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Registered number: 01241761










Brookgrade Limited








Unaudited

Financial statements

Information for filing with the registrar

For the year ended 30 April 2024

 
Brookgrade Limited
 
  
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of Brookgrade Limited for the year ended 30 April 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 Brookgrade Limited for the year ended 30 April 2024 which comprise  the Balance sheet, the Statement of changes in equity and the 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 https://www.icaew.com /regulation.

This report is made solely to the Board of directors of Brookgrade Limited, as a body, in accordance with the terms of our engagement letter dated 18 April 2024Our work has been undertaken solely to prepare for your approval the financial statements of Brookgrade Limited and state those matters that we have agreed to state to the Board of directors of Brookgrade Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Brookgrade Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Brookgrade Limited 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 profit of Brookgrade Limited. You consider that Brookgrade Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Brookgrade Limited. 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.

  



Kreston Reeves LLP
Chartered Accountants
Plus X Innovation Hub
Lewes Road
Brighton
East Sussex
BN2 4GL
29 January 2025
Page 1

 
Brookgrade Limited
Registered number: 01241761

Balance sheet
As at 30 April 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
495,762
488,512

  
495,762
488,512

Current assets
  

Debtors
 5 
472,533
478,483

Cash at bank
  
274,067
290,818

  
746,600
769,301

Creditors: amounts falling due within one year
 6 
(108,136)
(92,353)

Net current assets
  
 
 
638,464
 
 
676,948

Total assets less current liabilities
  
1,134,226
1,165,460

  

Net assets
  
1,134,226
1,165,460


Capital and reserves
  

Called up share capital 
 7 
10,000
10,000

Fair value reserve
  
96,365
96,365

Profit and loss account
  
1,027,861
1,059,095

  
1,134,226
1,165,460


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Mr R E Gorringe
Director
Date: 29 January 2025

The notes on pages 4 to 7 form part of these financial statements.
Page 2

 
Brookgrade Limited
 

Statement of changes in equity
For the year ended 30 April 2024


Called up share capital
Fair value reserve
Profit and loss account
Total equity

£
£
£
£


At 1 May 2022
10,000
96,365
1,076,216
1,182,581


Comprehensive income for the year

Profit for the year
-
-
357,879
357,879

Dividends: Equity capital
-
-
(375,000)
(375,000)



At 1 May 2023
10,000
96,365
1,059,095
1,165,460


Comprehensive income for the year

Profit for the year
-
-
316,063
316,063

Dividends: Equity capital
-
-
(347,297)
(347,297)


At 30 April 2024
10,000
96,365
1,027,861
1,134,226


The notes on pages 4 to 7 form part of these financial statements.
Page 3

 
Brookgrade Limited
 

 
Notes to the financial statements
For the year ended 30 April 2024

1.


General information

Brookgrade Limited is a private company limited by shares incorporated in England and Wales. The registered office address is: C/O Kreston Reeves LLP, Plus X Innovation Hub, Lewes Road, Brighton, East Sussex, United Kingdom, BN2 4GL.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

  
2.2

Revenue

The revenue is attributable to the company's main activity as a partner in Gorringes Auction Galleries and represents the company's share of the profit of the business and rental income excluding value added tax. 
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the
Company and the revenue can be reliably measured. Revenue is measured as the fair value of the
income being received or receivable.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold land and buildings
-
Nil
Office equipment
-
15%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

Valuation of freehold land and buildings

Freehold land and buildings are carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Page 4

 
Brookgrade Limited
 

 
Notes to the financial statements
For the year ended 30 April 2024

2.Accounting policies (continued)

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Financial instruments

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.11

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.12

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

Page 5

 
Brookgrade Limited
 

 
Notes to the financial statements
For the year ended 30 April 2024

4.


Tangible fixed assets





Freehold land and buildings

£



Cost or valuation


At 1 May 2023
488,512


Additions
7,250



At 30 April 2024

495,762






Net book value



At 30 April 2024
495,762



At 30 April 2023
488,512

Freehold land and buildings of £495,762 (2023: £488,512) comprises cost of £399,397 (2023: £392,147) and subsequent accumulated revaluations of £96,365 (2023: £96,365). In the opinion of the directors the market value of the land and buildings is in excess of the carrying value due to proposed development in the surrounding area.


5.


Debtors

2024
2023
£
£


Other debtors
472,533
478,432

Prepayments and accrued income
-
51

472,533
478,483



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Corporation tax
105,355
86,976

Other creditors
781
26

Accruals and deferred income
2,000
5,351

108,136
92,353


Page 6

 
Brookgrade Limited
 

 
Notes to the financial statements
For the year ended 30 April 2024

7.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



10,000 (2023 - 10,000) Ordinary Share shares of £1.00 each
10,000
10,000



8.


Related party transactions

Mr R E Gorringe
(Director)
During the year the company provided the director with an intrest free loan repayable on demand. At the year end, the director owed the company £502 (2023: £nil).

Mrs J E Hopkin
(Director)
During the year the company provided the director with an intrest free loan repayable on demand. At the year end, the director owed the company £279 (2023: £nil).

Page 7