1 June 2023 v2025.5.2 limited_company_frs_102_section_1a_v1_1_2 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP110779102023-06-012024-05-31110779102024-05-31110779102023-05-3111077910core:WithinOneYear2024-05-3111077910core:WithinOneYear2023-05-3111077910core:AfterOneYear2024-05-3111077910core:AfterOneYear2023-05-3111077910core:ShareCapital2024-05-3111077910core:ShareCapital2023-05-3111077910core:RetainedEarningsAccumulatedLosses2024-05-3111077910core:RetainedEarningsAccumulatedLosses2023-05-3111077910bus:Director12023-06-012024-05-3111077910bus:RegisteredOffice2023-06-012024-05-3111077910core:LandBuildings2023-06-012024-05-3111077910core:PlantMachinery2023-06-012024-05-31110779102022-06-012023-05-3111077910core:LandBuildings2023-06-0111077910core:PlantMachinery2023-06-01110779102023-06-0111077910core:LandBuildings2024-05-3111077910core:PlantMachinery2024-05-3111077910core:LandBuildings2023-05-3111077910core:PlantMachinery2023-05-311107791012023-06-012024-05-311107791012023-06-012024-05-3111077910countries:EnglandWales2023-06-012024-05-3111077910bus:AuditExemptWithAccountantsReport2023-06-012024-05-3111077910bus:PrivateLimitedCompanyLtd2023-06-012024-05-3111077910bus:SmallEntities2023-06-012024-05-3111077910bus:FullAccounts2023-06-012024-05-31
Company registration number:
11077910
Broad Lane Property Company Limited
Unaudited Filleted Financial Statements for the year ended
31 May 2024
Broad Lane Property Company Limited
Statement of Financial Position
31 May 2024
20242023
Note££
Fixed assets    
Tangible assets 5
823,732
 
825,915
 
Current assets    
Debtors 6
11,304
 
1,998
 
Cash at bank and in hand
58,686
 
60,417
 
69,990
 
62,415
 
Creditors: amounts falling due within one year 7
(78,887
)
(56,952
)
Net current (liabilities)/assets
(8,897
)
5,463
 
Total assets less current liabilities 814,835   831,378  
Creditors: amounts falling due after more than one year 8
(655,426
)
(673,997
)
Net assets
159,409
 
157,381
 
Capital and reserves    
Called up share capital
1
 
1
 
Profit and loss account
159,408
 
157,380
 
Shareholders funds
159,409
 
157,381
 
For the year ending
31 May 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.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
20 November 2024
, and are signed on behalf of the board by:
Mr T J Burgess
Director
Company registration number:
11077910
Broad Lane Property Company Limited
Notes to the Financial Statements
Year ended
31 May 2024

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
First Floor, Willow House
,
Kingswood Business Park
,
Holyhead Road
,
South Staffordshire
,
WV7 3AU
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to 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 assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Going concern

These financial statements have been prepared on the going concern basis, which may not be appropriate as the company is reporting net current liabilities of £8,897 (2023 – net current assets of £5,463). The validity of which is dependent upon the continued support of the company's parent undertaking to ensure adequate facilities are available for the company to discharge its liabilities as they fall due. As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue indefinitely, although at the date of approval of these financial statements, the company's parent undertaking has confirmed that support will be available for the foreseeable future. Based on this, the directors believe that it remains appropriate to prepare financial statements on a going concern basis. The financial statements do not include any adjustments which would result from the basis of preparation being inappropriate.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, 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.

Current tax

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.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount 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. However, the increase is recognised in profit or loss to the extent that 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. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Land and buildings
Not depreciated
Plant and machinery
15% Reducing balance

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 and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4 Average number of employees

The average number of persons employed by the company during the year was
2
(2023:
2.00
).

5 Tangible assets

Land and buildingsPlant and machinery etc.Total
£££
Cost      
At
1 June 2023
786,093
 
76,286
 
862,379
 
Additions
2,200
 
1,872
 
4,072
 
At
31 May 2024
788,293
 
78,158
 
866,451
 
Depreciation      
At
1 June 2023
-  
36,464
 
36,464
 
Charge -  
6,255
 
6,255
 
At
31 May 2024
-  
42,719
 
42,719
 
Carrying amount      
At
31 May 2024
788,293
 
35,439
 
823,732
 
At 31 May 2023
786,093
 
39,822
 
825,915
 

6 Debtors

20242023
££
Trade debtors
449
 
1,287
 
Other debtors
10,855
 
711
 
11,304
 
1,998
 

7 Creditors: amounts falling due within one year

20242023
££
Bank loans and overdrafts
24,896
 
22,337
 
Trade creditors
17,278
 
1,268
 
Taxation and social security
16,974
 
12,774
 
Other creditors
19,739
 
20,573
 
78,887
 
56,952
 

8 Creditors: amounts falling due after more than one year

20242023
££
Bank loans and overdrafts
319,215
 
343,868
 
Amounts owed to group undertakings and undertakings in which the company has a participating interest
336,211
 
330,129
 
655,426
 
673,997
 
Security has been given for amounts included in bank loans and overdrafts.
Included in Creditors falling due after more than 1 year is £242,648 (2023 - £258,016) which falls due in more than 5 years by instalment.

10 Controlling party

The immediate and ultimate parent company is TJ & K Holdings Limited, incorporated in England and Wales, whose registered office is the same as Broad Lane Property Company Limited.