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REGISTERED NUMBER: 11290851 (England and Wales)















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

BRASSFILE LTD

BRASSFILE LTD (REGISTERED NUMBER: 11290851)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


BRASSFILE LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: F Yeganeh
P Stewart
T Schwerdtfeger





REGISTERED OFFICE: The Queens Hotel, Osborne Road Clarence
Osborne Road
Portsmouth
Hampshire
PO5 3LJ





REGISTERED NUMBER: 11290851 (England and Wales)





AUDITORS: Lewis Brownlee (Chichester) Limited
Chartered Accountants
Statutory Auditors
Appledram Barns
Birdham Road
Chichester
West Sussex
PO20 7EQ

BRASSFILE LTD (REGISTERED NUMBER: 11290851)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £ £
CURRENT ASSETS
Stocks 4 2,147,086 2,147,086
Cash at bank 164 45
2,147,250 2,147,131
CREDITORS
Amounts falling due within one year 5 2,143,450 2,141,900
NET CURRENT ASSETS 3,800 5,231
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,800

5,231

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 3,799 5,230
3,800 5,231

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 November 2024 and were signed on its behalf by:





F Yeganeh - Director


BRASSFILE LTD (REGISTERED NUMBER: 11290851)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Brassfile Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 £.

Going concern
The financial statements have been prepared on a going concern basis.

The company is reliant on the continued support of the group's directors, investors and bankers and fellow group companies to continue trading. The directors are of the opinion that the company can continue to trade with their ongoing support and therefore the going concern basis remains applicable for at least 12 months following the date of approval of the financial statements.

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell Is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Financial instruments
Financial instruments are classified by the directors as basic or advanced following the conditions in FRS 102 Section 11. Basic financial instruments are recognised at amortised cost using the effective interest method, unless the effect of discounting would be immaterial, in which case they are stated at cost. The company has no advanced financial instruments.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


BRASSFILE LTD (REGISTERED NUMBER: 11290851)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. STOCKS
2024 2023
£ £
Work-in-progress 2,147,086 2,147,086

Borrowing costs of £300,000 (2023: £300,000) are included in work-in-progress.

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Amounts owed to group undertakings 2,143,450 2,141,900

6. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Sam Ede BFP FCA FCCA (Senior Statutory Auditor)
for and on behalf of Lewis Brownlee (Chichester) Limited

7. PARENT COMPANY

The immediate and ultimate parent undertaking is 104 Limited, a company incorporated in England and Wales.

The company’s results are included in the consolidated accounts of 104 Limited. The registered office of 104 Limited is The Queens Hotel, Clarence Parade, Southsea, Hampshire, P05 3LJ, from which copies of the accounts can be obtained.