Company registration number 05391172 (England and Wales)
BRUNEL ESTATES MANAGEMENT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
BRUNEL ESTATES MANAGEMENT LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
BRUNEL ESTATES MANAGEMENT LIMITED
BALANCE SHEET
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
176,302
85,790
Investments
4
170,000
50,000
346,302
135,790
Current assets
Debtors
5
9,692,748
5,383,332
Cash at bank and in hand
17,171
754,288
9,709,919
6,137,620
Creditors: amounts falling due within one year
6
(4,083,732)
(945,862)
Net current assets
5,626,187
5,191,758
Total assets less current liabilities
5,972,489
5,327,548
Creditors: amounts falling due after more than one year
7
(5,796,855)
(5,187,547)
Net assets
175,634
140,001
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
175,632
139,999
Total equity
175,634
140,001
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 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.
BRUNEL ESTATES MANAGEMENT LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 28 March 2024
Mr G Mohindra
Director
Company registration number 05391172 (England and Wales)
BRUNEL ESTATES MANAGEMENT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
Share capital
Profit and loss reserves
Total
£
£
£
As restated for the period ended 30 June 2022:
Balance at 1 July 2021
2
115,989
115,991
Year ended 30 June 2022:
Profit and total comprehensive income
-
24,010
24,010
Balance at 30 June 2022
2
139,999
140,001
Year ended 30 June 2023:
Profit and total comprehensive income
-
35,633
35,633
Balance at 30 June 2023
2
175,632
175,634
BRUNEL ESTATES MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 4 -
1
Accounting policies
Company information
Brunel Estates Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is 4th Floor, 33 Cavendish Square, London, W1G 0PW.
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 from rent.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
Amortised over lease term of 25 years
Fixtures, fittings and equipment
12% Straight Line Method
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
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
BRUNEL ESTATES MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 5 -
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
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
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 balance sheet when the company becomes party to the contractual provisions of the instrument.
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.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.8
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.
BRUNEL ESTATES MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 6 -
1.9
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
3
Tangible fixed assets
Leasehold improvements
Fixtures, fittings and equipment
Total
£
£
£
Cost
At 1 July 2022
82,962
9,528
92,490
Additions
98,931
98,931
At 30 June 2023
181,893
9,528
191,421
Depreciation and impairment
At 1 July 2022
3,244
3,456
6,700
Depreciation charged in the year
7,276
1,143
8,419
At 30 June 2023
10,520
4,599
15,119
Carrying amount
At 30 June 2023
171,373
4,929
176,302
At 30 June 2022
79,718
6,072
85,790
4
Fixed asset investments
2023
2022
£
£
Other investments other than loans
170,000
50,000
BRUNEL ESTATES MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
4
Fixed asset investments
(Continued)
- 7 -
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 July 2022
50,000
Additions
120,000
At 30 June 2023
170,000
Carrying amount
At 30 June 2023
170,000
At 30 June 2022
50,000
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,036,322
1,125,847
Other debtors
371,620
203,141
1,407,942
1,328,988
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
8,284,806
4,054,344
Total debtors
9,692,748
5,383,332
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
3,294,604
263,533
Corporation tax
8,402
8,402
Other taxation and social security
34,376
86,316
Other creditors
746,350
587,611
4,083,732
945,862
BRUNEL ESTATES MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 8 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
41,173
48,649
Other creditors
5,755,682
5,138,898
5,796,855
5,187,547
8
Related party transactions
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due to related parties
£
£
Other related parties
5,755,682
5,138,898
At the balance sheet date, £5,755,682 (2022: £5,138,898) were due to the related party companies. The related party companies are controlled by the director.
2023
2022
Amounts due from related parties
£
£
Other related parties
8,284,806
4,054,344
At the balance sheet date, £8,284,806 (2022: £4,054,344) were due from the related party companies. The related party companies are controlled by the director.
9
Prior period adjustment
Reconciliation of changes in equity
The prior period adjustments do not give rise to any effect upon equity.
Reconciliation of changes in profit for the previous financial period
2022
£
Total adjustments
-
Profit as previously reported
24,010
Profit as adjusted
24,010