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Registration number: 07917949

Brickyard Commercial Ltd

Annual Report and Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 March 2022

 

Brickyard Commercial Ltd

Contents

Abridged Balance Sheet

1

Notes to the Unaudited Abridged Financial Statements

2 to 4

 

Brickyard Commercial Ltd

(Registration number: 07917949)
Abridged Balance Sheet as at 31 March 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

454,249

811,647

Investment property

400,000

-

 

854,249

811,647

Current assets

 

Debtors

22,789

312,775

Cash at bank and in hand

 

2,038,763

1,238,183

 

2,061,552

1,550,958

Creditors: Amounts falling due within one year

(2,842,379)

(2,352,738)

Net current liabilities

 

(780,827)

(801,780)

Total assets less current liabilities

 

73,422

9,867

Provisions for liabilities

(1,337)

(2,543)

Net assets

 

72,085

7,324

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

72,083

7,322

Total equity

 

72,085

7,324

For the financial year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the director on 9 September 2022
 

Mr P J Dunford

Director

 

Brickyard Commercial Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2022

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Calyx House
South Road
Taunton
Somerset
TA1 3DU

These financial statements were authorised for issue by the director on 9 September 2022.

2

Accounting policies

Statement of compliance

These abridged financial statements were prepared in accordance with Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis. Of the company's liabilities at 31 March 2022 £2,840,316 is owed to a company under common control, who have agreed not to demand repayment in the situation whereupon any such repayment would jeopardise the future of the company. The directors have also agreed that they will continue to provide financial support for at least 12 months from the date of approval of these accounts.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable the future economic benefits will flow into the entity, and specific criteria have been met for each of the company activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

 

Brickyard Commercial Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2022

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% reducing balance

Investment property

Investments in equity shares where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in the profit or loss account. Investments in equity shares where fair value cannot be measured reliably are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2021 - 1).

4

Tangible assets

Total
£

Cost or valuation

At 1 April 2021

824,300

Additions

22,417

Disposals

(373,268)

At 31 March 2022

473,449

Depreciation

At 1 April 2021

12,654

Charge for the year

6,546

At 31 March 2022

19,200

Carrying amount

At 31 March 2022

454,249

At 31 March 2021

811,647

Included within the net book value of land and buildings above is £428,064 (2021 - £798,265) in respect of freehold land and buildings.
 

 

Brickyard Commercial Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2022

Investment properties

2022
£

Additions

373,269

Fair value adjustments

26,731

At 31 March

400,000

The directors have reviewed the valuation of investment property and consider it to be a fair reflection of the market value. If the properties were realised for this amount, a tax liability for the company of approximately £5079 would arise.

There has been no valuation of investment property by an independent valuer.

5

Related party transactions

Summary of transactions with other related parties

Within other creditors is a loan of £2,840,316 to an associated company. This loan is interest free and is payable on demand.

Within other debtors is a loan of £8,784 from an associated company. This loan is interest free and is payable on demand.