Company registration number 01717863 (England and Wales)
BRAMAR PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 27 APRIL 2024
BRAMAR PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 5
BRAMAR PROPERTIES LIMITED
BALANCE SHEET
AS AT 27 APRIL 2024
27 April 2024
- 1 -
2024
2023
Notes
€
€
€
€
Fixed assets
Investment properties
4
1,333,875
1,327,484
Current assets
Debtors
5
9,726
5,036
Cash at bank and in hand
40,031
41,824
49,757
46,860
Creditors: amounts falling due within one year
6
(1,014,650)
(1,016,970)
Net current liabilities
(964,893)
(970,110)
Net assets
368,982
357,374
Capital and reserves
Called up share capital
2
2
Share premium account
18,598
18,598
Fair value reserve
271,880
271,880
Profit and loss reserves
78,502
66,894
Total equity
368,982
357,374
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 27 April 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.
The financial statements were approved and signed by the director and authorised for issue on 15 January 2025
Mr J F De Bie
Director
Company Registration No. 01717863
BRAMAR PROPERTIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 27 APRIL 2024
- 2 -
Share capital
Share premium account
Fair value reserve
Profit and loss reserves
Total
€
€
€
€
€
Balance at 28 April 2022
2
18,598
271,880
52,439
342,919
Year ended 27 April 2023:
Profit and total comprehensive income for the year
-
-
-
14,455
14,455
Balance at 27 April 2023
2
18,598
271,880
66,894
357,374
Year ended 27 April 2024:
Profit and total comprehensive income for the year
-
-
-
11,608
11,608
Balance at 27 April 2024
2
18,598
271,880
78,502
368,982
BRAMAR PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 27 APRIL 2024
- 3 -
1
Accounting policies
Company information
Bramar Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2-4 Packhorse Road, Gerrards Cross, Buckinghamshire, SL9 7QE.
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
Turnover
Turnover represents rental income received during the year.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% on cost
1.4
Investment property
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.
1.5
Cash and cash equivalents
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.
1.6
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.
BRAMAR PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 27 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
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
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
3
Tangible fixed assets
Plant and equipment
€
Cost
At 28 April 2023 and 27 April 2024
4,168
Depreciation and impairment
At 28 April 2023 and 27 April 2024
4,168
Carrying amount
At 27 April 2024
At 27 April 2023
4
Investment property
2024
€
Fair value
At 28 April 2023
1,327,483
Additions
6,392
At 27 April 2024
1,333,875
BRAMAR PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 27 APRIL 2024
4
Investment property
(Continued)
- 5 -
The investment property is shown at fair value, the valuation being provided by the director.
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2024
2023
€
€
Cost
1,061,995
1,055,603
Accumulated depreciation
-
-
Carrying amount
1,061,995
1,055,603
5
Debtors
2024
2023
Amounts falling due within one year:
€
€
Trade debtors
6,703
2,500
Other debtors
3,023
2,536
9,726
5,036
6
Creditors: amounts falling due within one year
2024
2023
€
€
Trade creditors
1,380
1,350
Corporation tax
2,004
750
Other creditors
1,011,266
1,014,870
1,014,650
1,016,970
Other creditors is a loan advanced by the director which has no formal repayment terms attaching to it and is interest free.