REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 August 2023 |
for |
Brand Builders & Developers Limited |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 August 2023 |
for |
Brand Builders & Developers Limited |
Brand Builders & Developers Limited (Registered number: 06926531) |
Contents of the Financial Statements |
for the Year Ended 31 August 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Brand Builders & Developers Limited |
Company Information |
for the Year Ended 31 August 2023 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
BUSINESS ADDRESS: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
140 Rayne Road |
Braintree |
Essex |
CM7 2QR |
Brand Builders & Developers Limited (Registered number: 06926531) |
Balance Sheet |
31 August 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The director acknowledges his 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. |
Brand Builders & Developers Limited (Registered number: 06926531) |
Balance Sheet - continued |
31 August 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Brand Builders & Developers Limited (Registered number: 06926531) |
Notes to the Financial Statements |
for the Year Ended 31 August 2023 |
1. | STATUTORY INFORMATION |
Brand Builders & Developers Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents invoiced work done together with the amount recoverable on long term contracts at the balance sheet date. |
Tangible fixed assets |
Plant & equipment | - |
Motor vehicles | - |
Office & computer equipment | - |
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. |
Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
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. |
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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Brand Builders & Developers Limited (Registered number: 06926531) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2023 |
2. | ACCOUNTING POLICIES - continued |
Long term contracts |
Turnover on long term contracts is determined on the basis of the proportion of work completed at the year end to the total contract value and is shown as recoverable on contracts. |
Operating profit includes attributable profit on long term contracts. |
Amounts recoverable on contracts are included under debtors due within one year. |
Contract receipts in excess of amounts recoverable are classified as payments on account. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
4. | TANGIBLE FIXED ASSETS |
Office & |
Plant & | Motor | computer |
equipment | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 September 2022 |
Additions |
At 31 August 2023 |
DEPRECIATION |
At 1 September 2022 |
Charge for year |
At 31 August 2023 |
NET BOOK VALUE |
At 31 August 2023 |
At 31 August 2022 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
Additions |
At 31 August 2023 |
NET BOOK VALUE |
At 31 August 2023 |
Fair value at 31 August 2023 is represented by: |
£ |
Valuation in 2023 | 649,726 |
Brand Builders & Developers Limited (Registered number: 06926531) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2023 |
5. | INVESTMENT PROPERTY - continued |
If the investment property had not been revalued it would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 649,726 | - |
The investment property was valued on an open market basis basis on 31 August 2023 by the director . |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amount recoverable on |
contracts |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Tax |
Social security and other taxes |
Other creditors |
In A/C: Bowergrange Estates |
Limited | 86,841 | 349,155 |
In A/C: Bowergrange Group |
Holdings Limited | 3,640 | 3,640 |
Directors' current accounts | 255,975 | 439,255 |
Accrued expenses |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Brand Builders & Developers Limited (Registered number: 06926531) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2023 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
The bank loans have been secured by separate charges on land owned by the company and the director, M P Brand. |
10. | RELATED PARTY DISCLOSURES |
The director is a director and shareholder in Bowergrange Estates Limited and the holding company Bowergrange Group Holdings Limited. |
During the period there has been the following trading activity between these companies: |
Sales made by the company to Bowergrange Estates Limited amounted to £152,562 (2022: £39,875). |
Purchase made from Bowergrange Estates Limited by the company amounted to £78,488 (2022:£96,096) (including items recharged by it at cost). |
The following inter-company account balances are included in creditors: |
Due to Bowergrange Estates Limited £86,841 |
Due to Bowergrange Group Holdings Limited £3,640. |
No interest is charged on these inter-company account balances. |
The company made sales/carried out work on property owned by the director in the year amounting to a value of £2,000 (2022: £40,500) and it sold a property at market value of £225,000. The director owed the company £637,890 at the balance sheet date shown as amounts recoverable on contracts for work carried out by the company on property owned by him. |
11. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is the director, M P Brand, due to his shareholding in the parent company. |