Registered number
12381439
Brit Assets Limited
Filleted Accounts
31 December 2023
Brit Assets Limited
Registered number: 12381439
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Investments 3 1,446,675 1,446,675
Current assets
Debtors 4 - 400,000
Cash at bank and in hand 212,381 5,800
212,381 405,800
Creditors: amounts falling due within one year 5 (769,013) (973,923)
Net current liabilities (556,632) (568,123)
Total assets less current liabilities 890,043 878,552
Creditors: amounts falling due after more than one year 6 (848,099) (859,457)
Net assets 41,944 19,095
Capital and reserves
Called up share capital 100 100
Profit and loss account 41,844 18,995
Shareholders' funds 41,944 19,095
The directors are 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 directors acknowledge their 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.
Al-Masum Al-Amin
Director
Approved by the board on 30 August 2024
Brit Assets Limited
Notes to the Accounts
for the year ended 31 December 2023
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 represents rental income. Turnover is recognised at the fair value of the consideration received or receivable for the rental space provided in the normal course of business. The fair value of consideration takes into account trade discounts and rebates.
Investments
Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measured at cost, including transaction costs. Subsequently investment properties whose fair value can be measured reliably without undue cost or effort on an on-going basis are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity 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.

All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.

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.
All equity instruments regardless of significance, and other financial assets that are individually significant, 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.
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Investments
Investment property comprises of Freehold properties. The fair value of the investment property has been arrived at on the basis of a valuation carried out by directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties and any fair value adjustments being taken through the profit and loss account.
Property
£
Cost
At 1 January 2023 1,446,675
At 31 December 2023 1,446,675
4 Debtors 2023 2022
£ £
Other debtors - 400,000
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,000 10,000
Taxation and social security costs 5,606 2,094
Other creditors 753,407 961,829
769,013 973,923
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 848,099 859,457
7 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 858,099 869,457
Of the total bank loans, £833,099 (2022 : £834,457) is secured by a charge over the company's assets and a further £25,000 (2022 : £35,000), of loans under Coronavirus Bounce back is cover by a government-backed guarantee.
8 Other information
Brit Assets Limited is a private company limited by shares and incorporated in England. Its registered office is:
54 Clare Gardens
Barking
Essex
IG11 9JH
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