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Company No: 07514357 (England and Wales)

BRIGHT SELECTION LIMITED

Unaudited Financial Statements
For the financial year ended 29 February 2024
Pages for filing with the registrar

BRIGHT SELECTION LIMITED

Unaudited Financial Statements

For the financial year ended 29 February 2024

Contents

BRIGHT SELECTION LIMITED

STATEMENT OF FINANCIAL POSITION

As at 29 February 2024
BRIGHT SELECTION LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 29 February 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 957 525
Tangible assets 4 5,060 3,660
6,017 4,185
Current assets
Debtors 5 277,097 182,132
Cash at bank and in hand 32,515 63,067
309,612 245,199
Creditors: amounts falling due within one year 6 ( 146,725) ( 119,892)
Net current assets 162,887 125,307
Total assets less current liabilities 168,904 129,492
Creditors: amounts falling due after more than one year 7 ( 18,507) ( 28,371)
Provision for liabilities 8, 9 ( 1,271) ( 975)
Net assets 149,126 100,146
Capital and reserves
Called-up share capital 2 2
Profit and loss account 149,124 100,144
Total shareholders' funds 149,126 100,146

For the financial year ending 29 February 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Bright Selection Limited (registered number: 07514357) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

Mrs J E Estall
Director
Miss K S M Hedger
Director

25 November 2024

BRIGHT SELECTION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
BRIGHT SELECTION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Bright Selection Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 8 The Courtyard Wyncolls Road, Severalls Industrial Park, Colchester, CO4 9PE, United Kingdom. The principal place of business is 1 The Courtyard, Wyncolls Road, Severalls Industrial Park, Colchester, CO4 9PE.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Statement of Financial Position date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Statement of Financial Position date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Income Statement in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Website costs 5 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Income Statement as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 8 7

3. Intangible assets

Website costs Total
£ £
Cost
At 01 March 2023 5,915 5,915
Additions 700 700
At 29 February 2024 6,615 6,615
Accumulated amortisation
At 01 March 2023 5,390 5,390
Charge for the financial year 268 268
At 29 February 2024 5,658 5,658
Net book value
At 29 February 2024 957 957
At 28 February 2023 525 525

4. Tangible assets

Fixtures and fittings Total
£ £
Cost
At 01 March 2023 18,934 18,934
Additions 3,451 3,451
Disposals ( 489) ( 489)
At 29 February 2024 21,896 21,896
Accumulated depreciation
At 01 March 2023 15,274 15,274
Charge for the financial year 2,051 2,051
Disposals ( 489) ( 489)
At 29 February 2024 16,836 16,836
Net book value
At 29 February 2024 5,060 5,060
At 28 February 2023 3,660 3,660

5. Debtors

2024 2023
£ £
Trade debtors 43,320 23,280
Amounts owed by directors 97,253 59,215
Prepayments and accrued income 136,524 99,637
277,097 182,132

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,782 10,781
Trade creditors 14,484 5,190
Accruals 31,203 19,545
Corporation tax 45,334 46,319
Other taxation and social security 44,022 37,108
Other creditors 900 949
146,725 119,892

There are no amounts included above in respect of which any security has been given by the company.

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 18,507 28,371

There are no amounts included above in respect of which any security has been given by the company.

8. Provision for liabilities

2024 2023
£ £
Deferred tax 1,271 975

9. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 975) ( 816)
Charged to the Income Statement ( 296) ( 159)
At the end of financial year ( 1,271) ( 975)

The deferred taxation balance is made up as follows:

2024 2023
£ £
Accelerated capital allowances ( 1,271) ( 975)

10. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 17,752 15,124