074,689)

Operating profit
  
958,805
524,127

Tax on profit
 7 
(234,551)
(119,820)

Profit for the financial year
  
724,254
404,307

There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 12 to 23 form part of these financial statements.

Page 7

 
BRINGHIGH LIMITED
REGISTERED NUMBER: 04034837

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 9 
1,519
1,823

Tangible assets
 10 
30,669
27,116

  
32,188
28,939

Current assets
  

Stocks
 11 
1,240,904
1,021,687

Debtors: amounts falling due within one year
 12 
1,334,058
1,286,660

Cash at bank and in hand
 13 
506,661
365,610

  
3,081,623
2,673,957

Creditors: amounts falling due within one year
 14 
(1,608,939)
(1,574,464)

Net current assets
  
 
 
1,472,684
 
 
1,099,493

Total assets less current liabilities
  
1,504,872
1,128,432

Provisions for liabilities
  

Deferred tax
 15 
(6,000)
(6,000)

  
 
 
(6,000)
 
 
(6,000)

Net assets
  
1,498,872
1,122,432


Capital and reserves
  

Called up share capital 
  
8,037
8,037

Profit and loss account
  
1,490,835
1,114,395

  
1,498,872
1,122,432


The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 September 2024.




Ryan Jenner
Director

The notes on pages 12 to 23 form part of these financial statements.

Page 8

 
BRINGHIGH LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2023
8,037
1,114,395
1,122,432



Profit for the year
-
724,254
724,254

Dividends: Equity capital
-
(347,814)
(347,814)


At 31 December 2023
8,037
1,490,835
1,498,872


The notes on pages 12 to 23 form part of these financial statements.


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2022
8,037
1,054,911
1,062,948



Profit for the year
-
404,307
404,307

Dividends: Equity capital
-
(344,823)
(344,823)


At 31 December 2022
8,037
1,114,395
1,122,432


The notes on pages 12 to 23 form part of these financial statements.

Page 9

 
BRINGHIGH LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
724,254
404,307

Adjustments for:

Amortisation of intangible assets
304
304

Depreciation of tangible assets
10,367
6,993

Taxation charge
234,551
119,820

(Increase)/decrease in stocks
(219,216)
36,886

(Increase) in debtors
(47,398)
(356,010)

Decrease in amounts owed by groups
-
9,365

(Decrease)/increase in creditors
(188,355)
298,286

Increase in amounts owed to groups
127,263
129,102

Corporation tax (paid)
(138,985)
(99,020)

Net cash generated from operating activities

502,785
550,033


Cash flows from investing activities

Purchase of tangible fixed assets
(13,920)
(10,243)

Net cash from investing activities

(13,920)
(10,243)

Cash flows from financing activities

Dividends paid
(347,814)
(344,823)

Net cash used in financing activities
(347,814)
(344,823)

Net increase in cash and cash equivalents
141,051
194,967

Cash and cash equivalents at beginning of year
365,610
170,643

Cash and cash equivalents at the end of year
506,661
365,610


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
506,661
365,610

506,661
365,610


The notes on pages 12 to 23 form part of these financial statements.

Page 10

 
BRINGHIGH LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023




At 1 January 2023
Cash flows
At 31 December 2023
£

£

£

Cash at bank and in hand

365,610

141,051

506,661


365,610
141,051
506,661

The notes on pages 12 to 23 form part of these financial statements.

Page 11

 
BRINGHIGH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Bringhigh Limited is a private limited company, limited by shares, incorporated in England and Wales.  Its registered office is The Plaza, 100 Old Hall Street, Liverpool, L3 9QJ.  The company number is 04034837.
The financial statements present the results of the company as an individual entity.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 12

 
BRINGHIGH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Revenue

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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 13

 
BRINGHIGH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, 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.

 
2.8

Tangible fixed assets

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.

Page 14

 
BRINGHIGH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as below.

Depreciation is provided on the following basis:

Buildings
-
40 years straight line
Leasehold improvements
-
life of the lease
Machinery and equipment
-
10 years straight line
Office furniture and fixtures
-
5 to 10 years straight line
Computer equipment
-
5 to 10 years straight line
Automotive equipment
-
5 years straight line
Vial moulds
-
10 years straight line
Tooling
-
10 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if 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 profit or loss.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

Page 15

 
BRINGHIGH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.14

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.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The directors have made judgements regarding the depreciation of fixed assets, provisions for obsolete and damaged stock and provisions for bad and doubtful debts.


4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Pharmaceutical supplies
5,576,972
4,961,977

5,576,972
4,961,977


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
2,820,488
2,725,683

Rest of Europe
2,756,484
2,236,294

5,576,972
4,961,977


Page 16

 
BRINGHIGH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
7,000
6,500


6.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Administration - UK
8
7



Administration - Spain
8
9

16
16

Page 17

 
BRINGHIGH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
58,552
98,826

Adjustments in respect of previous periods
-
(8,052)


Double taxation relief
-
(79,551)

Foreign tax


Foreign tax on income for the year
175,999
107,597

Deferred tax


Origination and reversal of timing differences
-
1,000


Tax on profit
234,551
119,820

Factors affecting tax charge for the year

The tax assessed for the year is the same as (2022 - the same as) the standard rate of corporation tax in the UK of 23.52% (2022 - 19%) as set out below:

2023
2022
£
£


Profit on ordinary activities before tax
958,805
524,127


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
225,511
99,584

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
640
521

Adjustments to tax charge in respect of prior periods
(16)
(8,052)

Effect of a change in tax rate leading to an increase (decrease) in taxation
(669)
1,788

Double taxation relief
9,085
25,979

Total tax charge for the year
234,551
119,820


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 18

 
BRINGHIGH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Dividends

2023
2022
£
£


Ordinary shares
347,814
344,823

347,814
344,823


9.


Intangible assets




Patents
Goodwill
Total

£
£
£



Cost


At 1 January 2023
3,038
212,325
215,363



At 31 December 2023

3,038
212,325
215,363



Amortisation


At 1 January 2023
1,215
212,325
213,540


Charge for the year on owned assets
304
-
304



At 31 December 2023

1,519
212,325
213,844



Net book value



At 31 December 2023
1,519
-
1,519



At 31 December 2022
1,823
-
1,823



Page 19

 
BRINGHIGH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Tangible fixed assets





Short-term leasehold property
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 January 2023
15,585
128,739
144,324


Additions
-
13,920
13,920



At 31 December 2023

15,585
142,659
158,244



Depreciation


At 1 January 2023
14,728
102,480
117,208


Charge for the year on owned assets
428
9,939
10,367



At 31 December 2023

15,156
112,419
127,575



Net book value



At 31 December 2023
429
30,240
30,669



At 31 December 2022
857
26,259
27,116




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Short leasehold
428
857

428
857



11.


Stocks

2023
2022
£
£

Finished goods and goods for resale
1,240,904
1,021,687

1,240,904
1,021,687


Page 20

 
BRINGHIGH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Debtors

2023
2022
£
£


Trade debtors
1,259,174
1,253,589

Prepayments and accrued income
74,884
33,071

1,334,058
1,286,660



13.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
506,661
365,610

506,661
365,610



14.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
160,869
185,123

Amounts owed to group undertakings
876,389
749,126

Corporation tax
183,318
87,753

Other taxation and social security
104,720
129,887

Other creditors
158,973
175,771

Accruals and deferred income
124,670
246,804

1,608,939
1,574,464


Other creditors include secured creditors amounting to £116,417 (2022: £139,818).

Page 21

 
BRINGHIGH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Deferred taxation




2023


£






At beginning of year
(6,000)



At end of year
(6,000)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(6,000)
(6,000)

(6,000)
(6,000)


16.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



8,021 (2022 - 8,021) Ordinary shares of £1.00 each
8,021
8,021
16 (2022 - 16) Ordinary A shares of £1.00 each
16
16

8,037

8,037



17.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £20,268 (2022: £19,929).
Contributions totalling £1,924 (2022: £1,678) were payable to the fund at the balance sheet date and are included in creditors.

Page 22

 
BRINGHIGH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
89,859
91,768

Later than 1 year and not later than 5 years
240,792
312,744

Later than 5 years
-
17,908

330,651
422,420


19.


Related party transactions

Included within other creditors is a balance of £857,787 (2022: £734,214) owed to Jones Healthcare Group - International Inc, the parent company.  During the year the company made purchases from the parent company, Jones Healthcare Group - International Inc of £1,410,093 (2022: £1,771,685).
Included within other creditors is a balance of £18,602 (2022: £14,912) owed to Medi-Clear Limited, a fellow subsidiary.
During the year the company paid dividends of £347,814 (2022: £344,823).


20.


Controlling party

The ultimate parent company is Jones Healthcare Group - International Inc, a company registered in Canada.
The ultimate controlling parties are C & R Harris by virtue of their shareholdings in the parent company, Jones Healthcare Group - International Inc.

 
Page 23