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Company No: 07530897 (England and Wales)

BRULIN PROPERTIES LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

BRULIN PROPERTIES LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

BRULIN PROPERTIES LIMITED

BALANCE SHEET

As at 31 March 2024
BRULIN PROPERTIES LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 33,916 45,107
Investment property 4 3,055,000 2,987,500
3,088,916 3,032,607
Current assets
Debtors 5 8,338 6,868
Cash at bank and in hand 10,325 23,801
18,663 30,669
Creditors: amounts falling due within one year 6 ( 185,446) ( 425,578)
Net current liabilities (166,783) (394,909)
Total assets less current liabilities 2,922,133 2,637,698
Provision for liabilities ( 111,254) ( 82,188)
Net assets 2,810,879 2,555,510
Capital and reserves
Called-up share capital 7 100 100
Share premium account 1,340,213 1,340,213
Fair value reserve 535,713 439,442
Profit and loss account 934,853 775,755
Total shareholders' funds 2,810,879 2,555,510

For the financial 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 financial statements of Brulin Properties Limited (registered number: 07530897) were approved and authorised for issue by the Board of Directors on 25 October 2024. They were signed on its behalf by:

Mrs L Harrison
Director
BRULIN PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
BRULIN PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Brulin Properties Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Francis Clark Llp Melville Building East, Royal William Yard, Plymouth PL1 3RP, United Kingdom. The principle place of business is Windsway, Broad Park, Oreston, Plymouth, Devon, PL9 7QF.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in GBP which is the functional currency of the company and rounded to the nearest £

Turnover

Turnover comprises the fair value of the consideration received or receivable for the rental of property in the ordinary course of the company's activities.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Vehicles 5 years straight line
Fixtures and fittings 5 years straight line
Office equipment 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value, determined annually by the director's at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 0 0

3. Tangible assets

Vehicles Fixtures and fittings Office equipment Total
£ £ £ £
Cost
At 01 April 2023 28,000 25,011 7,719 60,730
Additions 0 0 423 423
At 31 March 2024 28,000 25,011 8,142 61,153
Accumulated depreciation
At 01 April 2023 2,333 8,782 4,508 15,623
Charge for the financial year 5,600 5,002 1,012 11,614
At 31 March 2024 7,933 13,784 5,520 27,237
Net book value
At 31 March 2024 20,067 11,227 2,622 33,916
At 31 March 2023 25,667 16,229 3,211 45,107

4. Investment property

Investment property
£
Valuation
As at 01 April 2023 2,987,500
Additions 140,000
Fair value movement 245,000
Disposals (317,500)
As at 31 March 2024 3,055,000

The investment properties have been revalued during the year based on the valuation of an estate agent.

5. Debtors

2024 2023
£ £
Trade debtors 6,705 5,466
Other debtors 1,633 1,402
8,338 6,868

6. Creditors: amounts falling due within one year

2024 2023
£ £
Taxation and social security 49,648 16,237
Other creditors 135,798 409,341
185,446 425,578

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100