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Registered number: 01675811










BRITANNIC DEVELOPMENTS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 29 FEBRUARY 2024

 
BRITANNIC DEVELOPMENTS LIMITED
REGISTERED NUMBER: 01675811

BALANCE SHEET
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,706
2,007

Investment property
 5 
2,732,365
2,732,365

  
2,734,071
2,734,372

Current assets
  

Debtors: amounts falling due within one year
 6 
7,750
6,448

Cash at bank and in hand
  
109,468
87,358

  
117,218
93,806

Creditors: amounts falling due within one year
 7 
(64,536)
(60,177)

Net current assets
  
 
 
52,682
 
 
33,629

Total assets less current liabilities
  
2,786,753
2,768,001

Creditors: amounts falling due after more than one year
 8 
(1,994,055)
(2,043,129)

Provisions for liabilities
  

Deferred tax
 9 
(98,615)
(98,615)

  
 
 
(98,615)
 
 
(98,615)

Net assets
  
694,083
626,257


Capital and reserves
  

Called up share capital 
  
200
200

Profit and loss account
 10 
693,883
626,057

  
694,083
626,257


Page 1

 
BRITANNIC DEVELOPMENTS LIMITED
REGISTERED NUMBER: 01675811
    
BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
M Sheridan
Director

Date: 4 October 2024

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
BRITANNIC DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

Britannic Developments Limited is a private company limited by shares. The company is incorporated in England & Wales and its registered office is Aston House, Cornwall Avenue, London, N3 1LF. The registered number is 01675811.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.3

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the United Kingdom.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures & fittings
-
15% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 3

 
BRITANNIC DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.5

Investment property

Investment property is carried at fair value determined annually by external valuers 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. Changes in fair value are recognised in profit or loss.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

Page 4

 
BRITANNIC DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

4.


Tangible fixed assets







Other fixed assets

£



Cost or valuation


At 1 March 2023
15,192



At 29 February 2024

15,192



Depreciation


At 1 March 2023
13,185


Charge for the year on owned assets
301



At 29 February 2024

13,486



Net book value



At 29 February 2024
1,706



At 28 February 2023
2,007


5.


Investment property





Freehold investment property

£



Valuation


At 1 March 2023
2,732,365



At 29 February 2024
2,732,365

The 2024 valuations were made by directors, on an open market value for existing use basis.






Page 5

 
BRITANNIC DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

6.


Debtors

29 February
28 February
2024
2023
£
£


Other debtors
3,900
3,600

Prepayments and accrued income
3,850
2,848

7,750
6,448



7.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Trade creditors
680
-

Corporation tax
19,219
14,954

Other creditors
41,837
42,223

Accruals and deferred income
2,800
3,000

64,536
60,177



8.


Creditors: Amounts falling due after more than one year

29 February
28 February
2024
2023
£
£

Other loans
565,055
614,129

Amounts owed to group undertakings
1,429,000
1,429,000

1,994,055
2,043,129



9.


Deferred taxation






2024
2023


£

£






At beginning of year
(98,615)
(98,615)



At end of year
(98,615)
(98,615)

Page 6

 
BRITANNIC DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
 
9.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

29 February
28 February
2024
2023
£
£


Timing difference
(98,615)
(98,615)

(98,615)
(98,615)


10.


Reserves

Profit & loss account

The profit and loss account includes non-distributable reserves of £284,138 (2023: £284,138) due to fair value gains on investments property, net of related deferred tax charges

 
Page 7