Number
09560181
MONTGOMERY BROWN HOLDINGS LTD
Filleted Accounts
31 December 2023
MONTGOMERY BROWN HOLDINGS LTD
Registered number: 09560181
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 431,564 203,215
431,564 203,215
Current assets
Debtors 4 351 1,169
Cash at bank and in hand 33 776
384 1,945
Creditors: amounts falling due within one year 5 (121,054) (93,608)
Net current liabilities (120,670) (91,663)
Total assets less current liabilities 310,894 111,552
Creditors: amounts falling due after more than one year 6 (211,775) (219,545)
Provisions for liabilities (9,886) (1,237)
Net assets/(liabilities) 89,233 (109,230)
Capital and reserves
Called up share capital 100 100
Profit and loss account (228,807) (199,503)
Fair value reserve 8 317,940 90,173
Shareholder's funds 89,233 (109,230)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
Mr. Roger Charles Brown
Director
Approved by the board on 16 April 2024
MONTGOMERY BROWN HOLDINGS LTD
Notes to the Accounts
for the year ended 31 December 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 is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Fixtures and fittings over 4 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
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 0 0
3 Tangible fixed assets
Land and buildings Fixtures and fittings Total
£ £ £
Cost or valuation
At 1 January 2023 228,873 34,457 263,330
Additions - 4,371 4,371
Revaluation of land and buildings 236,127 - 236,127
At 31 December 2023 465,000 38,828 503,828
Depreciation
At 1 January 2023 32,167 27,948 60,115
Charge for the year 9,300 2,849 12,149
At 31 December 2023 41,467 30,797 72,264
Net book value
At 31 December 2023 423,533 8,031 431,564
At 31 December 2022 196,706 6,509 203,215
Freehold land and buildings: 2023 2022
£ £
Historical cost 138,700 138,700
Cumulative depreciation based on historical cost 5,548 2,774
133,152 135,926
4 Debtors 2023 2022
£ £
Trade debtors - 800
VAT repayable 281 299
Prepayments 70 70
351 1,169
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 197 1,395
Payments on account 1,075 -
Other loans - 1,044
Mr. Roger Charles Brown 119,175 90,619
Deferred income 502 471
Accruals 105 79
121,054 93,608
6 Creditors: amounts falling due after one year 2023 2022
£ £
Other loans 211,775 219,545
211,775 219,545
7 Loans 2023 2022
£ £
Creditors include:
Instalments falling due for payment after more than five years 71,034 71,034
8 Fair value reserve 2023 2022
£ £
At 1 January 2023 90,173 90,173
Gain on revaluation of land and buildings 236,127 -
Deferred taxation arising on the revaluation of land and buildings (8,360) -
At 31 December 2023 317,940 90,173
9 Ultimate controlling party and related party transactions
The company was under the control of Mr. Roger Charles Brown throughout the current period.
No transactions with related parties were undertaken such as are required to be disclosed under FRS 102 except for those disclosed below.
2023 2022
£ £
Balance owing (to) / from Mr. Roger Charles Brown (119,175) (90,619)
Interest at 2.25% per annum is charged on balances over £10,000 owed to the company.
10 Going concern basis
The company is dependent on the continued support of its director and loan providers. All of these parties have indicated their willingness to continue supporting the company. Therefore the director has adopted the going concern basis for these accounts.
11 Other information
MONTGOMERY BROWN HOLDINGS LTD is a private company limited by shares and incorporated in England. Its registered office is:
27 Oaktree Crescent
Cockermouth
Cumbria
CA13 9HR
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