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Registered number: 10017459 BRIGHTPLACE LIMITED UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
BRIGHTPLACE LIMITED
CONTENTS
| Page
Statement of Financial Position | 1 - 2
Notes to the Financial Statements | 3 - 9
BRIGHTPLACE LIMITED REGISTERED NUMBER:10017459
STATEMENT OF FINANCIAL POSITION AS AT 28 FEBRUARY 2025
|  | 28 February |  | 29 February
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible fixed assets | 4 |  | 6,077 |  | 8,365
Investments | 5 |  | 50,000 |  | -
Investment property | 6 |  | 3,240,165 |  | 2,706,435
|  |  | 3,296,242 |  | 2,714,800
Current assets |  |  |  |  |
Work in progress |  | 178,445 |  | - |
Debtors: amounts falling due within one year | 7 | 53,076 |  | 143,489 |
Bank and cash balances |  | 280,940 |  | 386,344 |
|  | 512,461 |  | 529,833 |
Current liabilities |  |  |  |  |
Creditors: amounts falling due within one year | 8 | (1,081,858) |  | (1,087,783) |
Net current liabilities |  |  | (569,397) |  | (557,950)
Total assets less current liabilities |  |  | 2,726,845 |  | 2,156,850
Creditors: amounts falling due after more than one year | 9 |  | (2,248,266) |  | (1,979,060)
Provisions for liabilities |  |  |  |  |
Deferred tax | 10 |  | (103,585) |  | (30,456)
Net assets |  |  | 374,994 |  | 147,334
Capital and reserves |  |  |  |  |
Called up share capital | 11 |  | 500 |  | 500
Profit and loss account | 12 |  | 374,494 |  | 146,834
|  |  | 374,994 |  | 147,334
Page 1
BRIGHTPLACE LIMITED REGISTERED NUMBER:10017459
STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 28 FEBRUARY 2025 The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 February 2026.
S Shohet
Director
The notes on pages 3 to 9 form part of these financial statements. Page 2
BRIGHTPLACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
1. | General information
Brightplace Limited is a private limited liability company incorporated in England and Wales with its registered office at 5 Elstree Gate, Elstree Way, Borehamwood, Hertfordshire, WD6 1JD. The principal activity of the Company is that of property investment. The functional and presenational currency of the Company is £ Sterling. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:
| 2.2 | Going concern
The financial statements of the Company have been prepared on a going concern basis, the validity of which is dependent on the continued support of the director of the Company. The director is satisfied that suitable facilities will continue to be made available. Accordingly, he continues to adopt the going concern basis in preparing the financial statements.
| 2.3 | Turnover
Turnover comprises rents receivable exclusive of Value Added Tax. Rental income is recognised in the period to which it relates. Rental income received in advance is carried forward as deferred income.
| 2.4 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is provided on the following basis:
|  |  |  | Furniture and fittings | - | 20% | on a straight line basis
|  |  |  | Computer equipment | - | 33% | on a straight line basis
| 2.5 | Investment property
Investment property is carried at fair value determined annually by the director and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Comprehensive Income. Page 3
BRIGHTPLACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 2.Accounting policies (continued)
| 2.6 | Valuation of investments
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
| 2.7 | Stocks
Stock is stated at the lower of cost and net realisable value.
| 2.8 | Debtors
Short term debtors are measured at the transaction price.
| 2.9 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions.
| 2.10 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.11 | Finance costs
Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.
| 2.12 | Interest income
Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.
| 2.13 | Borrowing costs
All borrowing costs are recognised in the Statement of Comprehensive Income in the year in which they are incurred. Page 4
BRIGHTPLACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 2.Accounting policies (continued)
| 2.14 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
3. | Employees
| The average monthly number of employees, including directors, during the year was 3 (2024 - 3).
Page 5
BRIGHTPLACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
4. | Tangible fixed assets
|  | Fixtures and fittings | Computer equipment | Total
|  | £ | £ | £
| Cost |  |  |
| At 1 March 2024 | 12,095 | 3,306 | 15,401
| Additions | - | 602 | 602
| Disposals | - | (2,028) | (2,028)
| At 28 February 2025 | 12,095 | 1,880 | 13,975
| Depreciation |  |  |
| At 1 March 2024 | 4,718 | 2,318 | 7,036
| Charge for the year on owned assets | 2,419 | 471 | 2,890
| Disposals | - | (2,028) | (2,028)
| At 28 February 2025 | 7,137 | 761 | 7,898
| Net book value |  |  |
| At 28 February 2025 | 4,958 | 1,119 | 6,077
| At 29 February 2024 | 7,377 | 988 | 8,365
5. | Fixed asset investments
|  | Unlisted investments
|  | £
| Cost |
| Additions | 50,000
| At 28 February 2025 | 50,000
Page 6
BRIGHTPLACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
6. | Investment property
|  | Freehold investment property
|  | £
| Valuation |
| At 1 March 2024 | 2,706,435
| Additions at cost | 241,212
| Surplus on revaluation | 292,518
| At 28 February 2025 | 3,240,165
The 2025 valuations were made by the director, on an open market value for existing use basis.
| If the investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
|  |  |  |  | 28 February | 29 February
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Historic cost | 2,825,827 | 2,584,614
7. | Debtors
|  |  |  |  | 28 February | 29 February
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other debtors | 5,400 | 96,400
| Short-term loans receivable | 25,000 | -
| Prepayments and accrued income | 22,676 | 47,089
|  | 53,076 | 143,489
Page 7
BRIGHTPLACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
8. | Creditors: Amounts falling due within one year
|  |  |  |  | 28 February | 29 February
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Taxation and social security | 3,084 | 4,581
| Other creditors | 1,070,507 | 1,077,197
| Accruals and deferred income | 8,267 | 6,005
|  | 1,081,858 | 1,087,783
9. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 28 February | 29 February
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 2,248,266 | 1,979,060
| Secured loans The bank loans are secured by a first charge on the freehold investment properties.
10. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | 30,456
| Charged to profit or loss | 73,129
| At end of year | 103,585
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 28 February | 29 February
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fair value movements on investment properties | 103,585 | 30,456
Page 8
BRIGHTPLACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
11. | Share capital
|  |  |  |  | 28 February | 29 February
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 300 Ordinary shares of £1 each | 300 | 300
|  | 200 Ordinary B shares of £1 each | 200 | 200
|  |  | 500 | 500
12. | Reserves
Profit and loss account Included in profit and loss reserves at the reporting date are non-distributable fair value adjustments of £310,754 (2024 - £91,365).
Page 9