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Registration number: 00583219

Brooklands Property Holdings Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Brooklands Property Holdings Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 8

 

Brooklands Property Holdings Limited

(Registration number: 00583219)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

22,971

3,330

Investment property

5

9,367,349

9,272,355

Investments

6

82,516

82,516

 

9,472,836

9,358,201

Current assets

 

Debtors

7

2,483,759

2,325,493

Cash at bank and in hand

 

8,529

94,513

 

2,492,288

2,420,006

Creditors: Amounts falling due within one year

8

(964,400)

(1,112,517)

Net current assets

 

1,527,888

1,307,489

Total assets less current liabilities

 

11,000,724

10,665,690

Creditors: Amounts falling due after more than one year

8

(600,000)

(600,000)

Provisions for liabilities

(546,610)

(499,396)

Net assets

 

9,854,114

9,566,294

Capital and reserves

 

Called up share capital

46,694

46,694

Retained earnings

9,807,420

9,519,600

Shareholders' funds

 

9,854,114

9,566,294

For the financial year ending 30 April 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 accounts for the year in question in accordance with section 476; and

The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 21 January 2025 and signed on its behalf by:
 

.........................................

P D Barbor
Director

 

Brooklands Property Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The Company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Stable Court
Hesslewood Hall
Ferriby Road
Hessle
East Yorkshire
HU13 0LH

These financial statements were authorised for issue by the Board on 21 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling and are rounded to the nearest pound.

These financial statements cover the individual entity, Brooklands Property Holdings Limited.

Group accounts not prepared

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

 

Brooklands Property Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

10-33% straight line

Fixtures and fittings

10-33% straight line

Motor vehicles

25-33% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.

 

Brooklands Property Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 9 (2023 - 8).

 

Brooklands Property Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

32,356

16,617

48,973

Additions

1,596

26,600

28,196

Disposals

(2,721)

(3,300)

(6,021)

At 30 April 2024

31,231

39,917

71,148

Depreciation

At 1 May 2023

29,118

16,525

45,643

Charge for the year

1,812

6,650

8,462

Eliminated on disposal

(2,720)

(3,208)

(5,928)

At 30 April 2024

28,210

19,967

48,177

Carrying amount

At 30 April 2024

3,021

19,950

22,971

At 30 April 2023

3,238

92

3,330

5

Investment properties

2024
£

At 1 May

9,272,355

Fair value adjustments

94,994

At 30 April

9,367,349

The fair value of the investment properties have been determined by the directors on an open market basis.

There has been no valuation of investment property by an independent valuer.

The fair value increase of £94,994 (2023: £119,673 decrease) has been included as income in the profit and loss account.

The historical cost of this class of assets is £5,062,867 (2023: £5,062,867). The depreciation on this historical cost is £nil (2023: £nil).

 

Brooklands Property Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

6

Investments

2024
£

2023
£

Investments in subsidiaries

82,516

82,516

Subsidiaries

£

Cost or valuation

At 1 May 2023

82,516

Provision

Carrying amount

At 30 April 2024

82,516

At 30 April 2023

82,516

Details of undertakings

Details of the investments in which the Company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Brooklands Leasing Limited

Ordinary Shares

100%

100%

City and Yorkshire Properties Limited

Ordinary Shares

29.3%

29.3%

Subsidiary undertakings

Brooklands Leasing Limited

The principal activity of Brooklands Leasing Limited is Dormant.

City and Yorkshire Properties Limited

The principal activity of City and Yorkshire Properties Limited is Dormant.

 

Brooklands Property Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

7

Debtors

Current

2024
£

2023
£

Trade debtors

28,584

46,323

Prepayments

44,952

36,810

Other debtors

2,410,223

2,242,360

 

2,483,759

2,325,493

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

339,068

374,241

Trade creditors

 

70,162

154,818

Amounts owed to Company undertakings and undertakings in which the Company has a participating interest

10

237,500

237,500

Taxation and social security

 

191,215

207,663

Accruals and deferred income

 

140,730

119,433

Other creditors

 

(14,275)

18,862

 

964,400

1,112,517

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

600,000

600,000

Bank borrowings

Whilst the bank borrowings are in the form of bank loans, there should be no requirement to repay these borrowings within one year of the balance sheet date, unless conditions are breached. Accordingly this part of the borrowings has been shown as falling due in more than one year after the balance sheet date. The bank loans and overdraft are secured by the Company. The banks require the Company to execute and deliver to the banks a mortgage deed. The Company has created a fixed legal charge over the freehold properties at 177 Hallgate and land lying to the north of Clough Road, to secure all money and liabilities at any time due owing or incurred by the Company to the banks. The aggregate amount of secured liabilities totalled £600,000 (2023: £600,000).

 

Brooklands Property Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

10

Related party transactions

Key management compensation

2024
£

2023
£

Salaries and other short term employee benefits

87,832

93,155

Directors' remuneration

The Directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

82,803

82,628

Other transactions with directors