REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
BREVIO LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
BREVIO LIMITED |
BREVIO LIMITED (REGISTERED NUMBER: 11984387) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 March 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Chartered Accountants' Report | 8 |
BREVIO LIMITED |
COMPANY INFORMATION |
for the year ended 31 March 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
39 Berwyn Road |
Richmond |
Surrey |
TW10 5BU |
BREVIO LIMITED (REGISTERED NUMBER: 11984387) |
BALANCE SHEET |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
7 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
BREVIO LIMITED (REGISTERED NUMBER: 11984387) |
BALANCE SHEET - continued |
31 March 2024 |
The directors acknowledge their 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. |
The financial statements were approved by the Board of Directors and authorised for issue on |
BREVIO LIMITED (REGISTERED NUMBER: 11984387) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 March 2024 |
1. | Statutory information |
Brevio Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Accounting policies |
Basis of preparing the financial statements |
The company is a public benefit entity. |
Significant judgements and estimates |
In applying the company's accounting policies the directors are required to make judgements in determining the carrying amounts of assets and liabilities. |
The only critical judgement made by the directors was in assessing the need for an impairment provision against the value of the business systems. |
Turnover |
Turnover represents amounts receivable for services rendered which are recognised by reference to the stage of completion of the transaction at the end of the reporting period. The state of completion is determined by reference to the amount of work performed. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Platform development costs were being amortised evenly over their estimated useful life of five years. |
An impairment review was carried out on the platform development costs as at 31 March 20232024 comparing the carrying value to the net realisable value and the value in use based on future discounted cash flows. After considering the likely future cash flows expected to be derived from the asset including the ongoing cost of maintaining the platform the directors reached a decision to impair the net asset value of the platform development costs in full. |
In the directors' opinion nothing has happened during the year ended 31 March 2024 to change this view and, as a consequence, the company has not capitalised any platform developments costs for the year ended 31 March 2024. |
Tangible fixed assets |
Computer equipment | - |
BREVIO LIMITED (REGISTERED NUMBER: 11984387) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2024 |
2. | Accounting policies - continued |
Financial instruments |
Financial instruments are recognised when the company becomes party to the contractual provisions of the financial instrument. The company holds only basic financial instruments which comprise cash and cash equivalents, trade and other debtors, trade and other creditors and loans. |
Cash and cash equivalents - these include cash in hand and deposits held with banks. |
Trade and other debtors - these are initially recognised at the transaction price and are subsequently measured at amortised cost using the effective interest method, less any provision for impairment. Amounts that are receivable within one year are measured at the undiscounted amount expected to be receivable, net of any impairment. |
Trade and other creditors and loans - these are initially measured at the transaction price and are subsequently measured at amortised cost using the effective interest method. Amounts that are payable within one year and the loan from the director are measured at the undiscounted amount expected to be payable. |
Employee benefits |
Short term benefits including holiday pay are recognised as an expense in the period in which the service is received. An accrual is recognised for short term compensated absences where entitlement has accumulated, but has not been taken, at the reporting date. |
The company operates a defined contribution pension scheme, the assets of which are held separately from those of the company in separately administered funds. Contributions are recognised in profit or loss in the year to which the contributions relate. |
Going concern |
Brevio Limited provides an online service which streamlines the grant research, matching and application process for funders and charities alike. The company has also developed a due diligence service which assists grant-makers in their decision making process. |
Marcelle Speller, the founder and a director has confirmed that she has funds available to continue to support the company financially until at least 31 October 2025. The directors therefore have a reasonable expectation that the company has adequate resources and support to continue in operational existence for the foreseeable future. The directors have therefore adopted the going concern basis of accounting. |
3. | Employees and directors |
The average number of employees during the year was |
BREVIO LIMITED (REGISTERED NUMBER: 11984387) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2024 |
4. | Tangible fixed assets |
Computer |
equipment |
£ |
Cost |
At 1 April 2023 |
Additions |
Disposals | ( |
) |
At 31 March 2024 |
Depreciation |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 March 2024 |
Net book value |
At 31 March 2024 |
At 31 March 2023 |
5. | Debtors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Other debtors |
VAT |
Prepayments |
6. | Creditors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade creditors |
Social security and other taxes |
Accruals |
7. | Creditors: amounts falling due after more than one year |
2024 | 2023 |
£ | £ |
Loan from director |
BREVIO LIMITED (REGISTERED NUMBER: 11984387) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2024 |
7. | Creditors: amounts falling due after more than one year - continued |
The loan is due to Marcelle Speller, the founder and a director of the company. The loan is interest free and has no fixed terms for repayment. Marcelle Speller has confirmed that she has funds available to continue to support the company financially and will not demand repayment of all or any of this loan until such time as the company has sufficient liquid funds to make the repayment without affecting its ability to continue to trade. |
8. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary shares | £0.01 | 10,500 | 10,500 |
The company's Objects and its Articles of Association include an asset lock and align with the principles of being a social enterprise. In addition, shareholders are prohibited from selling shares at a profit. |
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
BREVIO LIMITED |
The following reproduces the text of the report prepared for the directors 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 Directors 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 Brevio Limited for the year ended 31 March 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity 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 Board of Directors of Brevio Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Brevio Limited and state those matters that we have agreed to state to the Board of Directors of Brevio Limited, as a body, 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 Brevio Limited and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Brevio 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 Brevio Limited. You consider that Brevio 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 Brevio 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. |
Chartered Accountants |
39 Berwyn Road |
Richmond |
Surrey |
TW10 5BU |