| REGISTERED NUMBER: |
| Made By Brave Limited |
| Financial Statements for the Year Ended 31 December 2024 |
| REGISTERED NUMBER: |
| Made By Brave Limited |
| Financial Statements for the Year Ended 31 December 2024 |
| Made By Brave Limited (Registered number: 10778325) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Made By Brave Limited |
| Company Information |
| for the Year Ended 31 December 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants |
| and Statutory Auditor |
| Atlantic House |
| 8 Bell Lane |
| Bellbrook Industrial Estate |
| Uckfield |
| East Sussex |
| TN22 1QL |
| Made By Brave Limited (Registered number: 10778325) |
| Balance Sheet |
| 31 December 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| Investments | 6 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 7 |
| Cash at bank and in hand |
| CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
8 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 10 |
| Share premium |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| Made By Brave Limited (Registered number: 10778325) |
| Balance Sheet - continued |
| 31 December 2024 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Made By Brave Limited (Registered number: 10778325) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2024 |
| 1. | STATUTORY INFORMATION |
| Made By Brave Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Preparation of consolidated financial statements |
| The financial statements contain information about Made By Brave Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Income from website sales to the consumer is recognised when the order is fulfilled from the warehouse. Orders made but not shipped at the period end are included in the financial statements as deferred income. |
| Income generated by Amazon sales is recognised when the order is fulfilled by Amazon. |
| Made By Brave Limited (Registered number: 10778325) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are |
| measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Trademarks are being amortised evenly over their estimated useful life of ten years. |
| Software costs, which relate to a new ERP system that went online after the balance sheet date, will be amortised over its estimated useful life of five years. |
| Website cost is being amortised evenly over its estimated useful life of five years. |
| Clinical and consumer trial costs |
| This policy applies to all research and development (R&D) expenditures incurred by Made by Brave Ltd in relation to: |
| - | Clinical trials conducted to support the development of new products or to demonstrate the efficacy of existing products; and |
| - | Consumer trials carried out for marketing or promotional purposes |
| Clinical trials costs |
| Clinical trial costs will be capitalised as intangible assets and amortised on a straight-line basis over a 10-year period - reflecting the expected period of economic benefit derived from the trials - when they meet the following criteria: |
| 1. | The expenditure related directly to the development of a new product or the demonstration of efficacy of an existing product, where such proof aids commercial viability. |
| 2. | The trials have successfully demonstrated the efficacy of the product. |
| 3. | The company has the intention and ability to use the results of the trials to support ongoing commercialisation. |
| 4. | The company can reliably measure the expenditure attributable to the trials. |
| Where clinical trials do not successfully demonstrate the efficacy of a product, the costs will be expensed in the period incurred. |
| Amortisation begins when the asset is available for use, and the amortisation period is reviewed annually. If indicators of impairment exist, the carrying amount is assessed and adjusted accordingly. |
| Consumer trial costs |
| Expenditure incurred on consumer trials is expensed in the period in which it is incurred. |
| Made By Brave Limited (Registered number: 10778325) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
| Plant and machinery | - | 20% on cost |
| Fixtures and fittings | - | 20% on cost |
| Computer equipment | - | 20% on cost |
| Motor vehicles | - | straight line over 7 years |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Made By Brave Limited (Registered number: 10778325) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Website |
| and |
| Development | software |
| Trademarks | costs | costs | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 January 2024 |
| Additions |
| At 31 December 2024 |
| AMORTISATION |
| At 1 January 2024 |
| Amortisation for year |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| Made By Brave Limited (Registered number: 10778325) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 5. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Short | Plant and | and |
| leasehold | machinery | fittings |
| £ | £ | £ |
| COST |
| At 1 January 2024 |
| Additions |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2024 |
| Additions |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| Made By Brave Limited (Registered number: 10778325) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 6. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 January 2024 |
| and 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 9. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2024 | 2023 |
| £ | £ |
| Between one and five years |
| Made By Brave Limited (Registered number: 10778325) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 10. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary A | £0.00 | 1 | 85 | 85 |
| Ordinary A1 | £0.00 | 1 | 55 | 55 |
| Ordinary B | £0.00 | 1 | 1 | - |
| 141 | 140 |
| On 24 January 2024, the company issued and allotted 1,491 Ordinary B shares of £0.001 each at a premium of £29.999 per share. |
| On 13 March 2024, the company issued share options to 5 employees over 2,397 Ordinary B shares of £0.001 each. On 8 October 2024, the company issued share options to 5 more employees over 2,783 Ordinary B shares of £0.001 each. |
| Since the year end, the company issued share options to 6 employees over a total of 4,699 Ordinary B shares of £0.001 each. In addition, options over 2,722 Ordinary B shares of £0.001 each have been cancelled as a result of 4 employees ceasing employment with the company. |
| Ordinary A shares and Ordinary A1 shares rank equally for dividends and have equal voting rights. Ordinary B shares have no voting or dividend rights. All shares have rights to capital, but in the event that a capital return is less than £18,950,000 holders of the Ordinary A1 shares will receive the issue price for their shares. The remaining balance will be paid evenly to Ordinary A and Ordinary B shareholders. |
| In the event that the capital amount exceeds £18,950,000, proceeds will be paid out to the shareholders in their relevant proportions as if the shares are one class. |
| 11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| Made By Brave Limited (Registered number: 10778325) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to directors subsisted during the years ended 31 December 2024 and 31 December 2023: |
| 2024 | 2023 |
| £ | £ |
| Balance outstanding at start of year | ( |
) | ( |
) |
| Amounts advanced |
| Amounts repaid |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | ( |
) |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| This loan attracts interest at HMRC's official rate of interest. Accrued and unpaid interest will be compounded in arrears on 31 March each year and such compounded interest is added to the principal amount of the loan. This loan is unsecured and is for a maximum period of 10 years from 24 January 2024. |
| 13. | RELATED PARTY DISCLOSURES |
| During the year, the company made sales to Made By Brave (Ireland) Limited, a company under common control of £304,538 (2023 - £325,218). The company also made purchases from Made By Brave (Ireland) Limited of £6,225 (2023 - £nil) and made purchases on its behalf amounting to £12,500 (2023 - £nil). |
| Also during the year, the company charged Made By Brave (Ireland) management charges of £92,436 (2023 - £45,368). |
| At the year end the company was owed £394,869 (2023 - £189,744) by Made by Brave (Ireland). This balance is unsecured, interest free and repayable on demand. |
| 14. | POST BALANCE SHEET EVENTS |
| On 6 March 2025, the company completed the purchase of a freehold property for a cash consideration of £760,830. |
| Made By Brave Limited (Registered number: 10778325) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 15. | ULTIMATE CONTROLLING PARTY |
| The controlling party is Mrs K R Prince. |