REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JANUARY 2024 |
FOR |
BRITANIA LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JANUARY 2024 |
FOR |
BRITANIA LIMITED |
BRITANIA LIMITED (REGISTERED NUMBER: 02255021) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JANUARY 2024 |
Page |
Company information | 1 |
Chartered accountants' report | 2 |
Balance sheet | 3 |
Notes to the financial statements | 5 |
BRITANIA LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JANUARY 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
1-2 Craven Road |
Ealing |
London |
W5 2UA |
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
BRITANIA LIMITED |
The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance sheet. Readers are cautioned that the Income statement and certain other primary statements and the Report of the director are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Britania Limited for the year ended 30 January 2024 which comprise the Statement of income and retained earnings, Balance sheet and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the director of Britania Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Britania Limited and state those matters that we have agreed to state to the director of Britania Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Britania Limited and its director for our work or for this report. |
It is your duty to ensure that Britania Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Britania Limited. You consider that Britania Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Britania Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
1-2 Craven Road |
Ealing |
London |
W5 2UA |
BRITANIA LIMITED (REGISTERED NUMBER: 02255021) |
BALANCE SHEET |
30 JANUARY 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
BRITANIA LIMITED (REGISTERED NUMBER: 02255021) |
BALANCE SHEET - continued |
30 JANUARY 2024 |
The financial statements were approved by the director and authorised for issue on |
BRITANIA LIMITED (REGISTERED NUMBER: 02255021) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JANUARY 2024 |
1. | STATUTORY INFORMATION |
Britania Limited is a |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
The accounts have been prepared on a going concern basis, the directors have assessed the impact of the changing climate and see no reason for the approach to be impacted. |
TURNOVER |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
TANGIBLE FIXED ASSETS |
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and 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 the management. |
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives. |
Depreciation is provided at the following annual rates using the reducing-balance method: |
Plant and machinery etc - 25% and at varying rates |
TAXATION |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
DEFERRED TAX |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
BRITANIA LIMITED (REGISTERED NUMBER: 02255021) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JANUARY 2024 |
2. | ACCOUNTING POLICIES - continued |
FIXED ASSET INVESTMENTS |
Investments in listed securities are recognised initially in the balance sheet at cost (including transaction costs). Subsequently measured at market value. |
Investments in partnerships are recognised initially in the balance sheet at cost (including transaction costs). Subsequently, they are accounted for using the equity method. |
Other unlisted securities are measured at cost less accumulated impairment, in the financial statements of the company. |
FINANCIAL INSTRUMENTS |
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from banks and other third parties, loans to related parties and investments in ordinary shares. |
Debt instruments (other than those wholly repayable or receivable within one year), including loans and account receivables and payables, are initially measured at the transaction price (adjusted for transaction cost) and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangement of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost unless it qualifies as a loan from a director in the case of a small company or a public benefit entity concessionary loan. |
Investments in non-derivative instruments that are equity to the issuer are measured: |
- at fair value with changes recognised in the profit and loss if the shares are publicly traded or their fair value can otherwise be measured reliably; |
- at cost less impairment for all other investments |
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 such evidence is identified, an impairment loss is recognised in the profit and loss. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
BRITANIA LIMITED (REGISTERED NUMBER: 02255021) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JANUARY 2024 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 31 January 2023 |
Additions |
Disposals | ( |
) |
At 30 January 2024 |
DEPRECIATION |
At 31 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 30 January 2024 |
NET BOOK VALUE |
At 30 January 2024 |
At 30 January 2023 |
5. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST OR VALUATION |
At 31 January 2023 |
Additions |
Disposals | ( |
) |
Share of profit/(loss) | 227,724 |
Revaluations | ( |
) |
Impairments | ( |
) |
At 30 January 2024 |
NET BOOK VALUE |
At 30 January 2024 |
At 30 January 2023 |
Cost or valuation at 30 January 2024 is represented by: |
Other |
investments |
£ |
Valuation in 2024 | 5,581,112 |
BRITANIA LIMITED (REGISTERED NUMBER: 02255021) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JANUARY 2024 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Taxation and social security | ( |
) |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Other creditors |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | 1 | 100 | 100 |
BRITANIA LIMITED (REGISTERED NUMBER: 02255021) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JANUARY 2024 |
10. | RELATED PARTY DISCLOSURES |
During the year the company made the following transactions with companies in which R J Kendrick, a director and a shareholder in the company, was connected: |
Consultancy services income: | 2024 | 2023 |
£ | £ |
Dramgate Limited | 60,000 | 45,000 |
Smartcomm Limited | 10,000 | 7,500 |
Loan interest expense: |
Dramgate Limited | 35,631 | 26,637 |
At the balance sheet date the company had the following balances with related parties: |
Debtors: | 2024 | 2023 |
£ | £ |
Cognisco Limited | 3,027,577 | 3,985,012 |
Cognisco Holding Limited | 39,860 | 44,400 |
Smartcomm Limited | 124,665 | 51,665 |
Dramgate Limited | 318,015 | - |
Creditors: |
Dramgate Limited | 4,661,988 | 4,606,358 |
At the balance sheet date the company owed Mr R Kendrick £863,951 (2023: £1,888,101). |
The company also paid salaries to family members of the director totalling £8,230 during the period (2023: £14,814). |
11. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |