Company registration number 11607031 (England and Wales)
BRENNAN COMMERCIAL PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
BRENNAN COMMERCIAL PROPERTIES LIMITED
COMPANY INFORMATION
Directors
P G Brennan
V A Brennan
Secretary
P G Brennan
Company number
11607031
Registered office
Summit
Littleborough
Lancashire
United Kingdom
OL15 0LR
Accountants
Azets
Ship Canal House
98 King Street
Manchester
M2 4WU
BRENNAN COMMERCIAL PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
BRENNAN COMMERCIAL PROPERTIES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
3
11,143,075
11,143,075
Current assets
Debtors
4
30,648
100
Cash at bank and in hand
20,313
71,510
50,961
71,610
Creditors: amounts falling due within one year
5
(798,315)
(814,664)
Net current liabilities
(747,354)
(743,054)
Total assets less current liabilities
10,395,721
10,400,021
Creditors: amounts falling due after more than one year
6
(2,930,903)
(3,610,328)
Provisions for liabilities
Deferred tax liability
7
120
-
(120)
Net assets
7,464,818
6,789,573
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
7,464,718
6,789,473
Total equity
7,464,818
6,789,573
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 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.
BRENNAN COMMERCIAL PROPERTIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 12 July 2024 and are signed on its behalf by:
P G Brennan
Director
Company Registration No. 11607031
BRENNAN COMMERCIAL PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Brennan Commercial Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is Summit, Littleborough, Lancashire, United Kingdom, OL15 0LR.
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 £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents rent and service charges receivable during the year, exclusive of Value Added Tax.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.
BRENNAN COMMERCIAL PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Employees
The average monthly number of persons employed by the company during the year was:
2023
2022
Number
Number
Total
3
Investment property
2023
£
Fair value
At 1 January 2023 and 31 December 2023
11,143,075
The company's investment properties were acquired from various related parties. Prior to their acquisition by the company, on 2 July 2018, four of the company's properties were valued by Lambert Smith Hampton Chartered Surveyors on an open market basis, at £7,210,000. A further property was acquired from a third party at a similar time to the above revaluations, hence the directors consider the historic cost of this property to be equivalent to fair value.
In the directors' opinion the above stated value remains indicative of the fair value of all investment properties as at the balance sheet date.
BRENNAN COMMERCIAL PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
250
100
2023
2022
Amounts falling due after more than one year:
£
£
Deferred tax asset (note 7)
30,398
Total debtors
30,648
100
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
679,625
661,708
Corporation tax
97,043
152,206
Other creditors
21,647
750
798,315
814,664
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
2,930,903
3,610,328
Bank loans are secured by fixed charges over the investment properties to which they relate.
7
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Balances:
£
£
£
£
Fixed asset timing differences
-
120
30,398
-
BRENNAN COMMERCIAL PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
7
Deferred taxation
(Continued)
- 6 -
2023
Movements in the year:
£
Liability at 1 January 2023
120
Credit to profit or loss
(30,518)
Asset at 31 December 2023
(30,398)
8
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
9
Related party transactions
During the year, advances totalling £nil (2022: £67,000) were made to the company by TBA Protective Technologies Limited, a company related by common ultimate control. The full balance was written off to the profit and loss account in the prior period.
During the year, advances totalling £20,647 (2022: £nil) were made to the company from Brennan Surveying Ltd, a company related by common ultimate control. At the balance sheet date, the company owed £20,647 (2022: £nil) to Brennan Surveying Ltd. The balance is unsecured, interest free, and repayable on demand.