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REGISTERED NUMBER: 02651238 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 May 2024

for

P F & S T Brown Properties Limited

P F & S T Brown Properties Limited (Registered number: 02651238)

Contents of the Financial Statements
for the Year Ended 31 May 2024










Page

Balance Sheet 1

Notes to the Financial Statements 3


P F & S T Brown Properties Limited (Registered number: 02651238)

Balance Sheet
31 May 2024

2024 2023
Notes £ £
Fixed assets
Tangible assets 5 2,590,716 2,617,927

Current assets
Stocks 324,702 340,202
Debtors 6 13,680 12,957
Cash at bank 10,343 334,028
348,725 687,187
Creditors
Amounts falling due within one year 7 (120,321 ) (486,163 )
Net current assets 228,404 201,024
Total assets less current liabilities 2,819,120 2,818,951

Provisions for liabilities (419,373 ) (323,858 )
Net assets 2,399,747 2,495,093

Capital and reserves
Called up share capital 100 100
Revaluation reserve 8 1,362,338 1,478,594
Retained earnings 1,037,309 1,016,399
2,399,747 2,495,093

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

P F & S T Brown Properties Limited (Registered number: 02651238)

Balance Sheet - continued
31 May 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 February 2025 and were signed on its behalf by:





Mr P F Brown - Director


P F & S T Brown Properties Limited (Registered number: 02651238)

Notes to the Financial Statements
for the Year Ended 31 May 2024


1. Statutory information

P F & S T Brown Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 02651238

Registered office: 26 Plantation Road
North Walsham
Norfolk
NR28 9XG

The presentation currency of the financial statements is the Pound Sterling (£).


2. Statement of compliance

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.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Turnover
Turnover represents work done, property sales and holiday lettings excluding VAT.

Where a contract has only been partially completed at the balance sheet date turnover represents the value of the service provided to date based on a proportion of the total expected consideration at completion.

Holiday letting income is recognised in accordance with the terms of the letting agreement.

Where payments are received from customers in advance of services provided or holiday lets, the amounts are recorded as Deferred Income and included as part of Creditors due within one year.

P F & S T Brown Properties Limited (Registered number: 02651238)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024


3. Accounting policies - continued

Tangible fixed assets
Tangible fixed assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

In accordance with Financial Reporting Standard for Smaller Entities (effective April 2008) investment properties are revalued annually and any surplus or deficit arising is taken to the revaluation reserve. No depreciation is provided on such properties.

This treatment may be a departure from the requirement of the Companies Act 2006 concerning depreciation of fixed assets however, these properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. The provisions of Financial Reporting Standard for Smaller Entities (effective April 2008) in respect of investment properties have therefore been adopted in order to give a true and view. If this departure from the Act had not been made, the loss for the year would have been increased by depreciation.

However, the amount of depreciation cannot reasonably be quantified and the amount which might otherwise have been shown cannot be separately identified or quantified.

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:

Plant and machinery- 15% on reducing balance
Fixtures and fittings- 15% on reducing balance
Motor vehicles- 25% on reducing balance
Computer equipment- 33% on cost

Work in progress
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and
slow moving items. Net realisable value is calculated at the lower of cost or selling price less cost to complete.

P F & S T Brown Properties Limited (Registered number: 02651238)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024


3. Accounting policies - continued

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


P F & S T Brown Properties Limited (Registered number: 02651238)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024


3. Accounting policies - continued
Deferred tax
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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Rents received
Rental income is recognised in accordance with the terms of the tenancy agreement.

4. Employees and directors

The average number of employees during the year was 2 (2023 - 2 ) .

5. Tangible fixed assets
Fixtures
Freehold Plant and and
property machinery fittings
£ £ £
Cost or valuation
At 1 June 2023 2,575,000 61,430 40,335
Additions - 467 -
Revaluations (25,000 ) - -
At 31 May 2024 2,550,000 61,897 40,335
Depreciation
At 1 June 2023 - 25,062 34,607
Charge for year - 5,472 859
At 31 May 2024 - 30,534 35,466
Net book value
At 31 May 2024 2,550,000 31,363 4,869
At 31 May 2023 2,575,000 36,368 5,728

P F & S T Brown Properties Limited (Registered number: 02651238)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024


5. Tangible fixed assets - continued

Motor Computer
vehicles equipment Totals
£ £ £
Cost or valuation
At 1 June 2023 11,820 3,262 2,691,847
Additions 3,300 783 4,550
Revaluations - - (25,000 )
At 31 May 2024 15,120 4,045 2,671,397
Depreciation
At 1 June 2023 11,441 2,810 73,920
Charge for year 106 324 6,761
At 31 May 2024 11,547 3,134 80,681
Net book value
At 31 May 2024 3,573 911 2,590,716
At 31 May 2023 379 452 2,617,927

Cost or valuation at 31 May 2024 is represented by:

Fixtures
Freehold Plant and and
property machinery fittings
£ £ £
Valuation in 2024 1,762,363 - -
Cost 787,637 61,897 40,335
2,550,000 61,897 40,335

Motor Computer
vehicles equipment Totals
£ £ £
Valuation in 2024 - - 1,762,363
Cost 15,120 4,045 909,034
15,120 4,045 2,671,397

P F & S T Brown Properties Limited (Registered number: 02651238)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024


5. Tangible fixed assets - continued

If freehold property had not been revalued it would have been included at the following historical cost:

2024 2023
£ £
Cost 913,289 913,289

Freehold property was valued on an open market basis on 31 May 2024 by Mr P F Brown, a director of the company .

6. Debtors: amounts falling due within one year
2024 2023
£ £
Trade debtors 4,850 4,850
Other debtors 8,830 8,107
13,680 12,957

7. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 188 6,929
Taxation and social security 6,378 26,739
Other creditors 113,755 452,495
120,321 486,163

8. Reserves
Revaluation
reserve
£
At 1 June 2023 1,478,594
Unrealised surplus/(deficit) on revalued
assets

(116,256

)


At 31 May 2024 1,362,338

Profit and loss account - This reserve records distributable retained earnings and accumulated losses.

9. Ultimate controlling party

During the two years ended 31 May 2024 the company was controlled jointly by Mr P F Brown and Mr S T Brown.