Brookmead Property Ltd 10793216 false 2023-06-01 2024-05-31 2024-05-31 The principal activity of the company is the provision of service accommodation lets Digita Accounts Production Advanced 6.30.9574.0 true true 10793216 2023-06-01 2024-05-31 10793216 2024-05-31 10793216 bus:OrdinaryShareClass1 bus:CumulativeShares 2024-05-31 10793216 core:CurrentFinancialInstruments 2024-05-31 10793216 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 10793216 core:Non-currentFinancialInstruments core:AfterOneYear 2024-05-31 10793216 core:FurnitureFittingsToolsEquipment 2024-05-31 10793216 bus:SmallEntities 2023-06-01 2024-05-31 10793216 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 10793216 bus:FilletedAccounts 2023-06-01 2024-05-31 10793216 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 10793216 bus:RegisteredOffice 2023-06-01 2024-05-31 10793216 bus:Director1 2023-06-01 2024-05-31 10793216 bus:OrdinaryShareClass1 bus:CumulativeShares 2023-06-01 2024-05-31 10793216 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 10793216 core:FurnitureFittings 2023-06-01 2024-05-31 10793216 core:FurnitureFittingsToolsEquipment 2023-06-01 2024-05-31 10793216 core:KeyManagementPersonnel 2023-06-01 2024-05-31 10793216 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-06-01 2024-05-31 10793216 countries:AllCountries 2023-06-01 2024-05-31 10793216 2023-05-31 10793216 core:FurnitureFittingsToolsEquipment 2023-05-31 10793216 2022-06-01 2023-05-31 10793216 2023-05-31 10793216 bus:OrdinaryShareClass1 bus:CumulativeShares 2023-05-31 10793216 core:CurrentFinancialInstruments 2023-05-31 10793216 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 10793216 core:Non-currentFinancialInstruments core:AfterOneYear 2023-05-31 10793216 core:FurnitureFittingsToolsEquipment 2023-05-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 10793216

Brookmead Property Ltd

Filleted Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 May 2024

 

Brookmead Property Ltd

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Abridged Financial Statements

4 to 7

 

Brookmead Property Ltd

Company Information

Director

Mr R Denmead

Registered office

1 Pontymason Rise
Rogerstone
Newport
NP10 9GJ

Accountants

HSJ Accountants Ltd
Severn House
Hazell Drive
Newport
South Wales
NP10 8FY

 

Brookmead Property Ltd

(Registration number: 10793216)
Abridged Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

9,289

15,426

Investment property

5

730,407

730,407

 

739,696

745,833

Current assets

 

Debtors

10,228

13,639

Cash at bank and in hand

 

-

60,666

 

10,228

74,305

Prepayments and accrued income

 

1,391

280

Creditors: Amounts falling due within one year

(244,126)

(257,688)

Net current liabilities

 

(232,507)

(183,103)

Total assets less current liabilities

 

507,189

562,730

Creditors: Amounts falling due after more than one year

8.1

(525,027)

(534,753)

Provisions for liabilities

-

(5,541)

Accruals and deferred income

 

(1,815)

(2,100)

Net (liabilities)/assets

 

(19,653)

20,336

Capital and reserves

 

Called up share capital

6

1

1

Other reserves

131,178

131,178

Retained earnings

(150,832)

(110,843)

Shareholders' (deficit)/funds

 

(19,653)

20,336

 

Brookmead Property Ltd

(Registration number: 10793216)
Abridged Balance Sheet as at 31 May 2024

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 21 February 2025
 

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

Mr R Denmead
Director

 

Brookmead Property Ltd

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

1

General information

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

The address of its registered office is:
1 Pontymason Rise
Rogerstone
Newport
NP10 9GJ

These financial statements were authorised for issue by the director on 21 February 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 abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged 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.

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 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 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.

 

Brookmead Property Ltd

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet 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

Furniture, fittings and equipment

20% 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 director. The director uses 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.

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.

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.

 

Brookmead Property Ltd

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

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. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 June 2023

58,782

58,782

Disposals

(19,212)

(19,212)

At 31 May 2024

39,570

39,570

Depreciation

At 1 June 2023

43,356

43,356

Charge for the year

6,137

6,137

Eliminated on disposal

(19,212)

(19,212)

At 31 May 2024

30,281

30,281

Carrying amount

At 31 May 2024

9,289

9,289

At 31 May 2023

15,426

15,426

 

Brookmead Property Ltd

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

5

Investment properties

2024
£

At 31 May 2024

730,407

The director considers that the investment properties are carried at fair value.

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

6

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

       

7

Related party transactions

Key management personnel

Director

Summary of transactions with key management

During the year, the director made unsecured, interest free, repayable on demand loans to the company. At the balance sheet date the amount owed to the director was £106,668 (2023 - £138,699).
 

8

Creditors

Creditors: amounts falling due after more than one year

Creditors include bank loans repayable by instalments of £515,797 (2023- £516,024) due after more than five years which are secured against the investment properties.