Company Registration No. 03314022 (England and Wales)
BROOKLAWN ESTATES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
BROOKLAWN ESTATES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
BROOKLAWN ESTATES LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
4
2,864,439
2,738,439
Investments
5
1,025,339
921,515
3,889,778
3,659,954
Current assets
Debtors
6
705,647
725,557
Cash at bank and in hand
40,905
80,557
746,552
806,114
Creditors: amounts falling due within one year
7
(262,404)
(248,624)
Net current assets
484,148
557,490
Total assets less current liabilities
4,373,926
4,217,444
Creditors: amounts falling due after more than one year
8
(3,822,281)
(3,870,881)
Provisions for liabilities
(18,000)
Net assets
551,645
328,563
Capital and reserves
Called up share capital
3
3
Non-distributable profits reserve
216,000
72,000
Distributable profit and loss reserves
335,642
256,560
Total equity
551,645
328,563
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 March 2024 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 members have 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.
BROOKLAWN ESTATES LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 14 January 2025
P I Hodari
Director
Company registration number 03314022 (England and Wales)
BROOKLAWN ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Brooklawn Estates Limited is a private company limited by shares incorporated in England and Wales. The registered office is 15 Carnarvon Street, Manchester, M3 1HJ.
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 have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised as the company's share of rental income receivable as well as management fees receivable and property sales, and is shown net of VAT and discounts.
Rental income is recognised upon the commencement of a lease where any rent free period is accounted for over the length of the lease.
Property sales are recognised upon the signing of a Completion Statement.
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, 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.
1.4
Financial instruments
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank loans, connected company loans and directors' loans.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.
Directors' loans and connected company loans (which are repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.
Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.
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.
BROOKLAWN ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
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.
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 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 employed by the company during the year was:
2024
2023
Number
Number
Total
BROOKLAWN ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
4
Investment property
2024
£
Fair value
At 1 April 2023
2,738,439
Revaluations
126,000
At 31 March 2024
2,864,439
The investment properties held are included at the director's valuation as at 31 March 2024.
5
Fixed asset investments
2024
2023
£
£
Other investments other than loans
1,025,339
921,515
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 April 2023
921,515
Additions
103,824
At 31 March 2024
1,025,339
Carrying amount
At 31 March 2024
1,025,339
At 31 March 2023
921,515
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
4,417
Other debtors
701,230
725,557
705,647
725,557
BROOKLAWN ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
55,112
71,756
Trade creditors
7,272
3,920
Corporation tax
22,212
20,525
Other taxation and social security
3,787
Other creditors
177,808
148,636
262,404
248,624
The bank loans are secured by fixed charges over the investment properties.
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
470,510
912,835
Other creditors
3,351,771
2,958,046
3,822,281
3,870,881
The bank loans are secured by fixed charges over the investment properties.
9
Financial commitments, guarantees and contingent liabilities
On 10 March 2022, the company agreed to a fixed charge with Unity Trust Bank PLC.
On 16 November 2023, the company agreed to a fixed charge with Mr Philip Hodari, Mrs Anne Hodari and MJf Ssas Trustees Limited who are all trustees of The Anne and Phil Hodari Pension Scheme.