Company registration number 01405171 (England and Wales)
BROOKPASS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
BROOKPASS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
BROOKPASS LIMITED
BALANCE SHEET
AS AT 31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
48,141
24,847
Investment property
4
4,287,000
4,262,000
Investments
5
5,000
5,000
4,340,141
4,291,847
Current assets
Stocks
1,601,051
1,505,737
Debtors
6
1,895,599
1,817,600
3,496,650
3,323,337
Creditors: amounts falling due within one year
7
(754,271)
(383,013)
Net current assets
2,742,379
2,940,324
Total assets less current liabilities
7,082,520
7,232,171
Creditors: amounts falling due after more than one year
8
(18,354)
(24,167)
Provisions for liabilities
(447,261)
(447,261)
Net assets
6,616,905
6,760,743
Capital and reserves
Called up share capital
3,668
3,668
Share premium account
61,663
61,663
Revaluation reserve
11
2,489,800
2,489,800
Capital redemption reserve
1,332
1,332
Profit and loss reserves
4,060,442
4,204,280
Total equity
6,616,905
6,760,743
BROOKPASS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2024
31 January 2024
- 2 -
For the financial year 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 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 director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 1 November 2024 and are signed on its behalf by:
G Newman
Director
Company registration number 01405171 (England and Wales)
BROOKPASS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
1
Accounting policies
Company information
Brookpass Limited is a private company limited by shares incorporated in England and Wales. The registered office is 20a Cross Road, Tadworth, Surrey, KT20 5SB.
1.1
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 the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
33.33% on cost
Motor vehicles
25% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
BROOKPASS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.4
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.
Investment property is carried at fair value determined annually by review of comparable real estate,adjusted if necessary for any difference in the nature,location or condition of specific asset. The review is carried out by the directors. No depreciation is provided,and any changes in fair value are recognised in the profit and loss.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
BROOKPASS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 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. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
7
7
BROOKPASS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 6 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2023
60,756
Additions
26,282
At 31 January 2024
87,038
Depreciation and impairment
At 1 February 2023
35,909
Depreciation charged in the year
2,988
At 31 January 2024
38,897
Carrying amount
At 31 January 2024
48,141
At 31 January 2023
24,847
BROOKPASS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 7 -
4
Investment property
2024
£
Fair value
At 1 February 2023
4,262,000
Additions
25,000
At 31 January 2024
4,287,000
Investment property is carried at fair value determined annually by review of comparable real estate,adjusted if necessary for any difference in the nature,location or condition of specific asset.The review is carried out by the directors. No depreciation is provided,and any changes in fair value are recognised in the profit and loss.
Fair value at 31 January 2022 is represented by:
£
Valuation in 2006
956,907
Valuation in 2007
247,500
Valuation in 2008
679,500
Valuation in 2010
340,000
Valuation in 2011
5,000
Valuation in 2014
742,003
Valuation in 2016
426,766
Valuation in 2019
585,000
Valuation in 2022
(725,983)
Valuation in 2023
(309,633)
Cost
1,339,940
4,287,000
5
Fixed asset investments
2024
2023
£
£
Other investments other than loans
5,000
5,000
BROOKPASS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 8 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
11,161
18,299
Amounts owed by group undertakings
1,852,811
Other debtors
31,627
1,799,301
1,895,599
1,817,600
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
401,011
121,233
Trade creditors
106,898
55,584
Amounts owed to group undertakings
5,000
5,000
Corporation tax
136,900
136,900
Other taxation and social security
47,375
40,050
Other creditors
57,087
24,246
754,271
383,013
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
18,354
24,167
9
LOANS
Interest is charged on the bank loans at a rate of 2.50 %-5.81% per annum , above the bank's base rate ,and are due to mature between 2022-2027.
10
SECURED DEBTS
The following secured debts are included within creditors:
2024 2023
Bank overdraft 139,011 111,234
Bank Loans 28,352 34,166
167,363 145,400
The bank loans and overdraft are secured over the company's investment properties.
BROOKPASS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 9 -
11
Revaluation reserve
2024
2023
£
£
At the beginning of the year
2,489,800
2,637,922
Fair value adjustment to investments
(523,122)
Other movements
-
375,000
At the end of the year
2,489,800
2,489,800
12
Related party transactions
Name of the related party Nature of relationship Transaction Details Amount Balance
2024
Charlie Newman Ltd Directors/shareholders in common Laon repaid 88860 1,852,811
Brookpass Residential Ltd Directors/shareholders in common Loan made 343
Brookpass Developments ltd Directors/shareholders in common Loan made 3,975
2023
Charlie Newman Ltd Directors/Shareholders in common Loan repay 13,191 1,763,951
Brookpass Residential Ltd Directors/shareholders in common Loan made 343 343
Brookpass Developments ltd Directors/shareholders in common Loan made 3,975 3,975
2022
Charlie Newman Ltd Directors/shareholders in common Laon repaid 1,898 1,777,142
The above loans are interest free and repayable on demand.