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REGISTERED NUMBER: 02651238 (England and Wales)













Unaudited Financial Statements for the Year Ended 31 May 2023

for

P F & S T BROWN PROPERTIES LIMITED

P F & S T BROWN PROPERTIES LIMITED (REGISTERED NUMBER: 02651238)






Contents of the Financial Statements
for the year ended 31 May 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


P F & S T BROWN PROPERTIES LIMITED

Company Information
for the year ended 31 May 2023







DIRECTORS: Mr P F Brown
Mr S T Brown





SECRETARY: Mr P F Brown





REGISTERED OFFICE: 26 Plantation Road
North Walsham
Norfolk
NR28 9XG





REGISTERED NUMBER: 02651238 (England and Wales)





ACCOUNTANTS: Stephenson Smart
Chartered Accountants
Queens Head House
The Street
Acle
Norwich
NR13 3DY

P F & S T BROWN PROPERTIES LIMITED (REGISTERED NUMBER: 02651238)

Balance Sheet
31 May 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,617,927 2,390,683

CURRENT ASSETS
Stocks 340,202 468,635
Debtors 5 12,957 12,489
Cash at bank 334,028 272,598
687,187 753,722
CREDITORS
Amounts falling due within one year 6 486,163 662,154
NET CURRENT ASSETS 201,024 91,568
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,818,951

2,482,251

PROVISIONS FOR LIABILITIES 323,858 280,642
NET ASSETS 2,495,093 2,201,609

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 7 1,478,594 1,308,494
Retained earnings 1,016,399 893,015
SHAREHOLDERS' FUNDS 2,495,093 2,201,609

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 8 February 2024 and were signed on its behalf by:





Mr P F Brown - Director


P F & S T BROWN PROPERTIES LIMITED (REGISTERED NUMBER: 02651238)

Notes to the Financial Statements
for the year ended 31 May 2023

1. STATUTORY INFORMATION

P F & S T Brown Properties 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 represents work done, property sales and holiday lettings excluding VAT.

Where a contract has only been partially completed at the balance sheet date turnover represents the value of the service provided to date based on a proportion of the total expected consideration at completion.

Holiday letting income is recognised in accordance with the terms of the letting agreement.

Where payments are received from customers in advance of services provided or holiday lets, the amounts are recorded as Deferred Income and included as part of Creditors due within one year.

Tangible fixed assets
Tangible fixed assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

In accordance with Financial Reporting Standard for Smaller Entities (effective April 2008) investment properties are revalued annually and any surplus or deficit arising is taken to the revaluation reserve. No depreciation is provided on such properties.

This treatment may be a departure from the requirement of the Companies Act 2006 concerning depreciation of fixed assets however, these properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. The provisions of Financial Reporting Standard for Smaller Entities (effective April 2008) in respect of investment properties have therefore been adopted in order to give a true and view. If this departure from the Act had not been made, the loss for the year would have been increased by depreciation.

However, the amount of depreciation cannot reasonably be quantified and the amount which might otherwise have been shown cannot be separately identified or quantified.

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% on reducing balance
Fixtures and fittings- 15% on reducing balance
Motor vehicles- 25% on reducing balance
Computer equipment- 33% on cost

Work in progress
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

P F & S T BROWN PROPERTIES LIMITED (REGISTERED NUMBER: 02651238)

Notes to the Financial Statements - continued
for the year ended 31 May 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.

Rents received
Rental income is recognised in accordance with the terms of the tenancy agreement.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST OR VALUATION
At 1 June 2022 2,365,000 39,609 40,335
Additions - 21,821 -
Revaluations 210,000 - -
At 31 May 2023 2,575,000 61,430 40,335
DEPRECIATION
At 1 June 2022 - 21,170 33,596
Charge for year - 3,892 1,011
At 31 May 2023 - 25,062 34,607
NET BOOK VALUE
At 31 May 2023 2,575,000 36,368 5,728
At 31 May 2022 2,365,000 18,439 6,739

P F & S T BROWN PROPERTIES LIMITED (REGISTERED NUMBER: 02651238)

Notes to the Financial Statements - continued
for the year ended 31 May 2023

4. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST OR VALUATION
At 1 June 2022 11,820 2,688 2,459,452
Additions - 574 22,395
Revaluations - - 210,000
At 31 May 2023 11,820 3,262 2,691,847
DEPRECIATION
At 1 June 2022 11,315 2,688 68,769
Charge for year 126 122 5,151
At 31 May 2023 11,441 2,810 73,920
NET BOOK VALUE
At 31 May 2023 379 452 2,617,927
At 31 May 2022 505 - 2,390,683

Cost or valuation at 31 May 2023 is represented by:

Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
Valuation in 2023 1,787,363 - -
Cost 787,637 61,430 40,335
2,575,000 61,430 40,335

Motor Computer
vehicles equipment Totals
£    £    £   
Valuation in 2023 - - 1,787,363
Cost 11,820 3,262 904,484
11,820 3,262 2,691,847

If freehold property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 913,289 787,637

Freehold property was valued on an open market basis on 31 May 2023 by Mr P F Brown, a director of the company .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 4,850 4,850
Other debtors 8,107 7,639
12,957 12,489

P F & S T BROWN PROPERTIES LIMITED (REGISTERED NUMBER: 02651238)

Notes to the Financial Statements - continued
for the year ended 31 May 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 6,929 14,181
Taxation and social security 26,739 55,478
Other creditors 452,495 592,495
486,163 662,154

7. RESERVES
Revaluation
reserve
£   
At 1 June 2022 1,308,494
Unrealised surplus/(deficit) on revalued
assets

170,100


At 31 May 2023 1,478,594

8. ULTIMATE CONTROLLING PARTY

During the two years ended 31 May 2023 the company was controlled jointly by Mr P F Brown and Mr S T Brown.