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COMPANY REGISTRATION NUMBER: 00466000
GEORGE BREWSTER (PROPERTY) LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 December 2022
GEORGE BREWSTER (PROPERTY) LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2022
2022
2021
Note
£
£
£
Fixed assets
Tangible assets
4
15,492,747
15,395,721
Current assets
Debtors
5
216,056
231,291
Cash at bank and in hand
307,209
58,353
---------
---------
523,265
289,644
Creditors: amounts falling due within one year
6
648,269
477,444
---------
---------
Net current liabilities
125,004
187,800
-------------
-------------
Total assets less current liabilities
15,367,743
15,207,921
Creditors: amounts falling due after more than one year
7
5,901,750
6,081,750
Provisions
Taxation including deferred tax
1,228,137
902,760
-------------
-------------
Net assets
8,237,856
8,223,411
-------------
-------------
Capital and reserves
Called up share capital
5,000
5,000
Profit and loss account
8
8,232,856
8,218,411
------------
------------
Shareholders funds
8,237,856
8,223,411
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
GEORGE BREWSTER (PROPERTY) LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2022
These financial statements were approved by the board of directors and authorised for issue on 16 February 2024 , and are signed on behalf of the board by:
M Canty
Director
Company registration number: 00466000
GEORGE BREWSTER (PROPERTY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Fleet House, Springhead Enterprise Park, Northfleet, Kent, DA11 8HJ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Debtors
Debtors are initially recorded at fair value and are assessed for impairment at each year end date. If any impairments exist the debtors are remeasured to the present value of the expected future cash inflows.
Creditors
Creditors are initially recorded at fair value and are then remeasured to the present value of the expected future cash outflows.
Judgements and key sources of estimation uncertainty
There are no significant estimates or assumptions made that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Revenue recognition
Revenue refers to the revenue earned from the Company's principal activity; that being rent receivable.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
15% reducing balance
Fixtures and fittings
-
15% reducing balance
Equipment
-
15% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Tangible assets
Investment property
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
£
Cost
At 1 January 2022
15,370,000
93,845
42,068
2,755
15,508,668
Additions
100,886
100,886
-------------
--------
--------
-------
-------------
At 31 December 2022
15,470,886
93,845
42,068
2,755
15,609,554
-------------
--------
--------
-------
-------------
Depreciation
At 1 January 2022
75,386
34,914
2,647
112,947
Charge for the year
2,770
1,073
17
3,860
-------------
--------
--------
-------
-------------
At 31 December 2022
78,156
35,987
2,664
116,807
-------------
--------
--------
-------
-------------
Carrying amount
At 31 December 2022
15,470,886
15,689
6,081
91
15,492,747
-------------
--------
--------
-------
-------------
At 31 December 2021
15,370,000
18,459
7,154
108
15,395,721
-------------
--------
--------
-------
-------------
Tangible assets held at valuation
Investment properties were valued on an open market basis on 31 December 2022 by M Canty .
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Investment property
£
At 31 December 2022
Aggregate cost
8,248,341
Aggregate depreciation
------------
Carrying value
8,248,341
------------
At 31 December 2021
Aggregate cost
8,147,455
Aggregate depreciation
------------
Carrying value
8,147,455
------------
5. Debtors
2022
2021
£
£
Trade debtors
95,416
166,650
Other debtors
120,640
64,641
---------
---------
216,056
231,291
---------
---------
6. Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
200,000
120,000
Trade creditors
796
68,409
Corporation tax
67,854
6,998
Social security and other taxes
36,291
33,870
Other creditors
343,328
248,167
---------
---------
648,269
477,444
---------
---------
7. Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
5,901,750
6,081,750
------------
------------
The bank loans are secured on the company's properties .
8. Reserves
Included in capital and reserves is an undistributable amount of £5,994,408.