Brickfield Properties Management Limited
Company Registration No. 11804049 (England and Wales)
Unaudited Financial Statements
For the year ended 28 February 2023
PAGES FOR FILING WITH REGISTRAR
BRICKFIELD PROPERTIES MANAGEMENT LIMITED
Brickfield Properties Management Limited
CONTENTS
Page
Statement of Financial Position
1 - 2
Notes to the Financial Statements
3 - 6
BRICKFIELD PROPERTIES MANAGEMENT LIMITED
Brickfield Properties Management Limited
STATEMENT OF FINANCIAL POSITION
AS AT
28 FEBRUARY 2023
28 February 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
3
1,752,203
1,752,203
Current assets
Debtors
4
110,634
7,037
Cash at bank and in hand
17
52,627
110,651
59,664
Current liabilities
Creditors: amounts falling due within one year
5
(12,468)
(5,787)
Net current assets
98,183
53,877
Total assets less current liabilities
1,850,386
1,806,080
Creditors: amounts falling due after more than one year
6
(2,003,007)
(1,933,064)
Net liabilities
(152,621)
(126,984)
Capital and reserves
Share capital
7
1,000
1,000
Profit and loss reserves
(153,621)
(127,984)
Total equity
(152,621)
(126,984)
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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.
BRICKFIELD PROPERTIES MANAGEMENT LIMITED
Brickfield Properties Management Limited
STATEMENT OF FINANCIAL POSITION (Continued)
AS AT
28 FEBRUARY 2023
28 February 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 23 November 2023
Mr D Lacmanovic
Authorised signatory
Company Registration No. 11804049
BRICKFIELD PROPERTIES MANAGEMENT LIMITED
Brickfield Properties Management Limited
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 3 -
1
Accounting policies
Company information
Brickfield Properties Management Limited is a private company limited by shares incorporated on 4 February 2019 in England and Wales. The registered office is 5th Floor, 2 Copthall Avenue, London, United Kingdom, EC2R 7DA.
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.
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.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
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.
1.4
Borrowing costs related to fixed assets
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.
All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
1.5
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.
BRICKFIELD PROPERTIES MANAGEMENT LIMITED
Brickfield Properties Management Limited
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 4 -
1.6
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 statement of financial position 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.
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.
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.
1.7
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.
1.8
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
BRICKFIELD PROPERTIES MANAGEMENT LIMITED
Brickfield Properties Management Limited
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 5 -
2
Employees
The average number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
3
Investment property
2023
£
Fair value
At 1 March 2022 and 28 February 2023
1,752,203
Investment property comprises of leasehold flats. The properties are carried at cost and the director believes this to be the fair value as at the year end.
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
7,572
Other debtors
94,636
Prepayments and accrued income
8,426
7,037
110,634
7,037
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
5,741
Amounts owed to group undertakings
2,787
1,787
Accruals and deferred income
3,940
4,000
12,468
5,787
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
2,003,007
1,933,064
BRICKFIELD PROPERTIES MANAGEMENT LIMITED
Brickfield Properties Management Limited
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 6 -
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
8
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Amounts due to related parties
2023 2022
£ £
Entity under common control 2,003,007 1,933,064
Parent Company 2,787 1,787
Amounts due from related parties
2023 2022
£ £
Parent Company 94,636 -