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Registered number: 11989777










BROMARPEAK ITS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2024



 
BROMARPEAK ITS LIMITED
REGISTERED NUMBER: 11989777

STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
244,589
6,160

  
244,589
6,160

Current assets
  

Stocks
 5 
468,365
16,800

Debtors: amounts falling due within one year
 6 
703,185
654,015

Cash at bank and in hand
 7 
838,343
868,412

  
2,009,893
1,539,227

Current liabilities
  

Creditors: amounts falling due within one year
 8 
(1,417,422)
(720,785)

Net current assets
  
 
 
592,471
 
 
818,442

Net assets
  
837,060
824,602


Capital and reserves
  

Called up share capital 
 9 
33
73

Share premium account
  
2,467
2,467

Capital redemption reserve
  
100
60

Profit and loss account
  
834,460
822,002

  
837,060
824,602


Page 1

 
BROMARPEAK ITS LIMITED
REGISTERED NUMBER: 11989777

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JULY 2024

The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
B E Taylor
Director

Date: 24 January 2025

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
BROMARPEAK ITS LIMITED
 

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

1.


General information

Bromarpeak ITS Limited is a private Company limited by share capital and was incorporated in England and Wales. The registered office and address of the principal place of business is Unit 9 Horseshoe Park, Pangbourne, Reading, England, RG8 7JW.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Page 3

 
BROMARPEAK ITS LIMITED
 

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

2.Accounting policies (continued)

 
2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.


 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any 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 management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the following methods:

Freehold property
-
2% reducing balance basis
Long-term leasehold property
-
20% reducing balance basis
Motor vehicles
-
20% reducing balance basis
Office equipment
-
25% straight-line method
Computer equipment
-
25% reducing balance basis

 
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 4

 
BROMARPEAK ITS LIMITED
 

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

2.Accounting policies (continued)

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.


3.


Employees

The average monthly number of employees, including directors, during the year was 14 (2023 - 14).

Page 5

 
BROMARPEAK ITS LIMITED
 

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

4.


Tangible fixed assets





Freehold property
Long-term leasehold property
Motor vehicles
Office equipment
Computer equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 August 2023
-
2,994
-
2,195
2,986
8,175


Additions
229,050
412
12,495
-
1,485
243,442



At 31 July 2024

229,050
3,406
12,495
2,195
4,471
251,617



Depreciation


At 1 August 2023
-
449
-
183
1,383
2,015


Charge for the year on owned assets
764
2,957
208
549
535
5,013



At 31 July 2024

764
3,406
208
732
1,918
7,028



Net book value



At 31 July 2024
228,286
-
12,287
1,463
2,553
244,589



At 31 July 2023
-
2,545
-
2,012
1,603
6,160


5.


Stocks

2024
2023
£
£

Work in progress
468,365
16,800

468,365
16,800



6.


Debtors

2024
2023
£
£


Trade debtors
659,898
617,652

Other debtors
1,026
5,761

Prepayments and accrued income
42,261
30,602

703,185
654,015


Page 6

 
BROMARPEAK ITS LIMITED
 

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

7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
838,343
868,412



8.


Creditors: amounts falling due within one year

2024
2023
£
£

Trade creditors
494,143
243,543

Corporation tax
102,007
72,352

Other taxation and social security
337,247
168,135

Other creditors
15,088
11,404

Accruals and deferred income
468,937
225,351

1,417,422
720,785



9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



3,335 (2023 - 7,337) Ordinary shares of £0.01 each
33
73

During the year, 4,002 Ordinary shares were repurchased by the Company for a total consideration of £300,000 and subsequently cancelled.



10.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. Contributions totalling £22 (2023: £379)  were payable to the fund at the reporting date and are included in other creditors.


Page 7