ACCOUNTS - Final Accounts preparation

Caseware UK (AP4) 2022.0.179 2022.0.179 The company operated a directors current account with the sole director which is unsecured, interest free and repayable on demand. The amount owing to the director at the financial year end was £206,220 (2022 £147,029).2022-03-012false2No description of principal activityfalsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10605565 2022-03-01 2023-02-28 10605565 2021-03-01 2022-02-28 10605565 2023-02-28 10605565 2022-02-28 10605565 c:Director1 2022-03-01 2023-02-28 10605565 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 10605565 d:CurrentFinancialInstruments d:WithinOneYear 2022-02-28 10605565 d:ShareCapital 2023-02-28 10605565 d:ShareCapital 2022-02-28 10605565 d:RetainedEarningsAccumulatedLosses 2023-02-28 10605565 d:RetainedEarningsAccumulatedLosses 2022-02-28 10605565 c:OrdinaryShareClass1 2022-03-01 2023-02-28 10605565 c:OrdinaryShareClass1 2023-02-28 10605565 c:OrdinaryShareClass1 2022-02-28 10605565 c:FRS102 2022-03-01 2023-02-28 10605565 c:AuditExempt-NoAccountantsReport 2022-03-01 2023-02-28 10605565 c:AbridgedAccounts 2022-03-01 2023-02-28 10605565 c:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 10605565

BRESCOLLECT LTD

Unaudited

Financial statements

Information for filing with the registrar

For the year ended 28 February 2023

BRESCOLLECT LTD

Registered number: 10605565

Balance Sheet

As at 28 February 2023

		2023		2022
Note		£		£


Current assets
Stocks	85,680		85,041
Debtors	2,686		2,553
Cash at bank and in hand	3,507		1,323
	91,873		88,917
Creditors: amounts falling due within one year	(210,176)		(152,058)
Net current liabilities		(118,303)		(63,141)
Total assets less current liabilities		(118,303)		(63,141)
Net liabilities		(118,303)		(63,141)

Capital and reserves
Called up share capital	5	100	100
Profit and loss account		(118,403)	(63,241)
		(118,303)	(63,141)

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 November 2023.

N Brereton

Director

The notes on pages 2 to 5 form part of these financial statements.

Page 1

BRESCOLLECT LTD

Notes to the Financial Statements

For the year ended 28 February 2023

1.	General information

Brescollect Ltd is a company limited by shares incorporated in England within the United Kingdom. The address of the registered office is given in the company information page of these financial statements.
The financial statements are presented in sterling which is the functional currency of the company.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.

2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 2

BRESCOLLECT LTD

Notes to the Financial Statements

For the year ended 28 February 2023

2.Accounting policies (continued)

2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.

2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.7

Pensions

Defined contribution pension plan

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 payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.9

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.11

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.

2.12

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Page 3

BRESCOLLECT LTD

Notes to the Financial Statements

For the year ended 28 February 2023

2.Accounting policies (continued)

2.12

Financial instruments (continued)

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Employees

The average monthly number of employees, including directors, during the year was 2 (2022 -2).

4.	Cash and cash equivalents
		2023	2022
		£	£

Cash at bank and in hand	3,507	1,323
Less: bank overdrafts	-	(223)
	3,507	1,100

5.	Share capital
		2023	2022
		£	£

		Allotted, called up and fully paid

Page 4

BRESCOLLECT LTD

Notes to the Financial Statements

For the year ended 28 February 2023

5.Share capital (continued)

100 (2022 -100) Ordinary shares of £1.00 each

100

6.	Related party transactions
	The company operated a directors current account with the sole director which is unsecured, interest free and repayable on demand. The amount owing to the director at the financial year end was £206,220 (2022 £147,029).

Page 5