Bracey & Clark (Properties) Limited
Unaudited Financial Statements
For the year ended 28 February 2024
Pages for Filing with Registrar
Company Registration No. 00208512 (England and Wales)
Bracey & Clark (Properties) Limited
Company Information
Directors
E M Turner FCA
C Turner
Company number
00208512
Registered office
4 Victoria Square
St Albans
Hertfordshire
AL1 3TF
Accountants
Moore Kingston Smith LLP
4 Victoria Square
St Albans
Hertfordshire
AL1 3TF
Bracey & Clark (Properties) Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
Bracey & Clark (Properties) Limited
Balance Sheet
As at 28 February 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
4
2,779,367
2,779,367
Investments
5
1
550,000
2,779,368
3,329,367
Current assets
Debtors
6
98,537
353,214
Cash at bank and in hand
39,912
47,571
138,449
400,785
Creditors: amounts falling due within one year
7
(102,355)
(1,178,610)
Net current assets/(liabilities)
36,094
(777,825)
Total assets less current liabilities
2,815,462
2,551,542
Creditors: amounts falling due after more than one year
8
(300)
(300)
Net assets
2,815,162
2,551,242
Capital and reserves
Called up share capital
9
5,230
5,230
Other reserves
2,615
2,615
Profit and loss reserves
2,807,317
2,543,397
Total equity
2,815,162
2,551,242
Bracey & Clark (Properties) Limited
Balance Sheet (Continued)
As at 28 February 2024
Page 2
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 9 February 2025 and are signed on its behalf by:
E M Turner FCA
Director
Company Registration No. 00208512
Bracey & Clark (Properties) Limited
Notes to the Financial Statements
For the year ended 28 February 2024
Page 3
1
Accounting policies
Company information
Bracey & Clark (Properties) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 4 Victoria Square, St Albans, Hertfordshire, AL1 3TF.
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 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. The principal accounting policies adopted are set out below.
1.2
Exemptions for qualifying entities under FRS 102
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.3
Turnover
Turnover is in relation to rents receivable. Turnover is recognised when the company is entitles to rent. The turnover is recognised net of VAT where applicable.
Plant and machinery
10% straight line
Motor vehicles
25% straight line
Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.
Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.
1.4
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. Changes in fair value are recognised in profit or loss.
Bracey & Clark (Properties) Limited
Notes to the Financial Statements (Continued)
For the year ended 28 February 2024
1
Accounting policies
(Continued)
Page 4
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.6
Cash and cash equivalents
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.
1.7
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, 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.
Bracey & Clark (Properties) Limited
Notes to the Financial Statements (Continued)
For the year ended 28 February 2024
1
Accounting policies
(Continued)
Page 5
1.8
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
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.
1.10
Foreign exchange
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to the profit and loss account.
Bracey & Clark (Properties) Limited
Notes to the Financial Statements (Continued)
For the year ended 28 February 2024
Page 6
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2023 : 2).
2024
2023
Number
Number
Total
2
2
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2023 and 28 February 2024
10,141
Depreciation and impairment
At 1 March 2023 and 28 February 2024
10,141
Carrying amount
At 28 February 2024
At 28 February 2023
4
Investment property
2024
£
Fair value
At 1 March 2023 and 28 February 2024
2,779,367
Investment properties are valued by the director on an open market basis.
5
Fixed asset investments
2024
2023
£
£
Investments
1
550,000
Bracey & Clark (Properties) Limited
Notes to the Financial Statements (Continued)
For the year ended 28 February 2024
5
Fixed asset investments
(Continued)
Page 7
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 March 2023 & 28 February 2024
550,000
Impairment
At 1 March 2023
-
Impairment losses
549,999
At 28 February 2024
549,999
Carrying amount
At 28 February 2024
1
At 28 February 2023
550,000
Fixed asset investments relate to the wholly owned subsidiary Norris Maintenance Limited. This company is no longer active and will, in due course, be wound up.
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
259,129
Other debtors
98,537
94,085
98,537
353,214
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
8,526
3,753
Corporation tax
1,384
15,050
Other taxation and social security
241
267
Other creditors
74,969
1,154,540
Accruals and deferred income
17,235
5,000
102,355
1,178,610
Bracey & Clark (Properties) Limited
Notes to the Financial Statements (Continued)
For the year ended 28 February 2024
Page 8
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
300
300
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
5,230
5,230
5,230
5,230
10
Related party transactions
Included within other debtors is an amount of £94,085 (2023: £94,085) receivable from Revsite Limited, the ultimate parent company.
Included within other debtors is a balance of £3,784 (2023: £249,677 credit balance included within other creditors) owed to E M Turner a director of the company.
Included within other creditors is an amount of £Nil (2023: £904,398) due to Norris Maintenance Limited, a 100% owned subsidiary.