Bracey & Clark (Properties) Limited
Unaudited Financial Statements
For the year ended 28 February 2025
Pages for Filing with Registrar
Company Registration No. 00208512 (England and Wales)
Bracey & Clark (Properties) Limited
Company Information
Directors
E M Turner FCA
C Turner
Company number
00208512
Registered office
4 Victoria Square
St Albans
Hertfordshire
AL1 3TF
Accountants
Moore Kingston Smith LLP
4 Victoria Square
St Albans
Hertfordshire
AL1 3TF
Bracey & Clark (Properties) Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
Bracey & Clark (Properties) Limited
Balance Sheet
As at 28 February 2025
28 February 2025
Page 1
2025
2024
Notes
£
£
£
£
Fixed assets
Investment properties
3
2,779,367
2,779,367
Investments
4
1
1
2,779,368
2,779,368
Current assets
Debtors
5
120,537
98,537
Cash at bank and in hand
6,672
39,912
127,209
138,449
Creditors: amounts falling due within one year
6
(89,016)
(102,355)
Net current assets
38,193
36,094
Total assets less current liabilities
2,817,561
2,815,462
Creditors: amounts falling due after more than one year
7
(300)
(300)
Net assets
2,817,261
2,815,162
Capital and reserves
Called up share capital
8
5,230
5,230
Other reserves
2,615
2,615
Profit and loss reserves
2,809,416
2,807,317
Total equity
2,817,261
2,815,162
Bracey & Clark (Properties) Limited
Balance Sheet (Continued)
As at 28 February 2025
28 February 2025
Page 2

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 28 February 2025 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.

T he 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.

The financial statements were approved by the board of directors and authorised for issue on 5 January 2026 and are signed on its behalf by:
E M Turner FCA
Director
Company Registration No. 00208512
Bracey & Clark (Properties) Limited
Notes to the Financial Statements
For the year ended 28 February 2025
Page 3
1
Accounting policies
Company information

Bracey & Clark (Properties) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 4 Victoria Square, St Albans, Hertfordshire, AL1 3TF.

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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Exemptions for qualifying entities under FRS 102

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.

1.3
Turnover

Turnover is in relation to rents receivable. Turnover is recognised when the company is entitles to rent. The turnover is recognised net of VAT where applicable.

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 a t the reporting end date. Changes in fair value are recognised in profit or loss.

Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and loss es are recognised in profit or loss.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Bracey & Clark (Properties) Limited
Notes to the Financial Statements (Continued)
For the year ended 28 February 2025
1
Accounting policies
(Continued)
Page 4
1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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 deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

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.

Bracey & Clark (Properties) Limited
Notes to the Financial Statements (Continued)
For the year ended 28 February 2025
1
Accounting policies
(Continued)
Page 5
1.9
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.

1.10
Foreign exchange
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to the profit and loss account.
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 2 (2024 : 2).

2025
2024
Number
Number
Total
2
2
3
Investment property
2025
£
Fair value
At 29 February 2024 and 28 February 2025
2,779,367

Investment properties are valued by the director on an open market basis.

4
Fixed asset investments
2025
2024
£
£
Investments
1
1
Bracey & Clark (Properties) Limited
Notes to the Financial Statements (Continued)
For the year ended 28 February 2025
4
Fixed asset investments
(Continued)
Page 6
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 29 February 2024 & 28 February 2025
1
Carrying amount
At 28 February 2025
1
At 28 February 2024
1
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Other debtors
120,537
98,537
6
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
5,752
8,526
Corporation tax
-
0
1,384
Other taxation and social security
893
241
Other creditors
74,371
74,969
Accruals and deferred income
8,000
17,235
89,016
102,355
7
Creditors: amounts falling due after more than one year
2025
2024
£
£
Redeemable preference shares
300
300
8
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
5,230
5,230
5,230
5,230
Bracey & Clark (Properties) Limited
Notes to the Financial Statements (Continued)
For the year ended 28 February 2025
Page 7
9
Related party transactions

Included within other debtors is an amount of £94,085 (2024: £94,085) receivable from Revsite Limited, the ultimate parent company.

Included within other debtors is a balance of £26,452 (202 4: £3,784) owe d by E M Turner a director of the company.

Included within other creditors is an amount of £Nil (2024: £74,969) due to Norris Maintenance Limited, a 100% owned subsidiary.

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