Company No:
Contents
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Fixed assets | ||||
| Tangible assets | 3 |
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| Investment property | 4 |
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| 675,000 | 675,000 | |||
| Current assets | ||||
| Debtors |
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| Cash at bank and in hand |
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| 20,277 | 40,173 | |||
| Creditors: amounts falling due within one year | 5 | (
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| Net current liabilities | (269,500) | (287,968) | ||
| Total assets less current liabilities | 405,500 | 387,032 | ||
| Provision for liabilities | (
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| Net assets |
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| Capital and reserves | ||||
| Called-up share capital |
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| Revaluation reserve |
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| Profit and loss account |
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| Total shareholders' funds |
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Non-distributable reserves
Shareholders' funds includes unrealised gains less deferred tax on the revaluation of tangible fixed assets and investment properties amounting to £192,192 (2023 - £192,192) that are non-distributable.
Directors' responsibilities:
These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Brixeys Limited (registered number:
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Miss J Hooper
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Brixeys Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is South Farm, Tarrant Hinton, Blandford Forum, Dorset, DT11 8HX, United Kingdom.
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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probably that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted in the countries where the company operates and generates taxable income.
Deferred tax
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Freehold land is periodically restated to fair value.
| Land and buildings | not depreciated |
Classification
The company holds the following financial instruments:
• Short term trade and other debtors and creditors; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102. Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
| 2024 | 2023 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including directors |
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| Land and buildings | Total | ||
| £ | £ | ||
| Cost | |||
| At 01 October 2023 |
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| At 30 September 2024 |
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| Accumulated depreciation | |||
| At 01 October 2023 |
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| At 30 September 2024 |
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| Net book value | |||
| At 30 September 2024 |
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| At 30 September 2023 |
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Revaluation
The fair value of the company's land was revalued on 30 June 2021 by an independent valuer. Valuation is on an open market basis, including consideration of the development potential. The name and qualification of the independent valuer are Symonds & Sampson LLP, Chartered Surveyors . Had this class of asset been measured on a historical cost basis, the carrying amount would have been £20,685 (2023 - £20,685).
| Investment property | |
| £ | |
| Valuation | |
| As at 01 October 2023 |
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| As at 30 September 2024 |
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Freehold investment properties have been revalued on an open market basis as at June 2021.
Fair value has been based upon a market appraisal report prepared by an independent valuer.
| 2024 | 2023 | ||
| £ | £ | ||
| Trade creditors |
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| Amounts owed to Group undertakings |
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| Taxation and social security |
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| Other creditors |
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Transactions with owners holding a participating interest in the entity
| 2024 | 2023 | ||
| £ | £ | ||
| Balance at start of period | 164,170 | 166,084 | |
| Advanced | 5,289 | 9,086 | |
| Repaid | (23,006) | (11,000) | |
| Balance at end of period | 146,452 | 164,170 |
Loan from 50% shareholder that is interest-free with no terms for repayment.
Transactions with the entity's directors
| 2024 | 2023 | ||
| £ | £ | ||
| Balance at start of period | 152,586 | 161,286 | |
| Advanced | 2,000 | 4,000 | |
| Repaid | (19,200) | (12,700) | |
| Balance at end of period | 135,386 | 152,586 |
Interest-free loans from directors with no terms for repayment.