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Registered number: 12257266
Bricks And Flips Property Ltd
Unaudited Financial Statements
For The Year Ended 31 October 2023
Astonia Associates Ltd
Chartered Management Accountants
Business & Technology Centre
Bessemer Drive
Stevenage Herts
SG1 2DX
Contents
Page
Accountants' Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—5
Page 1
Accountants' Report
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Bricks And Flips Property Ltd for the year ended 31 October 2023 which comprise the Profit and Loss Account, the Balance Sheet, and the related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Chartered Institute of Management Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.cimaglobal.com.
This report is made solely to the director of Bricks And Flips Property Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Bricks And Flips Property Ltd and state those matters that we have agreed to state to the director of Bricks And Flips Property Ltd in this report in accordance with the requirements of the Chartered Institute of Management Accountants as detailed at http://www.cimaglobal.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.
It is your duty to ensure that Bricks And Flips Property Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Bricks And Flips Property Ltd . You consider that Bricks And Flips Property Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Bricks And Flips Property Ltd . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Signed
Astonia Associates Limited
30/08/2024
Chartered Management Accountants
Business & Technology Centre
Bessemer Drive
Stevenage Herts
SG1 2DX
Page 1
Page 2
Balance Sheet
Registered number: 12257266
2023 2022
Notes £ £ £ £
FIXED ASSETS
Investment Properties 4 295,000 842,513
295,000 842,513
CURRENT ASSETS
Debtors 5 51,516 10,100
Cash at bank and in hand 71,630 61,176
123,146 71,276
Creditors: Amounts Falling Due Within One Year 6 (47,867 ) (406,312 )
NET CURRENT ASSETS (LIABILITIES) 75,279 (335,036 )
TOTAL ASSETS LESS CURRENT LIABILITIES 370,279 507,477
Creditors: Amounts Falling Due After More Than One Year 7 (224,672 ) (235,157 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (18,114 ) (63,417 )
NET ASSETS 127,493 208,903
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 127,393 208,803
SHAREHOLDERS' FUNDS 127,493 208,903
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Page 3
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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 G Kalra-Phull
Director
30/08/2024
The notes on pages 4 to 5 form part of these financial statements.
Page 3
Page 4
Notes to the Financial Statements
1. General Information
Bricks And Flips Property Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12257266 . The registered office is 50 Lancaster Lancaster Road, Hitchin, England, SG5 1PD.
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. 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.
2.3. 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.
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2022: 1)
1 1
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4. Investment Property
2023
£
Fair Value
As at 1 November 2022 842,513
Additions 36,777
Disposals (591,447 )
Revaluations 7,157
As at 31 October 2023 295,000
5. Debtors
2023 2022
£ £
Due within one year
Other debtors 51,516 10,100
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Bank loans and overdrafts 5,308 -
Other creditors 48,268 40,012
Investors loans (19,699 ) 328,002
Director's loan account 13,990 38,298
47,867 406,312
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 224,672 235,157
8. Share Capital
2023 2022
Allotted, called up but not fully paid £ £
100 Ordinary Shares of £ 1.00 each 100 100
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