Company registration number 09761836 (England and Wales)
BRAD15 Limited
UNAUDITED FINANCIAL STATEMENTS
for the year ended 28 February 2024
PAGES FOR FILING WITH REGISTRAR
BRAD15 Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 5
BRAD15 Limited
Statement Of Financial Position
as at 28 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
43,937
58,873
Investment property
5
936,000
936,000
979,937
994,873
Current assets
Cash at bank and in hand
99,674
125,247
Creditors: amounts falling due within one year
(668,143)
(758,634)
Net current liabilities
(568,469)
(633,387)
Total assets less current liabilities
411,468
361,486
Creditors: amounts falling due after more than one year
(36,706)
(47,110)
Provisions for liabilities
6
(8,348)
(11,186)
Net assets
366,414
303,190
Capital and reserves
Called up share capital
500
500
Profit and loss reserves
365,914
302,690
Total equity
366,414
303,190
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have 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.
BRAD15 Limited
Statement Of Financial Position (continued)
as at 28 February 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 12 August 2024
J H Bradbury
Director
Company registration number 09761836 (England and Wales)
BRAD15 Limited
Notes to the financial statements
for the year ended 28 February 2024
- 3 -
1
Accounting policies
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.
The financial statements have been prepared under the historical cost convention, The principal accounting policies adopted are set out below.
Turnover
Turnover is recognised at the fair value of the rental income receivable in the normal course of business, and is shown net of VAT. Turnover is recognised on an accruals basis.
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost less depreciation.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Computer equipment
33.33% Straight line
Motor vehicles
25% Reducing balance
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.
The director considers that the investment property is maintained in such a state of repair that the residual value is at least equal to its book value. As a result, the corresponding depreciation would not be material and therefore is not charged to the profit and loss account.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.
Leases
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
BRAD15 Limited
Notes to the financial statements (continued)
for the year ended 28 February 2024
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
3
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
21,772
3,650
Deferred tax
Origination and reversal of timing differences
(2,838)
11,186
Total tax charge
18,934
14,836
4
Tangible fixed assets
Computer equipment
Motor vehicles
Total
£
£
£
Cost
At 1 March 2023 and 28 February 2024
2,248
68,445
70,693
Depreciation and impairment
At 1 March 2023
412
11,408
11,820
Depreciation charged in the year
677
14,259
14,936
At 28 February 2024
1,089
25,667
26,756
Carrying amount
At 28 February 2024
1,159
42,778
43,937
At 28 February 2023
1,836
57,037
58,873
5
Investment property
2024
£
Fair value
At 1 March 2023 and 28 February 2024
936,000
BRAD15 Limited
Notes to the financial statements (continued)
for the year ended 28 February 2024
- 5 -
6
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
8,348
11,186
7
Company information
BRAD15 Limited is a private company limited by shares incorporated in England and Wales. The registered office is West House, King Cross Road, Halifax, West Yorkshire, HX1 1EB.