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COMPANY REGISTRATION NUMBER: SC504442
BRAIDREEF LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 April 2024
BRAIDREEF LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 30 APRIL 2024
Contents
Page
Officers and professional advisers
1
Chartered accountants report to the director on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
5
BRAIDREEF LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
Director
Mr G N Cormack
Registered office
34 Low Street
Buckie
Moray
AB56 1UX
Accountants
Ritsons
Chartered Accountants
26-30 Marine Place
Buckie
Moray
AB56 1UT
BRAIDREEF LIMITED
CHARTERED ACCOUNTANTS REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF BRAIDREEF LIMITED
YEAR ENDED 30 APRIL 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Braidreef Limited for the year ended 30 April 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the director of Braidreef Limited. Our work has been undertaken solely to prepare for your approval the financial statements of Braidreef Limited and state those matters that we have agreed to state to you in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Braidreef Limited and its director for our work or for this report.
It is your duty to ensure that Braidreef Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Braidreef Limited. You consider that Braidreef Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Braidreef Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ritsons Chartered Accountants
26-30 Marine Place Buckie Moray AB56 1UT
13 March 2025
BRAIDREEF LIMITED
STATEMENT OF FINANCIAL POSITION
30 April 2024
2024
2023
Note
£
£
FIXED ASSETS
Tangible assets
4
1,255,750
1,262,697
CURRENT ASSETS
Debtors
5
6,848
909
Cash at bank and in hand
130,465
62,299
---------
--------
137,313
63,208
CREDITORS: amounts falling due within one year
6
4,218
1,708
---------
--------
NET CURRENT ASSETS
133,095
61,500
------------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
1,388,845
1,324,197
CREDITORS: amounts falling due after more than one year
7
1,009,538
978,021
DEFERRED TAX
97,845
110,474
------------
------------
NET ASSETS
281,462
235,702
------------
------------
CAPITAL AND RESERVES
Called up share capital
100
1
Revaluation reserve
547,501
547,501
Profit and loss account
( 266,139)
( 311,800)
---------
---------
SHAREHOLDERS FUNDS
281,462
235,702
---------
---------
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 income statement has not been delivered.
For the year ending 30 April 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
BRAIDREEF LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 13 March 2025 , and are signed on behalf of the board by:
Mr G N Cormack
Director
Company registration number: SC504442
BRAIDREEF LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 APRIL 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 34 Low Street, Buckie, Moray, AB56 1UX.
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.
Turnover
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.
Taxation
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. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost less depreciation and impairment.
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:
Plant and machinery
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
15% reducing balance
4. Tangible assets
Freehold property
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 May 2023
787,561
583,940
20,100
7,433
1,399,034
Additions
13,221
13,221
---------
---------
--------
-------
------------
At 30 April 2024
787,561
597,161
20,100
7,433
1,412,255
---------
---------
--------
-------
------------
Depreciation
At 1 May 2023
117,774
16,524
2,039
136,337
Charge for the year
18,466
894
808
20,168
---------
---------
--------
-------
------------
At 30 April 2024
136,240
17,418
2,847
156,505
---------
---------
--------
-------
------------
Carrying amount
At 30 April 2024
787,561
460,921
2,682
4,586
1,255,750
---------
---------
--------
-------
------------
At 30 April 2023
787,561
466,166
3,576
5,394
1,262,697
---------
---------
--------
-------
------------
5. Debtors
2024
2023
£
£
Trade debtors
592
Other debtors
6,256
909
-------
----
6,848
909
-------
----
6. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
3,018
508
Other creditors
1,200
1,200
-------
-------
4,218
1,708
-------
-------
7. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
1,009,538
978,021
------------
---------
8. Related party transactions
At 30 April 2024, the company owed the director £1,009,538 (2023: £978,021) by way of a director's loan account. During the year the company paid dividends of £500 (2023: £3,000) to the directors.