Company registration number 01686879 (England and Wales)
P.J.BRAKE DEVELOPMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
P.J.BRAKE DEVELOPMENTS LIMITED
COMPANY INFORMATION
Director
Mr P J Brake
Secretary
Mrs S Brake
Company number
01686879
Registered office
Uplands
Over Compton
Sherborne
Dorset
England
DT9 4QS
Accountants
Hunts Accountants Ltd
The Old Pump House
Oborne Road
Sherborne
Dorset
England
DT9 3RX
P.J.BRAKE DEVELOPMENTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
P.J.BRAKE DEVELOPMENTS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
7
14,539
8,104
Investment properties
8
147,000
147,000
161,539
155,104
Current assets
Stocks
275
300
Debtors
3
15,982
11,819
Cash at bank and in hand
4,205
8,652
20,462
20,771
Creditors: amounts falling due within one year
4
(22,032)
(16,682)
Net current (liabilities)/assets
(1,570)
4,089
Total assets less current liabilities
159,969
159,193
Creditors: amounts falling due after more than one year
(4,219)
Provisions for liabilities
(2,680)
(1,540)
Net assets
153,070
157,653
Capital and reserves
Called up share capital
100
100
Fair value reserve
5
132,385
132,385
Profit and loss reserves
20,585
25,168
Total equity
153,070
157,653
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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.
P.J.BRAKE DEVELOPMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 29 July 2024
Mr P J Brake
Director
Company Registration No. 01686879
P.J.BRAKE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
P.J.Brake Developments Limited is a private company limited by shares incorporated in England and Wales. The registered office is Uplands, Over Compton, Sherborne, Dorset, England, DT9 4QS.
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.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% reducing balance
Fixtures and fittings
20% reducing balance
Computers
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
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
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
P.J.BRAKE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
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.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,760
Other debtors
14,222
11,819
15,982
11,819
P.J.BRAKE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
4
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
2,285
324
Taxation and social security
10,871
9,346
Other creditors
8,876
7,012
22,032
16,682
5
Fair value reserve
2024
2023
£
£
At the beginning and end of the year
132,385
132,385
6
Directors' transactions
At the year end, the director owed the company £1,188. This was repaid within 9 momths.
7
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 April 2023
119,022
4,046
1,165
124,233
Additions
10,700
575
11,275
At 31 March 2024
129,722
4,046
1,740
135,508
Depreciation and impairment
At 1 April 2023
111,313
3,959
857
116,129
Depreciation charged in the year
4,602
17
221
4,840
At 31 March 2024
115,915
3,976
1,078
120,969
Carrying amount
At 31 March 2024
13,807
70
662
14,539
At 31 March 2023
7,709
87
308
8,104
P.J.BRAKE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
8
Investment property
2024
£
Fair value
At 1 April 2023 and 31 March 2024
147,000
Investment property comprises of the bungalow owned by the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.