Company registration number 00975694 (England and Wales)
BRYN PROPERTY COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
PAGES FOR FILING WITH REGISTRAR
BRYN PROPERTY COMPANY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
BRYN PROPERTY COMPANY LIMITED
BALANCE SHEET
AS AT 31 OCTOBER 2024
31 October 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
589
446,464
Investment properties
5
8,802,000
8,550,539
Investments
6
51
51
8,802,640
8,997,054
Current assets
Stocks
650,000
-
Debtors
7
282,472
380,764
Cash at bank and in hand
78,446
100,117
1,010,918
480,881
Creditors: amounts falling due within one year
8
(680,873)
(704,411)
Net current assets/(liabilities)
330,045
(223,530)
Total assets less current liabilities
9,132,685
8,773,524
Creditors: amounts falling due after more than one year
9
(4,894,200)
(4,959,200)
Provisions for liabilities
(37,065)
Net assets
4,201,420
3,814,324
Capital and reserves
Called up share capital
5,000
5,000
Capital redemption reserve
5,619
5,619
Fair value reserve
208,111
Profit and loss reserves
3,982,690
3,803,705
Total equity
4,201,420
3,814,324
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
BRYN PROPERTY COMPANY LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2024
31 October 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 27 July 2025 and are signed on its behalf by:
Mrs D Jones
Mrs D Jones Small
Director
Director
Company Registration No. 00975694
BRYN PROPERTY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 3 -
1
Accounting policies
Company information
Bryn Property Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is Units 1-3, Five Crosses Industrial Estate, Minera, Wrexham, LL11 3RD.
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 investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Turnover
Turnover represents consideration received for property rents, insurance and other services provided in the period together with proceeds from the sale of undeveloped land.
Property rents, insurances and service charges are recognised in the period to which the letting relates. Land sales are recognised on exchange of contracts.
1.3
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:
Office equipment
33% on cost
Motor vehicles
25% on cost
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.
Assets under construction are not depreciated. They are transferred to investment property on completion.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Fixed asset investments
Investments are stated at cost at the balance sheet date.
BRYN PROPERTY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.7
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.
1.8
Retirement benefits
The company operates a defined contribution pension scheme for its employees. the assets of the scheme are held separately from those of the company. the annual contributions payable are charged to the profit and loss account.
BRYN PROPERTY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 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.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
5
5
4
Tangible fixed assets
Office equipment
Assets under construction
Motor vehicles
Total
£
£
£
£
Cost
At 1 November 2023
1,506
446,397
17,714
465,617
Additions
833
109,503
110,336
Disposals
(555,900)
(555,900)
At 31 October 2024
2,339
17,714
20,053
Depreciation and impairment
At 1 November 2023
1,439
17,714
19,153
Depreciation charged in the year
311
311
At 31 October 2024
1,750
17,714
19,464
Carrying amount
At 31 October 2024
589
589
At 31 October 2023
67
446,397
446,464
During the year, assets under construction were reclassified as trading stock following a change in the intended use of the asset from capital investment to resale. The asset was transferred from fixed assets to stock at its fair value on the date of transfer.
BRYN PROPERTY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 6 -
5
Investment property
2024
£
Fair value
At 1 November 2023
8,550,539
Revaluations
251,461
At 31 October 2024
8,802,000
The directors have revalued the investment property to the value they consider it to be worth at 31 October 2024, taking into account the previous independent valuation carried out in January 2021 and the current market values of similar properties. The valuation was made on an open market value basis taking into account any rental agreements in force.
6
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
51
51
The company's investments at the balance sheet date comprise the share capital of Wrexrent Limited, a subsidiary company in which 51% of the ordinary shares are owned. The business is incorporated in England and Wales and the trade is real estate management.
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
282,035
373,550
Prepayments and accrued income
437
387
282,472
373,937
Deferred tax asset
6,827
282,472
380,764
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
302
383
Taxation and social security
29,413
15,957
Other creditors
651,158
688,071
680,873
704,411
BRYN PROPERTY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 7 -
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
4,894,200
4,959,200
Included within amounts falling due after more than one year are bank loans of £2,296,200 (2023 - £2,296,200 ) secured by the company.
10
Companies under common directorate
The following transactions took place with companies having predominantly the same shareholders and boards of directors but which are neither parent, subsidiary, nor associated companies:
Minera Roof Trusses Limited
Included in creditors falling due after one year at 31 October 2024 are loans totalling £2,498,000 due by the company to Minera Roof Trusses Limited (2023 - £2,663,000). No interest is charged on this balance.
Ty Eco Construction Limited
Included in debtors falling due within one year at 31 October 2024 is £273,744 due from Ty Eco Construction Limited (2023 - £328,750 ). No interest is charged on this balance.
11
Related Party Transactions
Wrexrent Limited
Wrexrent Limited is a subsidiary of Bryn Property Company Limited which owns 51% of the issued share capital.
Included in debtors falling due within one year at 31 October 2024 is £8,268 due from Wrexrent Limited (2023 - £44,781). No interest is charged on this balance.