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Company No: 02563551 (England and Wales)

BROWN EUROPE LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

BROWN EUROPE LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

BROWN EUROPE LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2024
BROWN EUROPE LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2024
Directors Nichola Jane Adshead
Kerry Lynn Booth
Florence Rebekah Brown (Resigned 09 September 2024)
Deborah Tina Pearson
Secretary Deborah Tina Pearson
Registered office Unit 33-34 Gleaming Wood Drive
Chatham
ME5 8RZ
United Kingdom
Company number 02563551 (England and Wales)
Accountant Kreston Reeves LLP
2nd Floor, Maritime Place
Quayside
Chatham Maritime
Chatham
Kent
ME4 4QZ

ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF
THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF BROWN EUROPE LIMITED

For the financial year ended 31 December 2024

ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF
THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF BROWN EUROPE LIMITED (continued)

For the financial year ended 31 December 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 Brown Europe Limited for the financial year ended 31 December 2024 which comprise the Balance Sheet and the related notes 1 to 13 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 www.icaew.com/regulation.

It is your duty to ensure that Brown Europe Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Brown Europe Limited. You consider that Brown Europe Limited is exempt from the statutory audit requirement for the financial year.

We have not been instructed to carry out an audit or a review of the financial statements of Brown Europe 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 financial statements.

This report is made solely to the Board of Directors of Brown Europe Limited, as a body, in accordance with the terms of our engagement letter dated 10 May 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Brown Europe Limited and state those matters that we have agreed to state to the Board of Directors of Brown Europe 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 Brown Europe Limited and its Board of Directors as a body for our work or for this report.

Kreston Reeves LLP
Chartered Accountants

2nd Floor, Maritime Place
Quayside
Chatham Maritime
Chatham
Kent
ME4 4QZ

24 March 2025

BROWN EUROPE LIMITED

BALANCE SHEET

As at 31 December 2024
BROWN EUROPE LIMITED

BALANCE SHEET (continued)

As at 31 December 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 1,653,894 1,508,666
1,653,894 1,508,666
Current assets
Stocks 5 637,196 589,178
Debtors 6 277,434 350,270
Cash at bank and in hand 7 1,433,029 1,130,714
2,347,659 2,070,162
Creditors: amounts falling due within one year 8 ( 203,472) ( 169,386)
Net current assets 2,144,187 1,900,776
Total assets less current liabilities 3,798,081 3,409,442
Provision for liabilities 9, 10 ( 26,556) ( 26,623)
Net assets 3,771,525 3,382,819
Capital and reserves
Called-up share capital 11 6,000 6,000
Revaluation reserve 545,292 398,171
Profit and loss account 3,220,233 2,978,648
Total shareholders' funds 3,771,525 3,382,819

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Brown Europe Limited (registered number: 02563551) were approved and authorised for issue by the Board of Directors on 24 March 2025. They were signed on its behalf by:

Nichola Jane Adshead
Director
Deborah Tina Pearson
Director
BROWN EUROPE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
BROWN EUROPE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Brown Europe Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 33-34 Gleaming Wood Drive, Chatham, ME5 8RZ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Comprehensive Income in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery 25 % reducing balance
Fixtures and fittings 15 % reducing balance
Office equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Comprehensive Income as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 8 8

3. Dividends on equity shares

2024 2023
£ £
Amounts recognised as distributions to equity holders in the financial year:
Ordinary 20,000 20,000

4. Tangible assets

Land and buildings Plant and machinery Fixtures and fittings Office equipment Total
£ £ £ £ £
Cost
At 01 January 2024 1,450,000 82,242 85,129 58,059 1,675,430
Additions 0 6,270 3,033 450 9,753
Revaluations 150,000 0 0 0 150,000
At 31 December 2024 1,600,000 88,512 88,162 58,509 1,835,183
Accumulated depreciation
At 01 January 2024 0 53,495 62,741 50,528 166,764
Charge for the financial year 0 8,723 3,804 1,998 14,525
At 31 December 2024 0 62,218 66,545 52,526 181,289
Net book value
At 31 December 2024 1,600,000 26,294 21,617 5,983 1,653,894
At 31 December 2023 1,450,000 28,747 22,388 7,531 1,508,666

Revaluation of tangible assets

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2024 2023
£ £
Historical cost 1,063,215 1,063,215
Accumulated depreciation (245,215) (226,951)
Carrying value 818,000 836,264

5. Stocks

2024 2023
£ £
Stocks 637,196 589,178

6. Debtors

2024 2023
£ £
Trade debtors 260,926 253,425
Other debtors 16,508 96,845
277,434 350,270

7. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 1,433,029 1,130,714

8. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 13,038 13,396
Taxation and social security 167,543 131,303
Other creditors 22,891 24,687
203,472 169,386

9. Provision for liabilities

2024 2023
£ £
Deferred tax 26,556 26,623

10. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 26,623) ( 19,736)
Credited/(charged) to the Profit and Loss Account 67 ( 6,887)
At the end of financial year ( 26,556) ( 26,623)

11. Called-up share capital and reserves

2024 2023
£ £
Presented as follows:
Called-up share capital presented as equity 6,000 6,000

The Company's other reserves are as follows:

The profit and loss reserve represents cumulative profits or losses, net of dividends paid and other adjustments.

Other non-distributable reserves comprise revaluation of property and plant and machinery.

12. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £114,799 (2023 - £145,664). No contributions (2023 - £Nil) were payable to the fund at the balance sheet date.

13. Ultimate controlling party

There is no overall controlling party.