2 2 Bright Investment (UK) Ltd 07781988 false 2023-10-01 2024-09-30 2024-09-30 The principal activity of the company is commercial property investment. Digita Accounts Production Advanced 6.30.9574.0 true true 07781988 2023-10-01 2024-09-30 07781988 2024-09-30 07781988 core:CurrentFinancialInstruments 2024-09-30 07781988 core:CurrentFinancialInstruments core:WithinOneYear 2024-09-30 07781988 core:Non-currentFinancialInstruments 2024-09-30 07781988 core:Non-currentFinancialInstruments core:AfterOneYear 2024-09-30 07781988 core:MoreThanFiveYears 1 2024-09-30 07781988 bus:SmallEntities 2023-10-01 2024-09-30 07781988 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 07781988 bus:FilletedAccounts 2023-10-01 2024-09-30 07781988 bus:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 07781988 bus:RegisteredOffice 2023-10-01 2024-09-30 07781988 bus:Director2 2023-10-01 2024-09-30 07781988 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 07781988 countries:EnglandWales 2023-10-01 2024-09-30 07781988 2023-09-30 07781988 2022-10-01 2023-09-30 07781988 2023-09-30 07781988 core:CurrentFinancialInstruments 2023-09-30 07781988 core:CurrentFinancialInstruments core:WithinOneYear 2023-09-30 07781988 core:Non-currentFinancialInstruments 2023-09-30 07781988 core:Non-currentFinancialInstruments core:AfterOneYear 2023-09-30 07781988 core:MoreThanFiveYears 1 2023-09-30 xbrli:pure iso4217:GBP

Registration number: 07781988

Bright Investment (UK) Ltd

Annual Report and Unaudited Financial Statements

for the year ended 30 September 2024

 

Bright Investment (UK) Ltd

(Registration number: 07781988)
Statement of Financial Position
30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

581,006

581,006

Current assets

 

Cash at bank and in hand

 

35,000

23,955

Creditors: Amounts falling due within one year

5

(131,846)

(106,814)

Net current liabilities

 

(96,846)

(82,859)

Total assets less current liabilities

 

484,160

498,147

Creditors: Amounts falling due after more than one year

5

(175,087)

(209,305)

Net assets

 

309,073

288,842

Capital and reserves

 

Called up share capital

2

2

Retained earnings

309,071

288,840

Shareholders' funds

 

309,073

288,842

For the financial year 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 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 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.

 

Bright Investment (UK) Ltd

(Registration number: 07781988)
Statement of Financial Position
30 September 2024

Approved and authorised by the Board on 24 June 2025 and signed on its behalf by:
 

.........................................
H Djevdet
Director

 

Bright Investment (UK) Ltd

Notes to the Unaudited Financial Statements
for the year ended 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:
Wiston House
1 Wiston Avenue
Worthing
West Sussex
BN14 7QL
United Kingdom

The principal place of business is:
38 Goring Road
Worthing
West Sussex
BN12 4AD
England

These financial statements were authorised for issue by the Board on 24 June 2025.

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.

Going concern

The financial statements have been prepared on a going concern basis.

 

Bright Investment (UK) Ltd

Notes to the Unaudited Financial Statements
for the year ended 30 September 2024

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover represents amounts receivable for rents derived from letting commercial property. The company is not VAT registered.

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 current tax. Tax is recognised in profit or loss, except that a change 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.

Investment property

Investment property is included at fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The investment property has been measured at fair value which is the open market value of the property. When arising, the fair value adjustment is taken through the profit and loss account.

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 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.

 

Bright Investment (UK) Ltd

Notes to the Unaudited Financial Statements
for the year ended 30 September 2024

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Investment properties

2024
£

At 1 October

581,006

At 30 September

581,006

 

Bright Investment (UK) Ltd

Notes to the Unaudited Financial Statements
for the year ended 30 September 2024

5

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

6

32,126

30,128

Trade creditors

 

25,770

-

Taxation and social security

 

4,745

7,294

Accruals and deferred income

 

9,263

9,450

Other creditors

 

59,942

59,942

 

131,846

106,814

The bank loans and overdrafts are secured by a fixed and floating charge over the company's assets.

 

Bright Investment (UK) Ltd

Notes to the Unaudited Financial Statements
for the year ended 30 September 2024

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

6

175,087

209,305

2024
£

2023
£

Due after more than five years

After more than five years by instalments

51,562

84,375

-

-

6

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

175,087

209,305

Current loans and borrowings

2024
£

2023
£

Bank borrowings

32,126

30,128

Included in the loans and borrowings are the following amounts due after more than five years:

Bank loans and overdrafts after five years

Bank loan outstanding at the year end include instalments due after more than 5 years of £51,562 (2023 £84,375). The bank loan is secured by a fixed and floating charge over the company's assets.