REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 May 2023 |
for |
P F & S T BROWN PROPERTIES LIMITED |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 7 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
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 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST OR VALUATION |
At 1 June 2022 |
Additions |
Revaluations |
At 31 May 2023 |
DEPRECIATION |
At 1 June 2022 |
Charge for year |
At 31 May 2023 |
NET BOOK VALUE |
At 31 May 2023 |
At 31 May 2022 |
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 |
Additions |
Revaluations |
At 31 May 2023 |
DEPRECIATION |
At 1 June 2022 |
Charge for year |
At 31 May 2023 |
NET BOOK VALUE |
At 31 May 2023 |
At 31 May 2022 |
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 |
Other debtors |
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 |
Taxation and social security |
Other creditors |
7. | RESERVES |
Revaluation |
reserve |
£ |
At 1 June 2022 |
Unrealised surplus/(deficit) on revalued assets |
170,100 |
At 31 May 2023 |
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. |