Brazen Limited 31/12/2022 iXBRL

Brazen Limited 31/12/2022 iXBRL

BRAZEN LIMITED - Company Information

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42 31/12/2022 2022-12-31 false false false false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2022-01-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 04239583 2022-01-01 2022-12-31 04239583 2022-12-31 04239583 2021-12-31 04239583 2021-01-01 2021-12-31 04239583 2021-12-31 04239583 core:LandBuildings core:ShortLeaseholdAssets 2022-01-01 2022-12-31 04239583 core:PlantMachinery 2022-01-01 2022-12-31 04239583 core:FurnitureFittingsToolsEquipment 2022-01-01 2022-12-31 04239583 bus:Director1 2022-01-01 2022-12-31 04239583 core:LandBuildings core:ShortLeaseholdAssets 2021-12-31 04239583 core:PlantMachinery 2021-12-31 04239583 core:FurnitureFittingsToolsEquipment 2021-12-31 04239583 core:LandBuildings core:ShortLeaseholdAssets 2022-12-31 04239583 core:PlantMachinery 2022-12-31 04239583 core:FurnitureFittingsToolsEquipment 2022-12-31 04239583 core:WithinOneYear 2022-12-31 04239583 core:WithinOneYear 2021-12-31 04239583 core:ShareCapital 2022-12-31 04239583 core:ShareCapital 2021-12-31 04239583 core:RetainedEarningsAccumulatedLosses 2022-12-31 04239583 core:RetainedEarningsAccumulatedLosses 2021-12-31 04239583 core:BetweenOneFiveYears 2022-12-31 04239583 core:BetweenOneFiveYears 2021-12-31 04239583 core:LandBuildings core:ShortLeaseholdAssets 2021-12-31 04239583 core:PlantMachinery 2021-12-31 04239583 core:FurnitureFittingsToolsEquipment 2021-12-31 04239583 bus:SmallEntities 2022-01-01 2022-12-31 04239583 bus:AuditExempt-NoAccountantsReport 2022-01-01 2022-12-31 04239583 bus:FullAccounts 2022-01-01 2022-12-31 04239583 bus:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 04239583 bus:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31
Company registration number: 04239583
Brazen Limited
Unaudited filleted financial statements
31 December 2022
Brazen Limited
Contents
Statement of financial position
Notes to the financial statements
Brazen Limited
Statement of financial position
31 December 2022
2022 2021
Note £ £ £ £
Fixed assets
Tangible assets 5 125,582 91,863
_______ _______
125,582 91,863
Current assets
Debtors 6 833,358 1,042,590
Cash at bank and in hand 1,408,695 632,731
_______ _______
2,242,053 1,675,321
Creditors: amounts falling due
within one year 7 ( 1,165,448) ( 918,556)
_______ _______
Net current assets 1,076,605 756,765
_______ _______
Total assets less current liabilities 1,202,187 848,628
Provisions for liabilities ( 17,661) ( 13,802)
_______ _______
Net assets 1,184,526 834,826
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,184,426 834,726
_______ _______
Shareholders funds 1,184,526 834,826
_______ _______
For the year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 30 March 2023 , and are signed on behalf of the board by:
Mrs Nina Webb
Director
Company registration number: 04239583
Brazen Limited
Notes to the financial statements
Year ended 31 December 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Brazen Ltd, Floor 2, Bass Warehouse, 4 Castle Street, Manchester, M3 4LZ. The principal activity of the company is that of a public relations agency.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property - 10 % straight line
Plant and machinery - 33 % straight line
Fittings fixtures and equipment - 15 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 42 (2021: 29 ).
5. Tangible assets
Short leasehold property Plant and machinery Fixtures, fittings and equipment Total
£ £ £ £
Cost
At 1 January 2022 6,559 250,585 112,637 369,781
Additions - 32,731 32,358 65,089
_______ _______ _______ _______
At 31 December 2022 6,559 283,316 144,995 434,870
_______ _______ _______ _______
Depreciation
At 1 January 2022 820 219,575 57,523 277,918
Charge for the year 656 19,313 11,401 31,370
_______ _______ _______ _______
At 31 December 2022 1,476 238,888 68,924 309,288
_______ _______ _______ _______
Carrying amount
At 31 December 2022 5,083 44,428 76,071 125,582
_______ _______ _______ _______
At 31 December 2021 5,739 31,010 55,114 91,863
_______ _______ _______ _______
6. Debtors
2022 2021
£ £
Trade debtors 732,590 940,515
Other debtors 100,768 102,075
_______ _______
833,358 1,042,590
_______ _______
7. Creditors: amounts falling due within one year
2022 2021
£ £
Trade creditors 187,228 191,873
Social security and other taxes 368,452 291,888
Other creditors 609,768 434,795
_______ _______
1,165,448 918,556
_______ _______
8. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Later than 1 year and not later than 5 years 121,430 166,965
_______ _______
The above commitment relates to land and buildings. The effective annual cost is £45,535.
9. Related party transactions
Expenditure has been incurred on behalf of an overseas company in which a director has a material interest. The amounts paid out are owed back to Brazen Limited and amount to £56,861 as at 31 December 2022 (2021:£70,837).