Company registration number 00326019 (England and Wales)
BRIGHT INSTRUMENT CO. LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
BRIGHT INSTRUMENT CO. LIMITED
COMPANY INFORMATION
Directors
R Stanley
H Nugent
Company number
00326019
Registered office
5 Technology Park
Colindeep Lane
London
United Kingdom
NW9 6BX
Accountants
Grunberg & Co Limited
5 Technology Park
Colindeep Lane
Colindale
London
United Kingdom
NW9 6BX
BRIGHT INSTRUMENT CO. LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 8
BRIGHT INSTRUMENT CO. LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
1,104,516
1,263,602
Tangible assets
4
24,143
29,758
1,128,659
1,293,360
Current assets
Stocks
5
592,590
473,079
Debtors
6
413,075
235,881
Cash at bank and in hand
21,588
10,591
1,027,253
719,551
Creditors: amounts falling due within one year
7
(231,854)
(296,940)
Net current assets
795,399
422,611
Total assets less current liabilities
1,924,058
1,715,971
Creditors: amounts falling due after more than one year
8
(911,667)
(549,989)
Net assets
1,012,391
1,165,982
Capital and reserves
Called up share capital
949,300
949,300
Profit and loss reserves
63,091
216,682
Total equity
1,012,391
1,165,982
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
BRIGHT INSTRUMENT CO. LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 25 October 2024 and are signed on its behalf by:
H Nugent
Director
Company registration number 00326019 (England and Wales)
BRIGHT INSTRUMENT CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Bright Instrument Co. Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5 Technology Park, Colindeep Lane, London, United Kingdom, NW9 6BX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,value added tax and other sales taxes.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Software
25% on straight line method
Patents & licences
are being amortised evenly over their estimated useful life of three years
Development costs
are being amortised evenly over their estimated useful life of ten years
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
15% on reducing balance
Fixtures and fittings
15% on reducing balance
Computers
33% on cost
Motor vehicles
25% on reducing balance
1.5
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
BRIGHT INSTRUMENT CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
BRIGHT INSTRUMENT CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:8
2024
2023
Number
Number
Total
8
9
BRIGHT INSTRUMENT CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
3
Intangible fixed assets
Software
Patents & licences
Development costs
Total
£
£
£
£
Cost
At 1 April 2023
19,035
50,148
1,553,022
1,622,205
Additions
11,995
11,995
At 31 March 2024
19,035
62,143
1,553,022
1,634,200
Amortisation and impairment
At 1 April 2023
6,156
40,535
311,912
358,603
Amortisation charged for the year
4,469
11,310
155,302
171,081
At 31 March 2024
10,625
51,845
467,214
529,684
Carrying amount
At 31 March 2024
8,410
10,298
1,085,808
1,104,516
At 31 March 2023
12,879
9,613
1,241,110
1,263,602
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
588,117
149,268
106,964
53,923
898,272
Additions
1,407
1,407
Disposals
(26,743)
(26,743)
At 31 March 2024
588,117
150,675
106,964
27,180
872,936
Depreciation and impairment
At 1 April 2023
585,524
129,760
104,495
48,735
868,514
Depreciation charged in the year
389
3,137
2,163
1,333
7,022
Eliminated in respect of disposals
(26,743)
(26,743)
At 31 March 2024
585,913
132,897
106,658
23,325
848,793
Carrying amount
At 31 March 2024
2,204
17,778
306
3,855
24,143
At 31 March 2023
2,593
19,508
2,469
5,188
29,758
BRIGHT INSTRUMENT CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
5
Stocks
2024
2023
£
£
Stocks
592,590
473,079
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
86,852
76,007
Corporation tax recoverable
70,123
Other debtors
30,643
27,418
Value added tax
6,124
7,770
Prepayments and accrued income
289,456
54,563
413,075
235,881
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
43,067
76,236
Other borrowings
22,234
75,596
Trade creditors
59,892
73,450
Taxation and social security
54,297
Other creditors
81,655
1,730
Directors loan account
15,007
8,401
Accruals and deferred income
9,999
7,230
231,854
296,940
8
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
11,667
54,989
Other borrowings
900,000
430,000
Amounts owed to related company
-
65,000
911,667
549,989
The directors have given personal guarantees in respect of the other loans.
BRIGHT INSTRUMENT CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
9
Related Party Transacrions
Included in other debtors and other creditors are amounts due from and due to related companies in which one of the directors has a material interest. The amounts are interest free and repayable on demand.
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