Caseware UK (AP4) 2023.0.135 2023.0.135 2024-02-292024-02-292023-03-01falsefalseproperty investment33trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 10017459 2023-03-01 2024-02-29 10017459 2022-03-01 2023-02-28 10017459 2024-02-29 10017459 2023-02-28 10017459 c:Director1 2023-03-01 2024-02-29 10017459 d:FurnitureFittings 2023-03-01 2024-02-29 10017459 d:FurnitureFittings 2024-02-29 10017459 d:FurnitureFittings 2023-02-28 10017459 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 10017459 d:ComputerEquipment 2023-03-01 2024-02-29 10017459 d:ComputerEquipment 2024-02-29 10017459 d:ComputerEquipment 2023-02-28 10017459 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 10017459 d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 10017459 d:FreeholdInvestmentProperty 2023-03-01 2024-02-29 10017459 d:FreeholdInvestmentProperty 2024-02-29 10017459 d:FreeholdInvestmentProperty 2023-02-28 10017459 d:CurrentFinancialInstruments 2024-02-29 10017459 d:CurrentFinancialInstruments 2023-02-28 10017459 d:Non-currentFinancialInstruments 2024-02-29 10017459 d:Non-currentFinancialInstruments 2023-02-28 10017459 d:CurrentFinancialInstruments d:WithinOneYear 2024-02-29 10017459 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 10017459 d:Non-currentFinancialInstruments d:AfterOneYear 2024-02-29 10017459 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 10017459 d:ShareCapital 2024-02-29 10017459 d:ShareCapital 2023-02-28 10017459 d:RetainedEarningsAccumulatedLosses 2023-03-01 2024-02-29 10017459 d:RetainedEarningsAccumulatedLosses 2024-02-29 10017459 d:RetainedEarningsAccumulatedLosses 2023-02-28 10017459 c:OrdinaryShareClass1 2023-03-01 2024-02-29 10017459 c:OrdinaryShareClass1 2024-02-29 10017459 c:OrdinaryShareClass1 2023-02-28 10017459 c:OrdinaryShareClass2 2023-03-01 2024-02-29 10017459 c:OrdinaryShareClass2 2024-02-29 10017459 c:OrdinaryShareClass2 2023-02-28 10017459 c:FRS102 2023-03-01 2024-02-29 10017459 c:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 10017459 c:FullAccounts 2023-03-01 2024-02-29 10017459 c:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 10017459 d:AcceleratedTaxDepreciationDeferredTax 2024-02-29 10017459 d:AcceleratedTaxDepreciationDeferredTax 2023-02-28 10017459 e:PoundSterling 2023-03-01 2024-02-29 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 10017459














BRIGHTPLACE LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

 
BRIGHTPLACE LIMITED
 

CONTENTS



Page
Statement of Financial Position
 
1 - 2
Notes to the Financial Statements
 
3 - 8


 
BRIGHTPLACE LIMITED
REGISTERED NUMBER:10017459

STATEMENT OF FINANCIAL POSITION
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Tangible fixed assets
 4 
8,365
7,537

Investment property
 5 
2,706,435
2,192,689

  
2,714,800
2,200,226

Current assets
  

Debtors: amounts falling due within one year
 6 
143,489
111,749

Bank and cash balances
  
386,344
502,598

  
529,833
614,347

Current liabilities
  

Creditors: amounts falling due within one year
 7 
(1,087,783)
(1,081,442)

Net current liabilities
  
 
 
(557,950)
 
 
(467,095)

Total assets less current liabilities
  
2,156,850
1,733,131

Creditors: amounts falling due after more than one year
 8 
(1,979,060)
(1,608,637)

Provisions for liabilities
  

Deferred tax
 9 
(30,456)
(30,456)

Net assets
  
147,334
94,038


Capital and reserves
  

Called up share capital 
 10 
500
500

Profit and loss account
 11 
146,834
93,538

  
147,334
94,038

Page 1

 
BRIGHTPLACE LIMITED
REGISTERED NUMBER:10017459
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 29 FEBRUARY 2024

The director considers 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 director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 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 on 29 January 2025.

S Shohet
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
BRIGHTPLACE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

Brightplace Limited is a private limited liability company incorporated in England and Wales with its registered office at 5 Elstree Gate, Elstree Way, Borehamwood, Hertfordshire, WD6 1JD.
The principal activity of the Company is that of property investment.
The functional and presenational currency of the Company is £ Sterling.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements of the Company have been prepared on a going concern basis, the validity of which is dependent on the continued support of the director of the Company. The director is satisfied that suitable facilities will continue to be made available. Accordingly, he continues to adopt the going concern basis in preparing the financial statements.

 
2.3

Turnover

Turnover comprises rents receivable exclusive of Value Added Tax.
Rental income is recognised in the period to which it relates. 

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is provided on the following basis:

Furniture and fittings
-
20%
on a straight line basis
Computer equipment
-
33%
on a straight line basis

 
2.5

Investment property

Investment property is carried at fair value determined annually by the director 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 the Statement of Comprehensive Income.

 
2.6

Debtors

Short term debtors are measured at the transaction price.

Page 3

 
BRIGHTPLACE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions.
 
 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Finance costs

Finance costs are charged to the Statement of Comprehensive Income 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.

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.



3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 - 3).

Page 4

 
BRIGHTPLACE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

4.


Tangible fixed assets







Fixtures and fittings
Computer equipment
Total

£
£
£



Cost


At 1 March 2023
9,479
2,407
11,886


Additions
2,616
899
3,515



At 29 February 2024

12,095
3,306
15,401



Depreciation


At 1 March 2023
2,604
1,746
4,350


Charge for the year on owned assets
2,114
572
2,686



At 29 February 2024

4,718
2,318
7,036



Net book value



At 29 February 2024
7,377
988
8,365



At 28 February 2023
6,876
661
7,537

Page 5

 
BRIGHTPLACE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

5.


Investment property





Freehold investment property

£



Valuation


At 1 March 2023
2,192,689


Additions at cost
513,746



At 29 February 2024
2,706,435

The 2024 valuations were made by the director, on an open market value for existing use basis.



If the investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

29 February
28 February
2024
2023
£
£


Historic cost
2,584,614
2,070,868


6.


Debtors

29 February
28 February
2024
2023
£
£


Other debtors
96,400
93,550

Prepayments and accrued income
47,089
18,199

143,489
111,749



7.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Taxation and social security
4,581
-

Other creditors
1,077,197
1,073,767

Accruals and deferred income
6,005
7,675

1,087,783
1,081,442


Page 6

 
BRIGHTPLACE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

8.


Creditors: Amounts falling due after more than one year

29 February
28 February
2024
2023
£
£

Bank loans
1,979,060
1,608,637


Secured loans
The bank loans are secured by a first charge on the freehold investment properties.


9.


Deferred taxation






2024


£






At beginning of year
30,456



At end of year
30,456

The provision for deferred taxation is made up as follows:

29 February
28 February
2024
2023
£
£


Fair value movements on investment properties
30,456
30,456


10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



300 (2023 - 300) Ordinary shares of £1 each
300
300
200 (2023 - 200) Ordinary B shares of £1 each
200
200

500

500


Page 7

 
BRIGHTPLACE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

11.


Reserves

Profit and loss account

Included in profit and loss reserves at the reporting date are non-distributable fair value adjustments of £91,365 (2023 - £91,365).

 
Page 8