Company Registration No. NI003284 (Northern Ireland)
BROOME ESTATES LIMITED
Unaudited accounts
for the year ended 30 April 2024
BROOME ESTATES LIMITED
Statement of financial position
as at 30 April 2024
Investment property
150,000
650,000
Investments
755,333
755,333
Cash at bank and in hand
145,149
923
Creditors: amounts falling due within one year
(3,427)
(267,859)
Net current assets/(liabilities)
212,980
(235,879)
Total assets less current liabilities
1,118,313
1,169,463
Provisions for liabilities
Deferred tax
(14,250)
(46,550)
Net assets
1,104,063
1,122,913
Called up share capital
16,750
16,750
Profit and loss account
1,087,313
1,106,163
Shareholders' funds
1,104,063
1,122,913
For the 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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 30 January 2025 and were signed on its behalf by
Justin Selig
Director
Company Registration No. NI003284
BROOME ESTATES LIMITED
Notes to the Accounts
for the year ended 30 April 2024
BROOME ESTATES LIMITED is a private company, limited by shares, registered in Northern Ireland, registration number NI003284. The registered office is 21 ARTHUR STREET, BELFAST, BT1 4GA, NORTHERN IRELAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Turnover comprises revenue recognised by the company in respect of rents receivable and associated income.
The accounts are presented in £ sterling.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and
laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
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.
The director has identified no material uncertainties that cast significant doubt about the ability of the company to continue as a going concern.
Investment property is shown at the most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss
Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less impairment.
BROOME ESTATES LIMITED
Notes to the Accounts
for the year ended 30 April 2024
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.
Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will
not be able to collect all amounts due.
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank which are an integral part of the company's cash management.
Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument.
An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% reducing balance
Fixtures & fittings
25% reducing balance
BROOME ESTATES LIMITED
Notes to the Accounts
for the year ended 30 April 2024
4
Tangible fixed assets
Plant & machinery
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At 1 May 2023
3,011
758
3,769
At 30 April 2024
3,011
758
3,769
At 1 May 2023
3,011
749
3,760
At 30 April 2024
3,011
758
3,769
Fair value at 1 May 2023
650,000
Net loss from fair value adjustments
(196,407)
Fair value at 30 April 2024 is represented by:
Cost - £75,000
Valuation 2013 - £181,407
Valuation 2016 - (£105,000)
Valuation 2020 - (£55,000)
Valuation 2022 - £250,000
Valuation 2024 - (£196,407)
6
Investments
Other investments
Valuation at 1 May 2023
755,333
Valuation at 30 April 2024
755,333
Amounts falling due within one year
Amounts due from group undertakings etc.
9,200
9,200
Accrued income and prepayments
-
3,650
BROOME ESTATES LIMITED
Notes to the Accounts
for the year ended 30 April 2024
8
Investments held as current assets
2024
2023
Listed investments
12,338
12,338
9
Creditors: amounts falling due within one year
2024
2023
Loans from directors
-
262,807
10
Deferred taxation
2024
2023
Revaluation of investment property
14,250
46,550
Provision at start of year
46,550
46,550
Credited to the profit and loss account
(32,300)
-
Provision at end of year
14,250
46,550
Movement in deferred tax provision is due to the sale of revalued investment property.
Allotted, called up and fully paid:
16,750 Ordinary shares of £1 each
16,750
16,750
Included within Other debtors - amounts falling due within one year, are beneficial loans £43,938 owing from the Director of the Company.
Interest is charged on the beneficial loans at a rate of 2.25% (HMRC official rate) and the amount was re-paid in full on 17 September 2024.
13
Transactions with related parties
During the year, there were dividends paid to the directors £40,000 (2023 : £40,000).
Included within Creditors - amounts falling due within one year are amounts owing to Directors £Nil (2023 : £262,807)
The company is under the day to day control of its shareholders as a collective.
BROOME ESTATES LIMITED
Notes to the Accounts
for the year ended 30 April 2024
15
Average number of employees
During the year the average number of employees was 2 (2023: 2).