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COMPANY REGISTRATION NUMBER: 13073765
Browns Housing Limited
Unaudited financial statements
31 March 2024
Browns Housing Limited
Statement of financial position
31 March 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
1,994,601
1,521,979
Current assets
Debtors
6
3,141
Cash at bank and in hand
133,385
178,827
---------
---------
136,526
178,827
Creditors: Amounts falling due within one year
7
( 30,077)
( 16,145)
---------
---------
Net current assets
106,449
162,682
-----------
-----------
Total assets less current liabilities
2,101,050
1,684,661
Creditors: Amounts falling due after more than one year
8
( 120,375)
Provisions
Taxation including deferred tax
( 273,375)
( 151,426)
-----------
-----------
Net assets
1,707,300
1,533,235
-----------
-----------
Capital and reserves
Called up share capital
895,001
895,001
Revaluation reserve
806,250
627,750
Profit and loss account
6,049
10,484
-----------
-----------
Shareholders funds
1,707,300
1,533,235
-----------
-----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
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.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Browns Housing Limited
Statement of financial position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 4 October 2024 , and are signed on behalf of the board by:
A V Brown
Director
Company registration number: 13073765
Browns Housing Limited
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 5 Marwick House, Station Road, March, Cambridgeshire, PE15 8LB.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
4. Employee numbers
The average number of employees during the year was 2 (2023: 2 ).
5. Tangible assets
Investment properties
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost or valuation
At 1 April 2023
1,500,000
1,532
27,975
1,529,507
Additions
176,103
2,014
178,117
Revaluations
300,000
300,000
-----------
------
-------
-----------
At 31 March 2024
1,976,103
3,546
27,975
2,007,624
-----------
------
-------
-----------
Depreciation
At 1 April 2023
97
7,431
7,528
Charge for the year
359
5,136
5,495
-----------
------
-------
-----------
At 31 March 2024
456
12,567
13,023
-----------
------
-------
-----------
Carrying amount
At 31 March 2024
1,976,103
3,090
15,408
1,994,601
-----------
------
-------
-----------
At 31 March 2023
1,500,000
1,435
20,544
1,521,979
-----------
------
-------
-----------
The directors have revalued the investment properties based on the open market value as at 31 March 2024.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Investment properties
£
At 31 March 2024
Aggregate cost
901,103
Aggregate depreciation
---------
Carrying value
901,103
---------
At 31 March 2023
Aggregate cost
725,000
Aggregate depreciation
---------
Carrying value
725,000
---------
6. Debtors
2024
2023
£
£
Trade debtors
700
Other debtors
2,441
------
----
3,141
------
----
7. Creditors: Amounts falling due within one year
2024
2023
£
£
Trade creditors
115
955
Social security and other taxes
27,099
8,492
Other creditors
2,863
6,698
-------
-------
30,077
16,145
-------
-------
8. Creditors: Amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
120,375
---------
----
The bank loan is secured on the assets concerned.