Company registration number 08224589 (England and Wales)
BRAVE SOFTWARE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
BRAVE SOFTWARE LTD
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
BRAVE SOFTWARE LTD
STATEMENT OF FINANCIAL POSITION
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Non-current assets
Property and equipment
4
455
683
Current assets
Trade and other receivables
5
42,303
43,551
Cash and cash equivalents
7,040
2,820
49,343
46,371
Current liabilities
6
(50,028)
(43,309)
Net current (liabilities)/assets
(685)
3,062
Net (liabilities)/assets
(230)
3,745
Equity
Called up share capital
100
100
Retained earnings
(330)
3,645
Total equity
(230)
3,745
For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 27 February 2025 and are signed on its behalf by:
Mrs L S Kingsnorth-Clements
Director
Company registration number 08224589 (England and Wales)
BRAVE SOFTWARE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
1
Accounting policies
Company information
Brave Software Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Langton House, 81 High Street, Battle, East Sussex, TN33 0AQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Revenue
Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.3
Property and equipment
Property and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computing and office equipment
25% straight line
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.
1.4
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 current liabilities.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
BRAVE SOFTWARE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies (Continued)
- 3 -
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
3
4
Property and equipment
Computing and office equipment
£
Cost
At 1 October 2023 and 30 September 2024
911
Depreciation and impairment
At 1 October 2023
228
Depreciation charged in the year
228
At 30 September 2024
456
Carrying amount
At 30 September 2024
455
At 30 September 2023
683
BRAVE SOFTWARE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
5
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Trade receivables
3,852
3,823
Amounts owed by group undertakings
29,900
35,900
Other receivables
8,551
3,828
42,303
43,551
6
Current liabilities
2024
2023
£
£
Bank loans and overdrafts
477
2,407
Trade payables
1,414
4,129
Amounts owed to group undertakings
32,327
22,327
Corporation tax
7,764
6,242
Other taxation and social security
5,389
5,754
Other payables
207
Accruals and deferred income
2,450
2,450
50,028
43,309
7
Related party transactions
At 30 September 2024 the directors owed £8,551 to the company (2023: £3,828).
At 30 September 2024 the company owed £32,327 (2023: £22,327) to Kingsnorth & Clements Ltd which is the parent company.
The company was owed £29,900 (2023: £35,900) by Speakers from the Edge a company of which Mr & Mrs Kingsnorth-Clements are also the directors. Speakers from the Edge is also a wholly-owned subsidiary of Kingsnorth & Clements Ltd.
The company paid dividends of £30,000 (2023: £30,000) to Kingsnorth & Clements Ltd.