ACCOUNTS - Final Accounts preparation

Caseware UK (AP4) 2022.0.179 2022.0.179 The company is in receipt of a loan from certain shareholders which is unsecured and carries interest at 6%. The balance at the end of the financial year was £123,904. During the year interest of £3,025 was paid to the shareholders. The amount of interest outstanding at the financial year end was £3,025. During the year, the company received management charges of £144,000 from a seperate company controlled by thr shareholders. This amount was still outstanding at the financial year end. During the year, the company paid management charges of £4,500 to a seperate company controlled by thr shareholders. This amount was still outstanding at the financial year end.true2true2022-04-01falseNo description of principal activityThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 13953772 2022-03-31 13953772 2022-04-01 2023-03-31 13953772 1900-03-01 2022-03-03 13953772 2023-03-31 13953772 c:Director1 2022-04-01 2023-03-31 13953772 d:CurrentFinancialInstruments 2023-03-31 13953772 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 13953772 d:ShareCapital 2023-03-31 13953772 d:RetainedEarningsAccumulatedLosses 2023-03-31 13953772 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-03-31 13953772 c:OrdinaryShareClass1 2022-04-01 2023-03-31 13953772 c:OrdinaryShareClass1 2023-03-31 13953772 c:FRS102 2022-04-01 2023-03-31 13953772 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 13953772 c:FullAccounts 2022-04-01 2023-03-31 13953772 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 13953772

BRESTEK LTD

Unaudited

Financial statements

Information for filing with the registrar

For the year ended 31 March 2023

BRESTEK LTD

Registered number: 13953772

Balance sheet

As at 31 March 2023

		2023
Note		£


Current assets
Debtors: amounts falling due within one year	4	144,888
Cash at bank and in hand	5	2,436
		147,324
Creditors: amounts falling due within one year	6	(140,428)
Net current assets			6,896
Total assets less current liabilities			6,896

Net assets			6,896

Capital and reserves
Called up share capital	8	200
Profit and loss account		6,696
		6,896

The directors consider 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 directors acknowledge their 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 18 December 2023.

N Brereton

Director

The notes on pages 2 to 6 form part of these financial statements.

Page 1

BRESTEK LTD

Notes to the financial statements

For the year ended 31 March 2023

1.	General information

Brestek 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 on page 1 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 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.

2.2

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:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

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

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.3

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.

2.4

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.

Page 2

BRESTEK LTD

Notes to the financial statements

For the year ended 31 March 2023

2.Accounting policies (continued)

2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

2.6

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.

2.7

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.

2.8

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.

2.9

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.

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.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Page 3

BRESTEK LTD

Notes to the financial statements

For the year ended 31 March 2023

2.Accounting policies (continued)

2.9

Financial instruments (continued)

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.

Debtors

					2023
					£


	Trade debtors	144,000
	Prepayments	888
		144,888

5.	Cash and cash equivalents
		2023
		£

	Cash at bank and in hand	2,436
		2,436

Page 4

BRESTEK LTD

Notes to the financial statements

For the year ended 31 March 2023

6.	Creditors: Amounts falling due within one year
		2023
		£

	Trade creditors	4,704
	Corporation tax	1,559
	Other taxation and social security	5,262
	Other creditors	123,904
	Accruals	4,999
		140,428

7.	Financial instruments
		2023
		£

	Financial assets
	Financial assets measured at fair value through profit or loss	2,436

8.	Share capital
		2023
		£

		Allotted, called up and fully paid

		200 Ordinary shares of £1.00 each	200

During the year the company issued 200 Ordinary Shares of £1 each at par.

9.	Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held seperately from the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £5,370 during the year. Contributions totalling £1,193 were payable to the fund at the balance sheet date and are included in creditors.

Page 5

BRESTEK LTD

Notes to the financial statements

For the year ended 31 March 2023

10.

Related party transactions

The company is in receipt of a loan from certain shareholders which is unsecured and carries interest at 6%. The balance at the end of the financial year was £123,904. During the year interest of £3,025 was paid to the shareholders. The amount of interest outstanding at the financial year end was £3,025.
During the year, the company received management charges of £144,000 from a seperate company controlled by thr shareholders. This amount was still outstanding at the financial year end.
During the year, the company paid management charges of £4,500 to a seperate company controlled by thr shareholders. This amount was still outstanding at the financial year end.

Page 6