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REGISTERED NUMBER: 05392313 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

BRIXTON PAVILION LTD

BRIXTON PAVILION LTD (REGISTERED NUMBER: 05392313)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 March 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


BRIXTON PAVILION LTD

COMPANY INFORMATION
for the year ended 31 March 2024







DIRECTORS: S N Patel
A S Patel





SECRETARY: A S Patel





REGISTERED OFFICE: Magma House
16 Davy Court
Castle Mound Way
Rugby
CV23 0UZ





REGISTERED NUMBER: 05392313 (England and Wales)





ACCOUNTANTS: Magma Audit LLP
16 Davy Court
Castle Mound Way
Rugby, CV23 0UZ
Magma Audit LLP is part
Of the Dains Group

BRIXTON PAVILION LTD (REGISTERED NUMBER: 05392313)

BALANCE SHEET
31 March 2024

2024 2023
Notes £    £   
FIXED ASSETS
Investment property 4 6,866,000 6,160,000

CURRENT ASSETS
Debtors 5 123,233 150,133
Cash at bank 113,386 25,398
236,619 175,531
CREDITORS
Amounts falling due within one year 6 (171,941 ) (76,004 )
NET CURRENT ASSETS 64,678 99,527
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,930,678

6,259,527

CREDITORS
Amounts falling due after more than one
year

7

(4,795,773

)

(4,801,089

)

PROVISIONS FOR LIABILITIES (113,698 ) -
NET ASSETS 2,021,207 1,458,438

CAPITAL AND RESERVES
Called up share capital 100 100
Share premium 1,702,012 1,702,012
Retained earnings 319,095 (243,674 )
2,021,207 1,458,438

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

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 Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 March 2025 and were signed on its behalf by:




S N Patel - Director


BRIXTON PAVILION LTD (REGISTERED NUMBER: 05392313)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2024


1. STATUTORY INFORMATION

Brixton Pavilion Ltd is a limited company, registered in England and Wales. Its registered office address is Magma House, 16 Davy Court, Castle Mound Way, Rugby, Warwickshire, CV23 0UZ and the registered number is 05392313.

2. ACCOUNTING POLICIES

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

The financial statements are presented in Sterling (£) and amounts are rounded to the nearest £1.

Turnover
Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Investment properties are initially recognised at cost which includes purchase cost and any directly attributable expenditure.

Investment properties whose fair value can be measured reliably are measured at fair value. The surplus or deficit on revaluation is recognised in the profit and loss account accumulated in an other reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year.

Financial instruments
(i) Financial assets

Basic financial assets, including trade and other debtors, cash and bank balances are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest rate method.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors 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.

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


BRIXTON PAVILION LTD (REGISTERED NUMBER: 05392313)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024


2. ACCOUNTING POLICIES - continued
Taxation
The tax expense for the year comprises current and deferred tax.

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

3. EMPLOYEES AND DIRECTORS

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

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 6,160,000
Additions 5,301
Revaluations 700,699
At 31 March 2024 6,866,000
NET BOOK VALUE
At 31 March 2024 6,866,000
At 31 March 2023 6,160,000

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2024 6,866,000

The directors have re-assessed the property at 31 March 2024 and deemed the value of the investment properties to have materially changed.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 21,225 18,584
Other debtors 102,008 131,549
123,233 150,133

BRIXTON PAVILION LTD (REGISTERED NUMBER: 05392313)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 5,845 5,845
Trade creditors 3,184 600
Taxation and social security 2,742 2,742
Other creditors 160,170 66,817
171,941 76,004

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 4,795,773 4,801,089

Amounts falling due in more than five years:

Repayable by instalments
Bank loans due in more than 5 years by
instalments

4,763,627

4,763,098

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 4,801,618 4,806,934

The bank loans are secured via a fixed and floating charge. The floating charge covers all the property or undertakings of the company.

9. RELATED PARTY DISCLOSURES

At 31 March 2024, the company was owed £14,832 (2023: £51,097) by a company with common directors.