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Registered number: 13937849
Brocon Properties Limited
Financial Statements
For The Year Ended 31 March 2024
Fruition Accountancy Limited
Unit 4 Three Spires House, Station Road
Lichfield
WS13 6HX
Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 13937849
31 March 2024 31 March 2023
Notes £ £ £ £
FIXED ASSETS
Investment Properties 4 369,135 369,135
369,135 369,135
Creditors: Amounts Falling Due Within One Year 5 (148,565 ) (158,432 )
NET CURRENT ASSETS (LIABILITIES) (148,565 ) (158,432 )
TOTAL ASSETS LESS CURRENT LIABILITIES 220,570 210,703
Creditors: Amounts Falling Due After More Than One Year 6 (239,310 ) (239,310 )
NET LIABILITIES (18,740 ) (28,607 )
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account (18,840 ) (28,707 )
SHAREHOLDERS' FUNDS (18,740) (28,607)
Page 1
Page 2
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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Robert Brophy
Director
24th September 2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Brocon Properties Limited is a private company, limited by shares, incorporated in England & Wales, registered number 13937849 . The registered office is 55 Hill Drive, Hove, Sussex, BN3 6QL.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.  There are negative reserves in the company however it is being supported by the Directors and Brocon Property Partnership.
2.3. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Investment Property
31 March 2024
£
Fair Value
As at 1 April 2023 and 31 March 2024 369,135
Page 3
Page 4
5. Creditors: Amounts Falling Due Within One Year
31 March 2024 31 March 2023
£ £
Amounts owed to participating interests 26,875 36,742
Other creditors 121,690 121,690
148,565 158,432
6. Creditors: Amounts Falling Due After More Than One Year
31 March 2024 31 March 2023
£ £
Bank loans 239,310 239,310
239,310 239,310
Of the creditors falling due after more than one year the following amounts are due after more than five years.
31 March 2024 31 March 2023
£ £
Bank loans 239,310 239,310
7. Secured Creditors
Of the creditors the following amounts are secured.
31 March 2024 31 March 2023
£ £
Bank loans and overdrafts 239,310 239,310
8. Share Capital
31 March 2024 31 March 2023
Allotted, called up and fully paid £ £
50 Ordinary A shares of £ 1.00 each 50 50
50 Ordinary B shares of £ 1.00 each 50 50
100 100
9. Related Party Transactions
As at the balance sheet date, the company owed the directors £120,670 (2023: £120,670).
During the year a loan was made to the company by Brocon Properties Partnership and the amount outstanding at the balance sheet date was £26,875 (2023: £36,742).
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