Caseware UK (AP4) 2023.0.135 2023.0.135 truetruetruetruetruetrue2023-01-01falseNo description of principal activity34truefalse NI031698 2023-01-01 2023-12-31 NI031698 2022-01-01 2022-12-31 NI031698 2023-12-31 NI031698 2022-12-31 NI031698 2022-01-01 NI031698 c:Director1 2023-01-01 2023-12-31 NI031698 d:FreeholdInvestmentProperty 2023-12-31 NI031698 d:FreeholdInvestmentProperty 2022-12-31 NI031698 d:CurrentFinancialInstruments 2023-12-31 NI031698 d:CurrentFinancialInstruments 2022-12-31 NI031698 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 NI031698 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 NI031698 d:ShareCapital 2023-12-31 NI031698 d:ShareCapital 2022-12-31 NI031698 d:RetainedEarningsAccumulatedLosses 2023-12-31 NI031698 d:RetainedEarningsAccumulatedLosses 2022-12-31 NI031698 d:OtherDeferredTax 2023-12-31 NI031698 d:OtherDeferredTax 2022-12-31 NI031698 c:FRS102 2023-01-01 2023-12-31 NI031698 c:Audited 2023-01-01 2023-12-31 NI031698 c:FullAccounts 2023-01-01 2023-12-31 NI031698 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 NI031698 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 NI031698 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: NI031698










Bravura Developments Ltd










Financial statements

Information for filing with the registrar

For the Year Ended 31 December 2023

 
Bravura Developments Ltd
Registered number: NI031698

Balance Sheet
As at 31 December 2023

2023
2023
2022
2022
Note
£
£
£
£

Fixed assets
  

Investment property
 4 
1,100,000
1,100,000

  
1,100,000
1,100,000

Current assets
  

Debtors: amounts falling due within one year
 5 
90
1,841

Cash at bank and in hand
 6 
109,872
35,241

  
109,962
37,082

Creditors: amounts falling due within one year
 7 
(84,454)
(18,767)

Net current assets
  
 
 
25,508
 
 
18,315

Total assets less current liabilities
  
1,125,508
1,118,315

Provisions for liabilities
  

Deferred tax
 8 
(24,962)
(75,000)

  
 
 
(24,962)
 
 
(75,000)

Net assets
  
1,100,546
1,043,315


Capital and reserves
  

Called up share capital 
  
150,000
150,000

Profit and loss account
  
950,546
893,315

  
1,100,546
1,043,315


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 have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with 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 27 June 2024.




G R Hanna
Director

The notes on pages 2 to 8 form part of these financial statements.

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Page 1

 
Bravura Developments Ltd
 

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

1.


General information

Bravura Developments Ltd is a private company limited by shares incorporated in Northern Ireland within the United Kingdom. The registration number and address of the registered office are given in the company information section of these financial statements.

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.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Ireland Freight Services (UK) Limited as at 31 December 2023 and these financial statements may be obtained from Companies House, Second Floor The Linenhall, 32-38 Linenhall St, Belfast BT2 8BG.

 
2.3

Going concern

The directors of Bravura Developments Limited have reviewed the resources available, including those from the wider Ireland Freight Services (UK) Ltd, and believe that the company has adequate resources to continue in operational existence for the foreseeable future.
The directors believe that it is appropriate to continue to adopt the going concern basis in preparing the financial statements.

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Bravura Developments Ltd
 

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

2.Accounting policies (continued)

 
2.4

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:

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 conditions 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.

 
2.5

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.

 
2.6

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

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Bravura Developments Ltd
 

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

2.Accounting policies (continued)

 
2.7

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.

 
2.8

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.

 
2.9

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.

 
2.10

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.

 
2.11

Financial instruments

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
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Bravura Developments Ltd
 

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

2.Accounting policies (continued)


2.11
Financial instruments (continued)


Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.12

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.


Employees




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


        2023
        2022
            No.
            No.







Directors
3
4

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Bravura Developments Ltd
 

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

4.


Investment property


Freehold investment property

£



Valuation


At 1 January 2023
1,100,000



At 31 December 2023
1,100,000


Comprising


Cost
1,000,153

Annual revaluation surplus/(deficit):


2017
(200,153)

2022
300,000

At 31 December 2023
1,100,000

The 18 November 2022 valuations were made by O'Connor Kennedy Turtle, Chartered Surveyors, on an open market value for existing use basis.
The directors have considered the valuation of the investment property at 31 December 2023 and are satisfied that there has been no change to the fair value of the property since the last formal valuation.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
1,000,153
1,000,153

Accumulated depreciation and impairments
(520,015)
(500,009)

480,138
500,144


5.


Debtors

2023
2022
£
£


Trade debtors
-
1,841

Other debtors
90
-

90
1,841


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Bravura Developments Ltd
 

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

6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
109,872
35,241

109,872
35,241



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Amounts owed to group undertakings
60,000
-

Corporation tax
20,664
15,038

Other taxation and social security
-
490

Accruals and deferred income
3,790
3,239

84,454
18,767



8.


Deferred taxation




2023
2022


£

£






At beginning of year
(75,000)
-


Charged to profit or loss
50,038
(75,000)



At end of year
(24,962)
(75,000)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Investment property revaluation
24,962
75,000

24,962
75,000


9.


Related party transactions

During the year rental income was charged to and paid by a fellow group entity to the company in the amount of £92,000 (2022: £81,841).  

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Bravura Developments Ltd
 

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

10.


Parent undertakaing and controlling party

The ultimate parent undertaking continues to be Ireland Freight Services (UK) Limited, a company incorporated in Northern Ireland, by virtue of its shareholding. The registered office of the parent undertaking is IFS Logistics Park, Seven Mile Straight, Antrim, Co. Antrim, BT41 4QE. 
The ulimate controlling party during the year was the Estate of Mr W Anderson (Deceased).


11.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 28 June 2024 by Brian Clerkin (Senior Statutory Auditor) on behalf of ASM (B) Ltd.


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