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Company registration number: 03547279
Bricrest Homes Ltd
Unaudited filleted financial statements
28 October 2024
Bricrest Homes Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Bricrest Homes Ltd
Directors and other information
Directors Mr M Taaffe
Mrs E Taaffe
Company number 03547279
Registered office 6th Floor
9 Appold Street
London
EC2A 2AP
Accountants Hicks and Company
Chartered Accountants
Vaughan Chambers
Vaughan Road
Harpenden
AL5 4EE
Bricrest Homes Ltd
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Bricrest Homes Ltd
Year ended 28 October 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Bricrest Homes Ltd for the year ended 28 October 2024 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Bricrest Homes Ltd, as a body, in accordance with the terms of our engagement letter dated 29 September 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Bricrest Homes Ltd and state those matters that we have agreed to state to the board of directors of Bricrest Homes Ltd as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Bricrest Homes Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Bricrest Homes Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Bricrest Homes Ltd. You consider that Bricrest Homes Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Bricrest Homes Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Hicks and Company
Chartered Accountants
Vaughan Chambers
Vaughan Road
Harpenden
AL5 4EE
22 January 2025
Bricrest Homes Ltd
Statement of financial position
28 October 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 2,286 7,476
_________ _________
2,286 7,476
Current assets
Debtors 6 301,040 88,103
Cash at bank and in hand 425 462,376
_________ _________
301,465 550,479
Creditors: amounts falling due
within one year 7 ( 150) ( 93,516)
_________ _________
Net current assets 301,315 456,963
_________ _________
Total assets less current liabilities 303,601 464,439
Provisions for liabilities - ( 1,870)
_________ _________
Net assets 303,601 462,569
_________ _________
Capital and reserves
Called up share capital 2 2
Profit and loss account 303,599 462,567
_________ _________
Shareholders funds 303,601 462,569
_________ _________
For the year ending 28 October 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 22 January 2025 , and are signed on behalf of the board by:
Mr M Taaffe
Director
Company registration number: 03547279
Bricrest Homes Ltd
Notes to the financial statements
Year ended 28 October 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 6th Floor, 9 Appold Street, London, EC2A 2AP.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 5 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 October 2023 14,504 9,035 23,539
Disposals ( 11,503) ( 8,069) ( 19,572)
_________ _________ _________
At 28 October 2024 3,001 966 3,967
_________ _________ _________
Depreciation
At 1 October 2023 9,737 6,326 16,063
Charge for the year 1,250 685 1,935
Disposals ( 9,992) ( 6,325) ( 16,317)
_________ _________ _________
At 28 October 2024 995 686 1,681
_________ _________ _________
Carrying amount
At 28 October 2024 2,006 280 2,286
_________ _________ _________
At 28 October 2023 4,767 2,709 7,476
_________ _________ _________
6. Debtors
2024 2023
£ £
Other debtors 301,040 88,103
_________ _________
7. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors - 2,747
Corporation tax - 730
Social security and other taxes - 10,113
Other creditors 150 79,926
_________ _________
150 93,516
_________ _________
8. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr M Taaffe ( 2,539) 301,055 - 298,516
_________ _________ _________ _________
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr M Taaffe 195,580 ( 2,539) ( 195,580) ( 2,539)
_________ _________ _________ _________