REGISTERED NUMBER: 06758298 (England and Wales)

Bravo Benefits Limited

Financial Statements

for the Year Ended 31 December 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

W M Dochan

L F Wesley

A L Tyler

G M Weatherill

REGISTERED OFFICE:

Office 4

Swan Park Business Centre

Kettlebrook

Tamworth

Staffordshire

B77 1AG

REGISTERED NUMBER:

06758298 (England and Wales)

AUDITORS:

TC Group

Statutory Auditor

Sterling House

97 Lichfield Street

Tamworth

Staffordshire

B79 7QF

FIXED ASSETS

Intangible assets

4

4,161

4,447

Tangible assets

5

302,464

302,325

306,625

306,772

CURRENT ASSETS

Debtors

6

340,286

423,361

Cash at bank

7

6,542,283

7,633,992

6,882,569

8,057,353

CREDITORS

Amounts falling due within one year

8

6,951,019

7,822,160

NET CURRENT (LIABILITIES)/ASSETS

(68,450

)

235,193

TOTAL ASSETS LESS CURRENT LIABILITIES

238,175

541,965

PROVISIONS FOR LIABILITIES

37,560

28,451

NET ASSETS

200,615

513,514

CAPITAL AND RESERVES

Called up share capital

9

1

1

Retained earnings

200,614

513,513

SHAREHOLDERS' FUNDS

200,615

513,514

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 30 September 2025 and were signed on its behalf by:

L F Wesley - Director

1.	STATUTORY INFORMATION

Bravo Benefits 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.

Going concern

The financial statements have been prepared using the going concern basis of accounting.

The directors have prepared forecasts for the next twelve months and as such, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the company continued to adopt the going concern basis in preparing the annual report and financial statements.

Significant judgements and estimates

The company makes estimates and assumptions concerning the future. Management are also required to exercise judgement in the process of applying the company's accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

In preparing these financial statements, the directors have made the following judgements:

- Determine whether leases entered into by the company either as a lessor or a lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis based on an evaluation of the terms and conditions of the arrangements, and accordingly whether the lease requires an asset and liability to be recognised in the statement of financial position.

- A provision is recognised when the company has a present legal or constructive obligation as a result of a past event for which it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. If the effect is material, provisions are determined by discounting the expected future cash flow at a rate that reflects the time value of money and the risks specific to the liability.

- Whether a present obligation is probable or not requires judgement. The nature and type of risks for these provisions differ and management's judgement is applied regarding the nature and extent of obligations in deciding if an outflow of resources is probable or not.

- Sales ledger debt provisions. Management review debts on a case by case basis to highlight deviation from terms and therefore possible provision requirement.

- Expired vouchers. Management review voucher allocation and provision on a case by case basis to highlight expired and inactive vouchers. Provision of expired vouchers, and inactive e-vouchers more than 24 months old are identified, and in line with adopted policy, 90% is triggered for release to revenue in equal instalments over the ensuing 24 month period.

- Depreciation and residual values. Management have reviewed the asset lives and associated residual values of all fixed asset classes and concluded that they are appropriate.

The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projects disposal values.

Turnover

Revenue represents the value of sales, excluding value added tax, and is attributable to the company's principal activity and arises wholly within the United Kingdom. The company charges employers a service charge for administering childcare vouchers and other salary sacrifice schemes, receives introductory commissions for Cycle to Work Schemes and re-sells licences for retail discounts and Employee Assistance Programme portals.

The turnover reflects income generated by the issue and redemption of childcare vouchers, and includes revenue generated by vouchers which have not, or are not expected to be, redeemed.

Revenue relating to employee benefits are recognised when the administration services are provided.

Platform fees are charged for a year in advance, with 75% of the income being recognised at the point of the invoice being raised and the remaining 25% spread on a monthly basis until renewal.

Revenue from provision of services is recognised in the period in which the services are provided to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

20% on cost

Computer equipment

-

33% on cost and 20% on cost

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement.

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

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.

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.

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.

Finance costs

Finance costs of financial liabilities are recognised in the profit and loss account over the term of such instruments at a constant rate on the carrying amount.

Pensions

The company contributes to a number of money purchase pension schemes. The assets of the schemes are held separately from those of the company in an independently administered fund. The pension charge represents the amounts payable by the company to the schemes during the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the balance sheet.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Share-based payment

During the year the ultimate parent company, Bravo Benefits Holdings Limited, operated an equity-settled, share-based compensation plan for the employees of all its subsidiaries.

Where deemed material, the fair value of the employee services received by the Company in exchange for the grant of options is recognised as an expense in the Company's accounts and a credit entry is made in equity. The parent company granting the options recognises a corresponding credit in reserves and an increase in its investment in the subsidiaries.

The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted, excluding the impact of any non-market vesting conditions (for example, profitability and sales growth targets). Non-market vesting conditions are included in assumptions about the number of options that are expected to vest. At each balance sheet date, the entity revises its estimates of the number of options awards that are expected to vest. It recognises the impact of the revision to original estimates, if any, in the profit and loss account, with a corresponding adjustment to equity.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2023 - 24 ) .

4.	INTANGIBLE FIXED ASSETS

Patents

and

licences

£

COST

At 1 January 2024

and 31 December 2024

5,720

AMORTISATION

At 1 January 2024

1,273

Amortisation for year

286

At 31 December 2024

1,559

NET BOOK VALUE

At 31 December 2024

4,161

At 31 December 2023

4,447

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2024

41,096

779,733

820,829

Additions

425

122,692

123,117

At 31 December 2024

41,521

902,425

943,946

DEPRECIATION

At 1 January 2024

35,985

482,519

518,504

Charge for year

4,217

118,761

122,978

At 31 December 2024

40,202

601,280

641,482

NET BOOK VALUE

At 31 December 2024

1,319

301,145

302,464

At 31 December 2023

5,111

297,214

302,325

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

184,784

244,157

Amounts owed by group undertakings

37,030

37,030

Other debtors

118,472

142,174

340,286

423,361

7.	CASH AT BANK

2024

2023

£

£

Bank accounts

6,542,283

7,633,992

At the year end the company held £6,483,015 (2023: £7,463,945) in respect of childcare voucher funds. These amounts are restricted in use.

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

129,759

123,165

Taxation and social security

85,444

256,438

Other creditors

6,735,816

7,442,557

6,951,019

7,822,160

Other creditors include £6,517,668 (2023: £7,300,675) in respect of childcare voucher funds. These amounts are restricted in use.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

98

Ordinary A

£0.01

1

1

2

Ordinary B

£0.01

-

-

1

1

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Stephen Butler BA FCA (Senior Statutory Auditor)

for and on behalf of TC Group

11.	PENSION COMMITMENTS

The group operates a money purchase scheme for the benefit of certain employees. Contributions are charged to the profit and loss account in the year to which they relate. The charge in the year was £80,313 (2023: £83,934)

12.	ULTIMATE CONTROLLING PARTY

Since the completion of a management buy out of Busy Bees Benefits Holdings Limited in June 2021, Bravo Benefits Holdings Limited, a company incorporated in Great Britain, is regarded by the directors as being the company's ultimate parent company.

13.	SHARE-BASED PAYMENT TRANSACTIONS

The share options are exercisable on the sale of the Company. All share options are in respect of Ordinary B Shares and the number of employees holding share options as at 31 December 2024 was 2 (2023: 2).

Weighted

Weighted

average

average

exercise

exercise

price (£

)

Number

price (£

)

Number

2024

2024

2023

2023

Held at the beginning of the year

736

114

736

171

Options issued/disqualifying in year

736

-

736

(57

)

Held at the end of the year

736

114

736

114

The options are granted by the ultimate parent company, Bravo Benefits Holdings Limited, over its own shares as part of a group wide equity settled share based payment incentive scheme.

During the prior year following a disqualifying event, 57 options were withdrawn.

Options have a contractual life of 10 years and are vested subject to the holder remaining in the group's employment. There are no individual performance criteria or market-based performance conditions attached to the grant.