Registered number
09939088
Brighter IR Limited
Filleted Accounts
30 June 2024
Brighter IR Limited
Registered number: 09939088
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,296 4,309
Current assets
Debtors 4 943,857 813,598
Cash at bank and in hand 27,134 43,541
970,991 857,139
Creditors: amounts falling due within one year 5 (721,116) (775,656)
Net current assets 249,875 81,483
Net assets 251,171 85,792
Capital and reserves
Called up share capital 50 50
Profit and loss account 251,121 85,742
Shareholders' funds 251,171 85,792
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
C Ribton
Director
Approved by the board on 28 March 2025
Brighter IR Limited
Notes to the Accounts
for the year ended 30 June 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Subscription income from customers is recognised initially in deferred income, then recognised as revenue over time as the subscription period is rendered based on a fixed price and performance obligations are satisfied as content is delivered over the subscription period. Contracts are typically for a maximum 12-month period, subscriptions are invoiced in advance at the start of the subscription period and the Company has no obligations to refund subscriptions which are typically due within 30 days of the invoice date.
Website development income generated is recognised over the contract period. Invoices are raised on signing of the contract for 50% of the development fee and the final 50% of the development fee is invoiced when the website goes live. The initial 50% raised on signing of the contract is non-refundable. Invoices are due for payment 30 days from the date of the invoice.
Other income is recognised when performance obligations have been satisfied and invoices are due for payment 30 days from the date of the invoice.
Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans to related parties and investments in ordinary shares.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment over 3 years
Going concern
The Company’s ability to continue as a going concern is dependent upon its and the Groups ability to generate sufficient revenues and positive cash flows from its operating activities and/or obtain sufficient funding to meet its obligations. The Groups borrowings are secured on the Company's assets and there can be no assurance that additional funding will be available to the parent, or, if available, that this funding will be on acceptable terms. If sufficient positive operating cash flows are not achieved, or adequate funding is not available, the parent may be required to delay or reduce the scope of any or all of its operations. These conditions indicate the existence of a material uncertainty that may cast significant doubt about the Company’s ability to continue as a going concern.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Other operating income
The 2021 Government grant relates to compensation of staff costs under the Coronavirus Job Retention Scheme. Income is recognised in the same period as the costs to which it relates to, using the accruals model.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Exceptional items
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
Pensions
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 Employees 2024 2023
Number Number
Average number of persons employed by the company 10 14
3 Tangible fixed assets
Comp
Equipment
£
Cost
At 1 July 2023 19,988
At 30 June 2024 19,988
Depreciation
At 1 July 2023 15,679
Charge for the year 3,013
At 30 June 2024 18,692
Net book value
At 30 June 2024 1,296
At 30 June 2023 4,309
4 Debtors 2024 2023
£ £
Trade debtors 197,749 227,012
Other debtors 746,108 586,586
943,857 813,598
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 24,601 10,341
Taxation and social security costs 44,930 134,381
Other creditors 651,585 630,934
721,116 775,656
6 Judgements in applying accounting policies and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Significant judgements
The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:
Impairment of debtors
The Company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers whether there is no reasonable expectation of recovery of the debt, which may include the failure of a debtor to engage in a repayment plan with the Company, and/or a failure to make contractual payments for a period of greater than 180 days past due.
7 Contingent liabilities
Group borrowings are secured on the assets of the company via a fixed and floating charge covering all assets or undertakings of the company.
8 Controlling party
The parent of the smallest group for which consolidated financial statements are drawn up is Proactive Group Holdings Inc. The registered office address is Suite 7210, 100 King Street, West Toronto, Ontario M5X 1E1.
9 Other information
Brighter IR Limited is a private company limited by shares and incorporated in England. Its registered office is:
2nd Floor 35 Great St. Helen's
London
England
EC3A 6AP
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