Company No:
Contents
Note | 2022 | 2021 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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Investment property | 4 |
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878,761 | 1,049,052 | |||
Current assets | ||||
Debtors | 5 |
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Cash at bank and in hand |
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6,300 | 8,098 | |||
Creditors | ||||
Amounts falling due within one year | 6 | (
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Net current liabilities | (46,997) | (31,105) | ||
Total assets less current liabilities | 831,764 | 1,017,947 | ||
Creditors | ||||
Amounts falling due after more than one year | 7 | (
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Provision for liabilities | 8 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 9 |
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Revaluation reserve |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Brimcare Limited (registered number:
Joseph S Meanen
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Brimcare Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 9 Woodcot Gardens, Stonehaven, AB39 2ZH, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include investment properties, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.
Although the financial statements have net current liabilities they have been prepared on the going concern basis as the directors consider it appropriate to do so. In coming to this conclusion the directors have agreed to financially support the company to ensure that all liabilities are met as they fall due. Additionally the directors will not seek repayment for amounts due to them until there are sufficient cash resources to do so.
Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so 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.
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.
Deferred tax
Deferred tax is provided in full on timing differences which result in an obligation at the balance sheet date to pay more tax, or right to pay less tax, at a future date, at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in the financial statements.
Plant and machinery etc. |
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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.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Non-financial assets
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of t he future payment s discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired i n the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2022 | 2021 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Plant and machinery etc. | Total | ||
£ | £ | ||
Cost | |||
At 01 February 2021 |
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At 31 January 2022 |
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Accumulated depreciation | |||
At 01 February 2021 |
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Charge for the financial year |
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At 31 January 2022 |
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Net book value | |||
At 31 January 2022 |
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At 31 January 2021 |
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Investment property | |
£ | |
Valuation | |
As at 01 February 2021 |
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Fair value movement | (170,006) |
As at 31 January 2022 |
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Valuation
The fair value of the investment property has been arrived at on the basis of a valuation carried out by the director, J S Meanen. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
2022 | 2021 | ||
£ | £ | ||
Other debtors |
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2022 | 2021 | ||
£ | £ | ||
Bank loans (secured) |
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Other creditors |
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Corporation tax |
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2022 | 2021 | ||
£ | £ | ||
Bank loans (secured) |
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The below amounts also relating to the same bank loans of £52,115 (2021 - £78,912) are also secured by standard charge.
Amounts repayable after more than 5 years are included in creditors falling due over one year:
2022 | 2021 | ||
£ | £ | ||
Bank loans |
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2022 | 2021 | ||
£ | £ | ||
Deferred tax |
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2022 | 2021 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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Transactions with the entity's directors
2022 | 2021 | ||
£ | £ | ||
Amounts Owed to Directors | 15,107 | 15,140 |
The above loan is interest free and has no fixed terms of repayment in place.