Company registration number 08685457 (England and Wales)
Brask Healthcare Limited
Unaudited financial statements
For the year ended 30 April 2023
Brask Healthcare Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6
Brask Healthcare Limited
Statement of financial position
As at 30 April 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
3
2,749,678
2,749,678
Current assets
Debtors
4
367,953
290,883
Cash at bank and in hand
29,778
21,426
397,731
312,309
Creditors: amounts falling due within one year
5
(263,584)
(136,168)
Net current assets
134,147
176,141
Total assets less current liabilities
2,883,825
2,925,819
Creditors: amounts falling due after more than one year
6
(2,386,967)
(2,482,091)
Net assets
496,858
443,728
Capital and reserves
Called up share capital
7
2
2
Profit and loss reserves
496,856
443,726
Total equity
496,858
443,728
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their 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.
Brask Healthcare Limited
Statement of financial position (continued)
As at 30 April 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 31 January 2024 and are signed on its behalf by:
Dr B J Ratti
Director
Company Registration No. 08685457
Brask Healthcare Limited
Notes to the financial statements
For the year ended 30 April 2023
- 3 -
1
Accounting policies
Company information
Brask Healthcare Limited is a private company limited by shares incorporated in England and Wales. The registered office is 379 Queslett Road, Great Barr, Birmingham, West Midlands, England, B43 7HB.
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 £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Revenue from rentals of investment property are recognised when the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.
1.4
Impairment of fixed assets
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
1.5
Cash and cash equivalents
Cash comprise cash in hand and demand deposits. Cash equivalents are short-term, highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with an insignificant risk of change in value.
1.6
Taxation
Current tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Brask Healthcare Limited
Notes to the financial statements (continued)
For the year ended 30 April 2023
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.
1.7
Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
1.8
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measures at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
1.9
Debtors and creditors receivable/ payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
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
Investment property
2023
£
Fair value
At 1 May 2022 and 30 April 2023
2,749,678
Brask Healthcare Limited
Notes to the financial statements (continued)
For the year ended 30 April 2023
- 5 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2
11,291
Other debtors
367,951
279,592
367,953
290,883
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
74,691
74,690
Taxation and social security
101,857
27,345
Other creditors
87,036
34,133
263,584
136,168
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
2,128,408
2,209,532
Other creditors
258,559
272,559
2,386,967
2,482,091
The following secured debts are included within creditors: £2,203,098(2022: £2,284,222)
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
Brask Healthcare Limited
Notes to the financial statements (continued)
For the year ended 30 April 2023
- 6 -
8
Directors' transactions
During the year the company entered into the following transactions with related parties:
Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Loans to directors
2.00
272,127
5,493
277,620
272,127
5,493
277,620