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COMPANY REGISTRATION NUMBER: 05175448
Brentpark Ltd
Filleted Unaudited Financial Statements
31 December 2023
Brentpark Ltd
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Investments
5
2,982,727
2,713,840
Current assets
Stocks
6,788
2,476
Debtors
6
2,236,868
1,632,624
Cash at bank and in hand
49,184
78,215
------------
------------
2,292,840
1,713,315
Creditors: amounts falling due within one year
7
203,040
219,272
------------
------------
Net current assets
2,089,800
1,494,043
------------
------------
Total assets less current liabilities
5,072,527
4,207,883
Creditors: amounts falling due after more than one year
8
2,196,559
1,333,125
Provisions
Taxation including deferred tax
9
331,798
331,798
------------
------------
Net assets
2,544,170
2,542,960
------------
------------
Capital and reserves
Called up share capital
4
4
Profit and loss account
11
2,544,166
2,542,956
------------
------------
Shareholders funds
2,544,170
2,542,960
------------
------------
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 income and retained earnings has not been delivered.
For the year ending 31 December 2023 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Brentpark Ltd
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 30 August 2024 , and are signed on behalf of the board by:
Mr H Shah
Director
Company registration number: 05175448
Brentpark Ltd
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 9A The Broadway, Stanmore, Middlesex, HA7 4DA, UK.
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.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Deferred 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.
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
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 statement of financial position 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
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: Nil).
5. Investments
Shares in group undertakings
Other investments other than loans
Total
£
£
£
Cost
At 1 January 2023
101
2,713,739
2,713,840
Additions
421,331
421,331
Disposals
( 152,444)
( 152,444)
----
------------
------------
At 31 December 2023
101
2,982,626
2,982,727
----
------------
------------
Impairment
At 1 January 2023 and 31 December 2023
----
------------
------------
Carrying amount
At 31 December 2023
101
2,982,626
2,982,727
----
------------
------------
At 31 December 2022
101
2,713,739
2,713,840
----
------------
------------
The valuation of investment properties was carried out as at the reporting date by the directors on an open market basis. No depreciation is provided in respect of these properties.
On a historical cost basis the freehold properties would have been included at a cost of £1,090,665 (2022:£662,546)
The company owns 100% of the issued share capital of Any House Limited and Breather(Harrow) Limited, companies incorporated in England & Wales.
6. Debtors
2023
2022
£
£
Trade debtors
3,000
( 7,683)
Other debtors
2,233,868
1,640,307
------------
------------
2,236,868
1,632,624
------------
------------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
27,409
31,217
Trade creditors
114,911
56,568
Corporation tax
104
Social security and other taxes
1,827
3,307
Other creditors
58,893
128,076
---------
---------
203,040
219,272
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
1,309,525
1,333,125
Directors loan accounts
887,034
------------
------------
2,196,559
1,333,125
------------
------------
The aggregate amount of bank loans secured by a first legal charge over the company's investment properties is £1,336,934(2022: £1,364,342). Within the above amount £1,309,525 is due after 5 years.
9. Provisions
Deferred tax (note 10)
£
At 1 January 2023 and 31 December 2023
331,798
---------
10. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions (note 9)
331,798
331,798
---------
---------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Fair value gains on investment properties
331,798
331,798
---------
---------
11. Reserves
2023 2022
£ £
Distributable reserves 1,129,659 1,128,449
Fair Value gains on Investment properties 1,414,507 1,414,507
------------ ------------
2,544,166 2,542,956
------------ ------------