Company registration number 00084840 (England and Wales)
THE BROMBOROUGH ESTATE COMPANY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
PAGES FOR FILING WITH REGISTRAR
THE BROMBOROUGH ESTATE COMPANY LTD
COMPANY INFORMATION
Directors
Mr A Reeves
Mrs L M Rand
Company number
00084840
Registered office
Glebe Farm
Wymington Road
Podington
Wellingborough
Northamptonshire
United Kingdom
NN29 7HP
Accountants
Ellacotts LLP
Countrywide House
23 West Bar
Banbury
Oxfordshire
England
OX16 9SA
THE BROMBOROUGH ESTATE COMPANY LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
THE BROMBOROUGH ESTATE COMPANY LTD
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF THE BROMBOROUGH ESTATE COMPANY LTD FOR THE YEAR ENDED 31 JANUARY 2023
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Bromborough Estate Company Ltd for the year ended 31 January 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the Board of Directors of The Bromborough Estate Company Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of The Bromborough Estate Company Ltd and state those matters that we have agreed to state to the Board of Directors of The Bromborough Estate Company Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Bromborough Estate Company Ltd and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that The Bromborough Estate Company Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of The Bromborough Estate Company Ltd. You consider that The Bromborough Estate Company Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of The Bromborough Estate Company Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Ellacotts LLP
17 October 2023
Chartered Accountants
Countrywide House
23 West Bar
Banbury
Oxfordshire
England
OX16 9SA
THE BROMBOROUGH ESTATE COMPANY LTD
BALANCE SHEET
AS AT 31 JANUARY 2023
31 January 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,895,124
3,853,173
Investment properties
5
895,000
895,000
3,790,124
4,748,173
Current assets
Stocks
482,789
546,319
Debtors
6
5,535,606
2,788,528
Cash at bank and in hand
608,114
1,644,153
6,626,509
4,979,000
Creditors: amounts falling due within one year
7
(285,332)
(107,285)
Net current assets
6,341,177
4,871,715
Total assets less current liabilities
10,131,301
9,619,888
Creditors: amounts falling due after more than one year
8
(5,160,866)
(6,916,923)
Provisions for liabilities
(36,282)
(49,420)
Net assets
4,934,153
2,653,545
Capital and reserves
Called up share capital
65,000
65,000
Profit and loss reserves
4,869,153
2,588,545
Total equity
4,934,153
2,653,545

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 January 2023 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.

THE BROMBOROUGH ESTATE COMPANY LTD
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2023
31 January 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 10 October 2023 and are signed on its behalf by:
Mr A Reeves
Director
Company Registration No. 00084840
THE BROMBOROUGH ESTATE COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
- 4 -
1
Accounting policies
Company information

The Bromborough Estate Company Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Glebe Farm, Wymington Road, Podington, Wellingborough, Northamptonshire, United Kingdom, NN29 7HP.

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 company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

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:

Freehold land and buildings
straight line over 25 years and nil
Plant and equipment
15% - 25% reducing balance

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.

1.5
Stocks

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

THE BROMBOROUGH ESTATE COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 5 -
1.6
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.

1.7
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.

1.8
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

THE BROMBOROUGH ESTATE COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 6 -
3
Employees

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

2023
2022
Number
Number
Total
3
4
4
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Total
£
£
£
Cost
At 1 February 2022
4,519,628
1,458,724
5,978,352
Additions
18,764
82,072
100,836
Disposals
(877,643)
(19,417)
(897,060)
At 31 January 2023
3,660,749
1,521,379
5,182,128
Depreciation and impairment
At 1 February 2022
1,277,928
847,251
2,125,179
Depreciation charged in the year
72,282
92,804
165,086
Eliminated in respect of disposals
-
0
(3,261)
(3,261)
At 31 January 2023
1,350,210
936,794
2,287,004
Carrying amount
At 31 January 2023
2,310,539
584,585
2,895,124
At 31 January 2022
3,241,700
611,473
3,853,173
5
Investment property
2023
£
Fair value
At 1 February 2022 and 31 January 2023
895,000

Investment property was valued by the directors of The Bromborough Estate Company Limited on the basis of market value at 31 January 2023.

THE BROMBOROUGH ESTATE COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 7 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
21,288
3,173
Amounts owed by group undertakings
5,479,153
2,729,153
Other debtors
5,382
1,587
Prepayments and accrued income
29,783
54,615
5,535,606
2,788,528
7
Creditors: amounts falling due within one year
2023
2022
£
£
5% Non-Cumulative preference shares
15,000
15,000
Trade creditors
54,969
7,114
Corporation tax
189,161
42,508
Other taxation and social security
5,723
4,907
Other creditors
6,725
6,725
Accruals and deferred income
13,754
31,031
285,332
107,285
The 5% Non-Cumulative Preference shares carry no voting rights and, in the event of the company being wound up, the assets remaining after payment of the debts and liabilities of the company and the costs of the liquidation shall be applied first in repaying the amounts paid up on preference shares and any arrears on preferential dividends.
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
-
0
1,310,452
Amounts due to group undertakings
5,160,866
5,606,471
5,160,866
6,916,923
THE BROMBOROUGH ESTATE COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 8 -
9
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:

2023
2022
£
£
183,563
254,591
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