REGISTERED NUMBER: 01833654 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST MAY 2025

FOR

I. & J.L. BROWN LIMITED

Page

Company information

1

Balance sheet

2

Notes to the financial statements

4

Directors:

I Brown

Mrs J L Brown

S L Hilton

Secretary:

Mrs J Hilton

Registered office:

The Manor

Ballingham

Hereford

HR2 6NH

Registered number:

01833654 (England and Wales)

Fixed assets

Tangible assets

4

-

960,614

Investment property

5

4,123,334

634,057

4,123,334

1,594,671

Current assets

Debtors

6

34,578

256,577

Investments

7

1,150,630

-

Cash at bank

114,904

2,207,916

1,300,112

2,464,493

Creditors

Amounts falling due within one year

8

39,829

102,198

Net current assets

1,260,283

2,362,295

Total assets less current liabilities

5,383,617

3,956,966

Creditors

Amounts falling due after more than one year

9

(340,281

)

(360,096

)

Provisions for liabilities

10

(432,900

)

(159,900

)

Net assets

4,610,436

3,436,970

Capital and reserves

Called up share capital

11

60,000

60,000

Share premium

90,766

90,766

Revaluation reserve

670,159

670,159

Capital redemption reserve

275,000

275,000

Undistr. reserves

1,163,271

212,752

Retained earnings

2,351,240

2,128,293

Shareholders' funds

4,610,436

3,436,970

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10th October 2025 and were signed on its behalf by:

I Brown - Director

1.	Statutory information

I. & J.L. Brown Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Tangible fixed assets are stated in the Balance sheet at cost less depreciation.

Depreciation is provided at the following rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is shorter:

Freehold property

1% straight line

Fixtures & fittings

10% straight line

Motor vehicles

25% straight line

Plant & machinery

10% - 33% straight line

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and 'Other Financial Instruments Issues' of FRS102 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 and 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 trade and other receivables and cash and bank balances, are measured at transaction price less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at the cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the assets original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

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 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 deducing all of its liabilities.

Basic financial liabilities, including trade and other payables are measured at the transaction price. Other financial liabilities, including bank loans and preference shares that are classified as debt, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognized at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs & other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Current asset investments

Current asset investments are shown in the balance sheet at fair value.

3.	Employees (including officers)

The average number of employees during the year was 4 (2024 - 9 ) .

4.	Tangible fixed assets

Freehold

Plant &

Fixtures &

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

Cost

At 1st June 2024

1,292,681

385,960

57,104

41,120

1,776,865

Disposals

-

(385,960

)

(57,104

)

(41,120

)

(484,184

)

Reclassification/transfer

(1,292,681

)

-

-

-

(1,292,681

)

At 31st May 2025

-

-

-

-

-

Depreciation

At 1st June 2024

348,031

385,960

57,104

25,156

816,251

Eliminated on disposal

-

(385,960

)

(57,104

)

(25,156

)

(468,220

)

Reclassification/transfer

(348,031

)

-

-

-

(348,031

)

At 31st May 2025

-

-

-

-

-

Net book value

At 31st May 2025

-

-

-

-

-

At 31st May 2024

944,650

-

-

15,964

960,614

5.	Investment property

Total

£

Fair value

At 1st June 2024

634,057

Additions

929,277

Revaluations

1,267,319

Reclassification/transfer

1,292,681

At 31st May 2025

4,123,334

Net book value

At 31st May 2025

4,123,334

At 31st May 2024

634,057

Investment properties of £4,123,334 (2024: £634,057) were valued on the basis of open market value as at 31st May 2025 by an independent valuer.

Fair value at 31st May 2025 is represented by:

£

Valuation in 2025

1,267,319

Cost

2,856,015

4,123,334

6.

Debtors: amounts falling due within one year

31.5.25

31.5.24

£

£

Other debtors

27,350

235,926

Prepayments & accrued income

7,228

20,651

34,578

256,577

7.	Current asset investments

31.5.25

31.5.24

£

£

Listed investments

1,150,630

-

8.

Creditors: amounts falling due within one year

31.5.25

31.5.24

£

£

Trade creditors

600

6,331

Social security & other taxes

449

1,682

Other creditors

38,780

90,743

Payments received on account

-

3,442

39,829

102,198

9.

Creditors: amounts falling due after more than one year

31.5.25

31.5.24

£

£

Directors' loan accounts

340,281

360,096

10.	Provisions for liabilities

31.5.25

31.5.24

£

£

Deferred tax

432,900

159,900

Deferred tax

£

Balance at 1st June 2024

159,900

Utilised during year

(3,500

)

Losses

(40,300

)

Investment property revalue

316,800

Balance at 31st May 2025

432,900

11.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.5.25

31.5.24

value:

£

£

60,000

Ordinary

£1

60,000

60,000

12.	Contingent liabilities & lease commitments

There were no contingent liabilities or lease commitments as at 31st May 2025.

13.	Related party disclosures

During the year, the directors used a current account with the company to record amounts due to them and amounts drawn by them. The balance at the year end was £340,281 owed by the company (2024: £360,096), and was considered payable after one year.

Interest of £44,312 was charged by the directors during the year at the rate of 12.25% (2024: £45,869).