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Registration number: 02281648

Brightsplit Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

 

Brightsplit Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

Brightsplit Limited

Company Information

Directors

R Steinhouse

J Jackson-Shilling

Company secretary

S Whybrow

Registered office

Leavesden Park
Suite 1
5 Hercules Way
Watford
Hertfordshire
WD25 7GS

Accountants

Landmark Accountants Limited
Leavesden Park
5 Hercules Way
Watford
Hertfordshire
WD25 7GS

 

Brightsplit Limited

(Registration number: 02281648)
Balance Sheet as at 31 October 2024

Note

2024

2023

   

£

£

£

£

Fixed assets

   

 

Tangible assets

4

 

4,177

 

7,227

Current assets

   

 

Stocks

5

435,281

 

436,610

 

Debtors

6

12,813,294

 

11,248,368

 

Cash at bank and in hand

 

9,750

 

53,920

 

 

13,258,325

 

11,738,898

 

Creditors: Amounts falling due within one year

7

(11,686,071)

 

(10,165,313)

 

Net current assets

   

1,572,254

 

1,573,585

Total assets less current liabilities

   

1,576,431

 

1,580,812

Provisions for liabilities

 

(1,044)

 

(1,807)

Net assets

   

1,575,387

 

1,579,005

Capital and reserves

   

 

Called up share capital

100

 

100

 

Profit and loss account

1,575,287

 

1,578,905

 

Total equity

   

1,575,387

 

1,579,005

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 21 May 2025 and signed on its behalf by:
 

.........................................
R Steinhouse
Director

 

Brightsplit Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Leavesden Park
Suite 1
5 Hercules Way
Watford
Hertfordshire
WD25 7GS
United Kingdom

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for ground rent, lease extensions, fees, insurance premiums and freehold sales. Ground rent is recognised in the period to which it relates. Insurance premium income is recognised at the point of renewal inception. Fees are recognised when the service is performed. Freehold sales and lease extensions are recognised when the transaction is completed. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises tax together with the value of tax losses surrendered or relieved as appropriate, charged on a £1 for £1 basis. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Brightsplit Limited

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent 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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 receivables.

Stocks

Stocks of ground rents are acquired and held with the intention of resale and are valued at the lower of cost and net realisable value. Professional fees and taxes associated with the purchase of stock, are expensed at the time of purchase.

Net realisable value is based on estimated selling price less further costs to completion and disposal.

At each reporting date, stocks are assessed for impairment. If stocks are 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.

 

Brightsplit Limited

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments.
 Recognition and measurement
Basic financial instruments are recognised at amortised cost.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2023 - 8).

 

Brightsplit Limited

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

4

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 November 2023

13,114

13,114

Additions

267

267

At 31 October 2024

13,381

13,381

Depreciation

At 1 November 2023

5,887

5,887

Charge for the year

3,317

3,317

At 31 October 2024

9,204

9,204

Carrying amount

At 31 October 2024

4,177

4,177

At 31 October 2023

7,227

7,227

5

Stocks

2024
£

2023
£

Freehold property stock

435,281

436,610

6

Debtors

Note

2024
£

2023
£

Trade debtors

 

44,641

60,687

Amounts owed by group undertakings

8

12,615,323

11,025,113

Other debtors

 

153,044

162,357

Prepayments

 

269

195

Income tax asset

17

16

 

12,813,294

11,248,368

 

Brightsplit Limited

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

7

Creditors

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

168,120

177,510

Amounts owed to group undertakings

8

10,310,898

8,813,177

Other creditors

 

1,207,053

1,174,626

 

11,686,071

10,165,313

8

Related party transactions

The company has taken advantage of the exemption under FRS 102 Section 1AC.35 from disclosing transactions with other group companies wholly owned within the group.