Breffni Properties Ltd Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 07932502

Breffni Properties Ltd

Filleted Unaudited Financial Statements

31 March 2025

Breffni Properties Ltd

Statement of Financial Position

31 March 2025

	2025	2024
Note	£	£

Fixed assets

Investment Property	4	2,070,000	858,000

Current assets

Debtors	5	90,000	–
Investments	6	100	100
Cash at bank and in hand		119,881	154,375
		---------	---------
		209,981	154,475

Creditors: amounts falling due within one year	7	203,658	239,547
		---------	---------
Net current assets/(liabilities)		6,323	( 85,072)
		------------	---------
Total assets less current liabilities		2,076,323	772,928

Creditors: amounts falling due after more than one year	8	1,000	8,513

Provisions	303,000	–
	------------	---------
Net assets	1,772,323	764,415
	------------	---------

Capital and reserves

Called up share capital	100	100
Revaluation reserve	909,000	–
Profit and loss account	863,223	764,315
	------------	---------
Shareholders funds	1,772,323	764,415
	------------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- 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 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Breffni Properties Ltd

Statement of Financial Position (continued)

31 March 2025

These financial statements were approved by the board of directors and authorised for issue on 29 December 2025 , and are signed on behalf of the board by:

Mr P F Nannery

Director

Company registration number: 07932502

Breffni Properties Ltd

Notes to the Financial Statements

Year ended 31 March 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 43 Talbot Avenue, High Wycombe, Buckinghamshire, HP13 5JA, United Kingdom.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of investment properties measured at fair value through profit or loss.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Revenue recognition

Turnover represents the value of rents receivable.

Taxation

Current tax is recognised on taxable profit for the current and past periods. Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

4. Investment property

	Investment property
	£
Cost or valuation
At 1 April 2024	858,000
Revaluations	1,212,000
	------------
At 31 March 2025	2,070,000
	------------
Carrying amount
At 31 March 2025	2,070,000
	------------
At 31 March 2024	858,000
	------------

Included within the above is investment property as follows:

	£
At 1 April 2024	858,000
Fair value adjustments	1,212,000
	------------
At 31 March 2025	2,070,000
	------------

The 2025 valuation was determined by the directors based on an assessment of open market value on an existing use basis.

5. Debtors

	2025	2024
	£	£
Amounts owed by group undertakings and undertakings in which the company has a participating interest	90,000	–
	--------	----

6. Investments

	2025	2024
	£	£
Investments in group undertakings	100	100
	----	----

7. Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	4,000	–
Corporation tax	12,920	6,993
Other creditors	186,738	232,554
	---------	---------
	203,658	239,547
	---------	---------

8. Creditors: amounts falling due after more than one year

	2025	2024
	£	£
Bank loans and overdrafts	1,000	8,513
	-------	-------

The bank loan is a Government backed Bounce Back Loan and is repayable at the rate of £333.33 per month. Interest is charged in addition at the rate of 2.5% per annum.

9. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2025	2024
	£	£
Included in provisions	303,000	–
	---------	----

The deferred tax account consists of the tax effect of timing differences in respect of:

	2025	2024
	£	£
Fair value adjustment of investment property	303,000	–
	---------	----