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Registered number: 02524406
J C BRENNAN DEVELOPMENTS LIMITED
ABRIDGED Financial Statements
For The Year Ended 30 June 2023
John A. Porter & Co.
74 Dickenson Road
Rusholme
Manchester
M14 5HF
Contents
Page
Abridged Balance Sheet 1—2
Notes to the Abridged Financial Statements 3—7
Page 1
Abridged Balance Sheet
Registered number: 02524406
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 717,108 703,303
Investments 6 19 19
717,127 703,322
CURRENT ASSETS
Stocks 7 1,196,039 889,491
Debtors 283,180 306,319
Cash at bank and in hand 416,178 246,534
1,895,397 1,442,344
Creditors: Amounts Falling Due Within One Year (789,145 ) (329,885 )
NET CURRENT ASSETS (LIABILITIES) 1,106,252 1,112,459
TOTAL ASSETS LESS CURRENT LIABILITIES 1,823,379 1,815,781
Creditors: Amounts Falling Due After More Than One Year (20,788 ) (41,584 )
NET ASSETS 1,802,591 1,774,197
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 1,802,491 1,774,097
SHAREHOLDERS' FUNDS 1,802,591 1,774,197
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For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
All of the company's members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet for the year end 30 June 2023 in accordance with section 444(2A) of the Companies Act 2006.
The financial statements were approved by the board of directors on 11 April 2024 and were signed on its behalf by:
Mrs Patricia Brennan
Director
11 April 2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Abridged Financial Statements
1. General Information
J C BRENNAN DEVELOPMENTS LIMITED is a private company, limited by shares, incorporated in England & Wales.
The registered number is 02524406 .
The registered office is 74 Dickenson Road, Rusholme, Manchester, M14 5HF.
Related party transactions including dividends paid to the Directors are reported in the notes to the accounts.
There are no other related party transactions to report.
There are no contingent liabilities or post balance sheet events to report.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover represents net invoiced sales of goods and work done excluding Value Added Tax (VAT).
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less accumulated depreciation.
Depreciation is calculated at the following annual rates in order to write off each asset over its estimated useful life.
Plant & Machinery 15% Reducing Balance
Motor Vehicles 25% Reducing Balance
Fixtures & Fittings 15% Reducing Balance
No depreciation is charged in the period of acquisition.
2.4. Investment Properties
Investment properties are revalued annually and any surplus or deficit is dealt with through profit and loss. No depreciation is provided in respect of investment properties. This policy was introduced on 1 October 2016 but was not applied to the investment property sold in the year.
Prior to this, investment property and investment property alterations had been incorporated at cost and had been depreciated at 1% reducing balance.
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. Stocks and Work in Progress
Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Work in Progress is valued at the prime cost of labour and materials plus other direct expenses.
2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.8. Accounting Reference Date
The accounting reference date has been changed to 29 June.
These accounts are nevertheless for the year ending 30 June 2023.
2.9. Comparative Figures
The comparative figures used throughout these accounts are as at 30 June 2022 or are for the year ended on that date.
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2.10. Research & Development
Claims have been submitted for prior years in respect of qualifying expenditure on research and development. Tax relief relating thereto is recognised in the year in which it is received.
2.11. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account.
3. Average Number of Employees
Average number of employees, including directors, who are employed under a contract of service during the year was as follows:
2023 2022
Office and administration 1 -
Manufacturing 2 2
3 2
4. Interest Payable and Similar Charges
2023 2022
£ £
Bank loans and overdrafts 881 1,122
Other finance charges - 646
881 1,768
5. Tangible Assets
Total
£
Cost or Valuation
As at 1 July 2022 871,124
Additions 125
Revaluation 21,219
As at 30 June 2023 892,468
Depreciation
As at 1 July 2022 167,821
Provided during the period 7,539
As at 30 June 2023 175,360
Net Book Value
As at 30 June 2023 717,108
As at 1 July 2022 703,303
Investment property comprising freehold land and building, property alterations and investment property fixtures and fittings, is now being revalued by the Directors at the start and at the end of each accounting year.
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2023 2022
£ £
Motor Vehicles - 26,813
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Cost or valuation as at 30 June 2023 represented by:
Investment Properties Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
At cost 72,062 23,351 79,500 25,055 199,968
At valuation 692,500 - - - 692,500
764,562 23,351 79,500 25,055 892,468
6. Investments
Total
£
Cost
As at 1 July 2022 19
As at 30 June 2023 19
Provision
As at 1 July 2022 -
As at 30 June 2023 -
Net Book Value
As at 30 June 2023 19
As at 1 July 2022 19
Brenmall Limited
On 17 July 2017 J C Brennan Developments Limited acquired 1 £1 B Ordinary Share in Brenmall Limited. The holding represents 50% of the issued ordinary share capital.
The consideration paid was £1 and in the opinion of the directors this equated to an open-market rate. Brenmall Limited is a property development company. The accounts for the year ended 30 June 2023 report the second development undertaken, located in Didsbury Manchester, was started in November 2022 and is proceeding in line with expectations. Further details are provided in Note 20.
Gamecock Limited
On 18 June 2018 J C Brennan Developments Limited acquired 175 10p Ordinary Shares in Gamecock Limited. The holding represents 17.5% of the issued ordinary share capital.
The consideration paid was 10p per share and in the opinion of the directors this equated to an open-market rate. Gamecock Limited is a property development company. Gamecock Limited was incorporated on 8 February 2018 and has acquired its first development property. No significant development work has been undertaken presently.
7. Stocks
2023 2022
£ £
Stock - Development Property 1,181,152 851,217
Work in progress 14,887 38,274
1,196,039 889,491
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8. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year - 9,882
Later than one year and not later than five years - 13,059
- 22,941
Less: Finance charges allocated to future periods - 2,499
- 20,442
9. Share Capital
2023 2022
Allotted, called up and fully paid £ £
900 Ordinary A shares of £ 0.10 each 90 90
20 Ordinary B shares of £ 0.10 each 2 2
20 Ordinary C shares of £ 0.10 each 2 2
20 Ordinary D shares of £ 0.10 each 2 2
20 Ordinary E shares of £ 0.10 each 2 2
20 Ordinary F shares of £ 0.10 each 2 2
100 100
Issued Ordinary A Voting Shares of 10p and Ordinary B, C, D, E & F Non-Voting Shares of 10p as at 30 June 2023 were as follows:
- Mr Christopher Brennan owns 45 ordinary A voting shares and 20 ordinary B non-voting shares of 10p
- Mrs Patricia Brennan owns 855 ordinary A voting shares, 20 ordinary C non-voting shares, 20 ordinary D non-voting shares and 20 ordinary E non-voting shares.
- Park Bridge Projects Ltd owns 20 ordinary F non-voting shares each of 10p.
10. Directors Advances, Credits and Guarantees
Dividends paid to Directors
2023 2022
£ £
Mr Christopher Brennan - 50,000
Mrs Patricia Brennan 30,000 10,000
11. Dividends
2023 2022
£ £
On equity shares:
Interim dividend paid 52,000 80,000
12. Related Party Transactions
Transactions with Directors
Wages were paid to Mrs Jennifer Brennan for administrative work totalling £12,000 (2022 £12,576). Mrs Jennifer Brennan is the wife of the director, Mr Christopher Brennan. Wage levels were set in accordance with open market rates.
13. Ultimate Controlling Party
The Company was controlled throughout the period by Mrs Patricia Brennan who held 855 10p Ordinary A Voting Shares there being 900 10p Ordinary A Voting Shares in issue.
14. Additional Information
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Brenmall Limited
Brenmall Limited is a property development company incorporated on 17 July 2017 in which J C Brennan Developments Limited own 50% of the issued share capital.
A significant new project (Dundonald) has been identified and development work started on this project in November 2022.
The Director, Mr Christoper Brennan, is also a Director of Brenmall Limited.
Gamecock Limited
Gamecock Limited is a property development company incorporated on 8 February 2018 in which J C Brennan Developments Limited acquired 17.5% of the issued share capital on 18 June 2018.
Gamecock Limited have bought a property for development and J C Brennan Developments Ltd have contributed £279,235 for their share of the purchase.
It is envisaged that J C Brennan Developments Limited may undertake development work on the property but development had not started at the end of this accounting period.
Park Bridge Projects Ltd
The Director, Mr Christopher Brennan, is the sole Director of Park Bridge Projects Ltd and owns the 1 £1 Ordinary Share in issue.
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