REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 NOVEMBER 2024 |
FOR |
BRAYDOWN PROPERTIES LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 NOVEMBER 2024 |
FOR |
BRAYDOWN PROPERTIES LIMITED |
BRAYDOWN PROPERTIES LIMITED (REGISTERED NUMBER: 04846285) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 NOVEMBER 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Chartered Certified Accountants' Report | 9 |
BRAYDOWN PROPERTIES LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 29 NOVEMBER 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
2 Manor Farm Court |
Old Wolverton Road |
Old Wolverton |
Buckinghamshire |
MK12 5NN |
BRAYDOWN PROPERTIES LIMITED (REGISTERED NUMBER: 04846285) |
BALANCE SHEET |
29 NOVEMBER 2024 |
2024 | 2023 |
Notes | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Revaluation reserve | 12 |
Retained earnings | 12 |
SHAREHOLDERS' FUNDS |
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. |
BRAYDOWN PROPERTIES LIMITED (REGISTERED NUMBER: 04846285) |
BALANCE SHEET - continued |
29 NOVEMBER 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
BRAYDOWN PROPERTIES LIMITED (REGISTERED NUMBER: 04846285) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 NOVEMBER 2024 |
1. | STATUTORY INFORMATION |
Braydown Properties Limited is a |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
TURNOVER |
The company's turnover represents the value of rents receivable and completed trading property sales during the year, excluding value added tax. Turnover is recognised when revenue and associated costs can be measured reliably and future economic benefits are probable. Revenue is measured at the fair value of the consideration received or receivable for services provided in the normal course of business, net of discounts and value added tax. |
INVESTMENT PROPERTY |
In accordance with standard accounting practice, investment properties are revalued annually and the aggregate surplus or deficit is recognised in the income statement. Although standard accounting practice does not require the use of a revaluation reserve, the directors believe that the use of such a reserve is necessary for a proper understanding of the company's financial position. Accordingly the investment property revaluation for the year is transferred to a revaluation reserve. No depreciation or amortisation is provided in respect of investment properties. |
Although the Companies Act would normally require the systematic annual depreciation of fixed assets, the directors believe that the policy of not providing depreciation is necessary in order to give a true and fair view, since the current value of investment properties, and changes to that current value, are of prime importance rather than the calculation of systematic annual depreciation. Depreciation is only one of the many factors reflected in the annual valuation, and the amount which might otherwise have been included cannot be separately identified or quantified. |
TAXATION |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
DEFERRED TAX |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
BRAYDOWN PROPERTIES LIMITED (REGISTERED NUMBER: 04846285) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 NOVEMBER 2024 |
2. | ACCOUNTING POLICIES - continued |
HIRE PURCHASE AND LEASING COMMITMENTS |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
DEBTORS RECEIVABLE AND CREDITORS PAYABLE |
Debtors and creditors with no stated interest rate and receivable or payable within or after one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 30 November 2023 |
Additions |
At 29 November 2024 |
NET BOOK VALUE |
At 29 November 2024 |
At 29 November 2023 |
Fair value at 29 November 2024 is represented by: |
£ |
Valuation in 2022 | 209,125 |
Valuation in 2023 | 853,362 |
Cost | 3,845,752 |
4,908,239 |
** | TOTAL SHOWN ON CLIENT SCREEN - REVALUATION ANALYSIS - DOES NOT AGREE TO TOTAL OF FIXED ASSET 'COST' ACCOUNT HELD AT END OF YEAR IN RESPECT OF |
INVESTMENT PROPERTY |
'COST' ACCOUNT TOTAL |
Cost/valuation b/f | 4,520,320 |
Additions | 385,268 |
4,905,588 |
CLIENT SCREEN TOTAL | = | 4,908,239 |
BRAYDOWN PROPERTIES LIMITED (REGISTERED NUMBER: 04846285) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 NOVEMBER 2024 |
4. | INVESTMENT PROPERTY - continued |
If investment properties had not been revalued they would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 3,845,752 | 3,457,833 |
The investment properties were valued on an open market basis on 30 November 2023 by the director, Mr D Patel . |
In the Directors' opinion, the carrying value of the company's investment properties as at 30 November 2024 is not significantly different from the open market fair values of those properties as at the date of signing these financial statements. |
If the properties were sold for this figure, a corporation tax liability of £265,622 (2023 - £265,622) would arise. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Amounts owed by associates |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts (see note 8) |
Trade creditors |
Amounts owed to associates | 2,032,239 | 1,532,239 |
Tax |
Other creditors |
Directors' current accounts | 756,911 | 664,912 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans (see note 8) |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | - | 290,305 |
BRAYDOWN PROPERTIES LIMITED (REGISTERED NUMBER: 04846285) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 NOVEMBER 2024 |
8. | LOANS |
An analysis of the maturity of loans is given below: |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | - | 290,305 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
The bank borrowings were secured by legal mortgages over the company's properties, together with a |
standard debenture. |
10. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 265,622 | 265,622 |
Deferred tax |
£ |
Balance at 30 November 2023 |
Balance at 29 November 2024 |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary shares | £1 | 3 | 3 |
BRAYDOWN PROPERTIES LIMITED (REGISTERED NUMBER: 04846285) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 NOVEMBER 2024 |
12. | RESERVES |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 30 November 2023 | 2,150,315 |
Profit for the year |
At 29 November 2024 | 2,208,457 |
Although the company is not legally required to maintain a revaluation reserve, in the opinion of the directors, it is in the company's best interest to do so. |
CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
BRAYDOWN PROPERTIES LIMITED |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Braydown Properties Limited for the year ended 29 November 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity 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 the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook. |
This report is made solely to the Board of Directors of Braydown Properties Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Braydown Properties Limited and state those matters that we have agreed to state to the Board of Directors of Braydown Properties Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at |
https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/tf-163-jan-24.pdf. |
To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Braydown Properties 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 Braydown Properties Limited. You consider that Braydown Properties 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 Braydown Properties 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. |
Chartered Certified Accountants |
2 Manor Farm Court |
Old Wolverton Road |
Old Wolverton |
Buckinghamshire |
MK12 5NN |
Date: ............................................. |