Company Registration No. 13776656 (England and Wales)
BRACKEN PROPERTY COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023
31 December 2023
PAGES FOR FILING WITH REGISTRAR
BRACKEN PROPERTY COMPANY LIMITED
COMPANY INFORMATION
Directors
Miss M F Moser
Mr M Flynn
(Appointed 23 May 2023)
Company number
13776656
Registered office
Sterling House
Unit G
Waterfold Business Park
Bury
BL9 7BR
BRACKEN PROPERTY COMPANY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
BRACKEN PROPERTY COMPANY LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
4
147,245
150,367
Investment property
5
160,514,080
153,716,679
Investments
6
3,215,685
2,595,097
163,877,010
156,462,143
Current assets
Debtors
7
11,853,176
1,534,286
Cash at bank and in hand
138,143
62,096
11,991,319
1,596,382
Creditors: amounts falling due within one year
8
(19,287,227)
(13,142,189)
Net current liabilities
(7,295,908)
(11,545,807)
Total assets less current liabilities
156,581,102
144,916,336
Creditors: amounts falling due after more than one year
9
(40,496,823)
(35,357,534)
Provisions for liabilities
(129,003)
Net assets
115,955,276
109,558,802
Capital and reserves
Called up share capital
10
2
2
Share premium account
93,197,502
93,197,502
Profit and loss reserves
22,757,772
16,361,298
Total equity
115,955,276
109,558,802
The notes on pages 4 to 9 form part of these financial statements.
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 year ended 31 December 2023 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 member has not required the company to obtain an audit of its financial statements for the year 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.
BRACKEN PROPERTY COMPANY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 25 November 2024 and are signed on its behalf by:
Mr M Flynn
Director
Company registration number 13776656 (England and Wales)
BRACKEN PROPERTY COMPANY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
As restated for the period ended 31 December 2022:
Balance at 1 December 2021
-
Period ended 31 December 2022:
Profit and total comprehensive income
-
-
16,361,298
16,361,298
Issue of share capital
10
2
93,197,502
-
93,197,504
Balance at 31 December 2022
2
93,197,502
16,361,298
109,558,802
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
6,396,474
6,396,474
Balance at 31 December 2023
2
93,197,502
22,757,772
115,955,276
The notes on pages 4 to 9 form part of these financial statements.
BRACKEN PROPERTY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information
Bracken Property Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is Sterling House, Unit G, Waterfold Business Park, Bury, BL9 7BR.
1.1
Reporting period
The prior year reporting period is longer than one year, as such historical comparison amounts will not be entirely comparable.
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 and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.3
Turnover
Turnover represents service charges receivable from tenants in respect of communal expenditure incurred, excluding VAT.
During the year, the directors have considered the correct recognition of turnover, where they are acting as an agent, rather than a principal. Please see note 2 for further detail. Consequently, directors have restated the profit and loss in the prior period to reflect these changes. This has no impact on the companies profit and loss in the period.
1.4
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:
Computers
25% reducing balance
Motor vehicles
25% reducing balance
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.
1.5
Investment property
Investment property, which is property held to earn rentals, 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.
BRACKEN PROPERTY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.6
Fixed asset investments
Interests in subsidiaries 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.
Other investments are assets consisting of vehicle number plate registrations. The directors believe the valuation at the balance sheet date to be that of fair value.
1.7
Financial instruments
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
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.
BRACKEN PROPERTY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
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.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Principal vs agent
The company contracts various suppliers to provide services to its customers throughout the year. This can include repairs and maintenance, professional services and insurance. Whilst these services are contracted by the company on its customers’ behalf, they are recharged to customers at cost.
Whilst the company’s management may negotiate the price of these services, to ensure the best value is being obtained for our customers, the price is ultimately set by the 3rd party service provider and the company does not enter into these transactions in order to obtain a direct economic benefit.
The directors have applied judgment in considering whether the company is acting as Principal or Agent, for the purposes of determining the appropriate revenue recognition treatment of recharges to its customers for these services.
Giving due consideration to all the relevant factors, including the application guidance in FRS 102, the directors consider that the company is acting as an Agent. The company has therefore not recognised turnover in respect of these transactions, but instead has recognised a corresponding reduction in the costs which have been recharged to customers.
Whilst this judgment has a material impact on turnover it has no overall impact on the company’s profit or loss.
BRACKEN PROPERTY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
2
Judgements and key sources of estimation uncertainty
(Continued)
- 7 -
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Investment Property Valuation
Investment properties are shown at the directors’ best estimate of their fair market value, at the balance sheet date. These estimates are based on the directors' knowledge and understanding of the underlying market conditions, and with reference to professional valuations which are undertaken on a periodic basis.
Given the relative size of the investment property portfolio, and inherent estimation uncertainty in the valuation of properties, the risk of a material adjustment to the carrying value of investment properties is of particular significance.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
3
4
Tangible fixed assets
Computers
Motor vehicles
Total
£
£
£
Cost
At 1 January 2023
171,848
171,848
Additions
417
34,140
34,557
At 31 December 2023
417
205,988
206,405
Depreciation and impairment
At 1 January 2023
21,481
21,481
Depreciation charged in the year
87
37,592
37,679
At 31 December 2023
87
59,073
59,160
Carrying amount
At 31 December 2023
330
146,915
147,245
At 1 December 2021
150,367
150,367
BRACKEN PROPERTY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
5
Investment property
2023
£
Fair value
At 1 January 2023
153,716,681
Additions
9,328,451
Disposals
(2,531,052)
At 31 December 2023
160,514,080
The fair value of the investment property has been arrived at on the basis of a valuation carried out on 7 July 2022 by Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
6
Fixed asset investments
2023
2022
£
£
Shares in group undertakings
375,714
162,193
Other investments
2,839,971
2,432,904
3,215,685
2,595,097
Movements in fixed asset investments
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 January 2023
162,193
2,432,904
2,595,097
Additions
213,521
407,067
620,588
At 31 December 2023
375,714
2,839,971
3,215,685
Carrying amount
At 31 December 2023
375,714
2,839,971
3,215,685
At 1 December 2021
162,193
2,432,904
2,595,097
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
900,312
1,166,047
Amounts owed by group undertakings
6,493,221
Other debtors
4,459,643
368,239
11,853,176
1,534,286
BRACKEN PROPERTY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
7
Debtors
(Continued)
- 9 -
Amounts owed by group undertakings are interest free and there are no fixed repayment terms.
8
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
610,863
797,854
Amounts owed to group undertakings
102
345,188
Taxation and social security
1,048,710
282,247
Other creditors
17,627,552
11,716,900
19,287,227
13,142,189
Included in other creditors are the following amounts:
£9,223,520 to a former director of the company (2022 - £8,872,182)
£250,000 owed to Jerrold Trust Corporation Limited, a company owned by a former director (2022 - £250,000)
£50,671 owed to Blemain Finance Limited, a subsidiary of Together Financial Services Limited, a related company (2022 - £50,671).
These amounts owed are not subject to any formal terms and conditions.
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
30,424,255
25,284,966
Other creditors
10,072,568
10,072,568
40,496,823
35,357,534
Bank loans totalling £30,424,255 (2022 - £25,284,966) are secured on the investment properties.
Included in other creditors is a loan owed to D L Moser Family Settlement Trust, a related party, amounting to £10,072,568 (2022 - £10,072,568). This loan is not subject to any formal terms and conditions.
10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
200
200
2
2
2023-12-312023-01-01falsefalsefalse25 November 2024CCH SoftwareCCH Accounts Production 2024.310No description of principal activityMr H N MoserMiss M F MoserMr M Flynn137766562023-01-012023-12-31137766562023-12-3113776656bus:Director22023-01-012023-12-3113776656bus:Director32023-01-012023-12-3113776656bus:Director12023-01-012023-12-3113776656bus:RegisteredOffice2023-01-012023-12-31137766562022-12-3113776656core:ComputerEquipment2023-12-3113776656core:MotorVehicles2023-12-3113776656core:ComputerEquipment2022-12-3113776656core:MotorVehicles2022-12-3113776656core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3113776656core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3113776656core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3113776656core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3113776656core:CurrentFinancialInstruments2023-12-3113776656core:CurrentFinancialInstruments2022-12-3113776656core:Non-currentFinancialInstruments2023-12-3113776656core:Non-currentFinancialInstruments2022-12-3113776656core:ShareCapital2023-12-3113776656core:ShareCapital2022-12-3113776656core:SharePremium2023-12-3113776656core:SharePremium2022-12-3113776656core:RetainedEarningsAccumulatedLosses2023-12-3113776656core:RetainedEarningsAccumulatedLosses2022-12-3113776656core:ShareCapital2021-11-3013776656core:SharePremium2021-11-3013776656core:RetainedEarningsAccumulatedLosses2021-11-3013776656core:RetainedEarningsAccumulatedLosses2021-12-012022-12-31137766562021-12-012022-12-3113776656core:RetainedEarningsAccumulatedLosses2023-01-012023-12-3113776656core:ShareCapital2021-12-012022-12-3113776656core:SharePremium2021-12-012022-12-3113776656core:ComputerEquipment2023-01-012023-12-3113776656core:MotorVehicles2023-01-012023-12-3113776656core:ComputerEquipment2022-12-3113776656core:MotorVehicles2022-12-31137766562022-12-3113776656core:WithinOneYear2023-12-3113776656core:WithinOneYear2022-12-3113776656bus:PrivateLimitedCompanyLtd2023-01-012023-12-3113776656bus:FRS1022023-01-012023-12-3113776656bus:AuditExemptWithAccountantsReport2023-01-012023-12-3113776656bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3113776656bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP