Caseware UK (AP4) 2023.0.135 2023.0.135 2024-12-312024-12-31falsefalse34272024-01-01falsefalse 05908636 2024-01-01 2024-12-31 05908636 2023-01-01 2023-12-31 05908636 2024-12-31 05908636 2023-12-31 05908636 2023-01-01 05908636 1 2024-01-01 2024-12-31 05908636 1 2023-01-01 2023-12-31 05908636 5 2024-01-01 2024-12-31 05908636 5 2023-01-01 2023-12-31 05908636 d:CompanySecretary1 2024-01-01 2024-12-31 05908636 d:Director1 2024-01-01 2024-12-31 05908636 d:Director2 2024-01-01 2024-12-31 05908636 d:Director3 2024-01-01 2024-12-31 05908636 d:Director4 2024-01-01 2024-12-31 05908636 d:RegisteredOffice 2024-01-01 2024-12-31 05908636 e:Buildings e:LongLeaseholdAssets 2024-01-01 2024-12-31 05908636 e:Buildings e:LongLeaseholdAssets 2024-12-31 05908636 e:Buildings e:LongLeaseholdAssets 2023-12-31 05908636 e:Buildings e:ShortLeaseholdAssets 2024-01-01 2024-12-31 05908636 e:PlantMachinery 2024-01-01 2024-12-31 05908636 e:PlantMachinery 2024-12-31 05908636 e:PlantMachinery 2023-12-31 05908636 e:PlantMachinery e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 05908636 e:FurnitureFittings 2024-01-01 2024-12-31 05908636 e:FurnitureFittings 2024-12-31 05908636 e:FurnitureFittings 2023-12-31 05908636 e:FurnitureFittings e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 05908636 e:ComputerEquipment 2024-01-01 2024-12-31 05908636 e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 05908636 e:CurrentFinancialInstruments 2024-12-31 05908636 e:CurrentFinancialInstruments 2023-12-31 05908636 e:CurrentFinancialInstruments e:WithinOneYear 2024-12-31 05908636 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 05908636 e:ReportableOperatingSegment1 2024-01-01 2024-12-31 05908636 e:ReportableOperatingSegment1 2023-01-01 2023-12-31 05908636 f:UnitedKingdom 2024-01-01 2024-12-31 05908636 f:UnitedKingdom 2023-01-01 2023-12-31 05908636 f:RestEuropeOutsideUK 2024-01-01 2024-12-31 05908636 f:RestEuropeOutsideUK 2023-01-01 2023-12-31 05908636 f:RestWorldOutsideUK 2024-01-01 2024-12-31 05908636 f:RestWorldOutsideUK 2023-01-01 2023-12-31 05908636 e:UKTax 2024-01-01 2024-12-31 05908636 e:UKTax 2023-01-01 2023-12-31 05908636 e:ShareCapital 2024-12-31 05908636 e:ShareCapital 2023-12-31 05908636 e:ShareCapital 2023-01-01 05908636 e:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 05908636 e:RetainedEarningsAccumulatedLosses 2024-12-31 05908636 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 05908636 e:RetainedEarningsAccumulatedLosses 2023-12-31 05908636 e:RetainedEarningsAccumulatedLosses 2023-01-01 05908636 d:OrdinaryShareClass1 2024-01-01 2024-12-31 05908636 d:OrdinaryShareClass1 2024-12-31 05908636 d:OrdinaryShareClass1 2023-12-31 05908636 d:FRS102 2024-01-01 2024-12-31 05908636 d:Audited 2024-01-01 2024-12-31 05908636 d:FullAccounts 2024-01-01 2024-12-31 05908636 d:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 05908636 e:WithinOneYear 2024-12-31 05908636 e:WithinOneYear 2023-12-31 05908636 e:BetweenOneFiveYears 2024-12-31 05908636 e:BetweenOneFiveYears 2023-12-31 05908636 g:PoundSterling 2024-01-01 2024-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 05908636










BRIGHTON-BEST INTERNATIONAL, (UK) LIMITED










DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
BRIGHTON-BEST INTERNATIONAL, (UK) LIMITED
 
 
COMPANY INFORMATION


DIRECTORS
Robert Rung-Kun Shieh 
Jun Xu 
Li-Yun Hsieh 
Peggy Pei-Jung Hsieh 




COMPANY SECRETARY
Ling-Hwa Hsieh Wang



REGISTERED NUMBER
05908636



REGISTERED OFFICE
Fastener Complex
D1 Cradley Business Park

Overend Road

Birmingham

B64 7DW




INDEPENDENT AUDITORS
Sumer Auditco Limited
Chartered Accountants & Statutory Auditors

14th Floor

33 Cavendish Square

London

W1G 0PW





 
BRIGHTON-BEST INTERNATIONAL, (UK) LIMITED
 

CONTENTS



Page
Directors' Report
 
1 - 3
Independent Auditors' Report
 
4 - 7
Statement of Comprehensive Income
 
8
Balance Sheet
 
9
Statement of Changes in Equity
 
10
Statement of Cash Flows
 
11
Analysis of Net Debt
 
11
Notes to the Financial Statements
 
12 - 22


 
BRIGHTON-BEST INTERNATIONAL, (UK) LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

PRINCIPAL ACTIVITY

The principal activity of the company during the financial year has been that of the wholesale distribution of fasteners, bolts, nuts, washers, screws and related items. 

KEY PERFORMANCE INDICATORS

Stock levels and turnover, debtor and creditor days are the key performance indicators monitored regularly by the management team.

2024
2023
        £
        £
Stock (£)

10,214,432

10,343,130

Stock turnover days

743

689

Trade debtor days

58

61

Trade creditor days

39

45


Page 1

 
BRIGHTON-BEST INTERNATIONAL, (UK) LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


DIRECTORS

The directors who served during the year were:

Robert Rung-Kun Shieh 
Jun Xu 
Li-Yun Hsieh 
Peggy Pei-Jung Hsieh 

PRINCIPAL RISKS AND UNCERTAINTIES

The key areas of risks are credit and currency and the company continues to monitor and reduce any exposure as follows:

CREDIT RISK
The company has a credit policy in place and the exposure to credit risk is controlled automatically, on an ongoing basis, using the company's proprietary computer system.
Credit evaluations are performed and management authorisation is required on all customers requiring credit over a pre-determined amount. Accounts with overdue debts will be automatically blocked by the system and monitored regularly.

FOREIGN CURRENCY RISK
The company is exposed to foreign currency risk on sales, purchases and borrowings that are denominated in a currency other than Sterling or Euro. Where possible the company tries to invoice and purchase in Sterling or Euro. The company continues to monitor exchange rates closely and holds a Euro and USD bank account in order to minimise open exposure to foreign exchange risk. The company does not speculate on rates.

FUTURE DEVELOPMENTS

Brighton-Best International, (UK) Limited continues to strive towards its long-term goal of profitable sales growth by having the most comprehensive range of quality fastener, the best customer service, and efficient operations strategy.

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 2

 
BRIGHTON-BEST INTERNATIONAL, (UK) LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


AUDITORS

The auditorsSumer Auditco Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 




................................................
Peggy Pei-Jung Hsieh
Director

Date: 16 April 2025

Page 3

 
BRIGHTON-BEST INTERNATIONAL, (UK) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRIGHTON-BEST INTERNATIONAL, (UK) LIMITED
 

OPINION


We have audited the financial statements of Brighton-Best International, (UK) Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


BASIS FOR OPINION


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


CONCLUSIONS RELATING TO GOING CONCERN


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 4

 
BRIGHTON-BEST INTERNATIONAL, (UK) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRIGHTON-BEST INTERNATIONAL, (UK) LIMITED (CONTINUED)


OTHER INFORMATION


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' Report has been prepared in accordance with applicable legal requirements.


MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a strategic report.

RESPONSIBILITIES OF DIRECTORS
 

As explained more fully in the Directors' Responsibilities Statement set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
BRIGHTON-BEST INTERNATIONAL, (UK) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRIGHTON-BEST INTERNATIONAL, (UK) LIMITED (CONTINUED)


AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In order to identify and assess the risks of material misstatements, including fraud and non-compliance with laws and regulations that could be expected to have a material impact on the financial statements, we have considered:

the results of our enquiries of management and those charged with governance of their assessment of the risks of fraud and irregularities;
the nature of the company, including its management structure and control systems (including the opportunity for management to override such controls); and
the industry and environment in which it operates.

We also considered UK tax and pension legislation and laws and regulations relating to employment and the preparation and presentation of the financial statements such as the Companies Act 2006.

Based on this understanding we identified the following matters as being of significance to the entity:

laws and regulations considered to have a direct effect on the financial statements including UK financial reporting standards, Company Law, tax and pension legislation;
the timing of the recognition of commercial income;
compliance with legislation relating to health and safety,GDPR and Country by Country reporting;
management bias in selecting accounting policies and determining estimates;
inappropriate journal entries;
recoverability of debtors; and
the requirement to impair stock and the amount of any such impairment.

We communicated the outcomes of these discussions and enquiries, as well as consideration as to where and how fraud may occur in the entity, to all engagement team members.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised: 

enquiries of management and those charged with governance as to whether the entity complies with such laws and regulations;
enquiries with the same concerning any actual or potential litigation or claims;
discussion with the same regarding any known or suspected instances of non-compliance with laws and regulation and fraud; 
inspection of relevant legal correspondence;
assessment of matters reported to management and the result of the subsequent investigation;
obtaining an understanding of the relevant controls during the period;
Page 6

 
BRIGHTON-BEST INTERNATIONAL, (UK) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRIGHTON-BEST INTERNATIONAL, (UK) LIMITED (CONTINUED)


obtaining an understanding of the policies and controls over the recognition of income and testing their implementation during the period;
review documentation relating to compliance with the regulations relating to Health and Safety and local employment law including certificates seen, insurance policy and health and safety statements;
challenging assumptions made by management in their specific accounting policies and estimates, in particular in relation to depreciation of tangible fixed assets; provision for doubtful debt and carrying value of stock;
identifying and testing journal entries, in particular any journal entries posted with unusual account combinations or crediting revenue or cash;
assessing the recovery of debtors in the period since the balance sheet date and challenging assumptions made by management regarding the recovery of balances which remain outstanding;
challenging key assumptions made by management in their assessment of any impairment to the carrying value of the stock;
reviewing the financial statements for compliance with the relevant disclosure requirements; 
performing analytical procedures to identify any unusual or unexpected relationships or unexpected movements in account balances which may be indicative of fraud;
reviewing the minutes of Board meetings and correspondence with HMRC;
evaluating the underlying business reasons for any unusual transactions; and
considered the implementation of controls during the period.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


USE OF OUR REPORT
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.




Chris Cheung FCCA (Senior Statutory Auditor)
for and on behalf of
Sumer Auditco Limited
Chartered Accountants
Statutory Auditors
14th Floor
33 Cavendish Square
London
W1G 0PW

16 April 2025
Page 7

 
BRIGHTON-BEST INTERNATIONAL, (UK) LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
7,143,381
8,092,594

Cost of sales
  
(5,014,729)
(5,480,531)

Gross profit
  
2,128,652
2,612,063

Distribution costs
  
(423,780)
(458,382)

Administrative expenses
  
(2,125,755)
(1,526,973)

Other operating income
 5 
29,150
5,950

Operating (loss)/profit
 6 
(391,733)
632,658

Interest receivable and similar income
  
2,089
737

Interest payable and similar expenses
 8 
(21,948)
-

(Loss)/profit before tax
  
(411,592)
633,395

Tax on (loss)/profit
 9 
-
(167,701)

(Loss)/profit for the financial year
  
(411,592)
465,694

There was no other comprehensive income for 2024 (2023: £NIL).

The notes on pages 12 to 22 form part of these financial statements.

Page 8

 
BRIGHTON-BEST INTERNATIONAL, (UK) LIMITED
REGISTERED NUMBER: 05908636

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 10 
6,014,129
5,974,803

  
6,014,129
5,974,803

Current assets
  

Stocks
 11 
10,214,432
10,343,130

Debtors: amounts falling due within one year
 12 
1,290,298
1,783,840

Cash at bank and in hand
 13 
482,542
1,160,523

  
11,987,272
13,287,493

Creditors: amounts falling due within one year
 14 
(5,708,760)
(6,558,063)

Net current assets
  
 
 
6,278,512
 
 
6,729,430

Total assets less current liabilities
  
12,292,641
12,704,233

  

Net assets
  
12,292,641
12,704,233


Capital and reserves
  

Called up share capital 
 15 
9,200,000
9,200,000

Profit and loss account
 16 
3,092,641
3,504,233

  
12,292,641
12,704,233


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



................................................
Peggy Pei-Jung Hsieh
................................................
Jun Xu
Director
Director


Date: 16 April 2025

The notes on pages 12 to 22 form part of these financial statements.

Page 9

 
BRIGHTON-BEST INTERNATIONAL, (UK) LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2023
9,200,000
3,038,539
12,238,539


Comprehensive income for the year

Profit for the year
-
465,694
465,694



At 1 January 2024
9,200,000
3,504,233
12,704,233


Comprehensive income for the year

Loss for the year
-
(411,592)
(411,592)


At 31 December 2024
9,200,000
3,092,641
12,292,641


The notes on pages 12 to 22 form part of these financial statements.

Page 10

 
BRIGHTON-BEST INTERNATIONAL, (UK) LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

Cash flows from operating activities

(Loss)/profit for the financial year
(411,592)
465,694

Adjustments for:

Depreciation of tangible assets
168,014
93,131

Gain on disposal of tangible assets
(3,500)
-

Interest paid
21,948
-

Interest received
(2,089)
(737)

Taxation charge
-
167,701

Decrease/(increase) in stocks
128,698
(989,814)

Decrease/(increase) in debtors
539,314
(174,074)

Increase/(decrease) in creditors
18,065
(51,198)

(Decrease)/increase in amounts owed to group undertakings
(862,386)
4,309,196

Corporation tax (paid)
(72,702)
(252,884)

Net cash (used in)/generated from operating activities

(476,230)
3,567,015


Cash flows from investing activities

Purchase of tangible fixed assets
(207,340)
(3,459,503)

Sale of tangible fixed assets
3,500
-

Interest received
2,089
737

Net cash used in investing activities
(201,751)
(3,458,766)


Net (decrease)/increase in cash and cash equivalents
(677,981)
108,249

Cash and cash equivalents at beginning of year
1,160,523
1,052,274

Cash and cash equivalents at the end of year
482,542
1,160,523


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
482,542
1,160,523



ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024




At 1 January 2024
Cash flows
At 31 December 2024
£

£

£

Cash at bank and in hand

1,160,523

(677,981)

482,542


Page 11

 
BRIGHTON-BEST INTERNATIONAL, (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


GENERAL INFORMATION

The company is a private company limited by shares and is incorporated in England. The address of its registered office and principal trading address is Fastener Complex, D1 Cradley Business Park, Overend Road, Birmingham, B64 7DW. 

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Page 12

 
BRIGHTON-BEST INTERNATIONAL, (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)


2.3
TANGIBLE FIXED ASSETS (continued)

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives range as follows:

Long-term leasehold property
-
15
to 50 years
Plant and machinery
-
7
years
Fixtures and fittings
-
5
years
Computer equipment
-
5
years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

OPERATING LEASES: THE COMPANY AS LESSEE

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.5

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. 
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.6

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

Page 13

 
BRIGHTON-BEST INTERNATIONAL, (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.8

FINANCIAL INSTRUMENTS

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

Basic financial liabilities, which include trade and other creditors and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the
Page 14

 
BRIGHTON-BEST INTERNATIONAL, (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)


2.8
FINANCIAL INSTRUMENTS (continued)

effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.9

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 15

 
BRIGHTON-BEST INTERNATIONAL, (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.11

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.12

PENSIONS

Defined contribution pension plan

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.

 
2.13

TAXATION

Tax is recognised in profit or loss except that a charge attributable to an item of income and 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 current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.


3.



JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY AREAS OF ESTIMATION UNCERTAINTY

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Key accounting estimates and assumptions
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimate and assumption that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are:
Stock valuation - Stock is  valued at the lower of cost and estimated selling price less the estimated costs to complete and sell. This requires an estimation of stock impairment based on current market conditions and the historical experience of selling products of a similar nature. A change in market conditions may have a material impact on the estimation of the valuation.

Page 16

 
BRIGHTON-BEST INTERNATIONAL, (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


TURNOVER

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Sale of goods
7,143,381
8,092,594


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
5,459,709
6,258,735

Rest of Europe
1,555,060
1,737,955

Rest of the world
128,612
95,904

7,143,381
8,092,594



5.


OTHER OPERATING INCOME

2024
2023
£
£

Net rents receivable
29,150
5,950



6.


OPERATING PROFIT

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
168,014
93,131

Exchange differences
11,591
(12,639)

Auditor's remuneration
11,500
18,500

Other operating lease rentals
18,239
8,773

Cost of defined contribution scheme
49,282
41,497

During the period, no director received any emoluments (2023 - £nil). 

Page 17

 
BRIGHTON-BEST INTERNATIONAL, (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


EMPLOYEES

Staff costs were as follows:


2024
2023
£
£

Wages and salaries
953,316
906,690

Social security costs
87,426
82,086

Cost of defined contribution scheme
49,282
41,497

1,090,024
1,030,273


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Sales and Administration
30
23



Directors
4
4

34
27


8.


INTEREST PAYABLE AND SIMILAR EXPENSES

2024
2023
£
£


Group interest payable
21,948
-

21,948
-

Page 18

 
BRIGHTON-BEST INTERNATIONAL, (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


TAXATION


2024
2023
£
£

Corporation tax


Current tax on profits for the year
-
167,701


Total current tax
-
167,701

FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is higher than (2023 - higher than) the apportioned standard rate of corporation tax in the UK of 25% (2023 - Effective rate of 23.5%). The differences are explained below:

2024
2023
£
£


(Loss)/profit on ordinary activities before tax
(411,592)
633,395


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - Effective rate of 23.5%)
(102,898)
148,978

Effects of:


Expenses not deductible for tax purposes
192
390

Capital allowances for year in excess of depreciation
(10,798)
18,333

Profit on disposal of fixed assets
(875)
-

Unrelieved tax losses carried forward
114,379
-

Total tax charge for the year
-
167,701

Page 19

 
BRIGHTON-BEST INTERNATIONAL, (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


TANGIBLE FIXED ASSETS





Long-term leasehold property
Plant and machinery
Fixtures and fittings
Total

£
£
£
£



Cost


At 1 January 2024
6,680,401
538,610
42,599
7,261,610


Additions
-
205,547
1,793
207,340


Disposals
-
(78,203)
-
(78,203)



At 31 December 2024

6,680,401
665,954
44,392
7,390,747



Depreciation


At 1 January 2024
720,544
530,582
35,681
1,286,807


Charge for the year on owned assets
140,385
22,992
4,637
168,014


Disposals
-
(78,203)
-
(78,203)



At 31 December 2024

860,929
475,371
40,318
1,376,618



Net book value



At 31 December 2024
5,819,472
190,583
4,074
6,014,129



At 31 December 2023
5,959,857
8,028
6,918
5,974,803


11.


STOCKS

2024
2023
£
£

Finished goods and goods for resale
10,214,432
10,343,130


Stock difference between purchase price or production cost of stocks and their replacement cost is not material. 
An impairment loss of £129,679 (2023 - £16,766) was recognised in cost of sales relating to movement in the stock provision during the period for slow-moving and obsolete stock.

Page 20

 
BRIGHTON-BEST INTERNATIONAL, (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

12.


DEBTORS

2024
2023
£
£


Trade debtors
1,129,462
1,351,310

Other debtors
45,772
359,754

Prepayments and accrued income
115,064
72,776

1,290,298
1,783,840



13.


CASH AND CASH EQUIVALENTS

2024
2023
£
£

Cash at bank and in hand
482,542
1,160,523



14.


CREDITORS: AMOUNT FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Trade creditors
143,063
153,819

Amounts owed to group undertakings
5,436,139
6,276,577

Corporation tax
-
26,930

Other taxation and social security
70,073
26,682

Other creditors
11,569
11,568

Accruals and deferred income
47,916
62,487

5,708,760
6,558,063



15.


SHARE CAPITAL

2024
2023
£
£
Allotted, called up and fully paid



9,200,000 (2023 - 9,200,000) Ordinary shares of £1.00 each
9,200,000
9,200,000

There is a single class of ordinary shares. There are no restrictions on dividends and the repayment of capital.


Page 21

 
BRIGHTON-BEST INTERNATIONAL, (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

16.


RESERVES

Profit and loss account

There is no non-distributable element in Profit and Loss Account.
The Profit and Loss Account comprises accumulated profit and losses incurred by the company since incorporation.


17.


CONTINGENT LIABILITIES

The company has provided a guarantee in favour of HM Revenue & Customs under a VAT Deferment Scheme. The guarantee is limited to £45,000 (2023: £45,000). 


18.


PENSION COMMITMENTS

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of 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 £49,282 (2023: £41,497). Contributions totalling £2,829 (2023: £2,063) were payable to the fund at the balance sheet date and are included in creditors.


19.


COMMITMENTS UNDER OPERATING LEASES

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
13,631
-

Later than 1 year and not later than 5 years
6,332
-

19,963
-


20.


CONTROLLING PARTY

The immediate parent company is Brighton-Best International Taiwan Inc., a company registered in Taiwan, which is 42.7% owned by Ta Chen Stainless Pipe Company Limited, a company registered in Taiwan and listed on the Taiwan Stock Exchange. The group financial statements of the company are available for public inspection at their registered office at No 125, Hsin-Tien 2nd Street, Taiwan, R.O.C.

 
Page 22