Brook Developments UK Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04366606 (England and Wales)

Financial Statements

for the Year Ended 31 March 2019

for

Brook Developments UK Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mr D A J Allen

Mrs P L Pollock

Mrs C A Allen

REGISTERED OFFICE:

8 Hadleigh Drive

LINCOLN

Lincolnshire

LN6 7HW

REGISTERED NUMBER:

04366606 (England and Wales)

ACCOUNTANTS:

Nicholsons

Chartered Accountants

Newland House

The Point

Weaver Road

LINCOLN

Lincolnshire

LN6 3QN

BANKERS:

Yorkshire Bank plc

8 Guildhall Street

LINCOLN

Lincolnshire

LN1 1TT

FIXED ASSETS

Investment property

4

1,115,000

1,234,850

CURRENT ASSETS

Debtors

5

933

861

Cash at bank

18,359

348

19,292

1,209

CREDITORS

Amounts falling due within one year

6

23,647

22,866

NET CURRENT LIABILITIES

(4,355

)

(21,657

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,110,645

1,213,193

PROVISIONS FOR LIABILITIES

42,320

64,969

NET ASSETS

1,068,325

1,148,224

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

7

1,068,225

1,148,124

SHAREHOLDERS' FUNDS

1,068,325

1,148,224

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 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 on 10 October 2019 and were signed on its behalf by:

Mrs C A Allen - Director

Mrs P L Pollock - Director

1.	STATUTORY INFORMATION

Brook Developments UK 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 represents rental income excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Investment properties

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

Only basic financial instruments as defined in FRS 102 are held. Financial assets and financial

liabilities are recognised in the accounts only when the entity becomes party to the contractual

provisions of the instrument and their measurement basis is as follows:

Financial assets - trade and other debtors are basic financial instruments and are debt

instruments measured at amortised cost. Prepayments are not financial instruments.

Cash at bank is classified as a basic financial instrument and is measured at transaction price.

Financial liabilities - trade creditors, accruals and other creditors are basic financial instruments,

and are measured at amortised cost. Where a financial liability constitutes a financing transaction

it is initially and subsequently measured at the present value of future payments, discounted at a

market rate of interest.

Deferred taxation

Deferred tax is recognised in respect of all timing differences that have originated but not reversed

at the balance sheet date. Deferred tax is not recognised when assets are revalued, unless by the

balance sheet date, the company has entered into a binding agreement to sell the assets and

recognised the gains and losses expected to arise on sale, or where assets have been sold and it

is expected that the taxable gain will be rolled over into a replacement asset.

Operating lease agreements

Rental income from operating leases are recognised on a straight line basis over the term of the

lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2018 - 3 ) .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2018

1,234,850

Revaluations

(119,850

)

At 31 March 2019

1,115,000

NET BOOK VALUE

At 31 March 2019

1,115,000

At 31 March 2018

1,234,850

The historical cost of the investment properties is £563,721 (2018: £563,721).

If the properties were to be sold at the revalued amount there would be an additional corporation

tax charge of £42,320 (2018: £64,969).

If depreciation had been charged on historical cost the accumulated charge would have been

£176,358 (2018: £165,984).

All of the investment properties are rented out under operating leases. The amount of rent

received from these properties totalled £60,914 (2018: £61,694).

The investment properties were valued by the Directors in 2019 on an open market value basis.

Fair value at 31 March 2019 is represented by:

£

Valuation in 2019

551,279

Cost

563,721

1,115,000

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Prepayments and accrued income

933

861

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Tax

4,059

3,816

Other creditors

17,438

16,950

Accruals and deferred income

2,150

2,100

23,647

22,866

7.

RESERVES

Retained

earnings

£

At 1 April 2018

1,148,124

Deficit for the year

(79,899

)

At 31 March 2019

1,068,225

Included within reserves is an amount of £508,959 (2018: £606,160) which relates to an upward

revaluation of investment properties. This amount does not represent distributable reserves.

8.	RELATED PARTY DISCLOSURES

The company is related to Gladebrook Limited as Mr D A J Allen, Mrs C A Allen and Mrs P L

Pollock are directors and 100% shareholders.

Included in creditors is an amount owed to Gladebrook Limited of £17,438 (2018: £16,950). This

amount is repayable on demand and on normal credit terms, unsecured and interest free.

Included in expenditure is a management charge of £25,000 (2018: £25,000) paid to Gladebrook

Limited.