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COMPANY REGISTRATION NUMBER: 00373741
Bracefield Limited
Unaudited financial statements
31 December 2024
Bracefield Limited
Statement of financial position
31 December 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
400,503
400,655
Investments
6
100
100
---------
---------
400,603
400,755
Current assets
Debtors
7
41,966
68,220
Creditors: Amounts falling due within one year
8
( 19,245)
( 36,710)
-------
-------
Net current assets
22,721
31,510
---------
---------
Total assets less current liabilities
423,324
432,265
Provisions
Taxation including deferred tax
( 72,169)
( 72,169)
---------
---------
Net assets
351,155
360,096
---------
---------
Capital and reserves
Called up share capital
2,500
2,500
Revaluation reserve
320,379
320,379
Profit and loss account
28,276
37,217
---------
---------
Shareholders funds
351,155
360,096
---------
---------
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 Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Bracefield Limited
Statement of financial position (continued)
31 December 2024
These financial statements were approved by the board of directors and authorised for issue on 27 February 2025 , and are signed on behalf of the board by:
N A Grout
Director
Company registration number: 00373741
Bracefield Limited
Notes to the financial statements
Year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Park View The Limes, Brook Farm Road, Saxmundham, Suffolk, IP17 1TD. The trading address during the year was 28 Chantry Road, Saxmundham, Suffolk, IP17 1DJ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
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:
Freehold property
-
2% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
4. Employee numbers
The average number of employees during the year was 2 (2023: 2 ).
5. Tangible assets
Investment properties
Freehold property
Total
£
£
£
Cost
At 1 January 2024 and 31 December 2024
400,000
7,580
407,580
---------
------
---------
Depreciation
At 1 January 2024
6,925
6,925
Charge for the year
152
152
---------
------
---------
At 31 December 2024
7,077
7,077
---------
------
---------
Carrying amount
At 31 December 2024
400,000
503
400,503
---------
------
---------
At 31 December 2023
400,000
655
400,655
---------
------
---------
Tangible assets held at valuation
The investment properties were revalued on 31 December 2024 by the directors of the company.
6. Investments
Shares in group undertakings
£
Cost
At 1 January 2024 and 31 December 2024
100
----
Impairment
At 1 January 2024 and 31 December 2024
----
Carrying amount
At 31 December 2024
100
----
At 31 December 2023
100
----
7. Debtors
2024
2023
£
£
Other debtors
41,966
68,220
-------
-------
8. Creditors: Amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
10,126
26,792
Social security and other taxes
7,394
6,478
Other creditors
1,725
3,440
-------
-------
19,245
36,710
-------
-------
9. Directors' advances, credits and guarantees
Included within debtors at the year end is a directors loan account of £41,794 (2023: £68,057). The maximum amount overdrawn balance during the year was £84,309. Interest of £1,167 was charged at the official rate.