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REGISTERED NUMBER: 10778325 (England and Wales)















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: Mr R J Gibbs
Mrs K R Prince
Mrs E M Woods





REGISTERED OFFICE: The Old Mill
Mill Lane
Uckfield
East Sussex
TN22 5AA





REGISTERED NUMBER: 10778325 (England and Wales)





AUDITORS: Swindells LLP
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 4 233,261 2,872
Tangible assets 5 187,048 86,465
Investments 6 1 1
420,310 89,338

CURRENT ASSETS
Stocks 2,766,614 2,464,515
Debtors 7 1,915,994 965,700
Cash at bank and in hand 4,304,985 2,974,595
8,987,593 6,404,810
CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR

8

2,039,248

1,338,250
NET CURRENT ASSETS 6,948,345 5,066,560
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,368,655

5,155,898

PROVISIONS FOR LIABILITIES 35,000 15,000
NET ASSETS 7,333,655 5,140,898

CAPITAL AND RESERVES
Called up share capital 10 141 140
Share premium 3,206,708 3,161,979
Retained earnings 4,126,806 1,978,779
SHAREHOLDERS' FUNDS 7,333,655 5,140,898

Made By Brave Limited (Registered number: 10778325)

Balance Sheet - continued
31 December 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 June 2025 and were signed on its behalf by:





Mrs K R Prince - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 56 (2023 - 28 ) .

4. INTANGIBLE FIXED ASSETS
Website
and
Development software
Trademarks costs costs Totals
£    £    £    £   
COST
At 1 January 2024 1,159 - 8,330 9,489
Additions 30,211 114,500 89,714 234,425
At 31 December 2024 31,370 114,500 98,044 243,914
AMORTISATION
At 1 January 2024 647 - 5,970 6,617
Amortisation for year 1,676 - 2,360 4,036
At 31 December 2024 2,323 - 8,330 10,653
NET BOOK VALUE
At 31 December 2024 29,047 114,500 89,714 233,261
At 31 December 2023 512 - 2,360 2,872

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 15,000 12,334 26,276
Additions 20,000 26,035 8,241
At 31 December 2024 35,000 38,369 34,517
DEPRECIATION
At 1 January 2024 3,750 6,529 6,114
Charge for year - 8,042 8,189
At 31 December 2024 3,750 14,571 14,303
NET BOOK VALUE
At 31 December 2024 31,250 23,798 20,214
At 31 December 2023 11,250 5,805 20,162

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2024 25,990 29,923 109,523
Additions 3,680 85,894 143,850
At 31 December 2024 29,670 115,817 253,373
DEPRECIATION
At 1 January 2024 - 6,665 23,058
Charge for year 2,119 24,917 43,267
At 31 December 2024 2,119 31,582 66,325
NET BOOK VALUE
At 31 December 2024 27,551 84,235 187,048
At 31 December 2023 25,990 23,258 86,465

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 1
NET BOOK VALUE
At 31 December 2024 1
At 31 December 2023 1

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 460,328 218,969
Amounts owed by group undertakings 394,869 149,092
Other debtors 1,060,797 597,639
1,915,994 965,700

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 645,016 374,211
Taxation and social security 727,832 696,028
Other creditors 666,400 268,011
2,039,248 1,338,250

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Between one and five years 446,818 140,235

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: £    £   
85,362 Ordinary A £0.00 1 85 85
54,788 Ordinary A1 £0.00 1 55 55
1,491 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.

Melanie Richardson BA (Hons) FCA (Senior Statutory Auditor)
for and on behalf of Swindells LLP

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
£    £   
Mrs K R Prince
Balance outstanding at start of year (24 ) (65,000 )
Amounts advanced 24 64,976
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - (24 )

Mrs E M Woods
Balance outstanding at start of year - -
Amounts advanced 44,730 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 44,730 -

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.