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Registration number: 09267863

Breckenridge Lettings Limited

Annual Report and Financial Statements- Companies house filing

for the Year Ended 31 August 2024

 

Breckenridge Lettings Limited

Contents

Statement of Financial Position

1

Notes to the Financial Statements

2 to 6

 

Breckenridge Lettings Limited

(Registration number: 09267863)
Statement of Financial Position as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

619,241

633,221

Other financial assets

5

978

975

 

620,219

634,196

Current assets

 

Debtors

6

62,056

39,513

Cash at bank and in hand

 

62,005

108,046

 

124,061

147,559

Creditors: Amounts falling due within one year

7

(401,065)

(493,748)

Net current liabilities

 

(277,004)

(346,189)

Total assets less current liabilities

 

343,215

288,007

Provisions for liabilities

-

520

Net assets

 

343,215

288,527

Capital and reserves

 

Called up share capital

100

100

Fair value reserve

788

788

Profit and loss account

342,327

287,639

Shareholders' funds

 

343,215

288,527

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the Board on 6 December 2024 and signed on its behalf by:
 

.........................................

J S Brown
Director

 

Breckenridge Lettings Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

1

General information

The company is a private company limited by share capital, registration number 09267863, incorporated in England and Wales.

The address of its registered office is: Knoll House, Knoll Road, Camberley, Surrey, GU15 3SY, England.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 6 December 2024 was Charlotte Ryan BSc ACA, who signed for and on behalf of Stewart & Co Accountants LLP.

.........................................

Judgements

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. It is the opinion of the directors that due to the nature of the entity there are no assumptions or judgements that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities, being property management services. Turnover is shown net of value added tax and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

 

Breckenridge Lettings Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold improvements

Straight line over the remaining life of the lease

Fittings, fixtures and equipment

20% straight line

Plant and machinery

20% straight line

Office equipment

33 1/3 % straight line

Motor vehicles

20% straight line

Freehold property

2% straight line

Trade debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and bank deposits.

Trade creditors

Short term creditors are measured at the transaction price.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

Breckenridge Lettings Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

4

Tangible assets

Freehold property
£

Leasehold improvements
£

Fixtures, fittings and equipment
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2023

621,793

18,797

28,430

7,495

12,053

13,715

702,283

At 31 August 2024

621,793

18,797

28,430

7,495

12,053

13,715

702,283

Depreciation

At 1 September 2023

9,990

13,519

28,429

5,983

9,996

1,145

69,062

Charge for the year

7,992

1,572

-

348

1,320

2,748

13,980

At 31 August 2024

17,982

15,091

28,429

6,331

11,316

3,893

83,042

Carrying amount

At 31 August 2024

603,811

3,706

1

1,164

737

9,822

619,241

At 31 August 2023

611,803

5,278

1

1,512

2,057

12,570

633,221

 

Breckenridge Lettings Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

5

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 September 2023

975

975

Additions

3

3

At 31 August 2024

978

978

Carrying amount

At 31 August 2024

978

978

6

Debtors

2024
£

2023
£

Trade debtors

 

48,732

29,281

Other debtors

 

1,314

-

Prepayments

 

11,490

10,232

Deferred tax assets

520

-

 

62,056

39,513

 

Breckenridge Lettings Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Trade creditors

 

8,765

10,608

Amounts owed to group undertakings and undertakings in which the company has a participating interest

332,006

442,986

Taxation and social security

 

40,691

15,379

Accruals and deferred income

 

10,861

22,010

Other creditors

 

8,742

2,765

 

401,065

493,748


 

8

Parent and ultimate parent undertaking

The company's immediate parent is I & H Brown Limited, incorporated in Scotland. The registered office of ulitmate parent is 174 Dunkeld Road, Perth, Scotland, PH1 3AA.