Registration number:
Brendon Street Investments Limited
for the Year Ended 31 March 2024
Brendon Street Investments Limited
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Brendon Street Investments Limited
Company Information
Directors |
N W Wray L E Wray |
Company secretary |
N Rowe |
Registered office |
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Accountants |
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Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Financial Statements of
Brendon Street Investments Limited
for the Year Ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Brendon Street Investments Limited for the year ended 31 March 2024 which comprise the statement of comprehensive income, balance sheet and the related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation/a-z.
It is your duty to ensure that Brendon Street Investments Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Brendon Street Investments Limited. You consider that Brendon Street Investments Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Brendon Street Investments Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Use of our report
This report is made solely to the Board of Directors of Brendon Street Investments Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Brendon Street Investments Limited and state those matters that we have agreed to state to the Board of Directors of Brendon Street Investments Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Brendon Street Investments Limited and its Board of Directors, as a body, for our work or for this report.
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Chartered Accountants
Champions Way
Hendon
London
NW4 1PX
Brendon Street Investments Limited
(Registration number: 01066133)
Balance Sheet as at 31 March 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
( |
( |
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Creditors: Amounts falling due after more than one year |
( |
- |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
( |
( |
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Shareholder's deficit |
( |
( |
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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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 special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The statement of comprehensive income and the directors' report have not been delivered to the Registrar of Companies in accordance with the special provisions applicable to companies subject to the small companies regime.
Brendon Street Investments Limited
(Registration number: 01066133)
Balance Sheet as at 31 March 2024
Approved and authorised for issue by the
.........................................
N W Wray
Director
Brendon Street Investments Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
General information |
The company is a private company limited by share capital incorporated in England. The registered office address is shown on page 1.
Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A Small Entities and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
Exemption from preparing group accounts
Going concern
The financial statements have been prepared on a going concern basis. The company is dependent on the continuing support of its other group undertakings to meet its liabilities. The other group undertakings have confirmed they will provide financial support to enable the company to meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements are approved.
Judgements in applying accounting policies and key sources of estimation uncertainty
The preparation of financial statements in compliance with FRS 102 Section 1A Small Entities may require the use of certain critical accounting estimates. It may also require the directors to exercise judgement in applying the accounting policies. |
In preparing these financial statements, the directors have had to make the following significant judgement: |
- Determine to what extent there are indicators of impairment of the company's investments that are carried at cost. Factors taken into consideration in reaching such a decision include knowledge as to the economic viability and expected future financial performance of the investments. |
There were no other significant judgements of areas of estimation uncertainty. |
Summary of significant accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Brendon Street Investments Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
2 |
Accounting policies (continued) |
Turnover
Turnover consists of fees receivable for consultancy services provided during the year. Consultancy fees are measured at the fair value of fees receivable for the year, net of value added tax.
Tax
The tax expense for the year comprises current and, where applicable, deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or 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 company's liability for current tax is calculated using tax rates and laws that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised in respect of all significant timing differences that have originated but not reversed by the balance sheet date, except that the recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against suitable future taxable profits.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets are stated in the balance sheet at historical cost, less any subsequent accumulated amortisation and any subsequent accumulated impairment losses.
Intangible assets consist of the cost of acquisition and installation of software.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful lives, as follows:
Asset class |
Asset life |
Software |
2 years |
Tangible assets
Tangible assets are stated in the balance sheet at historical cost, less any subsequent accumulated depreciation and accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, less any estimated residual value, over their estimated useful lives, as follows:
Brendon Street Investments Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
2 |
Accounting policies (continued) |
Asset class |
Asset life |
Equipment |
2 years |
Furniture, fixtures & fittings |
4 years |
Motor vehicle |
4 years |
Investment in subsidiaries and associates
Investments in subsidiaries and associates are measured in the company's balance sheet at cost less any provision for accumulated impairment. Any impairment movements are included in the statement of comprehensive income.
An entity is treated as a subsidiary where the company has the power to govern the financial and operating policies of the investee entity so as to obtain benefits from its activities.
An entity is treated as an associate where the company exercises significant influence in that it has the power to participate in the operating and financial policy decisions.
Trade debtors
Trade debtors are amounts due from customers for consultancy services provided.
A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.
Cash at bank and in hand
This comprises cash at bank.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Financial instruments
The company's cash at bank, trade and other debtors and trade and other creditors are measured initially at transaction price, and subsequently at amortised cost using the effective interest method, where appropriate.
Brendon Street Investments Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
2 |
Accounting policies (continued) |
Leases
Assets obtained under finance leases are capitalised as tangible fixed assets and depreciated over the shorter of the lease term and their useful lives. Obligations under finance leases are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals payable under operating leases are charged to profit or loss on a straight line basis over the term of the relevant lease.
Pensions
Contributions to the company's defined contribution pension scheme, being the Workplace Pension contributions, are charged to the profit or loss in the year they are payable. The assets of the scheme are held separately from those of the company in an independent administered fund.
Employees and directors information |
The company had
Taxation |
The company did not incur any corporation tax charge because it has trading losses brought forward from previous years.
Intangible assets |
Software |
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Cost |
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At 1 April 2023 |
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At 31 March 2024 |
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Amortisation |
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At 1 April 2023 |
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At 31 March 2024 |
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Carrying amount |
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At 31 March 2024 |
- |
At 31 March 2023 |
- |
Brendon Street Investments Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Tangible assets |
Motor vehicle |
Equipment |
Furniture, fixtures & fittings |
Total |
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Cost |
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At 1 April 2023 |
- |
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Additions in the year |
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- |
- |
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At 31 March 2024 |
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Depreciation |
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At 1 April 2023 |
- |
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Charge for the year |
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- |
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At 31 March 2024 |
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Carrying amount |
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At 31 March 2024 |
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- |
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At 31 March 2023 |
- |
- |
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Included within the net book value of £59,140 is £58,372 (2023 - £nil) relating to assets held under finance leases.
Investments |
2024 |
2023 |
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Carrying amount of: |
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Investment in subsidiary |
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Investment in associate |
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Other investments |
61,156 |
61,156 |
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Brendon Street Investments Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
7 |
Investments (continued) |
Subsidiary |
£ |
Cost |
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At 1 April 2023 |
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At 31 March 2024 |
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Carrying amount |
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At 31 March 2024 |
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At 31 March 2023 |
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Associate |
£ |
Cost |
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At 1 April 2023 |
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At 31 March 2024 |
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Carrying amount |
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At 31 March 2024 |
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At 31 March 2023 |
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Details of subsidiary and associate are as follows:
Name |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2024 |
2023 |
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Subsidiary |
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Belfry House
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Ordinary share capital |
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Associate |
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3 Grace Court
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Ordinary share capital |
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Brendon Street Investments Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
7 |
Investments (continued) |
The principal activity of Brendon Street Securities Ltd, a company incorporated in England, is |
The principal activity of Syncbeam Ltd, a company incorporated in England, is |
Other investments |
Antiques
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Cost |
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At 1 April 2023 |
61,156 |
At 31 March 2024 |
61,156 |
Carrying amount |
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At 31 March 2024 |
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At 31 March 2023 |
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Debtors |
Note |
2024 |
2023 |
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Trade debtors |
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Amounts due from parent undertaking |
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Amounts due from other group undertakings |
2,353 |
2,353 |
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Other debtors |
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Prepayments |
23,806 |
15,392 |
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Accrued income |
62,209 |
133,564 |
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Brendon Street Investments Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Creditors |
Creditors: amounts due within one year |
Note |
2024 |
2023 |
Trade creditors |
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Obligations under finance leases |
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- |
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Amounts due to subsidiary |
745,374 |
746,587 |
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Amounts due to associate |
1,663,618 |
1,663,618 |
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Amounts due to other group undertakings |
3,232,067 |
2,404,632 |
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Other taxes and social security |
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Director's current account |
50,324 |
29,629 |
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Accruals |
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Other creditors |
10,124 |
9,511 |
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Creditors include net obligations under finance leases of £8,104 (2023 - £nil).
Creditors: amounts falling due after more than one year
2024 |
2023 |
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Obligations under finance leases |
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- |
Creditors include net obligations under finance leases of £47,755 (2023 - £nil).
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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900,100 |
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900,100 |
Brendon Street Investments Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Related party transactions |
The company has taken advantage of exemption available in FRS 102 Section 1A not to disclose any transactions with its parent company and wholly owned subsidiaries other than those disclosed elsewhere in the notes.
Amounts due from related parties
2024 |
Other group undertakings |
At start of year |
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At end of year |
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2023 |
Other group undertakings |
At start of year |
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Advanced during the year |
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At end of year |
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Amounts due to related parties
2024 |
Associate |
Directors |
Other group undertakings |
At start of year |
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Advanced during the year |
- |
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At end of year |
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2023 |
Associate |
Directors |
Other group undertakings |
At start of year |
|
- |
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Advanced during the year |
- |
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At end of year |
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The above amounts due to related parties are all unsecured, interest free and repayable on demand.
Brendon Street Investments Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Ultimate controlling party |
At 31 March 2024, the company's immediate parent company was Juno Investments Limited, a company incorporated and resident in United Kingdom. The company's ultimate parent company was Eurobeck Limited, a company incorporated in Cyprus and resident in United Kingdom and the ultimate controlling party was N W Wray. No publicly available consolidated financial statements are prepared that incorporate the results of the company.
At the date of approval of these financial statements, the ultimate parent company is now Argent Finance Limited, a company incorporated and resident in Jersey. The ultimate controlling party is RBC Trustees (Jersey) Limited, as trustee of The Edna Wray Grandchildren's Accumulation and Maintenance Trust.