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Registration number: 13389387

Branksome Penzance Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2023

 

Branksome Penzance Limited

Contents

Company Information

1

Directors' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 11

 

Branksome Penzance Limited

Company Information

Directors

Mrs Erika Hewett

Miss Olivia Hewett

Mr Daniel Hewett

Miss Demelza Hewett

Registered office

Chyreen
Green Lane
Marazion
PENZANCE
TR17 0HQ

Accountants

Crane & Johnston C&J Ltd
Chartered Certified Accountants
11 Alverton Terrace
PENZANCE
Cornwall
TR18 4JH

 

Branksome Penzance Limited

Directors' Report for the Year Ended 31 May 2023

The directors present their report and the financial statements for the year ended 31 May 2023.

Directors of the company

The directors who held office during the year were as follows:

Mrs Erika Hewett

Miss Olivia Hewett

Mr Daniel Hewett

Miss Demelza Hewett

Principal activity

The principal activity of the company is Unfurnished lettings

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 12 February 2024 and signed on its behalf by:
 


Mrs Erika Hewett
Director

 

Branksome Penzance Limited

(Registration number: 13389387)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

4,544

5,346

Investment property

5

548,570

548,570

 

553,114

553,916

Current assets

 

Debtors

6

2,516

982

Cash at bank and in hand

 

5,360

1,334

 

7,876

2,316

Creditors: Amounts falling due within one year

7

(234,092)

(228,077)

Net current liabilities

 

(226,216)

(225,761)

Total assets less current liabilities

 

326,898

328,155

Creditors: Amounts falling due after more than one year

7

(327,500)

(327,500)

Net (liabilities)/assets

 

(602)

655

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

(702)

555

Shareholders' (deficit)/funds

 

(602)

655

For the financial year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Branksome Penzance Limited

(Registration number: 13389387)
Balance Sheet as at 31 May 2023 (continued)

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 12 February 2024 and signed on its behalf by:
 


Mrs Erika Hewett
Director

 

Branksome Penzance Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Chyreen
Green Lane
Marazion
PENZANCE
TR17 0HQ

These financial statements were authorised for issue by the Board on 12 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

 

Branksome Penzance Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

2

Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings and equipment

15% reducing balance method

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Branksome Penzance Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

2

Accounting policies (continued)

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Branksome Penzance Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 June 2022

6,289

6,289

At 31 May 2023

6,289

6,289

Depreciation

At 1 June 2022

943

943

Charge for the year

802

802

At 31 May 2023

1,745

1,745

Carrying amount

At 31 May 2023

4,544

4,544

At 31 May 2022

5,346

5,346

5

Investment properties

2023
£

At 1 June

548,570

At 31 May

548,570

There has been no valuation of investment property by an independent valuer.

 

Branksome Penzance Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

6

Debtors

Current

2023
£

2022
£

Trade debtors

2,155

671

Prepayments

361

311

 

2,516

982

 

Branksome Penzance Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Accruals and deferred income

1,260

1,440

Other creditors

232,832

226,637

234,092

228,077

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

327,500

327,500

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Share Capital of £1 each

100

100

100

100

         

Allotted, called up and not fully paid shares

 

Branksome Penzance Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

8

Share capital (continued)

 

2023

2022

 

No.

£

No.

£

Erika Hewett of £1 each

10

10

10

10

Daniel Hewett of £1 each

10

10

10

10

Demelza Hewett of £1 each

40

40

40

40

Olivia Hewett of £1 each

40

40

40

40

 

100

100

100

100

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

327,500

327,500