Registered number
09722367
Brosis Properties Limited
Filleted Accounts
29 February 2024
Brosis Properties Limited
Registered number: 09722367
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,814,982 744,989
Current assets
Cash at bank and in hand 38,217 34,934
Creditors: amounts falling due within one year 4 (73,754) (68,305)
Net current liabilities (35,537) (33,371)
Total assets less current liabilities 1,779,445 711,618
Creditors: amounts falling due after more than one year 5 (1,545,798) (683,956)
Net assets 233,647 27,662
Capital and reserves
Called up share capital 100 100
Revaluation reserve 6 210,000 -
Profit and loss account 23,547 27,562
Shareholders' funds 233,647 27,662
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
R Rossano
Director
Approved by the board on 15 August 2024
Brosis Properties Limited
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover represents rent received and due for the period. Any rentals received in advance are carried forward under "other creditors".
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 100 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 4
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 March 2023 801,769
Additions 872,011
Surplus on revaluation 210,000
At 29 February 2024 1,883,780
Depreciation
At 1 March 2023 56,780
Charge for the year 12,018
At 29 February 2024 68,798
Net book value
At 29 February 2024 1,814,982
At 28 February 2023 744,989
4 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 1,255 3,357
Directors' current account 49,366 49,246
Taxation and social security costs 2,809 4,752
Other creditors 20,324 10,950
73,754 68,305
5 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 1,302,706 683,956
Other creditors 243,092 -
1,545,798 683,956
6 Revaluation reserve 2024 2023
£ £
Gain on revaluation of land and buildings 210,000 -
At 29 February 2024 210,000 -
7 Other information
Brosis Properties Limited is a private company limited by shares and incorporated in England. Its registered office is:
43 Richmond Park Avenue
Bournemouth
Dorset
BH8 9DN
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