REVEAL BRAINSPACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
Reveal Brainspace Limited is a private company, limited by shares, registered in England and Wales. Its registered number is 13188235 and its registered office is 1-3 College Yard, Worcester, WR1 2LB.
Reveal Brainspace Limited was incorporated on the 9th February 2021 and began trading on the same day.
The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.
2.ACCOUNTING POLICIES
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BASIS OF PREPARATION OF FINANCIAL STATEMENTS
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The following principal accounting policies have been applied:
The Directors have prepared budgets for a period of at least 12 months following the date of approval of the financial statements. Despite the forecasts showing an expected net loss, written confirmation has been obtained from Reveal Data Corporation, a group company, that they will provide ongoing
financial support to the Company.
The Directors consider Reveal Data Corporation to have sufficient working capital facilities in order to provide the necessary support, either with its own cash deposits or through access to finance from its primary investor company, K1 Investment Management, LLC, on which the Company is reliant on for the foreseeable future.
In addition, the Company has net liabilities as at 28 February 2023 of £1,161,150. At the year end the company has net amounts due to group undertakings of £1,245,021, Reveal Data Corporation will not demand repayment of the outstanding intercompany balance if to do so would jeopardise the Company's ability to operate.
As a result, the Directors are of the opinion that the Company will continue in operational existence for the foreseeable future. On this basis the financial statements have been prepared on a going concern basis.
The financial statements do not reflect the adjustments that would be necessary should the ability of the company to trade be jeopardised due to a material issue with the availability of its work force, the level of demand for its services, its ability to supply services to its customers or the support noted above being withdrawn.
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