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Company registration number: 13385692
Blue Brick Property Ltd
Unaudited filleted financial statements
31 March 2024
Blue Brick Property Ltd
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Blue Brick Property Ltd
Directors and other information
Directors Mr David Andrew Perryman
Mr Lincoln Daniel Brown
Company number 13385692
Registered office Response House
Foundry Street
Chesterfield
Derbyshire
S41 9AU
Accountants Dey & Co.
Brookdale
41 Clarence Road
Chesterfield
Derbyshire
S40 1LH
Bankers Starling Bank
Blue Brick Property Ltd
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 859,970 498,234
_______ _______
859,970 498,234
Current assets
Cash at bank and in hand 5,854 6,274
_______ _______
5,854 6,274
Creditors: amounts falling due
within one year 6 ( 367,127) ( 198,499)
_______ _______
Net current liabilities ( 361,273) ( 192,225)
_______ _______
Total assets less current liabilities 498,697 306,009
Creditors: amounts falling due
after more than one year 7 ( 487,700) ( 302,021)
Provisions for liabilities ( 2,906) -
_______ _______
Net assets 8,091 3,988
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 7,991 3,888
_______ _______
Shareholders funds 8,091 3,988
_______ _______
For the year ending 31 March 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 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.
These financial statements were approved by the board of directors and authorised for issue on 23 August 2024 , and are signed on behalf of the board by:
Mr David Andrew Perryman
Director
Company registration number: 13385692
Blue Brick Property Ltd
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Response House, Foundry Street, Chesterfield, Derbyshire, S41 9AU.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Freehold property - 2 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially 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.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
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 in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
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. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
Freehold property Plant and machinery Total
£ £ £
Cost
At 1 April 2023 484,359 15,000 499,359
Additions 363,986 - 363,986
_______ _______ _______
At 31 March 2024 848,345 15,000 863,345
_______ _______ _______
Depreciation
At 1 April 2023 - 1,125 1,125
Charge for the year - 2,250 2,250
_______ _______ _______
At 31 March 2024 - 3,375 3,375
_______ _______ _______
Carrying amount
At 31 March 2024 848,345 11,625 859,970
_______ _______ _______
At 31 March 2023 484,359 13,875 498,234
_______ _______ _______
Investment property
Investments properties are revalued annually by the directors of the company, who do not have any formal qualifications in respect of the valuation of property. The directors have based their valuation on their knowledge of the market. The directors are satisfied that the value is not less than the aggregate amount at which they are stated in the accounts.
6. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 31,897 18,269
Amounts owed to group undertakings and undertakings in which the company has a participating interest 168,000 88,000
Other creditors 167,230 92,230
_______ _______
367,127 198,499
_______ _______
7. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 487,700 302,021
_______ _______
The company has loan facilities for which security has been given by the company. The company is operating within its agreed facilities and the directors expect it to be able to continue doing so for at least one year from which they approved the financial statements. In view of their relationship with the company's bankers the directors consider it reasonable to rely on the continuation of the loan facilities.
Included within creditors: amounts falling due after more than one year is an amount of £ 360,113 (2023 £ 228,943 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The bank loans are payable in monthly installments, at an annual interest rates of between 3.05% and 5.85%. The fixed rate terms expire at various times witin the next five years.
8. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr David Andrew Perryman ( 1,000) - ( 1,000)
Mr Lincoln Daniel Brown ( 89,000) ( 75,000) ( 164,000)
_______ _______ _______
( 90,000) ( 75,000) ( 165,000)
_______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr David Andrew Perryman ( 1,000) - ( 1,000)
Mr Lincoln Daniel Brown ( 59,000) ( 30,000) ( 89,000)
_______ _______ _______
( 60,000) ( 30,000) ( 90,000)
_______ _______ _______
9. Related party transactions
A director of the company is also a director of DPCC Limited. At the year end there was a loan outstanding to DPCC in the amount of £168,000 (2023 £88,000). The loan is interest free and repayable on demand.