Company registration number:
9939088
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FOR THE YEAR ENDED
30 JUNE 2020
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COMPANY INFORMATION
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Unit 6, The Business Centre
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Chartered Accountants
&
Statutory Auditor
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BRIGHTER IR LIMITED
REGISTERED NUMBER:
9939088
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BALANCE SHEET
AS AT
30 JUNE 2020
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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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 income and retained earnings 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 by
:
The notes on pages 2 to 6 form part of these financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
Brighter IR Limited is a private company, limited by shares, incorporated in England & Wales. The principal place of business is the same as the address of the registered office, disclosed on the company information page.
2.
Accounting policies
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Basis of preparation of financial statements
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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 following principal accounting policies have been applied:
The company had net current liabilities of £370,515 at the balance sheet date. The financial statements have been prepared on a going concern basis which the Directors consider to be appropriate.
In the consideration of the going concern basis the directors have prepared forecasts for a period of 12 months from the approval of the financial statements which incorporate the future planned growth.
In addition, the parent company Proactive Group Holdings Inc and fellow subsidiary Proactive Investors Limited, have confirmed that they will continue provide financial support to the Company so as to enable it to meet its liabilities as they fall due for a period of twelve months from the date of signing the financial statements. The parent company Proactive Group Holdings Inc have also confirmed that they will not recall any amounts owed to them until the company has sufficient liquid resources to ensure that the repayment will not impair the company's ability to meet the payment of third party creditors as they fall due .
The directors are confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the approval of the financial statements and therefore have prepared the financial statements on a going concern basis.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
2.
Accounting policies (continued)
Subscription income from customers are reocgnised initally in deferred income, then recognised as revenue over time as the subscription period is rendered based on a fixed price and performance obligations are satisfied as content is delivered over the subscription period. Contracts are typically for a maximum 12-month period, subscriptions are invoiced in advance at the start of the subscription period and the Company has no obligations to refund subscriptions which are typically due within 30 days of the invoice date.
Website development income generated is recognised at the point in time when the customer obtains control and benefit, which is at the time the website goes live. Invoices are raised on signing of the contract for 50% of the development fee and the final 50% of the development fee is invoiced when the website goes live. Invoices are due for payment 30 days from the date of the invoice.
Other income is recognised when performance obligations have been satisfied and invoices are due for payent 30 days from the date of the invoice.
Government grant relating to furlough income is for compensation for staff costs. Income is recognised in the same period as the costs to which it relates to.
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 the Statement of income and retained earnings 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.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
2.
Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of income and retained earnings.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilites like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
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The average monthly number of employees, including directors, during the year was
13
(2019 -
13
)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
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Charge for the year on owned assets
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Amounts owed to parent company
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Other taxation and social security
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Accruals and deferred income
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Post balance sheet events
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On 09 June 2020, the Company entered into a commitment for the Coronavirus Business Interruption Loan (CBIL) with Barclays Bank Plc for £150,000. The loan was paid to the Company on 13 July 2020 and has therefore not been recognised in the year ended 30 June 2020. The loan is repayable within 6 years after the end of a capital repayment holiday of 6 months. The loan is charged at a floating interest rate which will never be less than 2.99%. Under the terms of the CBIL, the interest rate is payable by the UK Government for the first 12 months of the loan.
A fixed and floating charge is held over the assets of Brighter IR Limited. In addition to this, the UK Government has provided guarantees of 80% of the finance to Barclays Bank Plc.
The parent of the smallest group for which consolidated financial statements are drawn up is Proactive Group Holdings Inc. The registered office address is Suite 7210, 100 King Street, West Toronto, Ontario M5X 1E1.
The auditors' report on the financial statements for the year ended 30 June 2020 was unqualified.
The audit report was signed on
28 September 2020
by
Ralph Mitchison FCA
(Senior statutory auditor) on behalf of
Menzies LLP
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