| Braycote Ltd |
| Notes to the Accounts |
| for the year ended 2 October 2024 |
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| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Fixtures, fittings, tools and equipment |
15% reducing balance |
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The directors have placed a value on the investment properties which, in their opinion, reflects the current market value. Included in the investment properties are freehold properties which were valued by independent valuers based on open market value in November 2003. If these had not been revalued, the historic cost would have been £3,439,147, and the associated accumulated depreciation would have been £Nil. The estimated tax charge if the revalued properties were sold is £237,654. |
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Investments |
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Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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| 2 |
Employees |
2024 |
|
2023 |
| Number |
Number |
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Average number of persons employed by the company |
2 |
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2 |
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| 3 |
Tangible fixed assets |
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Investment Properties |
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Fixtures and fittings |
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Total |
| £ |
£ |
£ |
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Cost |
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At 3 October 2023 |
4,337,255 |
|
14,163 |
|
4,351,418 |
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Additions |
67,311 |
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- |
|
67,311 |
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At 2 October 2024 |
4,404,566 |
|
14,163 |
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4,418,729 |
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Depreciation |
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At 3 October 2023 |
- |
|
13,140 |
|
13,140 |
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Charge for the year |
- |
|
153 |
|
153 |
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At 2 October 2024 |
- |
|
13,293 |
|
13,293 |
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Net book value |
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At 2 October 2024 |
4,404,566 |
|
870 |
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4,405,436 |
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At 2 October 2023 |
4,337,255 |
|
1,023 |
|
4,338,278 |
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The directors have placed a value on the investment properties which, in their opinion, reflects the current market value. Included in the investment properties are freehold properties which were valued by independent valuers based on open market value in November 2003. If these had not been revalued, the historic cost would have been £3,814,937, and the associated accumulated depreciation would have been £Nil. The estimated tax charge if the revalued properties were sold is £125,356. |
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| 4 |
Debtors |
2024 |
|
2023 |
| £ |
£ |
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Amounts owed by associated undertakings and undertakings in which the company has a participating interest |
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- |
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220,000 |
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Other debtors |
718,766 |
|
749,516 |
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718,766 |
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969,516 |
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Included in other debtors is a loan of £714,988 (2023 : £745,738) to companies in which the Directors had interests in. |
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| 5 |
Creditors: amounts falling due within one year |
2024 |
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2023 |
| £ |
£ |
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Payments received on account |
35,644 |
|
35,644 |
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Taxation and social security costs |
69,274 |
|
51,206 |
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Director's current account |
- |
|
9,778 |
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Accruals and deferred income |
69,305 |
|
65,825 |
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Other creditors |
48,777 |
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48,778 |
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223,000 |
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211,231 |
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| 6 |
Creditors: amounts falling due after one year |
2024 |
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2023 |
| £ |
£ |
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Bank loans |
- |
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73,079 |
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All properties have a first legal charge to banks to secure their loans and overdrafts. There is also a cross guarantee and debenture between Braycote Limited and Premium Care Limited. |
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| 7 |
Revaluation reserve |
2024 |
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2023 |
| £ |
£ |
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At 3 October 2023 |
522,318 |
|
522,318 |
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At 2 October 2024 |
522,318 |
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522,318 |
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| 8 |
Related party transactions |
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At the year end the company was owed £88,738 (2023: £105,738) by Marstone Homes Limited, a company in which Mr C V Ganatra FCA and Mr M V Ganatra FCCA hold shares. This loan is on an interest free basis with no fixed date of repayment, and is included in other debtors. Also included under other debtors is £640,000 owed by other companies in which the directors have interest in. At the year end the company, Premium Care Limited, a former wholly owned subsidiary of Braycote Ltd, owed £100,000 (2023: £20,000). The loan is on an interest free basis with no fixed date of repayment. At the year end the company owed £22,500 to Foxhill Northwood Ltd and £22,500 to SSR Estates Ltd in which the directors have interests. At the year end, directors were owed £Nil (2023: £9,780). These are interest free loans repayable on demand. |
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| 9 |
Other information |
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Braycote Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
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9A Sandy Lodge Road |
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Rickmansworth |
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Hertfordshire |
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WD3 1LP |