Company registration number 00612951 (England and Wales)
BRAITHWAITE PROPERTY COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
BRAITHWAITE PROPERTY COMPANY LIMITED
CONTENTS
Page
Balance sheet
2 - 3
Statement of changes in equity
1
Notes to the financial statements
4 - 8
BRAITHWAITE PROPERTY COMPANY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 1 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 October 2021
800
6,100
610,761
617,661
Period ended 28 February 2023:
Profit and total comprehensive income
-
-
51,043
51,043
Balance at 28 February 2023
800
6,100
661,804
668,704
Period ended 29 February 2024:
Loss and total comprehensive income
-
-
(387,004)
(387,004)
Dividends
-
-
(150,000)
(150,000)
Balance at 29 February 2024
800
6,100
124,800
131,700
BRAITHWAITE PROPERTY COMPANY LIMITED
BALANCE SHEET
AS AT
29 FEBRUARY 2024
29 February 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
-
0
810,000
Current assets
Debtors
5
415,000
82,587
Cash at bank and in hand
289
298
415,289
82,885
Creditors: amounts falling due within one year
6
(283,589)
(88,771)
Net current assets/(liabilities)
131,700
(5,886)
Total assets less current liabilities
131,700
804,114
Creditors: amounts falling due after more than one year
7
-
0
(118,677)
Provisions for liabilities
-
0
(16,733)
Net assets
131,700
668,704
Capital and reserves
Called up share capital
800
800
Capital redemption reserve
6,100
6,100
Distributable profit and loss reserves
124,800
661,804
Total equity
131,700
668,704
BRAITHWAITE PROPERTY COMPANY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
29 FEBRUARY 2024
29 February 2024
- 3 -

For the financial Year ended 29 February 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 of its financial statements for the Year in question in accordance with section 476.

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.

These financial statements 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 for small companies.

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 19 February 2025
Mr M W Braithwaite
Director
Company registration number 00612951 (England and Wales)
BRAITHWAITE PROPERTY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 4 -
1
Accounting policies
Company information

Braithwaite Property Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is Botanic Estate, 198 Edge Lane, Liverpool, L7 9PL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Reporting period

The company has extended the year end to 28 February 2023, the comparative figures relating to a 12 month period will as a result not be directly comparable.

1.4
Turnover

Turnover represents rent receivable for the year.

1.5
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

 

Changes to the fair value of the investment properties will also affect the provision for deferred tax on the revaluation gains. Increases or decreases in the provision form part of the taxation charge in the profit and loss account.

1.6
Investments

Current asset investments are stated at the lower of cost and net realisable value.

1.7
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

BRAITHWAITE PROPERTY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 5 -
1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

Tax charges arising on the disposal of properties in respect of previously unrealised revaluation surpluses are recognised in the statement of total recognised gains and losses in the period in which the revaluation surpluses are realised.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

BRAITHWAITE PROPERTY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 6 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 1 (2023 - 1)

3
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
-
-
Adjustments in respect of prior periods
(12,138)
(65,519)
Total current tax
(12,138)
(65,519)
Deferred tax
Origination and reversal of timing differences
(16,733)
-
0
Total tax credit
(28,871)
(65,519)

The company has estimated tax losses of £1,227,677 (2023: £1,133,477) to carry forward against future trading profits.

BRAITHWAITE PROPERTY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 7 -
4
Tangible fixed assets
Investment property
£
Valuation
At 1 March 2023
810,000
Disposals
(810,000)
At 29 February 2024
-
0
Depreciation and impairment
At 1 March 2023 and 29 February 2024
-
0
Carrying amount
At 29 February 2024
-
0
At 28 February 2023
810,000

No depreciation is provided in respect of this property. On an historical cost basis this property would have been included at its original cost of £721,930 (2023: £721,930).

 

The property was sold on 29th February 2024 for £500,000.

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
-
0
17,587
Other debtors
415,000
65,000
415,000
82,587
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
-
0
4,140
Corporation tax
61,721
73,859
Other creditors
221,868
10,772
283,589
88,771
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
-
0
118,677
BRAITHWAITE PROPERTY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 8 -
8
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Deferred tax on investment property revaluation
-
16,733
2024
Movements in the Year:
£
Liability at 1 March 2023
16,733
Credit to profit or loss
(16,733)
Liability at 29 February 2024
-
9
Related party transactions

Included in other creditors is an amount owed to the director Mr M W Braithwaite of £214,937 (2023: £3,842). This loan is interest free and repayable on demand.

 

Property was sold to WBS 1 Ltd for £500,000, a company under the control of the director.

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