REGISTERED NUMBER: |
BROWN PROPERTIES AND DEVELOPMENTS LTD |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 29TH FEBRUARY 2024 |
REGISTERED NUMBER: |
BROWN PROPERTIES AND DEVELOPMENTS LTD |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 29TH FEBRUARY 2024 |
BROWN PROPERTIES AND DEVELOPMENTS LTD (REGISTERED NUMBER: SC589531) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29TH FEBRUARY 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
BROWN PROPERTIES AND DEVELOPMENTS LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 29TH FEBRUARY 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
11 Portland Road |
Kilmarnock |
Ayrshire |
KA1 2BT |
BANKERS: |
Direct Business Banking |
PO Box 5479 |
1 Spinningsfields Square |
Manchester |
M61 0NH |
BROWN PROPERTIES AND DEVELOPMENTS LTD (REGISTERED NUMBER: SC589531) |
BALANCE SHEET |
29TH FEBRUARY 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 9 |
Retained earnings | ( |
) |
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. |
BROWN PROPERTIES AND DEVELOPMENTS LTD (REGISTERED NUMBER: SC589531) |
BALANCE SHEET - continued |
29TH FEBRUARY 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
BROWN PROPERTIES AND DEVELOPMENTS LTD (REGISTERED NUMBER: SC589531) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29TH FEBRUARY 2024 |
1. | STATUTORY INFORMATION |
Brown Properties and Developments Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Stocks |
Work in progress is valued at the lower of cost and net realisable value. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
BROWN PROPERTIES AND DEVELOPMENTS LTD (REGISTERED NUMBER: SC589531) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29TH FEBRUARY 2024 |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1st March 2023 |
Revaluations | 10,000 |
At 29th February 2024 |
NET BOOK VALUE |
At 29th February 2024 |
At 28th February 2023 |
Fair value at 29th February 2024 is represented by: |
£ |
Valuation in 2021 | 35,028 |
Valuation in 2022 | 5,000 |
Valuation in 2023 | 5,000 |
Valuation in 2024 | 10,000 |
Cost | 84,972 |
140,000 |
The valuation represents the directors' estimate based on their knowledge of the current market taking into consideration recent external valuations and property transactions after the balance sheet date. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
BROWN PROPERTIES AND DEVELOPMENTS LTD (REGISTERED NUMBER: SC589531) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29TH FEBRUARY 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
2024 | 2023 |
£ | £ |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans more than 5 years |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
9. | RESERVES |
Revaluation |
reserve |
£ |
At 1st March 2023 |
Revaluation in year | 10,000 |
At 29th February 2024 |
10. | RELATED PARTY DISCLOSURES |
Debtors (note 5) includes an loan of £2,200 due from the directors at the balance sheet date. This loan was fully repaid during the current financial year. |