Company No:
Contents
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Fixed assets | ||||
| Intangible assets | 3 |
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| Investments | 4 |
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| 3,194,626 | 3,202,388 | |||
| Current assets | ||||
| Debtors | 5 |
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| Cash at bank and in hand |
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| 3,251,783 | 3,398,246 | |||
| Creditors: amounts falling due within one year | 6 | (
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| Net current (liabilities)/assets | (175,310) | 56,469 | ||
| Total assets less current liabilities | 3,019,316 | 3,258,857 | ||
| Net assets |
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| Capital and reserves | ||||
| Called-up share capital | 7 |
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| Other reserves |
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| Profit and loss account | (
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| Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Brody House Holdings Limited (registered number:
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A O V Grundberg
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Brody House Holdings Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 78 York Street, London, W1H 1DP, United Kingdom.
The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
At the reporting date the company had net current liabilities amounting to £175,310. Current liabilities includes £551,283 due to related parties, and so the risk of these debts being called in is low, until the company is in a position to repay its debt. The parent company, Grundberg Holdings Limited, have undertaken to provide such financial support as is required to ensure that the company is able to meet its working capital requirements for the foreseeable future.
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.
Exchange differences are recognised in the Income Statement in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
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| Website costs |
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Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Income Statement as described below.
Financial assets
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in the income statement.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘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.
Financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, 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.
Financial assets, other than those held at fair value through the statement of income, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the statement of income.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in the statement of income.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Equity instruments
Equity instruments issued by the company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
| 2024 | 2023 | ||
| Number | Number | ||
| Monthly average number of persons employed by the company during the year, including directors |
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| Trademarks, patents and licences |
Website costs | Total | |||
| £ | £ | £ | |||
| Cost | |||||
| At 01 January 2024 |
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| Additions |
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| At 31 December 2024 |
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| Accumulated amortisation | |||||
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| Charge for the financial year |
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| At 31 December 2024 |
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| Net book value | |||||
| At 31 December 2024 |
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| At 31 December 2023 |
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Investments in subsidiaries
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| At 01 January 2024 |
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| Disposals | (
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| At 31 December 2024 |
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| Carrying value at 31 December 2024 |
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| Carrying value at 31 December 2023 |
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| £ | £ | ||
| Amounts owed by own subsidiaries |
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| £ | £ | ||
| Trade creditors |
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| Amounts owed to own subsidiaries |
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| Other taxation and social security |
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| Other creditors |
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| 2024 | 2023 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
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At the reporting date £16,620 (2023: £45,683) was due from 111 Mernoki Iroda Kft, including accrued interest of £16,620. Interest is charged on the loan at a rate of 3% per annum. The loan is denoted in HUF, which created a foreign exchange loss of £5,661 during the year, included within administrative expenses.
At the reporting date £796,189 (2023: £937,429) was due from Brody House Kft, including accrued interest of £148,182. Interest is charged on the loan at a rate of 3% per annum. The loan is denoted in HUF, which created a foreign exchange loss of £16,762 during the year, included within administrative expenses.
At the reporting date £534,388 (2023: £528,354) was due from BrodyTen Kft, including accrued interest of £324,251. Interest is charged on the loan at a rate of 3% per annum. The loan is denoted in HUF, which created a foreign exchange loss of £16,184 during the year, included within administrative expenses.
At the reporting date £199,860 (2023: £170,832) was due from The Workshop BP Kft, including accrued interest of £18,163. Interest is charged on the loan at a rate of 3% per annum. The loan is denoted in HUF, which created a foreign exchange loss of £24,342 during the year, included within administrative expenses.
At the reporting date £1,673,699 (2023: £1,587,122) was due from TLQ-PE16 Kft, including accrued interest of £,435,804. Interest is charged on the loan at a rate of 3% per annum. The loan is denoted in HUF, which created a foreign exchange loss of £78,580 during the year, included within administrative expenses.
At the reporting date £551,283 (2023: £202,086) was due to 038VRS Kft, including accrued interest of £13,600. Interest is charged on the loan at a rate of 3% per annum. The loan is denoted in HUF, which created a foreign exchange gain of £79,217 during the year, included within administrative expenses.
All of the above companies are 100% subsidiaries of Brody House Holdings Limited.