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Registered number: 15447582
Brain Partners Ltd
Unaudited Financial Statements
For the Period 27 January 2024 to 31 December 2024
Contents
Page
Statement of Financial Position 1
Notes to the Financial Statements 2—4
Page 1
Statement of Financial Position
Registered number: 15447582
31 December 2024
Notes £ £
CURRENT ASSETS
Debtors 4 10,506
Cash at bank and in hand 9,314
19,820
Creditors: Amounts Falling Due Within One Year 5 (16,627 )
NET CURRENT ASSETS (LIABILITIES) 3,193
TOTAL ASSETS LESS CURRENT LIABILITIES 3,193
NET ASSETS 3,193
CAPITAL AND RESERVES
Called up share capital 6 1
Income Statement 3,192
SHAREHOLDERS' FUNDS 3,193
For the period ending 31 December 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 in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Fergus Andrew Brain
Director
2 March 2025
The notes on pages 2 to 4 form part of these financial statements.
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Page 2
Notes to the Financial Statements
1. General Information
Brain Partners Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 15447582 . The registered office is 49 Greek Street, London, W1D 4EG.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The director has not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. 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.
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the period, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
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Page 3
2.7. Share capital
Ordinary shares are classified as equity.
3. Average Number of Employees
Average number of employees, including directors, during the period was: NIL
-
4. Debtors
31 December 2024
£
Due within one year
Trade debtors 10,000
Other debtors 506
10,506
5. Creditors: Amounts Falling Due Within One Year
31 December 2024
£
Other creditors 13,377
Taxation and social security 3,250
16,627
6. Share Capital
31 December 2024
£
Allotted, Called up and fully paid 1
On 27 January 2024, on incorporation, the company issued 100 ordinary shares of £0.01 each to Fergus Andrew Brain.
The whole of the Company's share capital is held by Fergus Andrew Brain.
7. Dividends
The director does not recommend the payment of a final dividend in respect of the period ended 31 December 2024.
8. Related Party Transactions
During the period, the Company entered into transactions with companies under common control by the sole director as follows:
Purchases from:
  • Brain Partners Pty Ltd £9,647
  • Brain Management Pty Ltd £652
Balances outstanding at 31 December 2024 with related parties included in Other creditors (note 7) as follows:
  • Brain Partners Pty Ltd £12,657
  • Brain Management Pty Ltd £652
  • Amounts owed to the director £68
On 27 January 2024, on incorporation, the company issued 100 ordinary shares of £0.01 each to Fergus Andrew Brain, the Company's sole director.
...CONTINUED
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8. Related Party Transactions - continued
There were no other transactions during the current period with any related parties.
Key management personnel
The director represents key management personnel for the purpose of these financial statements. They received no fees or salaries from the Company during the current period.
9. Ultimate Controlling Party
The company's ultimate controlling party is Fergus Andrew Brain by virtue of his ownership of 100% of the issued share capital in the company.
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