Company registration number 01035431 (England and Wales)
BROOKS BROS. (LONDON) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
BROOKS BROS. (LONDON) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
BROOKS BROS. (LONDON) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Investment property
4
-
0
5,000,000
Current assets
Debtors
5
4,883,214
255,112
Cash at bank and in hand
2,868,906
3,008,371
7,752,120
3,263,483
Creditors: amounts falling due within one year
6
(181,832)
(716,744)
Net current assets
7,570,288
2,546,739
Total assets less current liabilities
7,570,288
7,546,739
Provisions for liabilities
-
0
(1,118,200)
Net assets
7,570,288
6,428,539
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
7,570,188
6,428,439
Total equity
7,570,288
6,428,539

The director of the company has 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 director acknowledges his 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.

The financial statements were approved and signed by the director and authorised for issue on 28 November 2024
P G Sherriff
Director
Company registration number 01035431 (England and Wales)
BROOKS BROS. (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Brooks Bros. (London) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Market House, 10 Market Walk, Saffron Walden, Essex, CB10 1JZ.

1.1
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. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.4
Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. The company has no bank loans or other more complex financial instruments that require measurement at amortised cost using the effective interest method.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.6
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.

BROOKS BROS. (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Deferred tax
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes.  The deferred tax balance has not been discounted.
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is 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.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
-
0
4
4
Investment property
2023
£
Fair value
At 1 January 2023
5,000,000
Disposals
(5,000,000)
At 31 December 2023
-
0

 

5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
4,883,214
25,000
Other debtors
-
0
230,112
4,883,214
255,112
BROOKS BROS. (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
-
0
177,600
Corporation tax
41,832
111,401
Other taxation and social security
-
0
1,517
Other creditors
140,000
426,226
181,832
716,744
7
Operating lease commitments
Lessor

At the reporting end date the company had contracted with tenants for the following minimum lease payments:

2023
2022
£
£
-
0
2,250,000
9
Parent company

The company is a subsidiary of Brandwood Commercial Limited, a company registered in England and Wales, and whose registered office is Market House, 10 Market Walk, Saffron Walden, Essex, CB10 1JZ.

 

No consolidated accounts are prepared by the parent company, as the group is a small group and therefore exempt from the requirement to prepare group accounts.

 

The ultimate controlling party is considered to be Mr. P. Sherriff, who is a director of the company, by virtue of his controlling interest in the issued share capital of the parent company, Brandwood Commercial Limited.

10
Prior period adjustment
Adjustments to equity
1 January
31 December
2022
2022
£
£
Adjustments to prior year
Removal of interest no longer considered receivable
(293,522)
(341,913)
Analysis of the effect upon equity
Profit and loss reserves
(293,522)
(341,913)
Adjustments to profit for the previous financial period
2022
£
Adjustments to prior year
Removal of interest no longer considered receivable
(48,391)
BROOKS BROS. (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
10
Prior period adjustment
(Continued)
- 5 -
Notes to adjustments

A prior period adjustment has been made to derecognise bank interest previously reported that is now considered to not be recoverable. During the year bank funds held by a third party are understood to have been misappropriated and recoverability is uncertain. While no provision has been made in relation to these funds, since the balance sheet date it has become clear that the interest previously attributed to this account did not exist and a correction has been made to reflect that in these financial statements.

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