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Registration number: 10013030

Brilliant In Excellence (UK) Limited

Unaudited Filleted Financial Statements

for the Period from 1 January 2024 to 30 September 2024

 

Brilliant In Excellence (UK) Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 8

 

Brilliant In Excellence (UK) Limited

(Registration number: 10013030)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

295,637

460,670

Current assets

 

Debtors

6

841,463

2,891,976

Cash at bank and in hand

 

273,703

572,740

 

1,115,166

3,464,716

Creditors: Amounts falling due within one year

7

(22,974,214)

(19,918,033)

Net current liabilities

 

(21,859,048)

(16,453,317)

Net liabilities

 

(21,563,411)

(15,992,647)

Capital and reserves

 

Called up share capital

1

1

Retained earnings

(21,563,412)

(15,992,648)

Shareholders' deficit

 

(21,563,411)

(15,992,647)

For the financial period ending 30 September 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 period 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the 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 10 June 2025 and signed on its behalf by:
 

.........................................
A K T Hui
Director

 

Brilliant In Excellence (UK) Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2024 to 30 September 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:
Suite I Windrush Court
Abingdon Business Park
Abingdon
Oxfordshire
OX14 1SY
United Kingdom

The principal place of business is:
Unit 1500B
Silverstone Park
Silverstone
Northants
NN12 8FU

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 (£) and rounded to the nearest £.

Going concern

The accounts are prepared on a going concern basis. New sponsorship contracts have been secured and the company’s new owner (as from 30 September 2024), Kiro Race Co. LP, has confirmed its support.

 

Brilliant In Excellence (UK) Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2024 to 30 September 2024

Judgements

In preparing the financial statements, no judgements have been made in the process of applying the company's accounting policies that have had a significant effect on the amounts recognised in the financial statements, uncertainty are addressed below

Key sources of estimation uncertainty

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have the greatest level of uncertainty are addressed below:.

(i) Impairment of debtors
The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

(ii) Sponsorship income recognition
As noted in the revenue recognition policy income from the main sponsorship contract is recognised based on completion of races.

(iii) R&D tax credit due
The company makes a best estimate of R&D tax credit due for qualifying work done in the period. This assessment is reviewed by a tax accountant and included as a debtor due to the previously successful claims. The carrying amount is £Nil (2023 -£2,507,192).

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable net of discounts and value addes taxes.

The income for continuing operations was primarily through equity investment and shareholder loans, with new long term title sponsorship deals being negotiated for future seasons. Any sponsorship income is recognised by race, all other income is recognised on invoicing.

Government grants

Government grants in relation to expenditure are credited when the expenditure is charged to profit and loss.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax payable.

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.

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.

 

Brilliant In Excellence (UK) Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2024 to 30 September 2024

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

Leasehold improvements

Straight line over the useful life

Furniture, fittings & equipment

Straight line over the useful life

IT equipment

Straight line over the useful life

Motor vehicles

Straight line over the useful life

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.

Debtors

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

Trade creditors

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Brilliant In Excellence (UK) Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2024 to 30 September 2024

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 27 (2023 - 28).

4

Loss before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

79,041

189,503

 

Brilliant In Excellence (UK) Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2024 to 30 September 2024

5

Tangible assets

Short leasehold land and buildings
£

IT equipment
 £

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2024

348,526

289,450

565,190

13,449

14,644

1,231,259

Additions

-

4,410

8,001

7,936

-

20,347

Disposals

-

-

(104,881)

(1,458)

-

(106,339)

At 30 September 2024

348,526

293,860

468,310

19,927

14,644

1,145,267

Depreciation

At 1 January 2024

178,887

288,575

281,640

6,843

14,644

770,589

Charge for the period

51,094

1,572

23,909

2,466

-

79,041

At 30 September 2024

229,981

290,147

305,549

9,309

14,644

849,630

Carrying amount

At 30 September 2024

118,545

3,713

162,761

10,618

-

295,637

At 31 December 2023

169,639

875

283,550

6,606

-

460,670

Included within the net book value of land and buildings above is £118,545 (2023 - £169,639) in respect of short leasehold land and buildings.
 

 

Brilliant In Excellence (UK) Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2024 to 30 September 2024

6

Debtors

2024
£

2023
£

Prepayments

20,719

315,908

Other debtors

820,744

2,576,068

841,463

2,891,976

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

6,183,867

2,408,800

Trade creditors

 

4,849,628

5,660,262

Amounts owed to related parties

10

11,396,799

11,396,799

Taxation and social security

 

218,525

92,368

Other creditors

 

325,395

359,804

 

22,974,214

19,918,033

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Other borrowings

6,183,867

2,408,800

Other borrowings

The carrying amount of other borrowings at period end is £6,183,867 (2023 - £2,408,800).

Other borrowings represents short-term cashflow loans. Loans are interest-free.

 

Brilliant In Excellence (UK) Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2024 to 30 September 2024

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

Operating lease commitments
The total amount of financial commitments not included in the balance sheet is £175,334 (2023 - £263,553). Financial commitments relate to non-cancellable operating lease commitments for property and equipment.
 

10

Related party transactions

Summary of transactions with parent

Brilliant in Excellence Co., Limited (parent until 30 September 2024) provided funds to the company during the year. At the balance sheet date the amount due to Brilliant in Excellence Co., Limited was £11,396,799 (2023: £11,396,799). The loan is unsecured, bears no interest and is repayable on demand. The loan was provided in different currencies and is repayable in the original currency.