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Registered number: 03845281









BRAIN SOURCE INTERNATIONAL LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
BRAIN SOURCE INTERNATIONAL LIMITED
 
 
COMPANY INFORMATION


Directors
Nikolay Ganzha (appointed 18 October 1999)
Muhammad Hanif Younus (appointed 27 October 2020)




Registered number
03845281



Registered office
42-44 Bishopsgate

London

EC2N 4AH




Independent auditors
McMillan Woods Audits Limited

42-44 Bishopsgate

London

United Kingdom

EC2N 4AH





 
BRAIN SOURCE INTERNATIONAL LIMITED
 

CONTENTS



Page
Strategic Report
1
Directors' Report
2 - 3
Independent Auditors' Report
4 - 7
Statement of Comprehensive Income
8
Balance Sheet
9
Statement of Changes in Equity
10
Statement of Cash Flows
11
Notes to the Financial Statements
12 - 17


 
BRAIN SOURCE INTERNATIONAL LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Introduction
 
The Company Brain Source International Limited, registered number 03845281¸ was incorporated in October 1999, in London , UK. Its registered office is at 42-44 Bishopsgate London EC2N 4AH.

Business review
 
The principal activities of the Company, which are unchanged from the last year, are the provision of services related to international employment, consulting and recruitment.

Principal risks and uncertainties
 
The war in Ukraine has continued without end insight, many governments are taking more stringent measures against Russia and Belarus. These measures have already had some negative impact on economies in Ukraine Europe and globally, and may have wider impacts on respective economies as the measures persist for a greater period of time.
The Company’s management believes that it is taking all the necessary measures to maintain the viability of the Company and the development of its business in the current business and economic environment.

Financial key performance indicators
 
Following are the Key Performance Indicators:
Particulars                 Current Year             Previous Year 
Turnover (Sales)             23,470,695                    28,056,320
Profit Before Tax                  42,130                        151,297


This report was approved by the board and signed on its behalf.



Muhammad Hanif Younus
Director

Date: 20 March 2025

Page 1

 
BRAIN SOURCE INTERNATIONAL LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

The directors present their report and the financial statements for the year ended 30 September 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

Brain Source International Limited is a private limited company incorporated in Engalnd and Wales. The registered office is 42-44 Bishopsgate, London, EC2N 4AH, United Kingdom. The principal activities of the Company, which are unchanged from the last year, are the provision of services related to international employment, consulting and recruitment.

Directors

The directors who served during the year were:

Nikolay Ganzha (appointed 18 October 1999)
Muhammad Hanif Younus (appointed 27 October 2020)

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 2

 
BRAIN SOURCE INTERNATIONAL LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsMcMillan Woods Audits Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 




Muhammad Hanif Younus
Director
Date: 20 March 2025

Page 3

 
BRAIN SOURCE INTERNATIONAL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRAIN SOURCE INTERNATIONAL LIMITED
 

Opinion


We have audited the financial statements of BRAIN SOURCE INTERNATIONAL LIMITED (the 'Company') for the year ended 30 September 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 September 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 4

 
BRAIN SOURCE INTERNATIONAL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRAIN SOURCE INTERNATIONAL LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
BRAIN SOURCE INTERNATIONAL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRAIN SOURCE INTERNATIONAL LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 


Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
 


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud.
 

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. Our audit procedures were designed to respond to the risk faced by the company, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, financial reporting legislation, the Companies Act 2006, distributable profits legislation and UK pensions and tax legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
 


There are inherent limitations in the audit procedures described above and, the further removed noncompliance
with laws and regulations is from the events and transactions reflected in the financial statements, the less likely
we would become aware of it.
 


We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates. We addressed the risk of management override of internal controls through testing journals, in particular any entries posted with unusual account combinations or posted by senior management. We evaluated whether there was evidence of bias by the Directors in accounting estimates that represented a risk of material misstatement due to fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
 

Page 6

 
BRAIN SOURCE INTERNATIONAL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRAIN SOURCE INTERNATIONAL LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
 



Krishna Prasad Dahal (Senior Statutory Auditor)
  
for and on behalf of
McMillan Woods Audits Limited
 
42-44 Bishopsgate
London
United Kingdom
EC2N 4AH

20 March 2025
Page 7

 
BRAIN SOURCE INTERNATIONAL LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
23,470,695
28,056,320

Exceptional cost of sales
  
(21,340,511)
(25,585,740)

Gross profit
  
2,130,184
2,470,580

Administrative expenses
  
(2,387,804)
(2,319,284)

Other income
  
300,101
-

Operating profit
 5 
42,481
151,296

Interest payable and similar expenses
 8 
(351)
-

Profit before tax
  
42,130
151,296

Tax on profit
 9 
(8,004)
(32,561)

Profit for the financial year
  
34,126
118,735

Other comprehensive income for the year
  

Total comprehensive income for the year
  
34,126
118,735

The notes on pages 12 to 17 form part of these financial statements.

Page 8

 
BRAIN SOURCE INTERNATIONAL LIMITED
REGISTERED NUMBER: 03845281

BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 10 
2,369,573
2,369,573

  
2,369,573
2,369,573

  

  

Current assets
  

Debtors
 11 
267,018
2,159,629

Cash at bank and in hand
 12 
2,243,284
4,844,817

  
2,510,302
7,004,446

Creditors: amounts falling due within one year
 13 
(4,487,633)
(9,015,903)

Net current liabilities
  
 
 
(1,977,331)
 
 
(2,011,457)

Total assets less current liabilities
  
392,242
358,116

  

Net assets
  
392,242
358,116


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
391,242
357,116

  
392,242
358,116


The financial statements were approved and authorised for issue by the board and were signed on its behalf by 20 March 2025.




Muhammad Hanif Younus
Director

The notes on pages 12 to 17 form part of these financial statements.
Page 9

 
BRAIN SOURCE INTERNATIONAL LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 October 2023
1,000
357,116
358,116


Comprehensive income for the year

Profit for the year

-
34,126
34,126


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
34,126
34,126


Total transactions with owners
-
-
-


At 30 September 2024
1,000
391,242
392,242



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 October 2022
1,000
238,381
239,381


Comprehensive income for the year

Profit for the year

-
118,735
118,735


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
118,735
118,735


Total transactions with owners
-
-
-


At 30 September 2023
1,000
357,116
358,116


Page 10

 
BRAIN SOURCE INTERNATIONAL LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
34,126
118,735

Adjustments for:

Interest paid
351
-

Taxation charge
8,004
32,561

Decrease/(increase) in debtors
1,892,611
(1,482,973)

(Decrease) in creditors
(4,503,713)
(40,746)

Corporation tax (paid)
(32,561)
(42,691)

Net cash generated from operating activities

(2,601,182)
(1,415,114)



Cash flows from financing activities

Interest paid
(351)
-

Net cash used in financing activities
(351)
-

Net (decrease) in cash and cash equivalents
(2,601,533)
(1,415,114)

Cash and cash equivalents at beginning of year
4,844,817
6,259,931

Cash and cash equivalents at the end of year
2,243,284
4,844,817


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,243,284
4,844,817

2,243,284
4,844,817


Page 11

 
BRAIN SOURCE INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

Brain Source International Limited is a private limited company incorporated in Engalnd and Wales. The registered office is 42-44 Bishopsgate, London, EC2N 4AH, United Kingdom. The principal activities of the Company, which are unchanged from the last year, are the provision of services related to international employment, consulting and recruitment.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.3

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:

Page 12

 
BRAIN SOURCE INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

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 Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

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 balance sheet date in the countries where the Company operates and generates income.


 
2.7

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.8

Associates and joint ventures

Associates and Joint Ventures are held at cost less impairment.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 13

 
BRAIN SOURCE INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

There are no accounting estimates used in the Financial statements. Accounting policies have been applied in compliance with the FRS102


4.


Turnover

2024
2023
£
£

Total Sales
23,470,695
28,056,320

23,470,695
28,056,320


Analysis of turnover by country of destination:

2024
2023
£
£

Europe
11,735,347
14,028,160

Asia
9,388,278
11,222,528

Africa
1,173,535
1,402,816

America
1,173,535
1,402,816

23,470,695
28,056,320



5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
11,366
408,314

Page 14

 
BRAIN SOURCE INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
15,000
20,000

7.


Employees

Staff costs were as follows:


2024
2023
£
£

Wages and salaries
439,441
216,135

Social security costs
54,505
21,158

Cost of defined contribution scheme
10,076
1,189

504,022
238,482


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







staff
4
4


8.


Interest payable and similar expenses

2024
2023
£
£


Other interest payable
351
-

351
-

Page 15

 
BRAIN SOURCE INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

9.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
8,004
32,561


8,004
32,561


Total current tax
8,004
32,561

Factors affecting tax charge for the year

There were no factors that affected the tax charge for the year which has been calculated on the profits on ordinary activities before tax at the standard rate of corporation tax in the UK of  25% (2023 - 19%).



10.


Fixed asset investments





Investments in associates

£



Cost or valuation


At 1 October 2023
2,369,573



At 30 September 2024
2,369,573





11.


Debtors

2024
2023
£
£



Trade debtors
267,018
2,159,629

267,018
2,159,629


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BRAIN SOURCE INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

12.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
2,243,284
4,844,817

2,243,284
4,844,817



13.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
148,988
1,593,143

Corporation tax
8,004
32,561

Other taxation and social security
132,075
106,220

Other creditors
3,919,687
4,098,259

Accruals and deferred income
278,879
3,185,720

4,487,633
9,015,903


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