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Registered number: 13188235
















REVEAL BRAINSPACE LIMITED




ANNUAL REPORT AND FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 28 FEBRUARY 2024

































REVEAL BRAINSPACE LIMITED
REGISTERED NUMBER:13188235

STATEMENT OF FINANCIAL POSITION
AS AT 28 FEBRUARY 2024

2024
2023
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
1,043,608
112,664

Cash at bank and in hand
 5 
77,939
15,796

  
1,121,547
128,460

Creditors: amounts falling due within one year
 6 
(2,551,961)
(1,289,610)

Net current liabilities
  
(1,430,414)
(1,161,150)

Total assets less current liabilities
  
(1,430,414)
(1,161,150)

  

Net liabilities
  
(1,430,414)
(1,161,150)


Capital and reserves
  

Called up share capital 
 7 
100
100

Profit and loss account
  
(1,430,514)
(1,161,250)

  
(1,430,414)
(1,161,150)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

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





C W Lyne
Director

Date: 18 July 2025

The notes on pages 2 to 5 form part of these financial statements.

Page 1


REVEAL BRAINSPACE LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024

1.


GENERAL INFORMATION

Reveal Brainspace Limited is a private company, limited by shares, registered in England and Wales. Its registered number is 13188235 and its registered office is 1-3 College Yard, Worcester, WR1 2LB.
Reveal Brainspace Limited was incorporated on the 9th February 2021 and began trading on the same day.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

GOING CONCERN

The Directors have prepared budgets for a period of at least 12 months following the date of approval of the financial statements. Despite the forecasts showing an expected net loss, written confirmation has been obtained from Reveal Data Corporation, a group company, that they will provide ongoing
financial support to the Company. 

The Directors consider Reveal Data Corporation to have sufficient working capital facilities in order to provide the necessary support, either with its own cash deposits or through access to finance from its primary investor company, K1 Investment Management, LLC, on which the Company is reliant on for the foreseeable future.

In addition, the Company has net liabilities as at 29 February 2024 of £1,430,414. At the year end the company has net amounts due to group undertakings of £1,462,095, Reveal Data Corporation will not demand repayment of the outstanding intercompany balance if to do so would jeopardise the Company's ability to operate. 
As a result, the Directors are of the opinion that the Company will continue in operational existence for the foreseeable future. On this basis the financial statements have been prepared on a going concern basis. 

The financial statements do not reflect the adjustments that would be necessary should the ability of the company to trade be jeopardised due to a material issue with the availability of its work force, the level of demand for its services, its ability to supply services to its customers or the support noted above being withdrawn.

Page 2


REVEAL BRAINSPACE LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.3

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.

 
2.4

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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.5

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 reporting date in the countries where the Company operates and generates income.


 
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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 3


REVEAL BRAINSPACE LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.8

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.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the period was 7 (2023: 4).


4.


DEBTORS

2024
2023
£
£


Trade debtors
1,790
15,886

Amounts owed by group undertakings
976,529
88,402

Other debtors
36,007
3,165

Prepayments and accrued income
29,282
5,211

1,043,608
112,664



5.


CASH AND CASH EQUIVALENTS

2024
2023
£
£

Cash at bank and in hand
77,939
15,796

77,939
15,796



6.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Trade creditors
656
4,707

Amounts owed to group undertakings
2,438,624
1,245,021

Other taxation and social security
28,309
26,175

Other creditors
305
154

Accruals and deferred income
84,067
13,553

2,551,961
1,289,610


Page 4


REVEAL BRAINSPACE LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024

7.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



1,000 (2023: 1,000) Ordinary shares of £0.10 each
100
100



8.


PENSION COMMITMENTS

The Company pays contributions to defined contributions pension schemes for its employees. The pension cost charge represents contributions payable by the company to the pension funds and amounted to £8,364. Contributions totalling £154 were payable to these funds at the Statement of Financial Position date and are included in creditors.


9.


RELATED PARTY TRANSACTIONS

The Company has taken advantage of the exemption, under the terms of Financial Reporting Standard 102 not to disclose related party transactions with the wholly owned subsidiary within the Group.


10.


CONTROLLING PARTY

The parent company is Reveal Data Corporation at 145 South Wells St., Suite 600, Chicago, IL, United States of America. The ultimate controlling party is K1 Investment Management, LLC, which is also based in the United States of America.


11.


AUDITORS' INFORMATION

The auditors' report on the financial statements for the Year ended 28 February 2024 was unqualified.

The audit report was signed on 18 July 2025 by David Butler FCA (Senior Statutory Auditor) on behalf of Bishop Fleming LLP.

 
Page 5