Company registration number 01872665 (England and Wales)
BRADBURN & WEDGE PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
BRADBURN & WEDGE PROPERTIES LIMITED
COMPANY INFORMATION
Directors
S Alston
S Gilhooly
W J Killick
Company number
01872665
Registered office
Second Floor
60 Charlotte Street
London
W1T 2NU
Accountants
UHY Hacker Young
Quadrant House
4 Thomas More Square
London
E1W 1YW
BRADBURN & WEDGE PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
BRADBURN & WEDGE PROPERTIES LIMITED
BALANCE SHEET
AS AT
30 JUNE 2023
30 June 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
3
3,500,000
3,500,000
Current assets
Debtors
4
1,600,400
1,284,435
Cash at bank and in hand
227,101
128,225
1,827,501
1,412,660
Creditors: amounts falling due within one year
5
(161,680)
(168,517)
Net current assets
1,665,821
1,244,143
Total assets less current liabilities
5,165,821
4,744,143
Creditors: amounts falling due after more than one year
6
(1,301,754)
(1,716,034)
Provisions for liabilities
(267,171)
(192,056)
Net assets
3,596,896
2,836,053
Capital and reserves
Called up share capital
7
5,498
5,498
Revaluation reserve
2,005,816
1,927,882
Profit and loss reserves
1,585,582
902,673
Total equity
3,596,896
2,836,053
BRADBURN & WEDGE PROPERTIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2023
30 June 2023
- 2 -

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 30 June 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 member has 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.

The financial statements were approved by the board of directors and authorised for issue on 21 August 2024 and are signed on its behalf by:
S Alston
Director
Company Registration No. 01872665
BRADBURN & WEDGE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
1
Accounting policies
Company information

Bradburn & Wedge Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is Second Floor, 60 Charlotte Street, London, W1T 2NU.

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. The principal accounting policies adopted are set out below.

1.2
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.

1.3
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.4
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 unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

BRADBURN & WEDGE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.5
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.

1.6
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. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

BRADBURN & WEDGE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 5 -
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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.7
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.8
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
3
3
BRADBURN & WEDGE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
3
Investment property
2023
£
Fair value
At 1 July 2022
3,500,000
Disposals
(790,000)
Revaluations
790,000
At 30 June 2023
3,500,000

The historical cost of the property before valuation is £1,391,367. On 24th August 2021, the property was valued independently by Knight Frank LLP at £3,500,000.

 

Subsequent to this valuation, the directors believe the fair value post disposal of part of the property is not materially different to the value in the accounts.

 

4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
7,275
-
0
Amounts owed by group undertakings
1,571,328
1,171,328
Other debtors
21,797
113,107
1,600,400
1,284,435
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
84,280
87,465
Trade creditors
2,977
6,459
Taxation and social security
6,643
6,417
Other creditors
67,780
68,176
161,680
168,517
BRADBURN & WEDGE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 7 -
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
1,301,754
1,716,034

The bank loan is secured by way of fixed and floating charge over the assets of the company. The loan is repayable on 30 November 2024 and the rate of interest is 2.81% plus Base Rate per annum.

7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each of £1 each
5,001
5,001
5,001
5,001
Ordinary shares of $1 each of 49.7p each
1,000
1,000
497
497
6,001
6,001
5,498
5,498

GBP ordinary shareholders are not entitled to any participation in the profits or assets of the company. Should the company choose to liquidate or wind up the maximum that the GBP ordinary shareholder will receive is £1 per share. No GBP shareholder carries any right to receive notices or attend and vote at any general meeting of the company. The value of the company resides almost entirely in the US $ shares. The holder of the 1,000 US $ shares have all the powers which naturally attach to a majority shareholder.

8
Related party transactions

Management Fees were paid of £35,013 (2022: £29,696) to Lothbrook Limited , a company controlled by Scott Gilhooly.

9
Parent company

The parent company is Quadriga Real Estate Limited, a company registered in England and Wales which is controlled by its directors.

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