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REGISTERED NUMBER: 11327737 (England and Wales)















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: A H Povlsen
L Kaae
A S Povlsen





REGISTERED OFFICE: Unit A
10 Fashion Street
London
E1 6PX





REGISTERED NUMBER: 11327737 (England and Wales)





AUDITORS: Krogh & Partners Limited, (Statutory Auditor)
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 3,075,371 3,143,143
Investments 5 37,737,140 -
40,812,511 3,143,143

CURRENT ASSETS
Debtors 6 51,207 30,725
Cash at bank 41,501 42,174
92,708 72,899
CREDITORS
Amounts falling due within one year 7 45,847 38,610
NET CURRENT ASSETS 46,861 34,289
TOTAL ASSETS LESS CURRENT
LIABILITIES

40,859,372

3,177,432

CAPITAL AND RESERVES
Called up share capital 8 500,000 100,000
Share premium 40,559,440 17,937,305
Retained earnings (200,068 ) (14,859,873 )
SHAREHOLDERS' FUNDS 40,859,372 3,177,432

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 April 2025 and were signed on its behalf by:





L Kaae - Director


Brightfolk Limited (Registered number: 11327737)

Notes to the Financial Statements
for the Year Ended 31 July 2024

1. STATUTORY INFORMATION

Brightfolk Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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:

Buildings10 - 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 3,244,801
DEPRECIATION
At 1 August 2023 101,658
Charge for year 67,772
At 31 July 2024 169,430
NET BOOK VALUE
At 31 July 2024 3,075,371
At 31 July 2023 3,143,143

5. FIXED ASSET INVESTMENTS
Shares in Interest
group in
undertakings associate Totals
£    £    £   
COST
At 1 August 2023 - 14,706,389 14,706,389
Additions 20,685,144 2,345,607 23,030,751
At 31 July 2024 20,685,144 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 20,685,144 17,051,996 37,737,140
At 31 July 2023 - - -

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by group undertakings - 23,047
Corporation tax 6,938 5,010
Deferred tax asset 42,000 -
Prepayments 2,269 2,668
51,207 30,725

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 25 -
Amounts owed to group undertakings 4,036 -
Accruals and deferred income 41,786 38,610
45,847 38,610

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
500,000 Ordinary 1 500,000 100,000

400,000 Ordinary shares of 1 each were allotted as fully paid at a premium of 56.56 per share during the year.

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

John Lindegaard (Senior Statutory Auditor)
for and on behalf of Krogh & Partners Limited, (Statutory Auditor)

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