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COMPANY REGISTRATION NUMBER: 14925879
Brophy Properties Ltd
Filleted Unaudited Financial Statements
31 March 2024
Brophy Properties Ltd
Balance Sheet
31 March 2024
31 Mar 24
Note
£
Fixed assets
Tangible assets
5
769,596
Investments
6
284,000
------------
1,053,596
Current assets
Debtors
7
1,201
Cash at bank and in hand
35,603
--------
36,804
Creditors: amounts falling due within one year
8
3,965
--------
Net current assets
32,839
------------
Total assets less current liabilities
1,086,435
Provisions
9,310
------------
Net assets
1,077,125
------------
Capital and reserves
Called up share capital
1,040,000
Profit and loss account
37,125
------------
Shareholders funds
1,077,125
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income (including profit and loss account) has not been delivered.
For the period ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Brophy Properties Ltd
Balance Sheet (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 20 August 2024 , and are signed on behalf of the board by:
Mr G Brophy
Director
Company registration number: 14925879
Brophy Properties Ltd
Notes to the Financial Statements
Period from 9 June 2023 to 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Bridge, 7 Hope Fountain, Camberley, Surrey, GU15 1JF.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles
-
25% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 1 .
5. Tangible assets
Freehold property
Motor vehicles
Total
£
£
£
Cost
At 9 June 2023
Additions
750,000
25,359
775,359
---------
--------
---------
At 31 March 2024
750,000
25,359
775,359
---------
--------
---------
Depreciation
At 9 June 2023
Charge for the period
5,763
5,763
---------
--------
---------
At 31 March 2024
5,763
5,763
---------
--------
---------
Carrying amount
At 31 March 2024
750,000
19,596
769,596
---------
--------
---------
6. Investments
Other investments other than loans
£
Cost
At 9 June 2023
Additions
235,000
Revaluations
49,000
---------
At 31 March 2024
284,000
---------
Impairment
At 9 June 2023 and 31 March 2024
---------
Carrying amount
At 31 March 2024
284,000
---------
7. Debtors
31 Mar 24
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
1,200
Other debtors
1
-------
1,201
-------
8. Creditors: amounts falling due within one year
31 Mar 24
£
Corporation tax
3,965
-------
9. Related party transactions
During the year, the investment property and listed share investment were transferred from Integrity Financial Management Ltd, a company under common control via a distribution in specie. As at 31 March 2024, £1,200 (2023 £nil) was owed by Integrity Financial Management Ltd in respect of monies received on behalf of this company, and will be repaid before 31 March 2025.
10. Reserves
The profit and loss account includes non distributable reserves totalling £39,690, net of deferred tax, in respect of the revaluation of the shares.