The Brain Training Company Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04290170 (England and Wales)

Unaudited Financial Statements

for the Year Ended 29 September 2020

for

The Brain Training Company Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

to

6

DIRECTOR:

Mr H R Hopking

REGISTERED OFFICE:

Eldo House

Kempson Way

Suffolk Business Park

Bury St Edmunds

Suffolk

IP32 7AR

REGISTERED NUMBER:

04290170 (England and Wales)

ACCOUNTANTS:

Knights Lowe

Chartered Accountants

Eldo House, Kempson Way

Suffolk Business Park

Bury St Edmunds

Suffolk

IP32 7AR

BANKERS:

National Westminster Bank plc

7 Cornhill

Bury St Edmunds

Suffolk

IP33 1BQ

FIXED ASSETS

Tangible assets

5

551

736

CURRENT ASSETS

Debtors

6

184

184

Cash at bank

285

680

469

864

CREDITORS

Amounts falling due within one year

7

16,386

12,111

NET CURRENT LIABILITIES

(15,917

)

(11,247

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(15,366

)

(10,511

)

CAPITAL AND RESERVES

Called up share capital

8

1

1

Retained earnings

(15,367

)

(10,512

)

SHAREHOLDERS' FUNDS

(15,366

)

(10,511

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 September 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 September 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 director and authorised for issue on 22 June 2021 and were signed by:

Mr H R Hopking - Director

1.	STATUTORY INFORMATION

The Brain Training Company 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.

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

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

At the balance sheet date the company had net liabilities and was technically insolvent. The director is of the opinion that this is a temporary position and confirms he will continue to financially support the company as required.

On this basis, these financial statements have been drawn up on the going concern basis.

Turnover

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

Tangible fixed assets

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

Fixtures, fittings and equipment

-

25% on reducing balance

Financial instruments

Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into.

Financial assets and liabilities

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the transaction constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the company intends to either settle on a net basis, or to realise the asset and settle the liability simultaneously.

Debt instruments that are classified as payable or receivable within one year on initial recognition are measured at the undiscounted amount of cash or other consideration expected to be paid or received, net of impairment.

Financial assets are derecognised when, and only when (a) the contractual rights to the cash flows from the financial asset expire or are settled, (b) the company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or (c) the company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

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 taxation

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.

Impairment

At each reporting date, fixed assets, including tangible fixed assets and investments but excluding investment properties, are assessed to determine whether there is an indication that the carrying amount of an asset may be more than its recoverable amount and that the asset should be impaired. If there is an indication of possible impairment, the recoverable amount of an asset, which is the higher of its value in use and its net realisable value, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is written down to its estimated recoverable amount and an impairment loss is recognised in profit and loss.

Going concern

The company has been loss making for the last few years and has negative net liabilities. However having reviewed the expected cash-flows for the future the director and owner believes this will be sufficient to meet liabilities as these full due. The director and owner is also committed to financially supporting the company for the foreseeable future. As such the going concern basis is deemed appropriate.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2019 - 1 ) .

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 30 September 2019

and 29 September 2020

2,225

DEPRECIATION

At 30 September 2019

1,489

Charge for year

185

At 29 September 2020

1,674

NET BOOK VALUE

At 29 September 2020

551

At 29 September 2019

736

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Other debtors

184

184

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

2,152

1,559

Other creditors

14,234

10,552

16,386

12,111

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

1

Ordinary

£1

1

1

9.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The loan is repayable on demand. No Interest is payable to the director on this loan.

10.	ULTIMATE CONTROLLING PARTY

The controlling party is Mr H R Hopking.