Registered number
10772654
Brit Asset Management Limited
Filleted Accounts
31 May 2023
Brit Asset Management Limited
Registered number: 10772654
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Investments 3 808,620 808,620
Current assets
Debtors 4 - 281
Cash at bank and in hand 3,456 13,307
3,456 13,588
Creditors: amounts falling due within one year 5 (634,816) (665,736)
Net current liabilities (631,360) (652,148)
Total assets less current liabilities 177,260 156,472
Provisions for liabilities (11,831) (11,831)
Net assets 165,429 144,641
Capital and reserves
Called up share capital 10 10
Fair value reserve 50,438 50,438
Profit and loss account 114,981 94,193
Shareholders' funds 165,429 144,641
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Robert Talbot
Director
Approved by the board on 22 February 2024
Brit Asset Management Limited
Notes to the Accounts
for the year ended 31 May 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover represents rents and consultancy income, net of VAT, receivable for the year.
Investment properties
Investment properties are included in the accounts at their fair value. Gains and losses on fair valuation are recognised in the profit and loss account. Deferred taxation is provided at the rate expected to apply when the property is sold.
Deferred tax
Deferred tax is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Deferred tax is accounted in respect of all material timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Freehold
investment
properties
£
Fair value
At 1 June 2022 808,620
At 31 May 2023 808,620
The investment properties are valued by the directors at 31 May 2023, on an open market basis.
No Depreciation is provided in respect of these properties.
4 Debtors 2023 2022
£ £
Other debtors - 281
5 Creditors: amounts falling due within one year 2023 2022
£ £
Directors' loan accounts 621,641 656,172
Taxation and social security costs 8,865 5,504
Other creditors 4,310 4,060
634,816 665,736
The directors' loan balances with the company attract a nil rate of interest and are repayable on
demand.
6 Other information
Brit Asset Management Limited is a private company limited by shares and incorporated in England. Its registered office is:
Ground Floor
21 York Road
Maidenhead
Berkshire
SL6 1SQ
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