Company Registration No. 03555366 (England and Wales)
BRIGHTASPECT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2020
PAGES FOR FILING WITH REGISTRAR
BRIGHTASPECT LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
BRIGHTASPECT LIMITED
BALANCE SHEET
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
4
211
248
Current assets
Debtors
5
43,193
54,054
Cash at bank and in hand
3,778
59,090
46,971
113,144
Creditors: amounts falling due within one year
6
(3,141)
(26,306)
Net current assets
43,830
86,838
Net assets
44,041
87,086
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
44,039
87,084
Total equity
44,041
87,086
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 May 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 26 May 2021 and are signed on its behalf by:
P M M Moore OBE
Director
Company Registration No. 03555366
BRIGHTASPECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2020
- 2 -
1
Accounting policies
Company information
Brightaspect Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
The Old Saddlers, Main Street, Norwell, Newark, NG23 6JN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
15% reducing balance / 33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.5
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets
and
include cash in hand
and
deposits held at call with banks
.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
BRIGHTASPECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2020
1
Accounting policies
(Continued)
- 3 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method 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.
Financial assets classified as receivable within one year are not amortised.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.7
Taxation
The tax expense represents the sum of the tax currently payable
.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
2
2
3
Taxation
2020
2019
£
£
Current tax
UK corporation tax on profits for the current period
17,860
BRIGHTASPECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2020
- 4 -
4
Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 1 June 2019 and 31 May 2020
10,963
Depreciation and impairment
At 1 June 2019
10,715
Depreciation charged in the year
37
At 31 May 2020
10,752
Carrying amount
At 31 May 2020
211
At 31 May 2019
248
5
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
12,000
Other debtors
43,193
42,054
43,193
54,054
6
Creditors: amounts falling due within one year
2020
2019
£
£
Corporation tax
17,860
Other taxation and social security
208
6,076
Other creditors
450
1,908
Accruals and deferred income
2,483
462
3,141
26,306
BRIGHTASPECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2020
- 5 -
7
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
P M M Moore OBE -
-
21,027
25,453
(21,500)
24,980
L Moore -
-
21,026
18,687
(21,500)
18,213
42,053
44,140
(43,000)
43,193