Company registration number 14589918 (England and Wales)
BROWN BEAR ESTATES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD 13 JANUARY 2023 TO 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
BROWN BEAR ESTATES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
BROWN BEAR ESTATES LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 1 -
2024
Notes
£
£
Fixed assets
Investment property
3
4,505,000
Current assets
Debtors
4
2,495
Cash at bank and in hand
322,227
324,722
Creditors: amounts falling due within one year
5
(2,146,637)
Net current liabilities
(1,821,915)
Total assets less current liabilities
2,683,085
Creditors: amounts falling due after more than one year
6
(2,690,383)
Provisions for liabilities
Deferred tax liability
7
3,250
(3,250)
Net liabilities
(10,548)
Capital and reserves
Called up share capital
8
100
Profit and loss reserves
(10,648)
Total equity
(10,548)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
BROWN BEAR ESTATES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2024
31 January 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 11 October 2024 and are signed on its behalf by:
S Shah
Director
Company registration number 14589918 (England and Wales)
BROWN BEAR ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024
- 3 -
1
Accounting policies
Company information
Brown Bear Estates Limited is a private company limited by shares incorporated in England and Wales. The registered office is 166 College Road, Harrow, Middlesex, HA1 1RA.
1.1
Reporting period
This is the first time the company has presented its financial statements since its incorporation and hence the
financial statements presented are for a period of more than twelve months with no comparatives.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.3
Going concern
The financial statements have been prepared on a going concern basis even though at the Balance Sheet date the company's net liabilities was £10,548.true
The director considers the going concern basis to be appropriate because, in their opinion, the company will continue to obtain sufficient funding from its shareholders to enable it to pay its debts as they fall due.
If the company was unable to continue to obtain sufficient funding to enable it to pay its debts as they fell due, it would be unable to continue trading and adjustments would have to be made reduce the value of assets to their realisable amount, to provide for any further liabilities which might arise.
1.4
Turnover
Turnover is recognised at the fair value of the consideration receivable from rental income.
1.5
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
BROWN BEAR ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price
including transaction costs. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are recognised at transaction price unless the
arrangement constitutes a financing transaction. Financial liabilities classified as payable within one year are
not amortised.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the deferred tax.
Deferred tax
Deferred tax is provided in full in respect of all timing differences between the treatment of certain items for tax and accounting purposes. The deferred tax balance has not been discounted.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
Number
4
3
Investment property
2024
£
Fair value
At 13 January 2023
Additions
4,492,000
Net gains or losses through fair value adjustments
13,000
At 31 January 2024
4,505,000
In the opinion of the directors, the fair value of the investment properties is not materially different to the carrying value in the accounts as at the balance sheet date.
BROWN BEAR ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2024
- 5 -
4
Debtors
2024
Amounts falling due within one year:
£
Trade debtors
1,362
Prepayments and accrued income
1,133
2,495
5
Creditors: amounts falling due within one year
2024
£
Other creditors
2,143,697
Accruals and deferred income
2,940
2,146,637
6
Creditors: amounts falling due after more than one year
2024
Notes
£
Bank loans and overdrafts
2,690,383
The bank loans are secured against the investment properties held by the company.
Amounts included above which fall due after five years are as follows:
Payable by instalments
2,690,383
7
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
2024
Balances:
£
Revaluations
3,250
BROWN BEAR ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2024
7
Deferred taxation
(Continued)
- 6 -
2024
Movements in the period:
£
Liability at 13 January 2023
-
Charge to profit or loss
3,250
Liability at 31 January 2024
3,250
8
Share capital
2024
2024
Ordinary share capital
Number
£
Issued and fully paid
100 Ordinary shares of £1 each
100
100
On 13 January 2023 the company issues 100 Ordinary shares at £1 each at par value.
9
Related party transactions
Included within other creditors is an amount of £2,136,328 owed to the directors as at the balance sheet date.