Registration number:
Brilliant In Excellence (UK) Limited
for the Period from 1 January 2024 to 30 September 2024
Brilliant In Excellence (UK) Limited
Contents
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Brilliant In Excellence (UK) Limited
(Registration number: 10013030)
Balance Sheet as at 30 September 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
1 |
1 |
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Retained earnings |
(21,563,412) |
(15,992,648) |
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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:
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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
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Brilliant In Excellence (UK) Limited
Notes to the Unaudited Financial Statements for the Period from 1 January 2024 to 30 September 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
The principal place of business is:
Unit 1500B
Silverstone Park
Silverstone
Northants
NN12 8FU
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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
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:
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Asset class |
Depreciation method and rate |
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Leasehold improvements |
Straight line over the useful life |
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Furniture, fittings & equipment |
Straight line over the useful life |
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IT equipment |
Straight line over the useful life |
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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.
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Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
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Loss before tax |
Arrived at after charging/(crediting)
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2024 |
2023 |
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Depreciation expense |
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Brilliant In Excellence (UK) Limited
Notes to the Unaudited Financial Statements for the Period from 1 January 2024 to 30 September 2024
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Tangible assets |
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Short leasehold land and buildings |
IT equipment |
Plant and machinery |
Office equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 January 2024 |
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Additions |
- |
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- |
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Disposals |
- |
- |
( |
( |
- |
( |
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At 30 September 2024 |
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Depreciation |
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At 1 January 2024 |
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Charge for the period |
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- |
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At 30 September 2024 |
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Carrying amount |
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At 30 September 2024 |
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- |
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At 31 December 2023 |
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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
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Debtors |
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2024 |
2023 |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
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Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts owed to related parties |
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Taxation and social security |
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Other creditors |
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Loans and borrowings |
Current loans and borrowings
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2024 |
2023 |
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Other borrowings |
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Other borrowings
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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
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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 £
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Related party transactions |
Summary of transactions with parent