Company registration number 2542185 (England and Wales)
BRAMALL PROPERTIES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
BRAMALL PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
BRAMALL PROPERTIES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
13,866,603
13,904,118
Investment property
5
130,363,072
123,598,153
Investments
6
4,000,000
4,000,000
148,229,675
141,502,271
Current assets
Stocks
153,458
236,756
Debtors
7
1,301,055
1,191,211
Cash at bank and in hand
738,830
2,602,529
2,193,343
4,030,496
Creditors: amounts falling due within one year
8
(71,191,770)
(32,832,678)
Net current liabilities
(68,998,427)
(28,802,182)
Total assets less current liabilities
79,231,248
112,700,089
Creditors: amounts falling due after more than one year
9
-
0
(35,200,000)
Provisions for liabilities
(1,478,881)
(1,488,633)
Net assets
77,752,367
76,011,456
Capital and reserves
Called up share capital
11
20,000
20,000
Revaluation reserve
12
4,028,039
4,028,039
Profit and loss reserves
13
73,704,328
71,963,417
Total equity
77,752,367
76,011,456

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 4 April 2025 and are signed on its behalf by:
D C A Bramall
Director
Company registration number 2542185 (England and Wales)
BRAMALL PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information

Bramall Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is 12 Cardale Court, Beckwith Head Road, Harrogate, North Yorkshire, HG3 1RY.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Sales of property are recognised on legal completion. Crop sales and other income are recognised when the risk and reward of ownership has passed to the customer. Other income consists of farming related income.

 

Rents are collected quarterly by the company. Rental income is recognised in accordance with the rental agreements and apportioned over the period of the contract for which the property is let.

1.4
Tangible fixed assets

Tangible fixed assets other than investment property are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised on a reducing balance basis so as to write off the cost or valuation of assets less their residual values over their useful lives:

Land and buildings (Farms)
are not depreciated
Plant and equipment
15% and 25% per annum
Motor vehicles
25% per annum

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Land and buildings are revalued every year with the surplus or deficit on book value being transferred to the revaluation reserve, except that a deficit which is in excess of any previously recognised surplus over depreciated cost related to the same property, or the reversal of such a deficit is charged (or credited) to the profit and loss account. A deficit which represents a clear consumption of economic benefits is charged to the profit and loss account regardless of any such previous consumption.

1.5
Investment property

Investment properties are measured at fair value annually with any change recognised in the profit and loss account.

BRAMALL PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.7
Stocks

 

Stocks of crops

Stocks are valued at the lower of cost and net realisable value. In the case of growing crops, costs include the cost of seed, sprays, fertilizers and work done in preparation for the next harvest.

 

Work in progress - land and buildings

Land and buildings held and/or developed for resale are held in stock at the lower of cost and net realisable value.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

BRAMALL PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

BRAMALL PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Valuation of investment properties

The valuation of investment properties is a key source of estimation uncertainty. The value of investment properties is sensitive to changes in market rates and activity, as well as changes in the overall economic activity in the geographical area in which the property resides. The valuation is determined by the directors based on available market data, the current lease in place, and their knowledge and experience of the property and surrounding area.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
8
8
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 January 2024
13,855,944
110,473
13,966,417
Additions
-
0
830
830
Disposals
-
0
(50,569)
(50,569)
At 31 December 2024
13,855,944
60,734
13,916,678
Depreciation and impairment
At 1 January 2024
-
0
62,299
62,299
Depreciation charged in the year
-
0
15,234
15,234
Eliminated in respect of disposals
-
0
(27,458)
(27,458)
At 31 December 2024
-
0
50,075
50,075
Carrying amount
At 31 December 2024
13,855,944
10,659
13,866,603
At 31 December 2023
13,855,944
48,174
13,904,118
BRAMALL PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
4
Tangible fixed assets
(Continued)
- 6 -

The revaluation surplus is disclosed in note 12.

Land and buildings are carried at valuation. If land and buildings were measured using the cost model, the carrying amounts would have been:

2024
2023
£
£
Cost
8,981,195
8,981,195
5
Investment property
2024
£
Fair value
At 1 January 2024
123,598,153
Additions
7,539,919
Disposals
(275,000)
Revaluations
(500,000)
At 31 December 2024
130,363,072

Investment property comprises freehold and leasehold properties. The investment property portfolio was valued by the directors during December 2024 on the basis of open market value. The investment properties are subject to revaluations.

6
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
4,000,000
4,000,000
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,097,232
945,874
Other debtors
203,823
245,337
1,301,055
1,191,211
BRAMALL PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
8
Creditors: amounts falling due within one year
2024
2023
£
£
Other borrowings
10
67,014,210
29,597,243
Trade creditors
381,868
486,085
Corporation tax
546,192
-
0
Other taxation and social security
561,631
450,601
Other creditors
107,322
67,212
Accruals and deferred income
2,580,547
2,231,537
71,191,770
32,832,678
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
-
0
35,200,000
10
Loans and overdrafts
2024
2023
£
£
Loans from group undertakings and related parties
67,014,210
64,797,243
Payable within one year
67,014,210
29,597,243
Payable after one year
-
0
35,200,000

Loans of £31,814,210 (2023 - £29,464,210) from a related party are unsecured and bear interest at the rate of 5.5% per annum. The loans are repayable on demand.

 

Eurobond loan notes of £35,200,000 (2023 - £35,200,000) from related parties are unsecured and bear interest at the rate of 4% plus 3m LIBOR per annum. £24,200,000 is repayable 31 December 2025 and £11,000,000 is repayable 31 October 2025.

 

 

11
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
20,000
20,000
20,000
20,000
12
Revaluation reserve
2024
2023
£
£
At the beginning and end of the year
4,028,039
4,028,039
BRAMALL PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
12
Revaluation reserve
(Continued)
- 8 -

The revaluation reserve represents the cumulative effect of revaluations of freehold land and buildings which are revalued to fair value at each reporting date.

13
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
71,963,417
66,534,315
Profit for the year
3,140,911
5,429,102
Dividends declared and paid in the year
(1,400,000)
-
At the end of the year
73,704,328
71,963,417

The profit and loss account represents the current and cumulative prior period profits and losses.

14
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Joe Philpot
Statutory Auditor:
Firth Parish
Date of audit report:
4 April 2025
15
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
53,922
1,587
2024-12-312024-01-01false04 April 2025CCH SoftwareCCH Accounts Production 2024.100No description of principal activityThis audit opinion is unqualifiedD C A BramallK S Bramall-OgdenA BramallP JonesA R LockwoodMyles ChiltonJonathan DuckA R Lockwoodfalsefalse25421852024-01-012024-12-3125421852024-12-3125421852023-12-312542185core:LandBuildings2024-12-312542185core:OtherPropertyPlantEquipment2024-12-312542185core:LandBuildings2023-12-312542185core:OtherPropertyPlantEquipment2023-12-312542185core:CurrentFinancialInstrumentscore:WithinOneYear2024-12-312542185core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-312542185core:Non-currentFinancialInstrumentscore:AfterOneYear2024-12-312542185core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-312542185core:CurrentFinancialInstruments2024-12-312542185core:CurrentFinancialInstruments2023-12-312542185core:ShareCapital2024-12-312542185core:ShareCapital2023-12-312542185core:RevaluationReserve2024-12-312542185core:RevaluationReserve2023-12-312542185core:RetainedEarningsAccumulatedLosses2024-12-312542185core:RetainedEarningsAccumulatedLosses2023-12-312542185core:RetainedEarningsAccumulatedLosses2023-12-312542185core:RetainedEarningsAccumulatedLosses2022-12-312542185bus:Director12024-01-012024-12-312542185core:LandBuildingscore:OwnedOrFreeholdAssets2024-01-012024-12-312542185core:PlantMachinery2024-01-012024-12-312542185core:MotorVehicles2024-01-012024-12-3125421852023-01-012023-12-312542185core:LandBuildings2023-12-312542185core:OtherPropertyPlantEquipment2023-12-3125421852023-12-312542185core:LandBuildings2024-01-012024-12-312542185core:OtherPropertyPlantEquipment2024-01-012024-12-312542185core:WithinOneYear2024-12-312542185core:WithinOneYear2023-12-312542185core:Non-currentFinancialInstruments2024-12-312542185core:Non-currentFinancialInstruments2023-12-312542185bus:PrivateLimitedCompanyLtd2024-01-012024-12-312542185bus:SmallCompaniesRegimeForAccounts2024-01-012024-12-312542185bus:FRS1022024-01-012024-12-312542185bus:Audited2024-01-012024-12-312542185bus:Director22024-01-012024-12-312542185bus:Director32024-01-012024-12-312542185bus:Director42024-01-012024-12-312542185bus:Director52024-01-012024-12-312542185bus:Director62024-01-012024-12-312542185bus:Director72024-01-012024-12-312542185bus:CompanySecretary12024-01-012024-12-312542185bus:FullAccounts2024-01-012024-12-31xbrli:purexbrli:sharesiso4217:GBP