Company Registration No. 09742923 (England and Wales)
BRAGG ESTATES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
BRAGG ESTATES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 11
BRAGG ESTATES LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
19,078
30,059
Investment properties
4
11,754,478
10,835,677
Investments
5
182,498
182,498
11,956,054
11,048,234
Current assets
Stocks
95,409
104,394
Debtors
6
118,562
160,141
Cash at bank and in hand
1,491,386
1,868,082
1,705,357
2,132,617
Creditors: amounts falling due within one year
7
(361,834)
(284,313)
Net current assets
1,343,523
1,848,304
Total assets less current liabilities
13,299,577
12,896,538
Creditors: amounts falling due after more than one year
8
(34,108)
(31,557)
Provisions for liabilities
(144,500)
(152,500)
Net assets
13,120,969
12,712,481
Capital and reserves
Called up share capital
10
1
1
Fair value reserve
841,034
870,034
Profit and loss reserves
12,279,934
11,842,446
Total equity
13,120,969
12,712,481

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 December 2021 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.

The 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.

BRAGG ESTATES LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2021
31 December 2021
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 13 September 2022 and are signed on its behalf by:
J P Bragg
Director
Company Registration No. 09742923
BRAGG ESTATES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021
- 3 -
Share capital
Fair value reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2020
1
1,019,045
11,540,462
12,559,508
Year ended 31 December 2020:
Profit for the year
-
-
250,225
250,225
Other comprehensive income:
Revaluation of investment property
-
(149,011)
-
(149,011)
Total comprehensive income for the year
-
0
(149,011)
250,225
101,214
Dividends
-
-
(97,252)
(97,252)
Transfers
-
-
0
149,011
149,011
Balance at 31 December 2020
1
870,034
11,842,446
12,712,481
Year ended 31 December 2021:
Profit for the year
-
-
408,488
408,488
Other comprehensive income:
Revaluation of investment property
-
(29,000)
-
(29,000)
Total comprehensive income for the year
-
0
(29,000)
408,488
379,488
Transfers
-
-
0
29,000
29,000
Balance at 31 December 2021
1
841,034
12,279,934
13,120,969
BRAGG ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 4 -
1
Accounting policies
Company information

Bragg Estates Limited is a private company limited by shares incorporated in England and Wales. The registered office is Stowe House, 1688 High Street, Knowle, Solihull, West Midlands, B93 0LY.

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 amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. 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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

Turnover represents the amounts receivable in respect of rental income, the sale of ground rents and lease premiums. Rental income is accounted for on an invoiced basis.

Interest income is recognised when it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding and the effective interest rate applicable.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Motor vehicles
20% 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
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

BRAGG ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 5 -
1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.6
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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Stocks

Stocks represent ground rents owned by the company. Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to sell.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

BRAGG ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 6 -
1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
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.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention 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 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.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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.

BRAGG ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 7 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
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.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

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.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

BRAGG ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 8 -
1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.15
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2021
2020
Number
Number
Total
7
7
BRAGG ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 9 -
3
Tangible fixed assets
Motor vehicles
£
Cost
At 1 January 2021 and 31 December 2021
54,904
Depreciation and impairment
At 1 January 2021
24,845
Depreciation charged in the year
10,981
At 31 December 2021
35,826
Carrying amount
At 31 December 2021
19,078
At 31 December 2020
30,059
4
Investment property
2021
£
Fair value
At 1 January 2021
10,835,677
Additions
1,083,801
Disposals
(165,000)
At 31 December 2021
11,754,478

The fair value of the investment property has been arrived at on the basis of a valuation carried out in July 2020 by Carters Surveyors Limited, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

5
Fixed asset investments
2021
2020
£
£
Shares in group undertakings and participating interests
182,498
182,498

The £182,498 investment represents a 50% share in FHB Lakeside Limited, a company incorporated in England & Wales.

BRAGG ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 10 -
6
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
90,483
102,995
Amounts owed by group undertakings
5,675
5,675
Other debtors
22,404
51,471
118,562
160,141
7
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
405
4,952
Corporation tax
79,050
87,000
Other taxation and social security
31,451
27,402
Other creditors
250,928
164,959
361,834
284,313
8
Creditors: amounts falling due after more than one year
2021
2020
£
£
Other creditors
34,108
31,557
9
Retirement benefit schemes
2021
2020
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
1,554
2,207

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

10
Called up share capital
2021
2020
Ordinary share capital
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
BRAGG ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 11 -
11
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2021
2020
£
£
5,656
10,504
12
Related party transactions
Related Businesses
The following business is a related party of Bragg Estates Limited:
Name of Business
Nature of Relationship
FHB Lakeside Limited
Bragg Estates Limited is a 50% shareholder of FHB Lakeside Limited and Mrs J A Bragg is a director of both companies
M P Lewis Estates Limited
Mrs S M Grant is a director of both companies
and the following transactions took place with these businesses during the year:
Name of Business
Nature of Transaction
Amount
Balance due (to) / from Other Party
£
£
FHB Lakeside Limited
Trading balance
-
5,675
M P Lewis Estates Limited
Recharges to
61,916
9,732
13
Parent company

The ultimate controlling party is Bragg Estates Holdings Limited (Registered Office Stowe House, 1688 High Street, Knowle, Solihull, B93 0LY) which owns 100% of the issued share capital of the company.

2021-12-312021-01-01false13 September 2022CCH SoftwareCCH Accounts Production 2022.100No description of principal activityMrs J A BraggM D BraggJ P BraggMrs S M Grant097429232021-01-012021-12-31097429232021-12-31097429232020-12-3109742923core:OtherPropertyPlantEquipment2021-12-3109742923core:OtherPropertyPlantEquipment2020-12-3109742923core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-3109742923core:CurrentFinancialInstrumentscore:WithinOneYear2020-12-3109742923core:Non-currentFinancialInstrumentscore:AfterOneYear2021-12-3109742923core:Non-currentFinancialInstrumentscore:AfterOneYear2020-12-3109742923core:CurrentFinancialInstruments2021-12-3109742923core:CurrentFinancialInstruments2020-12-3109742923core:ShareCapital2021-12-3109742923core:ShareCapital2020-12-3109742923core:RevaluationReserve2021-12-3109742923core:RevaluationReserve2020-12-3109742923core:RetainedEarningsAccumulatedLosses2021-12-3109742923core:RetainedEarningsAccumulatedLosses2020-12-3109742923core:ShareCapital2019-12-3109742923core:RevaluationReserve2019-12-3109742923core:RetainedEarningsAccumulatedLosses2019-12-31097429232019-12-3109742923bus:Director32021-01-012021-12-3109742923core:RetainedEarningsAccumulatedLosses2020-01-012020-12-31097429232020-01-012020-12-3109742923core:RetainedEarningsAccumulatedLosses2021-01-012021-12-3109742923core:RevaluationReserve2021-01-012021-12-3109742923core:ShareCapital2020-01-012020-12-3109742923core:RevaluationReserve2020-01-012020-12-3109742923core:ShareCapital2021-01-012021-12-3109742923core:MotorVehicles2021-01-012021-12-3109742923core:OtherPropertyPlantEquipment2020-12-3109742923core:OtherPropertyPlantEquipment2021-01-012021-12-31097429232020-12-3109742923core:WithinOneYear2021-12-3109742923core:WithinOneYear2020-12-3109742923core:Non-currentFinancialInstruments2021-12-3109742923core:Non-currentFinancialInstruments2020-12-3109742923bus:PrivateLimitedCompanyLtd2021-01-012021-12-3109742923bus:SmallCompaniesRegimeForAccounts2021-01-012021-12-3109742923bus:FRS1022021-01-012021-12-3109742923bus:AuditExemptWithAccountantsReport2021-01-012021-12-3109742923bus:Director12021-01-012021-12-3109742923bus:Director22021-01-012021-12-3109742923bus:Director42021-01-012021-12-3109742923bus:FullAccounts2021-01-012021-12-31xbrli:purexbrli:sharesiso4217:GBP