Registered number
13314812
Branch Out Properties Limited
Unaudited Filleted Accounts
30 April 2024
Branch Out Properties Limited
Registered number: 13314812
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Investment property 3 97,000 94,000
Current assets
Cash at bank and in hand 1,345 563
Creditors: amounts falling due within one year 4 (840) (840)
Net current assets/(liabilities) 505 (277)
Total assets less current liabilities 97,505 93,723
Creditors: amounts falling due after more than one year 5 (91,622) (90,422)
Provisions for liabilities (2,300) (1,800)
Net assets 3,583 1,501
Capital and reserves
Called up share capital 100 100
Profit and loss account 3,483 1,401
Shareholders' funds 3,583 1,501
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Alexandra Brownfield
Director
Approved by the board on 20 November 2024
Branch Out Properties Limited
Notes to the Accounts
for the year ended 30 April 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
The financial statements have been prepared on a going concern basis despite it's net liabilities as the director's have indicated that it is their intention to continue to support the company for the forseeable future.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes rents receivable in respect of investment properties.
Investment property
Investment property is shown at fair value.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Investment Property
Land and buildings
£
Vauluation
At 1 May 2023 94,000
Surplus on revaluation 3,000
At 30 April 2024 97,000
Depreciation
At 30 April 2024 -
Net book value
At 30 April 2024 97,000
At 30 April 2023 94,000
Investment property is held at fair value. The directors have reviewed this at the year end, and consider the fair value of the property at 30th April 2024 to be £97,000.
The historic cost of investment property is £84,349.
4 Creditors: amounts falling due within one year 2024 2023
£ £
Other creditors 840 840
5 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 61,576 60,576
Other creditors 30,046 29,846
91,622 90,422
6 Controlling party
The company is jointly controlled by the directors who each own 50% of the issued share capital.
7 Other information
Branch Out Properties Limited is a private company limited by shares and incorporated in England. Its registered office is:
C/o LG Accountancy Limited
2 Maple Crescent
Blythe Bridge
Stoke on Trent
ST11 9NL
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