Company registration number 01265287 (England and Wales)
BRATHEW LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 APRIL 2024 TO 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
BRATHEW LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 9
BRATHEW LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024
30 April 2024
- 1 -
30 April 2024
31 March 2024
Notes
£
£
£
£
Fixed assets
Investment properties
4
9,245,000
9,245,000
Current assets
Debtors
5
626,192
2,608,970
Cash at bank and in hand
2,195,353
160,667
2,821,545
2,769,637
Creditors: amounts falling due within one year
6
(165,787)
(149,201)
Net current assets
2,655,758
2,620,436
Total assets less current liabilities
11,900,758
11,865,436
Creditors: amounts falling due after more than one year
7
(35)
(35)
Provisions for liabilities
8
(1,744,593)
(1,744,593)
Net assets
10,156,130
10,120,808
Capital and reserves
Called up share capital
9
10
10
Share premium account
10
451,865
451,865
Investment property revaluation reserve
10
6,575,433
6,575,433
Profit and loss reserves
10
3,128,822
3,093,500
Total equity
10,156,130
10,120,808
BRATHEW LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 2024
30 April 2024
- 2 -
For the financial period ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 30 April 2025 and are signed on its behalf by:
W B Todd
Director
Company registration number 01265287 (England and Wales)
BRATHEW LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information
Brathew Limited is a private company limited by shares and is incorporated and domiciled in England. The registered office address is 2 Leman Street, London, United Kingdom, E1W 9US.
1.1
Reporting period
The accounts are in respect of a shorter period from the date on 1 April 2024 to the 30 April 2024. The reason for using a shorter period is the company changed ownership and to ensure that the company's reporting date is coterminous with its fellow group companies.
1.2
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 investment properties at fair value. The principal accounting policies adopted are set out below.
1.3
Turnover
Turnover represents rent receivable from letting of investment properties. Rent receivable from tenants are measured at fair value. Rental income is recognised in the period to which it arises on an accrual basis and in accordance with the terms of the lease.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
15% reducing balance
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.
1.5
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value as the reporting end date. The surplus or deficit on revaluation is recognised in the income statement.
The fair value model is determined by the directors with the benefit of professional external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand.
BRATHEW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position 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.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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.
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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.8
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.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
BRATHEW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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 income statement, 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.
1.10
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
2024
Number
Number
Total
3
3
BRATHEW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
- 6 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2024
165,762
Disposals
(165,762)
At 30 April 2024
Depreciation and impairment
At 1 April 2024
165,762
Eliminated in respect of disposals
(165,762)
At 30 April 2024
Carrying amount
At 30 April 2024
At 31 March 2024
4
Investment property
2024
£
Fair value
At 1 April 2024 and 30 April 2024
9,245,000
The fair value of investment properties at the reporting date was based on a valuation carried out by the directors. The valuation was arrived at by reference to market evidence of transaction prices for similar properties in its location, together with a review of property rental yields. No depreciation is provided in respect of these properties.
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2024
2024
£
£
Cost
924,974
924,974
Accumulated depreciation
-
-
Carrying amount
924,974
924,974
BRATHEW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
- 7 -
5
Debtors
2024
2024
Amounts falling due within one year:
£
£
Corporation tax recoverable
382,965
378,598
Other debtors
243,227
2,230,372
626,192
2,608,970
Included within other debtors are loans totalling £153,457 (2024: £140,519) with connected parties. Interest is charged at the HM Revenue & Customs official rate. The loan is unsecured and repayable on demand.
Included within other debtors is a loan of £32,052 (2024 - £1,031,253) made to the executors of the estate of J S M Scott. Interest is charged at the HM Revenue & Customs official rate. The loan is unsecured and repayable on demand.
6
Creditors: amounts falling due within one year
2024
2024
£
£
Corporation tax
45,465
41,098
Other creditors
120,322
108,103
165,787
149,201
7
Creditors: amounts falling due after more than one year
2024
2024
£
£
Other creditors
35
35
Other creditors comprise the nominal value of the company's issued preference shares that have been classified as a liability.
8
Provisions for liabilities
2024
2024
£
£
Deferred tax liabilities
1,744,593
1,744,593
9
Called up share capital
2024
2024
2024
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
895
895
9
9
A ordinary shares of 1p each
105
105
1
1
1,000
1,000
10
10
BRATHEW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
9
Called up share capital
(Continued)
- 8 -
2024
2024
2024
2024
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference shares of 0.01p each
350,111
350,111
35
35
Preference shares classified as liabilities
35
35
There are 2 classes of shares; ordinary share and A ordinary shares, each class entitlea their holders to receive notice of, to attend and to vote at any general meetings. The shares carry rights to dividends or other distributions in respect of the profits of the company, and in all respect rank pari passu.
Preference shares carry no rights to vote and no rights to dividends or other distributions in respect of the profits of the company but are redeemable at par upon a winding up ahead of ordinary shares and A ordinary shares.
10
Reserves
Share premium
The share premium account represents the difference between the par value of the shares issued and the subscription or issue price.
Investment property revaluation reserve
It relates to non-distributable reserves arising from revaluation of investment property less deferred tax.
Profit and loss reserves
Retained earnings represents accumulated comprehensive income for the year and prior periods less dividends paid.
11
Events after the reporting date
On the 11 June 2024 the company changed ownership. The company now has an immediate parent company, Portobello Properties (London) Limited and an ultimate parent company, Benchlevel Properties Limited. Both companies' registered office address is 2 Leman Street, London, United Kingdom, E1W 9US.
12
Related party transactions
The following amounts were outstanding at the reporting end date:
2024
2024
Amounts due from related parties
£
£
Other related parties
153,457
140,519
BRATHEW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
- 9 -
13
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Interest charged
Amounts repaid
Closing balance
£
£
£
£
Directors' loan accounts
2.25
1,031,253
799
(1,000,000)
32,052
1,031,253
799
(1,000,000)
32,052