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Brooklands Assets Ltd

Registered Number
13908881
(England and Wales)

Unaudited Financial Statements for the Year ended
31 July 2024

Brooklands Assets Ltd
Company Information
for the year from 1 August 2023 to 31 July 2024

Directors

Marcus Mapleston
Phillip Proctor

Registered Address

251 Mansfield Road
Nottingham
NG1 3FT

Registered Number

13908881 (England and Wales)
Brooklands Assets Ltd
Statement of Financial Position
31 July 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets3461-
Investments42,710,0002,340,000
2,710,4612,340,000
Current assets
Debtors310,903303,764
Cash at bank and on hand9,71724,394
320,620328,158
Creditors amounts falling due within one year(3,672)-
Net current assets (liabilities)316,948328,158
Total assets less current liabilities3,027,4092,668,158
Creditors amounts falling due after one year5(1,558,202)(1,558,202)
Provisions for liabilities(139,187)(49,298)
Net assets1,330,0201,060,658
Capital and reserves
Called up share capital100100
Share premium917,743917,743
Profit and loss account412,177142,815
Shareholders' funds1,330,0201,060,658
The financial statements were approved and authorised for issue by the Board of Directors on 13 February 2025, and are signed on its behalf by:
Phillip Proctor
Director
Registered Company No. 13908881
Brooklands Assets Ltd
Notes to the Financial Statements
for the year ended 31 July 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of investment properties measured at fair value through profit & loss and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover represents rental income due for the period under operating leases all of which relate to properties in the United Kingdom.
Current taxation
Current tax represents the amount of tax payable or receivable in respect of taxable profit (or loss) for the current, or past, reporting periods. It is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted or substantively enacted by the balance sheet date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Reducing balance (%)
Plant and machinery20
Impairment of non-financial assets policy
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.
Investments
Investment property is carried at fair value determined annually. No depreciation is provided. Changes in fair value are recognised in the profit and loss account.
2.Average number of employees

20242023
Average number of employees during the year22
3.Tangible fixed assets

Total

£
Cost or valuation
Additions576
At 31 July 24576
Depreciation and impairment
Charge for year115
At 31 July 24115
Net book value
At 31 July 24461
At 31 July 23-
4.Fixed asset investments
The fair value of the properties were made in the year by the directors, who have experience in the location and class of properties, on an open market value for existing use basis. No further input from an independent valuer was deemed to be required.

Total

£
Cost or valuation
At 01 August 232,340,000
Revaluations370,000
At 31 July 242,710,000
Net book value
At 31 July 242,710,000
At 31 July 232,340,000
5.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts1,558,2021,558,202
Total1,558,2021,558,202
Included within creditors: amounts falling due after more than one year is an amount of £1,558,202 (2023: £1,558,202) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
6.Other commitments
There are legal charges over the properties operated by the company.
7.Related party transactions
During the period the company provided and received short and long term loans from related parties. The balances outstanding due from/(to) related parties at 31 July 2024 are as follows: Amounts due from group undertakings £309,228 (2023: £276,748).
8.Further information regarding the company's financial position
Both previous UK GAAP and FRS 102 require investment properties to be stated in the accounts at their current market value, with no annual depreciation charge. However, while previous UK GAAP stipulated that the surplus on revaluation of the property should be held in the revaluation reserve, which is an unrealised surplus that does not form part of the company's distributable reserve. FRS 102 requires that these surpluses, although still not distributable, be charged through the Profit and Loss Account. Consequently, the Profit and Loss Account reserve at 31 July 2024 includes a non-distributable amount of £428,149 (2023: £147,894).