Registered number
11553238
Brook Forge Developments Limited
Filleted Accounts
30 September 2023
Brook Forge Developments Limited
Registered number: 11553238
Balance Sheet
as at 30 September 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 137,992 102,561
Investments 4 500,086 289,299
638,078 391,860
Current assets
Stocks 57,708 53,000
Debtors 5 16,168 2,184
Cash at bank and in hand 12,773 199,422
86,649 254,606
Creditors: amounts falling due within one year 6 (519,110) (406,075)
Net current liabilities (432,461) (151,469)
Total assets less current liabilities 205,617 240,391
Creditors: amounts falling due after more than one year 7 (128,332) (148,985)
Provisions for liabilities (15,062) (12,250)
Net assets 62,223 79,156
Capital and reserves
Called up share capital 100 100
Profit and loss account 62,123 79,056
Shareholders' funds 62,223 79,156
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
Michael Douglas
Director
Approved by the board on 16 March 2024
Brook Forge Developments Limited
Notes to the Accounts
for the year ended 30 September 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, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Land and buildings 3% straight line
Plant and machinery 20% reducing balance
Fixtures, fittings, tools and equipment 20% reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 October 2022 40,484 62,209 36,573 139,266
Additions 22,556 34,585 - 57,141
At 30 September 2023 63,040 96,794 36,573 196,407
Depreciation
At 1 October 2022 2,429 26,961 7,315 36,705
Charge for the year 1,891 13,967 5,852 21,710
At 30 September 2023 4,320 40,928 13,167 58,415
Net book value
At 30 September 2023 58,720 55,866 23,406 137,992
At 30 September 2022 38,055 35,248 29,258 102,561
4 Investments
Other
investments
£
Cost
At 1 October 2022 289,299
Additions 210,787
At 30 September 2023 500,086
Historical cost
At 1 October 2022 289,299
At 30 September 2023 500,086
The company owns two properties which at the balance sheet date were being altered or undergoing planning for future rental or development. The properties are included at cost as the directors consider this figure to be similar to the fair market value.
5 Debtors 2023 2022
£ £
Trade debtors 3,043 1,420
Other debtors 13,125 764
16,168 2,184
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 20,832 20,807
Trade creditors 3,791 3,779
Directors' loans 310,487 286,489
Other creditors 184,000 95,000
519,110 406,075
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 128,332 148,985
8 Loans 2023 2022
£ £
Creditors include:
Instalments falling due for payment after more than five years 59,543 73,937
Secured bank loans 59,543 73,937
The bank loan is secured over an investment property.
9 Related party transactions
The directors have loaned money to the company, interest free and repayable on demand. The balance at 30 September 2023 was £310,487. The company has borrowed money from an associated business Brook Forge Farriers Limited. The amount loaned and repayable is £184,000. There are no fixed repayment terms and interest is charged to the profit and loss account.
10 Controlling party
The is no overall controlling party as the shareholdings are equal at 50 shares each.
11 Other information
Brook Forge Developments Limited is a private company limited by shares and incorporated in England. Its registered office is:
Stoneybridge House
Tywardreath
Par
Cornwall
PL24 2TY
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