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REGISTERED NUMBER: 01405171 (England and Wales)














FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2023

FOR

BROOKPASS LIMITED

BROOKPASS LIMITED (REGISTERED NUMBER: 01405171)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 8


BROOKPASS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2023







DIRECTORS: K C Newman
G E Newman





SECRETARY: G E Newman





REGISTERED OFFICE: 20a Cross Road
Tadworth
Surrey
KT20 5SR





REGISTERED NUMBER: 01405171 (England and Wales)





AUDITORS: Myrus Smith
Chartered Accountants & Statutory Auditor
Norman House
8 Burnell Road
Sutton
Surrey
SM1 4BW

BROOKPASS LIMITED (REGISTERED NUMBER: 01405171)

BALANCE SHEET
31 JANUARY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 24,847 37,270
Investments 5 5,000 5,000
Investment property 6 4,262,000 4,677,000
4,291,847 4,719,270

CURRENT ASSETS
Stocks 1,505,737 996,060
Debtors 7 1,817,599 1,823,687
Cash at bank - 235,581
3,323,336 3,055,328
CREDITORS
Amounts falling due within one year 8 383,012 761,448
NET CURRENT ASSETS 2,940,324 2,293,880
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,232,171

7,013,150

CREDITORS
Amounts falling due after more than one
year

9

(24,167

)

(34,167

)

PROVISIONS FOR LIABILITIES 12 (447,261 ) (618,771 )
NET ASSETS 6,760,743 6,360,212

CAPITAL AND RESERVES
Called up share capital 3,668 3,668
Share premium 61,663 61,663
Revaluation reserve 13 2,489,800 2,637,922
Capital redemption reserve 1,332 1,332
Retained earnings 4,204,280 3,655,627
SHAREHOLDERS' FUNDS 6,760,743 6,360,212

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 March 2024 and were signed on its behalf by:





G E Newman - Director


BROOKPASS LIMITED (REGISTERED NUMBER: 01405171)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023


1. STATUTORY INFORMATION

Brookpass Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of consideration receivable by the company for rental income and other services.

The rental income comes from private rental properties owned by the company recognised on an accruals basis as it falls due.

Turnover relating to the provision of services is recognised by reference to the stage of completion and when it probable that the income will be received, and the amount can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 33% on cost
Motor vehicles - 25% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
Investment property 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. The surplus or deficit on revaluation is recognised in the revaluation reserve account

Stocks
Stocks include properties acquired at cost by the company with a view to development and resale including related costs of development.

Debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairments are recognised in expenditure.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


BROOKPASS LIMITED (REGISTERED NUMBER: 01405171)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 5 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 February 2022 63,006
Disposals (2,250 )
At 31 January 2023 60,756
DEPRECIATION
At 1 February 2022 25,736
Charge for year 12,423
Eliminated on disposal (2,250 )
At 31 January 2023 35,909
NET BOOK VALUE
At 31 January 2023 24,847
At 31 January 2022 37,270

BROOKPASS LIMITED (REGISTERED NUMBER: 01405171)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023


5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 February 2022
and 31 January 2023 5,000
NET BOOK VALUE
At 31 January 2023 5,000
At 31 January 2022 5,000

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 February 2022 4,677,000
Additions 10,000
Disposals (800,000 )
Revaluations 375,000
At 31 January 2023 4,262,000
NET BOOK VALUE
At 31 January 2023 4,262,000
At 31 January 2022 4,677,000

Investment property is carried at fair value determined annually by review of comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. The review is carried out by the directors. No depreciation is provided, and any changes in fair value are recognised in the profit or loss.

Fair value at 31 January 2023 is represented by:
£   
Valuation in 2006 956,907
Valuation in 2007 247,500
Valuation in 2008 679,500
Valuation in 2010 340,000
Valuation in 2011 5,000
Valuation in 2014 742,003
Valuation in 2016 426,766
Valuation in 2019 585,000
Valuation in 2022 (725,983 )
Valuation in 2023 (309,633 )
Cost 1,314,940
4,262,000

BROOKPASS LIMITED (REGISTERED NUMBER: 01405171)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023


7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 18,298 19,638
Other debtors 1,799,301 1,804,049
1,817,599 1,823,687

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 10) 121,233 556,828
Trade creditors 55,583 53,225
Amounts owed to group undertakings 5,000 5,000
Taxation and social security 176,950 115,948
Other creditors 24,246 30,447
383,012 761,448

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans (see note 10) 24,167 34,167

10. LOANS

Interest is charged on the bank loans at a rate of 2.50% - 5.81% per annum, above the bank's Base Rate, and are due to mature between 2022 - 2027.

11. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdraft 111,234 -
Bank loans 34,166 590,995
145,400 590,995

The Bank loans and overdraft are secured over the company's investment properties.

12. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Other timing differences 447,261 618,771

BROOKPASS LIMITED (REGISTERED NUMBER: 01405171)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023


12. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 February 2022 618,771
Credit to Income Statement during year (171,510 )
Balance at 31 January 2023 447,261

13. RESERVES
Revaluation
reserve
£   
At 1 February 2022 2,637,922
Transfer between reserves 375,000
Transfer on disposal of
Investment property (523,122 )

At 31 January 2023 2,489,800

14. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Stephen Jones FCA (Senior Statutory Auditor)
for and on behalf of Myrus Smith

15. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 January 2023 and 31 January 2022:

2023 2022
£    £   
K C Newman
Balance outstanding at start of year 1,386 964
Amounts advanced - 422
Amounts repaid (2,227 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (841 ) 1,386

G E Newman
Balance outstanding at start of year - 2,558
Amounts repaid - (2,558 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

These loans are interest free and repayable on demand.

BROOKPASS LIMITED (REGISTERED NUMBER: 01405171)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023


16. RELATED PARTY DISCLOSURES

Name of related party Nature of Relationship Transaction Details Amount Balance

2023 £    £   


Charlie Newman Ltd
Directors/shareholdersin
common

Loan repaid

13,191

1,763,951

Brookpass Residential
Ltd
Directors/shareholdersin
common

Loan made

343

343

Brookpass Developments
Ltd
Directors/shareholdersin
common

Loan made

3,975

3,975

2022 £    £   

Charlie Newman Ltd Directors/shareholders Loan repaid 1,898 1,777,142
in common


The above loans are interest free and repayable on demand.