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REGISTERED NUMBER: 03377447 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023

FOR

BRIGHTON & HOVE PROPERTIES LIMITED

BRIGHTON & HOVE PROPERTIES LIMITED (REGISTERED NUMBER: 03377447)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


BRIGHTON & HOVE PROPERTIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2023







DIRECTORS: S F Hardwick
D S Hartley
Mrs S D Hardwick





SECRETARY: S F Hardwick





REGISTERED OFFICE: Cornelius House
178-180 Church Road
Hove
East Sussex
BN3 2DJ





REGISTERED NUMBER: 03377447 (England and Wales)





ACCOUNTANTS: Parkers
Cornelius House
178-180 Church Road
Hove
East Sussex
BN3 2DJ

BRIGHTON & HOVE PROPERTIES LIMITED (REGISTERED NUMBER: 03377447)

BALANCE SHEET
31ST DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 18,256 18,866
Investments 5 10 -
Investment property 6 7,597,000 6,525,000
7,615,266 6,543,866

CURRENT ASSETS
Debtors 7 45,139 45,139
Cash at bank 26,980 6,358
72,119 51,497
CREDITORS
Amounts falling due within one year 8 1,021,573 1,041,559
NET CURRENT LIABILITIES (949,454 ) (990,062 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,665,812

5,553,804

CREDITORS
Amounts falling due after more than one
year

9

(5,983,971

)

(4,756,741

)

PROVISIONS FOR LIABILITIES (284,009 ) (185,425 )
NET ASSETS 397,832 611,638

CAPITAL AND RESERVES
Called up share capital 24 24
Fair value reserve 11 1,116,410 899,969
Retained earnings (718,602 ) (288,355 )
SHAREHOLDERS' FUNDS 397,832 611,638

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 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.

BRIGHTON & HOVE PROPERTIES LIMITED (REGISTERED NUMBER: 03377447)

BALANCE SHEET - continued
31ST DECEMBER 2023


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 16th April 2024 and were signed on its behalf by:





S F Hardwick - Director


BRIGHTON & HOVE PROPERTIES LIMITED (REGISTERED NUMBER: 03377447)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023

1. STATUTORY INFORMATION

Brighton & Hove 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.

Significant judgements and estimates
The directors have valued the investment properties on an open market basis. No other significant judgements have had to be made by the directors in preparing these financial statements.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Computer equipment - 25% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

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.


BRIGHTON & HOVE PROPERTIES LIMITED (REGISTERED NUMBER: 03377447)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 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.

Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st January 2023
and 31st December 2023 51,651
DEPRECIATION
At 1st January 2023 32,785
Charge for year 610
At 31st December 2023 33,395
NET BOOK VALUE
At 31st December 2023 18,256
At 31st December 2022 18,866

BRIGHTON & HOVE PROPERTIES LIMITED (REGISTERED NUMBER: 03377447)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
Additions 10
At 31st December 2023 10
NET BOOK VALUE
At 31st December 2023 10

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st January 2023 6,525,000
Additions 756,975
Revaluations 315,025
At 31st December 2023 7,597,000
NET BOOK VALUE
At 31st December 2023 7,597,000
At 31st December 2022 6,525,000

Fair value at 31st December 2023 is represented by:
£   
Valuation in 2023 1,400,419
Cost 6,196,581
7,597,000

If investment properties had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 6,196,581 5,439,606

Investment property was valued on an open market basis on 31st December 2023 by the directors .

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 45,139 45,139

BRIGHTON & HOVE PROPERTIES LIMITED (REGISTERED NUMBER: 03377447)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 15,996 99,892
Trade creditors 36,500 -
Amounts owed to group undertakings 10 -
Other creditors 969,067 941,667
1,021,573 1,041,559

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 2,724,126 2,215,396
Other creditors 3,259,845 2,541,345
5,983,971 4,756,741

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 2,669,903 1,821,229

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 2,737,682 2,313,938

The bank loans are secured on the freehold property.

11. RESERVES
Fair
value
reserve
£   
At 1st January 2023 899,969
Revaluation in year 315,025
Deferred tax adjustment (98,584 )

At 31st December 2023 1,116,410