REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 July 2024 |
for |
Brightfolk Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 July 2024 |
for |
Brightfolk Limited |
Brightfolk Limited (Registered number: 11327737) |
Contents of the Financial Statements |
for the Year Ended 31 July 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Brightfolk Limited |
Company Information |
for the Year Ended 31 July 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
823 Salisbury House |
29 Finsbury Circus |
London |
EC2M 5QQ |
Brightfolk Limited (Registered number: 11327737) |
Balance Sheet |
31 July 2024 |
2024 | 2023 |
Notes | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Share premium |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Brightfolk Limited (Registered number: 11327737) |
Notes to the Financial Statements |
for the Year Ended 31 July 2024 |
1. | STATUTORY INFORMATION |
Brightfolk Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The financial statements have been prepared on a going concern basis. The directors have considered relevant information, including the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment. |
The group undertakings and other companies within the group will continue to support the Company. |
Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can adopt the going concern basis in preparing the annual reports and accounts. |
Preparation of consolidated financial statements |
The financial statements contain information about Brightfolk Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Heartland A/S, Store Torv 1, 3., 8000 Aarhus C, Denmark. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Administrative expenses |
Administrative expenses include expenses relating to the Entity's ordinary activities, including expenses for |
premises, sales as well as office expenses, etc. |
Interest and similar income and charges |
Interest and similar income and charges are recognised in the profit and loss account over the term of such instruments at a constant rate on the carrying amount. |
Foreign currencies |
Transactions denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Assets and liabilities in foreign currencies are translated into sterling at rates of exchange ruling at the end of the financial year. All exchange differences are dealt with in the profit and loss account. |
Brightfolk Limited (Registered number: 11327737) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Land and buildings, are valued at cost price less accumulated depreciation. Land is not depreciated. |
Cost price includes original costs and costs directly related to the acquisition until the asset is ready to use. |
Straight-line depreciation over the expected useful life is applied on the basis of the following assessment of assets' useful life: |
Buildings | 10 - 30 years |
Tangible fixed assets are written down to recovery value if it is lower than book value. |
Investments in subsidiaries and associates |
Investments in associate undertakings are recognised at cost less any provision for impairment. |
Debtors |
Debtors are valued individually and there are made provisions according to this valuation. |
Cash at bank and in hand |
Cash at bank and in hand include cash holdings and bank deposit. |
Creditors |
Creditors are carried at payment or settlement amounts. Where the time value of money is material, creditors are carried at amortized cost. |
Financial instruments |
The company only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
Brightfolk Limited (Registered number: 11327737) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2024 |
4. | TANGIBLE FIXED ASSETS |
Land and |
buildings |
£ |
COST |
At 1 August 2023 |
and 31 July 2024 |
DEPRECIATION |
At 1 August 2023 |
Charge for year |
At 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
5. | FIXED ASSET INVESTMENTS |
Shares in | Interest |
group | in |
undertakings | associate | Totals |
£ | £ | £ |
COST |
At 1 August 2023 | 14,706,389 |
Additions | 23,030,751 |
At 31 July 2024 | 17,051,996 | 37,737,140 |
PROVISIONS |
At 1 August 2023 | - | 14,706,389 | 14,706,389 |
Provision for year | - | (14,706,389 | ) | (14,706,389 | ) |
At 31 July 2024 | - | - | - |
NET BOOK VALUE |
At 31 July 2024 | 37,737,140 |
At 31 July 2023 | - |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Amounts owed by group undertakings |
Corporation tax |
Deferred tax asset |
Prepayments |
Brightfolk Limited (Registered number: 11327737) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Accruals and deferred income |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | 1 | 500,000 | 100,000 |
400,000 Ordinary shares of 1 each were allotted as fully paid |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
10. | ULTIMATE CONTROLLING PARTY |
The directors consider Heartland A/S (incorporated in Denmark) as the ultimate parent company. The director Anders Holch Povlsen is considered to be the ultimate controlling party by virtue of his interest in the share capital of this company's ultimate parent company. |
The immediate parent undertaking is Brightfolk A/S (incorporated in Denmark). |
Heartland A/S (incorporated in Denmark) is the smallest group to consolidate these financial statements and copies can be obtained from: |
Heartland A/S |
Store Torv 1, 3. |
8000 Aarhus C |
Denmark |