3 false false false false false false false false false false true false false false false false false No description of principal activity 2023-02-01 Sage Accounts Production Advanced 2023 - FRS102_2023 29,551 29,551 29,529 29,529 22 300,570 1,980 302,550 302,550 744,181 142,249 886,430 xbrli:pure xbrli:shares iso4217:GBP 01253489 2023-02-01 2024-01-31 01253489 2024-01-31 01253489 2023-01-31 01253489 2022-02-01 2023-01-31 01253489 2023-01-31 01253489 2022-01-31 01253489 bus:Director7 2023-02-01 2024-01-31 01253489 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-31 01253489 core:LandBuildings core:OwnedOrFreeholdAssets 2023-01-31 01253489 core:LandBuildings core:OwnedOrFreeholdAssets 2024-01-31 01253489 core:LandBuildings core:OwnedOrFreeholdAssets 2023-01-31 01253489 core:WithinOneYear 2024-01-31 01253489 core:WithinOneYear 2023-01-31 01253489 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-02-01 2024-01-31 01253489 core:LandBuildings core:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 01253489 core:ShareCapital 2024-01-31 01253489 core:ShareCapital 2023-01-31 01253489 core:RevaluationReserve 2024-01-31 01253489 core:RevaluationReserve 2023-01-31 01253489 core:CapitalRedemptionReserve 2024-01-31 01253489 core:CapitalRedemptionReserve 2023-01-31 01253489 core:RetainedEarningsAccumulatedLosses 2024-01-31 01253489 core:RetainedEarningsAccumulatedLosses 2023-01-31 01253489 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-31 01253489 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2024-01-31 01253489 core:Non-currentFinancialInstruments core:RevaluationsIncreaseDecreaseInInvestments 2024-01-31 01253489 core:CostValuation core:Non-currentFinancialInstruments 2024-01-31 01253489 core:Non-currentFinancialInstruments 2024-01-31 01253489 core:DeferredTaxation 2023-01-31 01253489 core:DeferredTaxation 2024-01-31 01253489 core:DeferredTaxation 2023-02-01 2024-01-31 01253489 bus:SmallEntities 2023-02-01 2024-01-31 01253489 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 01253489 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 01253489 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 01253489 bus:FullAccounts 2023-02-01 2024-01-31 01253489 core:FurnitureFittingsToolsEquipment 2023-02-01 2024-01-31 01253489 core:FurnitureFittingsToolsEquipment 2023-01-31
COMPANY REGISTRATION NUMBER: 01253489
BRITT BROADBENT LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 January 2024
BRITT BROADBENT LIMITED
STATEMENT OF FINANCIAL POSITION
31 January 2024
2024
2023
Note
£
£
£
£
FIXED ASSETS
Intangible assets
5
22
Tangible assets
6
7,758,034
7,189,037
Investments
7
302,550
-------------
-------------
8,060,584
7,189,059
CURRENT ASSETS
Debtors
8
30,336
30,071
Cash at bank and in hand
116,682
269,444
----------
----------
147,018
299,515
CREDITORS: amounts falling due within one year
9
78,129
56,659
----------
----------
NET CURRENT ASSETS
68,889
242,856
-------------
-------------
TOTAL ASSETS LESS CURRENT LIABILITIES
8,129,473
7,431,915
PROVISIONS
10
886,430
744,181
-------------
-------------
NET ASSETS
7,243,043
6,687,734
-------------
-------------
BRITT BROADBENT LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 January 2024
2024
2023
Note
£
£
£
£
CAPITAL AND RESERVES
Called up share capital
27,332
27,332
Revaluation reserve
11
2,661,270
2,232,542
Capital redemption reserve
11
22,668
22,668
Profit and loss account
11
4,531,773
4,405,192
-------------
-------------
SHAREHOLDERS FUNDS
7,243,043
6,687,734
-------------
-------------
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 has not been delivered.
For the 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 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 .
These financial statements were approved by the board of directors and authorised for issue on 28 August 2024 , and are signed on behalf of the board by:
C S Broadbent
Director
Company registration number: 01253489
BRITT BROADBENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JANUARY 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 Westfield Farm, Kirk Smeaton, Nr Pontefract, West Yorkshire, WF8 3LT.
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are not considered to be any judgements, accounting estimates or assumptions that have a significant impact on the financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for land rental and farming, stated net of discounts and of Value Added Tax.
Current and deferred taxation
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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Entitlements
-
3-5 years straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Equipment
-
20% straight line
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 3 (2023: 3 ).
5. INTANGIBLE ASSETS
Entitlements
£
Cost
At 1 February 2023
29,551
Additions
Disposals
( 29,551)
---------
At 31 January 2024
---------
Amortisation
At 1 February 2023
29,529
Charge for the year
Disposals
( 29,529)
---------
At 31 January 2024
---------
Carrying amount
At 31 January 2024
---------
At 31 January 2023
22
---------
6. TANGIBLE ASSETS
Freehold property
Equipment
Total
£
£
£
Cost or valuation
At 1 February 2023
7,189,037
12,713
7,201,750
Disposals
( 12,713)
( 12,713)
Revaluations
568,997
568,997
-------------
---------
-------------
At 31 January 2024
7,758,034
7,758,034
-------------
---------
-------------
Depreciation
At 1 February 2023
12,713
12,713
Disposals
( 12,713)
( 12,713)
-------------
---------
-------------
At 31 January 2024
-------------
---------
-------------
Carrying amount
At 31 January 2024
7,758,034
7,758,034
-------------
---------
-------------
At 31 January 2023
7,189,037
7,189,037
-------------
---------
-------------
The freehold property includes investment property and land. The investment property value was estimated by the directors during the year ended 31 January 2024. The fair value of the land is calculated at the year end using agricultural average market land value figures supplied by Knight Frank.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property
£
At 31 January 2024
Aggregate cost
4,212,314
Aggregate depreciation
(30,888)
-------------
Carrying value
4,181,426
-------------
At 31 January 2023
Aggregate cost
4,212,314
Aggregate depreciation
(27,425)
-------------
Carrying value
4,184,889
-------------
7. INVESTMENTS
Other investments other than loans
£
Cost
At 1 February 2023
Additions
300,570
Revaluations
1,980
----------
At 31 January 2024
302,550
----------
Impairment
At 1 February 2023 and 31 January 2024
----------
Carrying amount
At 31 January 2024
302,550
----------
At 31 January 2023
----------
8. DEBTORS
2024
2023
£
£
Other debtors
30,336
30,071
---------
---------
9. CREDITORS: amounts falling due within one year
2024
2023
£
£
Corporation tax
38,655
27,645
Other creditors
39,474
29,014
---------
---------
78,129
56,659
---------
---------
10. PROVISIONS
Deferred tax
£
At 1 February 2023
744,181
Investment property charge against provision
142,249
----------
At 31 January 2024
886,430
----------
11. RESERVES
Revaluation reserve - This reserve records the value of asset revaluations and fair value movements on assets, net of deferred taxation, recognised in the Statement of Financial Position. Capital redemption reserve - This reserve records the nominal value of shares repurchased by the company. Profit and loss account - This reserve records retained earnings and accumulated losses.