Brag London Limited

	Page
Strategic Report	1
Directors' Report	2—5
Independent Auditor's Report	6—10
Income Statement	11
Statement of Financial Position	12—13
Statement of Changes in Equity	14
Statement of Cash Flows	15
Notes to the Statement of Cash Flows	16
Notes to the Financial Statements	17—28

The directors present their strategic report for the year ended 31 January 2025.

Review of the Business

The accounts reflect the performance of the company for the year ended 31st January 2025.

The current year's turnover was a 12.6% increase on last year, from £12,623,190 to £14,212,657. The turnover for the first seven months was healthy, being 74% of the year's sales, but reduced significantly for the final months when direct costs had increased, which resulted in the gross profit margin reducing from 21.5% to 18.18%, providing an overall gross profit for the year of £2,584,153 (2024: £2,716,387).

Overhead costs increased on prior years which, when combined with the reduction in gross profit, led to a loss before tax of £88,992.

The directors agreed not to declare a dividend.

The company continues to rely heavily on ASOS. However, the proportion of sales to ASOS fell from a high of 92% to 88% as sales to other customers grew.

Principal Risks and Uncertainties

Future financial reporting and legislative developments which may be of relevance to the Company are detailed below. This information is provided as a summary only. Where the Company requires further information it should obtain appropriate advice and assistance accordingly.

Disclosure of Risks

Brexit

The Company needs to continue to assess the nature and extent of risks and uncertainties arising from Brexit. All appropriate disclosures should be given as part of the reporting requirements within the Strategic Report/Directors' Report.

Events since the end of the Year

Information relating to events since the end of the year is given in the notes to the financial statements.

On behalf of the board

Ms Julia Collins

Director

21 August 2025

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Brag London Limited

Company No. 04943907

Directors' Report For The Year Ended 31 January 2025

Directors' Report

The directors present their report and the financial statements for the year ended 31 January 2025.

Principal Activity

The company's principal activity in the year under review was that of the design, manufacture and sale of ladies garments.

Dividends

No final dividends were paid during the year ended 31 January 2025.

Political Donations and Expenditure

Political donations amounted to nil.

Political expenditure amounted to nil.

Financial Instruments

The financial statements have been prepared in accordance with Financial Reporting Standards 102 ("FRS102").

The Financial Reporting Standards applicable in the United Kingdom and Republic of Ireland and the Statutory Requirements of the Companies Act 2006.

These financial statements which have been prepared under the historical cost convention, require from Management the exercise of judgement to make estimates and assumptions that influence the application of accounting principles and the related amounts of assets and liabilities, income and expenses. The estimates and underlying assumptions are based on historical experience and various other factors that are deemed to be reasonable based on knowledge available at that time. Actual results may deviate from such estimates.

The estimates and underlying assumptions are revised on a continuous basis. Revisions in accounting estimates are recognised in the period during which the estimate is revised, if the estimate affects only that period, or in the period of the revision and future periods, if the revision affects the present as well as future periods.

Directors

The directors who held office during the year were as follows:

Ms Julia Collins

Mr Gavriel Chrysanthou

Post Balance Sheet Events

The ongoing Russia/Ukraine conflict: This ongoing conflict has resulted in going concern continues to be reviewed. Neither BRAG London Limited nor the owners are on the sanctions list at the time of this report.

The Israel/Gaza War has had an impact on a key international shipping route, increasing transport costs on some shipments. To date this has not had a major impact on the business.

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Brag London Limited

Directors' Report (continued)

For The Year Ended 31 January 2025

Employee Engagement Statement

It is the policy of the Company to encourage and develop all members of staff to realise their maximum potential. Wherever possible, vacancies are filled from within the Company and adequate opportunities for internal promotion are created. The Board is committed to a systematic training policy and has a comprehensive training and development programme creating the opportunity for employees to maintain and improve their performance and to develop their potential to a maximum level of attainment. In this way, staff will make their best possible contribution to the organisation's success. The Company supports the principle of equal opportunities in employment and opposes all forms of unlawful or unfair discrimination on the grounds of race, age, nationality, religion, ethnic or national origin, sexual orientation, gender or gender reassignment, marital status, or disability. It is also the policy of the Company, where possible, to consider disabled persons in their application for employment with the Company and to protect the interests of existing members of the staff who are disabled.

Statement of Engagement with Suppliers, Customers and Others in a Business Relationship with the Company

The company's current policy concerning the payment of trade creditors is to:

-settle the terms of payments with the suppliers when agreeing the terms of each transaction;

-ensure that suppliers are made aware of the payments by inclusion of the relevant terms in contracts; and

-pay in accordance with company's contractual and other legal obligations.

Streamlined Energy and Carbon Reporting

The Board of Directors recognises that the effects of climate change, particularly extreme heat and flooding, are likely to threaten several countries in the world and may have a significant impact on business operating in those countries.

Our key suppliers, of both material and manufacturing services are based in the three continents of Asia, Africa and Europe. As a business we regularly review the services offered by our suppliers, this includes consideration of the certainty of future supply, and thus supplier business location. We recognize that climate change considerations will become increasingly important over the coming years when procuring both our material supplies and manufacturing services.

We also recognise that the fashion industry is a significant producer of global greenhouse gases and that increasing the use of recycled fabrics and reducing water usage are key mitigations. This year Brag successfully obtained "Global Recycled Standard ("GRS") Certification.

Regarding the environment, the company seeks to maintain a high proportion of its records electronically and of the paper it does use, over 90% of its paper consumption is recycled using recycling bags.

The company aims for continuous improvement in our approach to alleviating climate change, improving our environmental performance and comply with all the relevant rules and regulations.

Financial Risk Management Objectives and Policies

a) Covid -19 (coronavirus) - The management of BRAG London Limited continue to review the situation and utilise its resources to keep the business moving forward.

b) Brexit, the cost of living crisis and the Israel/Gaza War. The Company continues to assess the nature and extent of risks and uncertainties arising from these events.

Principal Risks and Uncertainties

...CONTINUED

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Brag London Limited

Directors' Report (continued)

For The Year Ended 31 January 2025

Financial Risk Management Objectives and Policies - continued

The Company is required to manage a broad array of risks including, but not limited to, technology risk, operational risk, and liquidity risk. The process of risk identification and management is addressed through a framework of policies, procedures and internal controls. All policies are subject to Directors' approval and ongoing review by management. Compliance with regulation, legal and ethical standards is a high priority for the Company, and the Directors have put in place an appropriate governance structure to monitor this. The Company manages its liquidity through detailed cash flow forecasts; these include foreseeable revenue projections, normally recurring operational costs and known capital expenditure requirements.

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the directors are required to:

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement of Disclosure of Information to Auditors

In the case of each director in office at the date the Directors' Report is approved:

so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.

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Brag London Limited

Directors' Report (continued)

For The Year Ended 31 January 2025

Independent Auditors

The auditors, M GEORGHIADES & ASSOCIATES LIMITED, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.

On behalf of the board

Ms Julia Collins Director	Mr Gavriel Chrysanthou Director
21 August 2025

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Independent Auditor's Report

to the Members of

Brag London Limited

Independent Auditor's Report

Opinion

We have audited the financial statements of Brag London Limited for the year ended 31 January 2025 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 31 January 2025 and of its profit/(loss) for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions Relating to Going Concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the entity's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

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Independent Auditor's Report (continued)

to the Members of

Brag London Limited

Emphasis of Matter

We draw your attention to the following notes to the financial statements:

1. Stocks and Work in Progress (W.I.P.)

The company has correctly stated and valued its stock at the lower of cost and or net realisable value, after making due allowance for obsolete and slow moving items at the year end. We attended the stock count at the company’s warehouse at the year end. Due to location and other related health and safety issues including travelling restrictions, we didn’t attend the physical stock counts at the year-end of any of the other overseas factories. As an alternative standard audit procedure, we obtained direct confirmation of the quantity of itemised lines of stock held at the year-end at each factory. These confirmed quantities which were subsequently confirmed and verified in both quantities and values with the stock master records held on the system at the warehouse in the UK. We have carried out our audit tests accordingly to verify existence, validity, accuracy and correct valuation of stock and work in progress held at the year end.

2. The entity has assessed the impact of the ongoing conflicts:

Russia – Ukraine Conflict. Neither BRAG London Limited nor the owners have any direct or indirect sanctions impact from these.

Israel – Gaza Conflict. Even though this ongoing conflict has had an impact on some of the distribution and transport costs incurred by the company, these did not impact on the company’s ability to continue trading as a going concern. The owners/directors will continue to review the situation to mitigate any risk for the business.

3. Covid-19 (Coronavirus)

The management of Brag London Limited continue to review the situation and utilise its resources to keep the business moving forward. This assessment will not impact on the company’s ability to continue as a going concern.

4. Brexit

The management of Brag London Limited continue to review and assess the cost-of-living crisis as well as continue assessing the nature and extent of risks and uncertainties arising from these events. These assessments will not impact the company’s ability to continue as a going concern.

Other Information

The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on Other Matters Prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

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Independent Auditor's Report (continued)

to the Members of

Brag London Limited

Matters on Which We Are Required to Report by Exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records or returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

Responsibilities of Directors

As explained more fully in the Directors' Responsibilities Statement set out on page 3-5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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Independent Auditor's Report (continued)

to the Members of

Brag London Limited

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Raise queries with the board of directors to ensure that any irregularities are satisfactorily cleared.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditors responsibilities. This description forms part of our Report of the Auditors. We obtained an understanding of the company and the sector in which it operates to identify laws and regulations that we could.

We also identified the risks of material misstatements of the financial statements due to fraud. We considered, in addition to the non-rebuttable presumption of a risk of fraud arising from management override of controls, that potential for management bias, none of these were identified during our audit work. We have addressed this by examining and reviewing post year end sales and post year end cash book transactions and discussions made with the management.

For the statutory audit of the financial statements of Brag London Limited, trading as Loaded, we addressed the risk of fraud arising from management override of controls by performing audit procedures which included, but were not limited to: the testing of journals; reviewing accounting estimates for evidence of bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulations. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

Extent to which the audit was considered capable of detecting irregularities, including fraud. We identify and assess the risks of material misstatement of the financial statements, whether due lo fraud or error, and then desih'll and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Identifying and assessing potential risks related to irregularities In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, we considered the following:

- the nature of the industry and sector, control environment and business performance including the design of the company's remuneration policies, key drivers for directors' remuneration, bonus levels and perfonnance targets;

- results of our enquiries of management about their own identification and assessment of the risks of irregularities any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to:

- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;

- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and

- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

- the matters discussed among the audit engagement team and involving relevant internal specialists, including tax, financial instruments, pensions and IT specialists, regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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Independent Auditor's Report (continued)

to the Members of

Brag London Limited

Use Of Our Report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters that we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Marios Georghiades FCCA, FMAAT (Senior Statutory Auditor)

for and on behalf of M GEORGHIADES & ASSOCIATES LIMITED , Statutory Auditor

21 August 2025

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Brag London Limited

Income Statement

For The Year Ended 31 January 2025

Income Statement

		2025	2024
	Notes	£	£
TURNOVER	3	14,212,657	12,623,190
Cost of sales		(11,628,504 )	(9,906,803 )

GROSS PROFIT		2,584,153	2,716,387

Administrative expenses		(2,705,175 )	(2,179,697 )

OPERATING (LOSS)/PROFIT	4	(121,022 )	536,690
Loss on disposal of fixed assets		(28,714 )	-
Other interest receivable and similar income	9	62,401	40,200
Interest payable and similar charges	10	(1,657 )	(310 )

(LOSS)/PROFIT BEFORE TAXATION		(88,992 )	576,580
Tax on (Loss)/profit	11	28,236	(108,656 )

(LOSS)/PROFIT AFTER TAXATION BEING (LOSS)/PROFIT FOR THE FINANCIAL YEAR		(60,756 )	467,924

The notes on pages 16 to 28 form part of these financial statements.

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Brag London Limited

Statement of Financial Position

As At 31 January 2025

Statement of Financial Position

Registered number: 04943907

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	12		98,998		108,341

			98,998		108,341
CURRENT ASSETS
Stocks	13	1,435,700		1,003,897
Debtors	14	2,607,319		2,550,304
Cash at bank and in hand		2,155,598		3,040,194

		6,198,617		6,594,395
Creditors: Amounts Falling Due Within One Year	15	(1,302,224 )		(1,662,063 )

NET CURRENT ASSETS (LIABILITIES)			4,896,393		4,932,332

TOTAL ASSETS LESS CURRENT LIABILITIES			4,995,391		5,040,673

Creditors: Amounts Falling Due After More Than One Year	16		(18,540 )		-

PROVISIONS FOR LIABILITIES
Deferred Taxation			-		(3,066 )

NET ASSETS			4,976,851		5,037,607

CAPITAL AND RESERVES
Called up share capital	19		7,200		7,200
Income Statement			4,969,651		5,030,407

SHAREHOLDERS' FUNDS			4,976,851		5,037,607

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Brag London Limited

Statement of Financial Position (continued)

As At 31 January 2025

On behalf of the board

Ms Julia Collins Director	Mr Gavriel Chrysanthou Director
21 August 2025

The notes on pages 16 to 28 form part of these financial statements.

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Brag London Limited

Statement of Changes in Equity

For The Year Ended 31 January 2025

Statement of Changes in Equity

	Share Capital	Income Statement	Total
	£	£	£
As at 1 February 2023	7,200	4,962,483	4,969,683
Profit for the year and total comprehensive income	-	467,924	467,924

Dividends paid	-	(400,000)	(400,000)

As at 31 January 2024 and 1 February 2024	7,200	5,030,407	5,037,607


Loss for the year and total comprehensive income	-	(60,756 )	(60,756)

As at 31 January 2025	7,200	4,969,651	4,976,851

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Brag London Limited

Statement of Cash Flows

For The Year Ended 31 January 2025

Statement of Cash Flows

		2025	2024
	Notes	£	£
Cash flows from operating activities
Net cash (used in)/generated from operations	1	(572,978 )	319,493
Interest paid		(1,657 )	(310 )
Tax paid		(135,984 )	(589,583 )

Net cash used in operating activities		(710,619 )	(270,400 )

Cash flows from investing activities
Purchase of tangible assets		(45,207 )	(42,474 )
Interest received		62,401	40,200

Net cash generated from/(used in) investing activities		17,194	(2,274 )

Cash flows from financing activities
Equity dividends paid		-	(400,000 )
Repayment of finance leases		18,540	-
Amount introduced by directors		-	397,638
Amount withdrawn by directors		(199,252)	-

Net cash used in financing activities		(180,712 )	(2,362 )



Decrease in cash and cash equivalents		(874,137 )	(275,036 )
Cash and cash equivalents at beginning of year	2	3,040,194	3,321,502
Foreign exchange losses on cash and cash equivalents		(10,459 )	(6,272 )

Cash and cash equivalents at end of year	2	2,155,598	3,040,194

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Brag London Limited

Notes to the Statement of Cash Flows

For The Year Ended 31 January 2025

Notes to the Statement of Cash Flows

1. Reconciliation of (loss)/profit for the financial year to cash (used in)/generated from operations

	2025	2024
	£	£
(Loss)/profit for the financial year	(60,756 )	467,924
Adjustments for:
Tax on (loss)/profit	(28,236 )	108,656
Interest expense	1,657	310
Interest income	(62,401 )	(40,200 )
Depreciation of tangible assets	25,836	30,078
Loss on disposal of tangible assets	28,714	-
Foreign exchange losses	10,459	6,272
Movements in working capital:
Increase in stocks	(431,803 )	(64,019 )
Decrease/(increase) in trade and other debtors	35,992	(65,151 )
Decrease in trade and other creditors	(92,440 )	(124,377 )

Net cash (used in)/generated from operations	(572,978 )	319,493

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	2025	2024
	£	£
Cash at bank and in hand	2,155,598	3,040,194

3. Analysis of changes in net funds

	As at 1 February 2024	Cash flows	As at 31 January 2025
	£	£	£
Cash at bank and in hand	3,040,194	(884,596)	2,155,598
Finance leases	-	(18,540)	(18,540)

	3,040,194	(903,136)	2,137,058

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Brag London Limited

Notes to the Financial Statements

For The Year Ended 31 January 2025

Notes to the Financial Statements

1. General Information

Brag London Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04943907 . The registered office is 75 Newman Street, London, W1T 3EN.

The presentation currency of the financial statements is the Pound Sterling (£).

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.

The financial statements are prepared in “GBP£ sterling”, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest GBP£. The principal accounting policies adopted are set out below.

2.2. Significant judgements and estimations

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

2.3. Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

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Brag London Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 January 2025

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Leasehold	in accordance to the lease terms (8 years)
Plant & Machinery	25% on reducing balance
Motor Vehicles	25% on reducing balance
Fixtures & Fittings	15% on reducing balance

2.5. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the income statement so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the income statement as incurred.

The rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight-line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

2.6. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

Cost is calculated using the first-in, first-out method and included all purchases, transport, and handling costs in bringing stocks to their present location and condition.erheads.

Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.

2.7. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

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Brag London Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 January 2025

2.8. Financial Instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognized as liabilities once they are no longer at the discretion of the company.

2.9. Foreign Currencies

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit.

2.10. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

...CONTINUED

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Brag London Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 January 2025

2.10. Taxation - continued

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.11. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme.

3. Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

4. Operating (Loss)/profit

The operating (loss)/profit is stated after charging:

	2025	2024
	£	£
Operating lease rentals	267,982	258,382
Exchange differences	10,459	6,272
Depreciation of tangible fixed assets	25,836	30,078

5. Auditor's Remuneration

Remuneration received by the company's auditors and their associates during the year was as follows:

	2025	2024
	£	£
Audit Services
Audit of the company's financial statements	15,150	14,625

6. Staff Costs

Staff costs, including directors' remuneration, were as follows:

	2025	2024
	£	£
Wages and salaries	2,212,761	2,012,899
Social security costs	237,999	217,318
Other pension costs	127,537	71,509

	2,578,297	2,301,726

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Brag London Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 January 2025

7. Average Number of Employees

Average number of employees, including directors, during the year was as follows:

	2025	2024
Office and administration	7	5
Sales, marketing and distribution	6	6
Manufacturing	11	10
Research and Development	9	10
Senior Managers	3	3
Pattern Cutters	10	10
Warehouse staff	8	8

	54	52

8. Directors' remuneration

	2025	2024
	£	£
Emoluments	226,667	181,667
Company contributions to money purchase pension schemes	80,000	27,521

	306,667	209,188

Information regarding the highest paid director was as follows:

	2025	2024
	£	£
Emoluments	118,333	90,833

Gabby Chrysanthou	2025	2024
	£	£
Gross Salary	108,333	90,833
Employers NIC	15,786	11,334
Pension contributions	40,000	12,087
Benefits in Kind	18,515	16,899

Julia Collins	2025	2024
	£	£
Gross Salary	118,333	90,833
Employers NIC	15,924	12,075
Pension contributions	43,082	18,455
Benefits in Kind	7,512	6,894

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Brag London Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 January 2025

9. Interest Receivable and Similar Income

	2025	2024
	£	£
Bank interest receivable	62,401	40,200

10. Interest Payable and Similar Charges

	2025	2024
	£	£
Finance charges payable under finance leases and hire purchase contracts	1,653	-
Other finance charges	4	310

	1,657	310

11. Tax on Profit

	Tax Rate		2025	2024
The tax (credit)/charge on the (loss)/profit for the year was as follows:
	2025	2024	£	£
Current tax
UK Corporation Tax	25.0%	25.0%	-	136,152
Prior period adjustment			(13,387 )	-

			(13,387 )	136,152
Deferred Tax
Deferred taxation			(14,849 )	(27,496 )


Total tax charge for the period			(28,236 )	108,656


The actual (credit)/charge for the year can be reconciled to the expected (credit)/charge for the year based on the (loss)/profit and the standard rate of corporation tax as follows:
			2025	2024
			£	£
Profit before tax			(88,992)	576,580

Tax on profit at 25% (UK standard rate)			-	138,379
Goodwill/depreciation not allowed for tax			-	7,219
Expenses not deductible for tax purposes			-	669
Capital allowances			-	(10,285 )

...CONTINUED

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Brag London Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 January 2025

Prior period adjustment	(13,387 )	-
Difference in tax rates	-	170
Deferred tax relating to changes in tax rates or laws	(14,849 )	(27,496 )

Total tax charge for the period	(28,236)	108,656

12. Tangible Assets

	Land & Property
	Leasehold	Plant & Machinery	Fixtures & Fittings	Total
	£	£	£	£
Cost
As at 1 February 2024	268,071	6,000	203,807	477,878
Additions	-	25,669	19,538	45,207
Disposals	-	-	(85,849 )	(85,849 )

As at 31 January 2025	268,071	31,669	137,496	437,236

Depreciation
As at 1 February 2024	243,367	5,858	120,312	369,537
Provided during the period	8,235	6,453	11,148	25,836
Disposals	-	-	(57,135 )	(57,135 )

As at 31 January 2025	251,602	12,311	74,325	338,238

Net Book Value
As at 31 January 2025	16,469	19,358	63,171	98,998

As at 1 February 2024	24,704	142	83,495	108,341

13. Stocks

	2025	2024
	£	£
Stock	1,435,700	1,003,897

Cost is calculated using the first-in, first-out method and included all purchases, transport, and handling costs in bringing stocks to their present location and condition.

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Brag London Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 January 2025

14. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	999,543	1,403,903
Prepayments and accrued income	120,480	80,968
Other debtors	757,781	751,881
Future Claim related costs	45,765	-
Deferred tax current asset	11,783	-
VAT	545,966	313,552
Amounts owed by other participating interests	44,777	-

	2,526,095	2,550,304
Due after more than one year
Corporation tax recoverable assets	20,496	-
Directors loan account	60,728	-

	81,224	-

	2,607,319	2,550,304

Short term debtors are measured at a transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised costs determined using the effective interest method, less any impairments losses for bad and doubtful debts.

The Director's overdrawn loan amount is properly disclosed under the provisions of Section 455 – Loans to participants, on the company's tax return. An appropriate interest was charged and provided as a BIK.

15. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	1,081,646	1,144,645
Corporation tax	7,116	135,991
Social security & other taxes	60,813	59,941
Other creditors	29,127	105,005
Accruals	34,615	34,815
Future Claim liability costs	45,765	-
Directors' loan accounts	43,142	181,666

	1,302,224	1,662,063

Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

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Brag London Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 January 2025

16. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	18,540	-

17. Obligations Under Finance Leases and Hire Purchase

	2025	2024
	£	£
The future minimum finance lease payments are as follows:
Later than one year and not later than five years	18,540	-

18. Provisions for Liabilities


	Deferred Tax	Total
	£	£
As at 1 February 2024	3,066	3,066
Deferred taxation	(14,849 )	(14,849 )

Balance at 31 January 2025	(11,783 )	(11,783)

Provisions (i.e./ liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation, and the amount of the obligation can be estimated reliably.

19. Share Capital

	2025	2024
Allotted, called up and fully paid	£	£
100 Ordinary Shares of £ 1.00 each	100	100

	2025	2024
Allotted, called up but not fully paid	£	£
710,000 Ordinary E shares of £ 0.01 each	7,100	7,100

20. Credit Risk

Credit risk is the risk of financial loss to the Company if a customer or counterpart to a financial instrument fails to meet its contractual obligation, and arises principally from the Company's receivables from customers and cash balances. The company had trade receivables from its major customer, a strong multinational company for which there is no significant credit risk. All trade receivables were paid following the year end.

21. Market Risk

Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices will affect the Company's income or the value of its holdings of financial instruments.

The company does not have exposure to market risk within its balance sheet.

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Brag London Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 January 2025

22. Liquidity Risk

Liquidity risk is the risk that the company will not be able to meet its financial obligations as they fall due.

The company's objective for managing its liquidity is to have enough cash reserves to meet its financial obligations as they fall due.

23. Cash-flow Interest Rate Risk

The Company is exposed to market price risk, interest rate risk, credit risk, liquidity risk, currency risk, other market price risk, operational risk, compliance risk, litigation risk, reputation risk, share ownership risk and capital risk management. The risk management policies employed by the Company to manage these risks are discussed below:

Market Price Risk

Market price risk is the risk that the value of financial instruments will fluctuate as a result of changes in market prices. The Company's available for sale financial assets and financial assets at fair value through profit or loss are susceptible to market price risk.

Interest Rate Risk

Interest rate risk is the risk that the value of financial instruments will fluctuate due to changes in market interest rates. Borrowings issued at variable rates expose the Company to cash flow interest rate risk. Borrowings issued at fixed rates expose the Company to fair value interest rate risk. The Company had no borrowings throughout the reporting period and continues to have no borrowings following the balance sheet date.

Currency Risk

Currency risk is the risk that the value of financial instruments will fluctuate due to changes in foreign exchange rates. Currency risk arises when future commercial transactions and recognised assets and liabilities are denominated in a currency that is not the Company's measurement currency. The Company is exposed to foreign exchange risk arising from various currency exposures primarily with respect to the GBP(£) and the Euro (€). The Company's Management monitors the exchange rate fluctuations on a continuous basis and acts accordingly.

Operational risk:

Operational risk is the risk that derives from the deficiencies relating to the Company's information technology and control systems as well as the risk of human error and natural disasters. The Company's systems are evaluated, maintained and upgraded continuously.

Compliance risk:

Compliance risk is the risk of financial loss, including fines and other penalties, which arises from non compliance with laws and regulations of the state. The risk is limited to a significant extent due to the supervision applied by the Compliance Officer, as well as by the monitoring controls applied by the Company.

Litigation risk:

Litigation risk is the risk of financial loss, interruption of the Company's operations or any other undesirable situation that arises from the possibility of non execution or violation of legal contracts and consequentially of lawsuits. The risk is restricted through the contracts used by the Company to execute its operations.

Reputation risk:

The risk of loss of reputation arising from the negative publicity relating to The Company's operations (whether true or false) may result in a reduction of its customers, reduction in revenue and legal cases against The Company. The Company applies procedures to minimise this risk.

Capital risk management:

The Company manages its capital to ensure that it will be able to continue as a going concern while maximising the return to shareholders through the optimisation of the debt and equity balance. The Company's overall strategy remains unchanged from last year.

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Brag London Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 January 2025

24. Other type of Risk

The general economic environment prevailing in the United Kingdom and internationally can affect the Company's operations to a great extent. Economic conditions such as inflation, unemployment, and development of the gross domestic product are directly linked to the economic course of every country and any variation in these and the economic environment in general may create. The Company is monitoring the impact of the increase in the cost of living on the business and mitigating this risk through regular reviews of its operations with key customers.

Fair value estimation:

The fair values of the company's financial assets and liabilities approximate their carrying amounts at the reporting date.

Environmental Risks and Climate Changes Responsibilities

The company seeks to maintain a high proportion of its records electronically and of the paper it does use, over 90% of its paper consumption is recycled using recycling bags. The company recognises that the effects of climate change, particularly extreme heat and flooding, are likely to threaten several countries in the world and may have a significant impact on business operating in those countries.

The company's key suppliers, of both material and manufacturing services are based in the three continents of Asia, Africa and Europe. As a business the company regularly review the services offered by its suppliers, this includes consideration of the certainty of future supply, and thus supplier business location. The company recognises that Climate Change considerations will become increasingly important over the coming years when procuring both its material supplies and manufacturing services.

The company also recognises that the fashion industry is a significant producer of global greenhouse gases and that increasing the use of recycled fabrics and reducing water usage are key mitigations.

The company aims for continuous improvement in its approach to alleviating Climate Change, improving our environmental performance and comply with all the relevant rules and regulations.

ONGOING CONFLICTS

a) Russia - Ukraine Conflict - neither BRAG London Limited nor the owners are currently on the sanctions list at the time of this report.

b) Israel - Gaza Conflict - This ongoing conflict has had an impact on some of the distribution and transport cost incurred by the company. The company will continue to review the situation and agree shipping routes that mitigate this risk for the business.

25. Contingent Liabilities

During the year a legal dispute was commenced between the German VAT Authorities (Hannover-Nord) and the company over an incorrect VAT assessment regarding EU chain supplies. After the German VAT office reviewed their assessment of the facts they waived and cancelled their initial demand in full, resulting in £ nil VAT liability.

This dispute was resolved before the year end, however, the German tax authorities have continued to demand penalties (Euro €54,108 / GBP £45,765) for the late payment of VAT. The company is currently in the process of appealing against this penalty charge.

26. Capital Commitments

The company has no other capital commitments as at 31st January 2025.

27. Other Commitments

The company has no other financial commitments as at 31st January 2025.

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Brag London Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 January 2025

28. Pension Commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.

During the year the charge to the income statement in respect of defined contribution schemes was £127,537 (2024: £71,509).

At the statement of financial position date contributions of £NIL were due to the fund and are included in creditors.

29. Dividends

	2025	2024
	£	£
On equity shares:
Interim dividend paid	-	400,000

30. Post Balance Sheet Events

There have not been any significant events since the balance sheet date. There were no essential adjusting events or non-adjusting events in the period of time elapsing between the balance sheet date and the date on which these financial statements are prepared.

31. Controlling Parties

The company is managed and controlled by its directors who are also the shareholders.

32. Impairment of Fixed Assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset. the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Page 28