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Registration number: 02681368

Brompton Natural Foods Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Company Information

Directors

Mr Alfred Isaac Cohen

Miss Carolina Alfred Cohen

Registered office

9 Berners Place
London
W1T 3AD

Accountants

Mehta & Tengra
9 Berners Place
London
W1T 3AD

 

(Registration number: 02681368)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

69,555

71,022

Investment property

6

3,469,182

2,280,000

 

3,538,737

2,351,022

Current assets

 

Debtors

7

3,802

3,802

Cash at bank and in hand

 

47,249

50,641

 

51,051

54,443

Creditors: Amounts falling due within one year

8

(631,185)

(196,561)

Net current liabilities

 

(580,134)

(142,118)

Total assets less current liabilities

 

2,958,603

2,208,904

Creditors: Amounts falling due after more than one year

8

(1,790,582)

(1,358,500)

Provisions for liabilities

(301,850)

(236,295)

Net assets

 

866,171

614,109

Capital and reserves

 

Called up share capital

9

100

100

Fair value reserves

905,556

668,016

Retained earnings

(39,485)

(54,007)

Shareholders' funds

 

866,171

614,109

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 2 December 2024 and signed on its behalf by:
 

.........................................
Miss Carolina Alfred Cohen
Director

 

Statement of Changes in Equity for the Year Ended 31 March 2024

Share capital
£

Fair value reserves
£

Retained earnings
£

Total
£

At 1 April 2023

100

668,016

(54,007)

614,109

Profit for the year

-

-

252,062

252,062

Transfers

-

-

(237,540)

(237,540)

Other movements on reserves

-

237,540

-

237,540

At 31 March 2024

100

905,556

(39,485)

866,171

At 31 March 2024

Share capital
£

Fair value reserves
£

Retained earnings
£

Total
£

At 1 April 2022

100

555,516

(49,624)

505,992

Profit for the year

-

-

108,117

108,117

Transfers

-

-

(112,500)

(112,500)

Other movements on reserves

-

112,500

-

112,500

At 31 March 2023

100

668,016

(54,007)

614,109

 

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

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
9 Berners Place
London
W1T 3AD

These financial statements were authorised for issue by the Board on 2 December 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises rental income from investment properties and interest received.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

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

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures & fittings

15% of cost

Computer equipment

33.33% of cost

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

4

Taxation

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

1,229

4,085

UK corporation tax adjustment to prior periods

(4,085)

-

(2,856)

4,085

Deferred taxation

Arising from accelerated capital allowances

(13,626)

13,625

Arising from revaluation of properties

79,180

37,500

Total deferred taxation

65,554

51,125

Tax expense in the income statement

62,698

55,210

 

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

5

Tangible assets

Improvements to property
£

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 April 2023

29,490

54,498

773

84,761

Additions

-

6,895

-

6,895

At 31 March 2024

29,490

61,393

773

91,656

Depreciation

At 1 April 2023

-

12,966

773

13,739

Charge for the year

-

8,362

-

8,362

At 31 March 2024

-

21,328

773

22,101

Carrying amount

At 31 March 2024

29,490

40,065

-

69,555

At 31 March 2023

29,490

41,532

-

71,022

Included within the net book value of land and buildings above is £29,490 (2023 - £29,490) in respect of freehold land and buildings.
 

6

Investment properties

2024
£

At 1 April

2,280,000

Additions

872,462

Fair value adjustments

316,720

At 31 March

3,469,182

The fair value of the property has been arrived at on the basis of a valuation carried out at that date by the the director of the company, who is not a professionally qualified valuer. The valuation was arrived at by reference to the market evidence of transaction prices for similar properties in its location the properties are situated.

The cost of the properties held at 31 March 2024 was £ 2,261,775

7

Debtors

Current

2024
£

2023
£

Other debtors

3,802

3,802

 

3,802

3,802

 

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

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Accruals and deferred income

20,444

1,758

Rent deposits

10,050

13,079

Amount due to related companies

75,000

45,000

Directors current account

139,245

125,801

Shareholders loan account

382,189

-

Corporation tax

1,228

4,084

PAYE and NIC creditor

3,029

6,839

631,185

196,561

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

1,790,582

1,358,500

Bank borrowings

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

850,000

850,000

Other borrowings

940,582

508,500

1,790,582

1,358,500

 

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

11

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

Advances from director
£

At 31 March 2024
£

Mr Alfred Isaac Cohen

(125,800)

(13,445)

(139,245)

Mr Itzhak Daniel Cohen

-

(382,189)

(382,189)

2023

At 1 April 2022
£

Advances from director
£

At 31 March 2023
£

Mr Alfred Isaac Cohen

(112,999)

(12,801)

(125,800)

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

15,275

15,275

Summary of transactions with entities with joint control or significant interest

Hillcrest Holdings Group Limited
Lavendon Limited

 Property investment company
 

Loans from related parties

2024

Entities with joint control or significant influence
£

Key management
£

Total
£

At start of period

45,000

-

45,000

Advanced

30,000

382,189

412,189

At end of period

75,000

382,189

457,189

2023

Entities with joint control or significant influence
£

Total
£

Advanced

45,000

45,000

At end of period

45,000

45,000