Bravesir Limited Accounts






Bravesir Limited

	Company No. 08337217
		Information for Filing with The Registrar
		for the Year Ended
		31 December 2018

at	31 December 2018
Company No.		08337217	Notes	2018	2017
				£	£
Fixed assets

	Tangible assets		3	4,190	2,606


				4,190	2,606
Current assets
	Stocks		4	13,239	10,066
	Debtors		5	26,980	33,094

	Cash at bank and in hand		6	19,496	19,708
				59,715	62,868
Creditors: Amount falling due within one year			7	(70,153)	(68,897)
Net current liabilities				(10,438)	(6,029)
Total assets less current liabilities				(6,248)	(3,423)
Creditors: Amounts falling due after more than one year			8	(47,000)	(50,000)



Net liabilities				(53,248)	(53,423)

Capital and reserves
	Called up share capital		10	2	2



	Profit and loss account		11	(53,250)	(53,425)

Total equity				(53,248)	(53,423)



These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.

For the year ended 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.



As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.

Approved by the board on 19 September 2019
And signed on its behalf by:
R. Catchpole
Director

for the year ended 31 December 2018

Accounting policies

Basis of preparation

The accounts have been prepared in accordance with FRS 102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Companies Act 2006 . There were no material departures from that standard.

The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets and in accordance with the accounting policies set out below.

The accounts are presented in Sterling, which is the functional currency of the company.

Going Concern

At the balance sheet date, the company had net liabilities of £52,248 (2017: £53,423). The ability of the company to continue trading is dependent on the continued support of the directors and the company’s creditors.
The directors are of the opinion that the company will continue to receive this support and on this basis considers it appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result from the withdrawal of support by the directors and the creditors of the company.

Turnover

Turnover comprises of Revenue recognised by the company in respect of goods and services provided during the year exclusive of value added tax. Revenue is recognised in the month in which the service is provided. Revenue from the sale of goods is recognised when goods are delivered and legal title is passed.

Tangible fixed assets and depreciation

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.

Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:

Plant and machinery

33.33% Straight line

Furniture, fittings and equipment

20% Straight line

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 profit and loss account 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.

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.

Cash & cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty or notice of not more than 24 hours.

Trade and other creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Leased assets

Leases which do not transfer substantially all the risks and rewards of ownership to the Company are classified as operating leases.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term.

Pensions

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

2	Employees
			2018	2017
			Number	Number
		The average number of persons employed during the year :	36	30

3	Tangible fixed assets
			Plant and machinery	Fixtures, fittings and equipment	Total
			£	£	£
		Cost or revaluation
		At 1 January 2018	3,821	4,441	8,262
		Additions	223	3,497	3,720



		At 31 December 2018	4,044	7,938	11,982
		Depreciation
		At 1 January 2018	1,568	4,088	5,656
		Charge for the year	1,348	788	2,136



		At 31 December 2018	2,916	4,876	7,792
		Net book values
		At 31 December 2018	1,128	3,062	4,190
		At 31 December 2017	2,253	353	2,606

4	Stocks
			2018	2017
			£	£
		Raw materials and consumables	13,239	10,066


			13,239	10,066

5	Debtors
			2018	2017
			£	£
		Trade debtors	1,743	6,934





		Other debtors	16,104	12,000
		Prepayments and accrued income	9,133	14,160
			26,980	33,094

		Amounts included within Other debtors that fall due after more than one year (i.e., Rental deposits)	12,000	12,000

6	Cash & cash equivalents
			2018	2017
			£	£
		Bank current account	18,346	15,770
		Petty cash	1,150	3,938
			19,496	19,708

7	Creditors:
		amounts falling due within one year
			2018	2017
			£	£

		Bank loans and overdrafts	1,557	2,268


		Trade creditors	9,974	5,542


		Other taxes and social security	23,429	17,449
		Loans from directors	34,083	42,477
		Other creditors	86	24
		Accruals and deferred income	1,024	1,137
			70,153	68,897

8	Creditors:
		amounts falling due after more than one year
			2018	2017
			£	£


		Other loans	47,000	50,000





			47,000	50,000

		Liabilities repayable in more than five years after the balance sheet date

		Amount repayable otherwise than by instalments	47,000	50,000
			47,000	50,000

9	Commitment under operating leases
		As at 31 December 2018, the company had total future minimum commitments under non-cancellable operating leases as set out below:

			2018	2017
			£	£
		Within one year	48,000	48,000
		In two to five years	192,000	192,000
		Over five years	192,000	240,000
			432,000	480,000

Pensions

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. The pension cost charge represents contributions payable by the company to the fund & amounted to £841 (2017: £165) in the year. Contributions of £86 (2017: £24) were payable at the balance sheet date.

Reserves

Profit and loss account - includes all current and prior period retained profits and losses.

Related party disclosures

At the Balance Sheet date the company owed £34,083 (2017: £42,477) to the directors.

Additional information

Its registered number is:

08337217

Its registered office address is:

The Bluebell Batts Corner

Boundary Road

Dockenfield

Surrey

GU10 4EX