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Brailes Housing Association Limited
Financial Statements
For The Year Ended 30 November 2023
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—4
Page 1
Statement of Financial Position
Registered number: 07839603
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 285,000 285,000
285,000 285,000
CURRENT ASSETS
Debtors 63,645 63,694
Cash at bank and in hand 31 61
63,676 63,755
Creditors: Amounts Falling Due Within One Year (51,588 ) (40,897 )
NET CURRENT ASSETS (LIABILITIES) 12,088 22,858
TOTAL ASSETS LESS CURRENT LIABILITIES 297,088 307,858
Creditors: Amounts Falling Due After More Than One Year (31,005 ) (36,560 )
PROVISIONS FOR LIABILITIES
Deferred taxation (54,150 ) (54,150 )
NET ASSETS 211,933 217,148
Income Statement 211,933 217,148
MEMBERS' FUNDS 211,933 217,148
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For the year ending 30 November 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 Income Statement.
On behalf of the board
Graham Warmington
Director
6 August 2024
The notes on pages 3 to 4 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Brailes Housing Association Limited is a private company, limited by guarantee, incorporated in England & Wales, registered number 07839603 . The registered office is Unit 7 Brailes Industrial Estate, Winderton Road, Lower Brailes, Oxfordshire, OX15 5JW.
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 rent receivable during the period.
2.3. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the income statement.
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable surplus for the year. Taxable surplus differs from surplus as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable surplus. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable surplus will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable surplus will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in surplus or deficit, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.5. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the income statement, directors report, and notes to the financial statements relating to the income statement.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2022: 3)
3 3
4. Tangible Assets
Investment properties
£
Cost or Valuation
As at 1 December 2022 285,000
As at 30 November 2023 285,000
Net Book Value
As at 30 November 2023 285,000
As at 1 December 2022 285,000
Cost or valuation as at 30 November 2023 represented by:
Investment properties
£
At cost 1
At valuation 284,999
285,000
Investment property was valued on an open market basis on 30th November 2023 by G Warmington, a director of the company. 
5. Company limited by guarantee
The company is limited by guarantee and has no share capital.
Every member of the company undertakes to contribute to the assets of the company, in the event of a winding up, such an amount as may be required not exceeding £10.
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