Company Registration No. 11803297 (England and Wales)
Bringo Group Ltd
Unaudited accounts
for the year ended 31 March 2024
Bringo Group Ltd
Unaudited accounts
Contents
Bringo Group Ltd
Company Information
for the year ended 31 March 2024
Director
Alexander Suvorov
Secretary
Imperial & Legal Limited
Company Number
11803297 (England and Wales)
Registered Office
20 HAMMERSMITH BROADWAY
LONDON
W6 7AF
ENGLAND
Accountants
Q Accountants Ltd
411 Oxford Street
Office 1.01
London
W1C 2PE
Bringo Group Ltd
Statement of financial position
as at 31 March 2024
Intangible assets
176,619
203,100
Tangible assets
716,203
571,430
Debtors
3,004,510
4,359,282
Cash at bank and in hand
1,969
11,490
Creditors: amounts falling due within one year
(1,948,100)
(3,052,496)
Net current assets
1,545,579
1,318,276
Total assets less current liabilities
2,530,154
2,176,638
Creditors: amounts falling due after more than one year
(225,287)
(39,175)
Provisions for liabilities
Deferred tax
(168,231)
(135,205)
Net assets
2,136,636
2,002,258
Called up share capital
1,000
1,000
Profit and loss account
2,135,636
2,001,258
Shareholders' funds
2,136,636
2,002,258
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 20 September 2024 and were signed on its behalf by
Alexander Suvorov
Director
Company Registration No. 11803297
Bringo Group Ltd
Notes to the Accounts
for the year ended 31 March 2024
Bringo Group Ltd is a private company, limited by shares, registered in England and Wales, registration number 11803297. The registered office is 20 HAMMERSMITH BROADWAY, LONDON, W6 7AF, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
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 Section 1A of 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:
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 Profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
Bringo Group Ltd
Notes to the Accounts
for the year ended 31 March 2024
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.
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.
Interest income is recognised in profit or loss using the effective interest method.
All borrowing costs are recognised in profit or loss in the period in which they are incurred.
Current and deferred taxation
The tax expense for the period 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.
Bringo Group Ltd
Notes to the Accounts
for the year ended 31 March 2024
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.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
Plant and machinery - over 10 years (straight-line basis)
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.
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.
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
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.
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.
Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the period that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.
Bringo Group Ltd
Notes to the Accounts
for the year ended 31 March 2024
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.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and loss account.
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Profit and loss account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
4
Intangible fixed assets
Other
Charge for the year
26,481
Bringo Group Ltd
Notes to the Accounts
for the year ended 31 March 2024
5
Tangible fixed assets
Plant & machinery
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 April 2023
256,834
426,128
682,962
Additions
11,167
290,753
301,920
At 31 March 2024
268,001
716,881
984,882
At 1 April 2023
68,193
43,339
111,532
Charge for the year
28,654
128,493
157,147
At 31 March 2024
96,847
171,832
268,679
At 31 March 2024
171,154
545,049
716,203
At 31 March 2023
188,641
382,789
571,430
6
Investments
Subsidiary undertakings
Other investments
Total
Valuation at 1 April 2023
-
83,832
83,832
Valuation at 31 March 2024
7,921
83,832
91,753
Amounts falling due within one year
Trade debtors
2,862,131
4,294,127
Accrued income and prepayments
26,306
20,224
Amounts falling due after more than one year
Amounts due from group undertakings etc.
44,179
-
Other debtors
22,456
22,456
8
Creditors: amounts falling due within one year
2024
2023
Trade creditors
1,703,645
2,734,186
Amounts owed to group undertakings and other participating interests
233,743
-
Taxes and social security
427
270,936
Other creditors
11,220
48,665
Loans from directors
(935)
(1,291)
Bringo Group Ltd
Notes to the Accounts
for the year ended 31 March 2024
9
Creditors: amounts falling due after more than one year
2024
2023
10
Transactions with related parties
At the balance sheet date an amount of £1,291 was due from the director (2022: £3,080)
11
Average number of employees
During the year the average number of employees was 8 (2023: 8).