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Registered number: 3891470
Brazenlight Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 3891470
31 March 2024 31 March 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 2,122,965 2,122,965
Investments 5 967,592 967,592
3,090,557 3,090,557
CURRENT ASSETS
Debtors 6 1,309,631 342,816
Cash at bank and in hand 144,506 58,042
1,454,137 400,858
Creditors: Amounts Falling Due Within One Year 7 (2,040,327 ) (383,373 )
NET CURRENT ASSETS (LIABILITIES) (586,190 ) 17,485
TOTAL ASSETS LESS CURRENT LIABILITIES 2,504,367 3,108,042
Creditors: Amounts Falling Due After More Than One Year 8 (1,408,734 ) (2,131,709 )
NET ASSETS 1,095,633 976,333
CAPITAL AND RESERVES
Called up share capital 9 1,000,000 1,000,000
Revaluation reserve 10 718,166 718,166
Profit and Loss Account (622,533 ) (741,833 )
SHAREHOLDERS' FUNDS 1,095,633 976,333
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Page 2
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 Profit and Loss Account.
On behalf of the board
Mr John FitzPatrick
Director
21/03/2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Brazenlight Limited is a private company, limited by shares, incorporated in England & Wales, registered number 3891470 . The registered office is 105 Moorside North, Fenham, Newcastle upon Tyne, NE4 9DY.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
2.2. Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 0%
Plant & Machinery 15% to 25% reducing balance
2.4. Investment Properties
Investment properties should not be subject to periodic charges for depreciation on the basis set out in SSAP 12, except for properties held on lease which should be depreciated on the basis set out in SSAP 12 at least over the period when the unexpired term is 20 years or less.
Investment properties should be included in the balance sheet at their open market value.
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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 year 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 asset reflects 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 or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2023: 4)
4 4
Page 3
Page 4
4. Tangible Assets
Land & Property
Freehold
£
Cost
As at 1 April 2023 2,122,965
As at 31 March 2024 2,122,965
Net Book Value
As at 31 March 2024 2,122,965
As at 1 April 2023 2,122,965
Land and Buildings are stated at revalued amount. Their historical cost was £1,296,013.
5. Investments
Other
£
Cost
As at 1 April 2023 967,592
As at 31 March 2024 967,592
Provision
As at 1 April 2023 -
As at 31 March 2024 -
Net Book Value
As at 31 March 2024 967,592
As at 1 April 2023 967,592
Investments include Interests in Subsidiary undertakings at at a cost of £942,591, which includes an investment in Crossco (454) Limited in which the company has a 100% interest.
6. Debtors
31 March 2024 31 March 2023
£ £
Due within one year
Trade debtors 367,357 215,841
Amounts owed by associates 942,274 126,975
1,309,631 342,816
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Page 5
7. Creditors: Amounts Falling Due Within One Year
31 March 2024 31 March 2023
£ £
Trade creditors 1 (1 )
Other loans 942,500 -
Corporation tax 51,978 14,066
Other taxes and social security 1,016 928
VAT 92,241 78,044
Other creditors - 282,735
Accruals and deferred income 10,000 7,601
Amounts owed to associates 942,591 -
2,040,327 383,373
8. Creditors: Amounts Falling Due After More Than One Year
31 March 2024 31 March 2023
£ £
Other creditors 342,991 93,080
Directors loan account 1,065,743 1,096,038
Amounts owed to associates - 942,591
1,408,734 2,131,709
9. Share Capital
31 March 2024 31 March 2023
£ £
Allotted, Called up and fully paid 1,000,000 1,000,000
10. Reserves
Revaluation Reserve
£
As at 1 April 2023 718,166
As at 31 March 2024 718,166
11. Ultimate Controlling Party
In the opinion of the Directors the company is under the control of Mr B P Beattie.
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