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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 OCTOBER 2019 |
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BRAINTREE LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 OCTOBER 2019 |
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FOR |
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BRAINTREE LIMITED |
BRAINTREE LIMITED (REGISTERED NUMBER: 08506088) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2019 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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BRAINTREE LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 OCTOBER 2019 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
34-40 High Street |
Wanstead |
London |
E11 2RJ |
BRAINTREE LIMITED (REGISTERED NUMBER: 08506088) |
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BALANCE SHEET |
31 OCTOBER 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT (LIABILITIES)/ASSETS | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital |
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Share premium |
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Retained earnings | ( |
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( |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the
end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
by: |
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BRAINTREE LIMITED (REGISTERED NUMBER: 08506088) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2019 |
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1. | STATUTORY INFORMATION |
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Braintree Limited is a
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registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Going concern |
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The directors have prepared the accounts on the basis that adequate financial support will be provided by the |
directors for the next twelve months. The directors consider that the financial statements prepared on a going |
concern basis show a true and fair view. |
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The financial statements contain no adjustments that would have resulted had the accounts been prepared on |
any other basis. |
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Revenue recognition |
Revenue is measured as the fair value of consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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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. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
less any accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
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. |
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Depreciation is provided on the following basis: |
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Improvements to property - Straight line over 3 years |
Fixtures and fittings - 25% on cost |
Plant and machinery - 25% on cost |
Computer equipment - 25% on cost |
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Government grants |
Grants are accounted for under the accruals model as permitted by FRS 102. |
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Grants relating to expenditure on tangible fixed assets are credited to the Statement of |
comprehensive income at the same rate as the depreciation on the assets to which the grant relates. |
The deferred element of grants is included in creditors as deferred income. |
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Grants of a revenue nature are recognised in the Statement of comprehensive income in the same |
period as the related expenditure. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except |
to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
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BRAINTREE LIMITED (REGISTERED NUMBER: 08506088) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2019 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different |
from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and |
laws that have been enacted or substantively enacted by the year end and that are expected to apply to the |
reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that |
they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange |
ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating |
result. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's |
pension scheme are charged to profit or loss in the period to which they relate. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 November 2018 |
and 31 October 2019 |
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AMORTISATION |
At 1 November 2018 |
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Charge for year |
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At 31 October 2019 |
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NET BOOK VALUE |
At 31 October 2019 |
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At 31 October 2018 |
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BRAINTREE LIMITED (REGISTERED NUMBER: 08506088) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2019 |
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5. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and | Computer |
property | machinery | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 November 2018 |
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Additions |
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At 31 October 2019 |
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DEPRECIATION |
At 1 November 2018 |
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Charge for year |
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At 31 October 2019 |
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NET BOOK VALUE |
At 31 October 2019 |
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At 31 October 2018 |
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6. | DEBTORS |
2019 | 2018 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
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Other debtors |
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VAT |
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Prepayments and accrued income |
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Amounts falling due after more than one year: |
Other debtors |
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Aggregate amounts |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade creditors |
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Social security and other taxes |
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Other creditors |
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Accrued expenses |
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Comprised within other creditors is a third party loan to the company of £1,202,207 which was made on 4 |
October 2019. The loan is unsecured and is repayable on 4 April 2020 with an interest rate of 2% per annum. |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2019 | 2018 |
£ | £ |
Directors' loan accounts | 419,936 | 469,936 |
BRAINTREE LIMITED (REGISTERED NUMBER: 08506088) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2019 |
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9. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2019 | 2018 |
£ | £ |
Within one year |
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Between one and five years |
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In more than five years |
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10. | RELATED PARTY DISCLOSURES |
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Nikolay Gurianov, a director, has invested funds into the company and paid expenses on its behalf since |
his appointment on 5 June 2013. The transactions undertaken by Nikolay Gurianov are summarised as |
follows: |
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Funds invested as a directors loan/(repaid) |
Expenses paid on the company's behalf |
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balance owed to Nikolay Gurianov |
£ | £ | £ |
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Transactions during the period ending 31 October 2014 | 200,000 | 180,411 | 380,411 |
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Balance at 31 October 2014 | 200,000 | 180,411 | 380,411 |
Transactions during the year ending 31 October 2015 | 367,500 | 15,955 | 383,455 |
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Balance at 31 October 2015 | 567,500 | 196,366 | 763,866 |
Transactions during the year ending 31 October 2016 |
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Funds invested | 100,000 | - | 100,000 |
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Repayment of loans | (400,000) | - | (400,000) |
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Expenses paid on behalf of the company | - | 1,944 | 1,944 |
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Balance at 31 October 2016 | 267,500 | 198,310 | 465,810 |
Transactions during the year ending 31 October 2017 |
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Expenses paid on behalf of the company | - | 4,126 | 4,126 |
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Balance at 31 October 2017 | 267,500 | 202,436 | 469,936 |
Transactions during the year to October 2018 - nil |
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Balance at 31 October 2018 | 267,500 | 202,436 | 469,936 |
Transactions during the year to October 2019 |
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Repayment of loans | (50,000) | - | (50,000) |
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Balance at 31 October 2019 | 217,500 | 202,436 | 419,936 |
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Nikolay Gurianov, a director of the company, transferred into the company on 18 September 2014 the sum of |
£200,000, which was invested in his own name, and was received by the company on the same day. This sum |
was allocated into the books of the company as a director's loan. Since this date the total balance of Nikolay |
Gurianov's director’s loans made to the company and repayments of the director’s loans made by the |
company to Nikolay Gurianov has never dropped below £200,000. |
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11. | ULTIMATE CONTROLLING PARTY |
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The controlling party is N Gurianov. |