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REGISTERED NUMBER: SC202577 (Scotland)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Braemara Limited

Braemara Limited (Registered number: SC202577)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Braemara Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Mrs T A Body
P J Body





REGISTERED OFFICE: Braemara
Scarfskerry
Thurso
Caithness
KW14 8XW





REGISTERED NUMBER: SC202577 (Scotland)





ACCOUNTANTS: Reid & Fraser
Chartered Accountants
15 Princes Street
Thurso
Caithness
KW14 7BQ

Braemara Limited (Registered number: SC202577)

Balance Sheet
31 March 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 7,562 7,612
Investments 5 288,360 232,519
Investment property 6 538,577 538,577
834,499 778,708

CURRENT ASSETS
Debtors 7 31,284 39,592
Investments 8 - 10,000
Cash at bank 15,528 19,551
46,812 69,143
CREDITORS
Amounts falling due within one year 9 (59,968 ) (45,050 )
NET CURRENT (LIABILITIES)/ASSETS (13,156 ) 24,093
TOTAL ASSETS LESS CURRENT
LIABILITIES

821,343

802,801

PROVISIONS FOR LIABILITIES 10 (58,584 ) (58,298 )
NET ASSETS 762,759 744,503

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 11 242,711 242,711
Retained earnings 519,948 501,692
SHAREHOLDERS' FUNDS 762,759 744,503

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Braemara Limited (Registered number: SC202577)

Balance Sheet - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 November 2024 and were signed on its behalf by:





P J Body - Director


Braemara Limited (Registered number: SC202577)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Braemara Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

TURNOVER
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

TANGIBLE FIXED ASSETS
Tangible fixed assets are originally recorded at cost. Depreciation is provided at the following annual rates in order to write off the cost, less estimated residual value, over its estimated residual life:

Plant & equipment25% reducing balance
Fixtures & fittings25% reducing balance
Motor vehicles25% reducing balance

INVESTMENTS IN SUBSIDIARIES
Investments in subsidiary undertakings are recognised at cost.

INVESTMENT PROPERTY
Investment properties, which are properties held to earn rental income, are initially recognised at cost which includes purchase cost and any directly attributable expenditure.

Investment properties whose fair value can be measured reliably are measured at fair value. The surplus or deficit on a fair value adjustment is recognised in the income statement in the year. As the fair value adjustment is not a distributable profit, this is transferred to the fair value reserve. Deferred tax is provided on fair value gains at the rate expected to apply when the property is sold and this provision is included within the fair value reserve.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Braemara Limited (Registered number: SC202577)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

HIRE PURCHASE AND LEASING COMMITMENTS
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Office
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 April 2023 9,788 27,944 2,942 40,674
Additions - 1,468 1,003 2,471
At 31 March 2024 9,788 29,412 3,945 43,145
DEPRECIATION
At 1 April 2023 6,834 24,369 1,859 33,062
Charge for year 738 1,261 522 2,521
At 31 March 2024 7,572 25,630 2,381 35,583
NET BOOK VALUE
At 31 March 2024 2,216 3,782 1,564 7,562
At 31 March 2023 2,954 3,575 1,083 7,612

5. FIXED ASSET INVESTMENTS
Shares in
group Other
undertakings investments Totals
£    £    £   
COST
At 1 April 2023 140,176 92,343 232,519
Additions - 55,841 55,841
At 31 March 2024 140,176 148,184 288,360
NET BOOK VALUE
At 31 March 2024 140,176 148,184 288,360
At 31 March 2023 140,176 92,343 232,519

Braemara Limited (Registered number: SC202577)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 538,577
NET BOOK VALUE
At 31 March 2024 538,577
At 31 March 2023 538,577

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2017 252,713
Cost 285,864
538,577

Investment property was valued on an open market basis on 31 March 2024 by the directors .

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors - 629
Amounts owed by group undertakings 23,150 36,295
Other debtors 7,604 2,151
Prepayments and accrued income 530 517
31,284 39,592

8. CURRENT ASSET INVESTMENTS
2024 2023
£    £   
Unlisted investments - 10,000

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 1,491 680
Corporation tax 5,968 1,083
Other creditors 6,677 3,155
Directors' current accounts 45,832 40,132
59,968 45,050

Other creditors include £3,621 (2023 - £nil) in respect of taxation and social security.

10. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 58,584 58,298

Braemara Limited (Registered number: SC202577)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

10. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 April 2023 58,298
Provided during year 286
Balance at 31 March 2024 58,584

11. RESERVES
Fair
value
reserve
£   
At 1 April 2023
and 31 March 2024 242,711

The amounts transferred to the fair value reserve from retained earnings represents the fair value adjustments applicable to investment properties together with the associated deferred tax provision. This is a non-distributable reserve.