Registered number
13191823
BROOK RESIDENTIAL LIMITED
Filleted Accounts
29 February 2024
BROOK RESIDENTIAL LIMITED
Registered number: 13191823
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Investment property 3 473,585 473,585
Current assets
Cash at bank and in hand 1,412 1,348
Creditors: amounts falling due within one year 4 (147,389) (154,457)
Net current liabilities (145,977) (153,109)
Total assets less current liabilities 327,608 320,476
Creditors: amounts falling due after more than one year 5 (301,885) (301,885)
Provisions for liabilities (4,856) (4,856)
Net assets 20,867 13,735
Capital and reserves
Called up share capital 1 1
Non-distributable reserve 20,703 20,703
Profit and loss account 163 (6,969)
Shareholders' funds 20,867 13,735
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr S Moss
Director
Approved by the board on 22 August 2024
BROOK RESIDENTIAL LIMITED
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Investment properties
Investment properties are included in the statement of financial position at their open market
value in accordance with the FRS 102- Section 1A and are not depreciated. The investment
properties held by the company are periodically valued by the directors on an open market,
existing use basis. The directors then assesses whether the valuation is reasonable or requires
amending at each year end.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
This includes the director
3 Investment properties
Investment property
£
Valuation
At 1 March 2023 473,585
At 29 February 2024 473,585
The revaluations were made by the directors on an open market value.The historical cost is £448,026.
4 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors - 3,637
Taxation and social security costs 38 -
Other creditors 147,351 150,820
147,389 154,457
5 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 301,885 301,885
6 Related party transactions
There is an amount owed at the year end to Mr S Moss the director being the director's loan account of £115,040 (2023 - £130,040). There is an amount owed at the year end to BROOK ELECTRICAL SERVICES LTD, a company in which Mr S Moss has control with his wife, of £31,500 (2023 - £20,000).
7 Controlling party
The company is controlled by the director Mr S Moss by virtue of his shareholding.
8 Other information
BROOK RESIDENTIAL LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
49 Brookhill Way
Rushmere St Andrew
Ipswich
IP4 5UL
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