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Registration number: 01066133

Brendon Street Investments Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Brendon Street Investments Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 14

 

Brendon Street Investments Limited

Company Information

Directors

N W Wray

L E Wray

Company secretary

N Rowe

Registered office

Belfry House
Champions Way
Hendon
London
NW4 1PX

Accountants

KSEG
Chartered Accountants
Belfry House
Champions Way
Hendon
London
NW4 1PX

 

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.

......................................

KSEG
Chartered Accountants
Belfry House
Champions Way
Hendon
London
NW4 1PX

27 March 2025

 

Brendon Street Investments Limited

(Registration number: 01066133)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

6

59,140

1,152

Investments

7

224,161

224,161

 

283,301

225,313

Current assets

 

Debtors

8

116,117

175,768

Cash at bank and in hand

 

43,142

15,797

 

159,259

191,565

Creditors: Amounts falling due within one year

9

(5,793,341)

(4,899,470)

Net current liabilities

 

(5,634,082)

(4,707,905)

Total assets less current liabilities

 

(5,350,781)

(4,482,592)

Creditors: Amounts falling due after more than one year

9

(47,755)

-

Net liabilities

 

(5,398,536)

(4,482,592)

Capital and reserves

 

Called up share capital

10

900,100

900,100

Retained earnings

(6,298,636)

(5,382,692)

Shareholder's deficit

 

(5,398,536)

(4,482,592)

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.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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 Board on 27 March 2025 and signed on its behalf by:
 

.........................................

N W Wray

Director

 

Brendon Street Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital incorporated in England. The registered office address is shown on page 1.

2

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

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 not to prepare group accounts. These financial statements therefore present information about the company as an individual undertaking and not about its group.

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

Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations, rather than its legal form.

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.

3

Employees and directors information

The company had 12 employees (2023 - 12) and 2 directors (2023 - 2) during the year. The directors did not receive any remuneration in the year (2023 - £nil).

4

Taxation

The company did not incur any corporation tax charge because it has trading losses brought forward from previous years.

5

Intangible assets

Software
£

Cost

At 1 April 2023

30,090

At 31 March 2024

30,090

Amortisation

At 1 April 2023

30,090

At 31 March 2024

30,090

Carrying amount

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

6

Tangible assets

Motor vehicle
 £

Equipment
 £

Furniture, fixtures & fittings
 £

Total
£

Cost

At 1 April 2023

-

70,380

26,043

96,423

Additions in the year

65,160

-

-

65,160

At 31 March 2024

65,160

70,380

26,043

161,583

Depreciation

At 1 April 2023

-

70,380

24,891

95,271

Charge for the year

6,788

-

384

7,172

At 31 March 2024

6,788

70,380

25,275

102,443

Carrying amount

At 31 March 2024

58,372

-

768

59,140

At 31 March 2023

-

-

1,152

1,152

Included within the net book value of £59,140 is £58,372 (2023 - £nil) relating to assets held under finance leases.

 

7

Investments

2024
£

2023
£

Carrying amount of:

Investment in subsidiary

100

100

Investment in associate

162,905

162,905

Other investments

61,156

61,156

224,161

224,161

 

Brendon Street Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Investments (continued)

Subsidiary

£

Cost

At 1 April 2023

100

At 31 March 2024

100

Carrying amount

At 31 March 2024

100

At 31 March 2023

100

Associate

£

Cost

At 1 April 2023

162,905

At 31 March 2024

162,905

Carrying amount

At 31 March 2024

162,905

At 31 March 2023

162,905

Details of subsidiary and associate are as follows:

Name

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary

Brendon Street Securities Ltd

Belfry House
Champions Way
Hendon
Middlesex
NW4 1PX

Ordinary share capital

100%

100%

         

Associate

Syncbeam Ltd

3 Grace Court
Totteridge Green
London
N20 8PY

Ordinary share capital

26%

26%

         
 

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 trading in securities.

The principal activity of Syncbeam Ltd, a company incorporated in England, is that of an investment holding company.

 

Other investments

Antiques
£

Cost

At 1 April 2023

61,156

At 31 March 2024

61,156

Carrying amount

At 31 March 2024

61,156

At 31 March 2023

61,156

8

Debtors

Note

2024
£

2023
£

Trade debtors

 

18,518

16,035

Amounts due from parent undertaking

 

750

750

Amounts due from other group undertakings

11

2,353

2,353

Other debtors

 

8,481

7,674

Prepayments

 

23,806

15,392

Accrued income

 

62,209

133,564

   

116,117

175,768

 

Brendon Street Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

9

Creditors

Creditors: amounts due within one year

Note

2024
£

2023
£

Trade creditors

 

38,600

8,815

Obligations under finance leases

8,104

-

Amounts due to subsidiary

 

745,374

746,587

Amounts due to associate

11

1,663,618

1,663,618

Amounts due to other group undertakings

11

3,232,067

2,404,632

Other taxes and social security

 

28,971

26,915

Director's current account

11

50,324

29,629

Accruals

 

16,159

9,763

Other creditors

 

10,124

9,511

 

5,793,341

4,899,470

Creditors include net obligations under finance leases of £8,104 (2023 - £nil).

Creditors: amounts falling due after more than one year

2024
£

2023
£

Obligations under finance leases

47,755

-

Creditors include net obligations under finance leases of £47,755 (2023 - £nil).

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

900,100

900,100

900,100

900,100

       
 

Brendon Street Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

11

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

2,353

At end of year

2,353

2023

Other group undertakings
£

At start of year

1,951

Advanced during the year

402

At end of year

2,353

The above amounts due from related parties are unsecured, interest free and repayable on demand.
 

Amounts due to related parties

2024

Associate
£

Directors
£

Other group undertakings
£

At start of year

1,663,618

29,629

2,404,632

Advanced during the year

-

20,695

827,435

At end of year

1,663,618

50,324

3,232,067

2023

Associate
£

Directors
£

Other group undertakings
£

At start of year

1,663,618

-

2,149,968

Advanced during the year

-

29,629

254,664

At end of year

1,663,618

29,629

2,404,632

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

12

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.