COMPANY REGISTRATION NUMBER:
05152267
Brandeston Properties Limited |
|
Filleted Unaudited Financial Statements |
|
Brandeston Properties Limited |
|
Statement of Financial Position |
|
30 June 2024
Fixed assets
Investment properties |
7 |
|
562,500 |
562,500 |
|
|
|
|
|
Current assets
Debtors |
8 |
8,786 |
|
5,162 |
Cash at bank and in hand |
9,218 |
|
23,366 |
|
------- |
|
------- |
|
18,004 |
|
28,528 |
|
|
|
|
|
Creditors: amounts falling due within one year |
9 |
18,730 |
|
18,287 |
|
------- |
|
------- |
Net current (liabilities)/assets |
|
(
726) |
10,241 |
|
|
--------- |
--------- |
Total assets less current liabilities |
|
561,774 |
572,741 |
|
|
|
|
|
Provisions
Taxation including deferred tax |
|
20,252 |
20,252 |
|
|
--------- |
--------- |
Net assets |
|
541,522 |
552,489 |
|
|
--------- |
--------- |
|
|
|
|
Capital and reserves
Called up share capital |
|
1,475 |
1,475 |
Revaluation reserve |
|
160,073 |
160,073 |
Profit and loss account |
|
379,974 |
390,941 |
|
|
--------- |
--------- |
Shareholders funds |
|
541,522 |
552,489 |
|
|
--------- |
--------- |
|
|
|
|
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 income and retained earnings has not been delivered.
For the year ending 30 June 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
.
Brandeston Properties Limited |
|
Statement of Financial Position (continued) |
|
30 June 2024
These financial statements were approved by the
board of directors
and authorised for issue on
24 March 2025
, and are signed on behalf of the board by:
Company registration number:
05152267
Brandeston Properties Limited |
|
Notes to the Financial Statements |
|
Year ended 30 June 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Zone G, Salamander Quay, Harefield, Middlesex, UB9 6NZ.
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:
Revenue recognition
Turnover represents rent receivable on investment property.
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, 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.
Investment property
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 gain or loss on valuation is recognised in profit or loss and is subsequently transferred within equity to the revaluation reserve together with the associated deferred tax.
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable/payable.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
1
(2023:
1
).
5.
Tax on profit
Major components of tax expense
Current tax:
UK current tax expense |
4,699 |
4,362 |
|
------ |
------ |
Tax on profit |
4,699 |
4,362 |
|
------ |
------ |
|
|
|
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is the same as (2023: the same as) the
standard rate of corporation tax in the UK
of
19
% (2023:
19
%).
|
2024 |
2023 |
|
£ |
£ |
Profit on ordinary activities before taxation |
24,732 |
22,958 |
|
------- |
------- |
Profit on ordinary activities by rate of tax |
4,699 |
4,362 |
|
------- |
------- |
|
|
|
6.
Dividends
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):
|
2024 |
2023 |
|
£ |
£ |
Equity dividends on ordinary shares |
31,000
|
18,000
|
|
------- |
------- |
|
|
|
7.
Investment properties
|
Land and buildings |
|
£ |
Cost |
|
At 1 July 2023 and 30 June 2024 |
562,500 |
|
--------- |
Depreciation |
|
At 1 July 2023 and 30 June 2024 |
– |
|
--------- |
Carrying amount |
|
At 30 June 2024 |
562,500 |
|
--------- |
At 30 June 2023 |
562,500 |
|
--------- |
|
|
Investment properties held at valuation
The fair value of the investment property is measured by the directors based on the current market valuation. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The net historical cost of the investment property was £382,175 (2023 - £382,175).
8.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Other debtors |
8,786 |
5,162 |
|
------ |
------ |
|
|
|
9.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Corporation tax |
4,699 |
4,361 |
Other creditors |
14,031 |
13,926 |
|
------- |
------- |
|
18,730 |
18,287 |
|
------- |
------- |
|
|
|
10.
Controlling party
The ultimate holding company is BJB Oakfield Properties Limited, a company incorporated in England.