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Registration number: 12431335

Brainchild Property Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Brainchild Property Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Brainchild Property Ltd

Company Information

Directors

R White

Mrs N White

Registered office

111-113 High Street
Evesham
Worcestershire
WR11 4XP

Accountants

Clement Rabjohns Limited
Chartered Accountants
111/113 High Street
Evesham
Worcestershire
WR11 4XP

 

Brainchild Property Ltd

(Registration number: 12431335)
Balance Sheet as at 31 January 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Tangible assets

4

152

306

Investment property

5

745,000

676,341

 

745,152

676,647

Current assets

 

Debtors

6

1,869

1,000

Cash at bank and in hand

 

10,346

51,059

 

12,215

52,059

Creditors: Amounts falling due within one year

7

(231,755)

(282,336)

Net current liabilities

 

(219,540)

(230,277)

Total assets less current liabilities

 

525,612

446,370

Creditors: Amounts falling due after more than one year

7

(488,580)

(482,710)

Provisions for liabilities

(9,417)

-

Net assets/(liabilities)

 

27,615

(36,340)

Capital and reserves

 

Called up share capital

2

2

Revaluation reserve

51,494

-

Retained earnings

(23,881)

(36,342)

Shareholders' funds/(deficit)

 

27,615

(36,340)

For the financial year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Brainchild Property Ltd

(Registration number: 12431335)
Balance Sheet as at 31 January 2024

Approved and authorised by the Board on 4 September 2024 and signed on its behalf by:
 

.........................................
R White
Director

 

Brainchild Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
111-113 High Street
Evesham
Worcestershire
WR11 4XP
United Kingdom

These financial statements were authorised for issue by the Board on 4 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Reclassification of comparative amounts

The comparatives have been restated to include the following adjustments:

1 - Legal fees associated with the acquisition of the investment properties were expensed through the profit & loss account. This adjustment has resulted in an increase in investment property value and equity of £31,946.

2- Mortgage balances repayable in excess of 5 years were treated as owed within 12 months. This adjustment has resulted in a reduction of short term debt and an increase in long term debt of £482,710. There is no change to equity for this adjustment.

Revenue recognition

Turnover comprises the fair value of the consideration receivable for the rental income generated in the period. The rental income is invoiced monthly in advance.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Brainchild Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

25% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Brainchild Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

4

Tangible assets

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 February 2023

614

614

At 31 January 2024

614

614

Depreciation

At 1 February 2023

308

308

Charge for the year

154

154

At 31 January 2024

462

462

Carrying amount

At 31 January 2024

152

152

At 31 January 2023

306

306

5

Investment properties

2024
£

At 1 February

676,341

Fair value adjustments

68,659

At 31 January

745,000

The properties have been revalued by the Directors as at 31 January 2024 based on open market value. Had the properties been accounted for at historic cost their carrying value would have been £676,341.

There has been no valuation of investment property by an independent valuer.

6

Debtors

Current

2024
£

2023
£

Prepayments

1,869

1,000

 

1,869

1,000

 

Brainchild Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

(As restated)

2023
£

Due within one year

Trade creditors

845

17

Accruals and deferred income

900

720

Other creditors

230,010

281,599

231,755

282,336

Creditors: amounts falling due after more than one year

Note

2024
£

(As restated)

2023
£

Due after one year

 

Loans and borrowings

488,580

482,710

Creditors include bank loans which are secured of £488,580 (2023 - £482,710).

Creditors include bank loans not repayable by instalments of £488,580 (2023 - £482,710) due after more than five years.

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £141,500 (2023 - £141,500). Included within debtors is £1,000 paid as a deposit towards the acqusition of an investment property purchased off plan. Contracts were exchanged on 11 May 2022 with completion expected to occur in October 2024.