Brookdale Group Ltd Company accounts

Brookdale Group Ltd Company accounts

BROOKDALE GROUP LTD - Company Information

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COMPANY REGISTRATION NUMBER: 10439736
Brookdale Group Ltd
Unaudited Financial Statements
For the year ended
30 November 2018
Brookdale Group Ltd
Financial Statements
Year ended 30 November 2018
Contents
Page
Director's report
1
Chartered accountant's report to the director on the preparation of the unaudited statutory financial statements
2
Profit and loss account
3
Balance sheet
4
Notes to the financial statements
6
Brookdale Group Ltd
Director's Report
Year ended 30 November 2018
The director presents his report and the unaudited financial statements of the company for the year ended 30 November 2018 .
Director
The director who served the company during the year was as follows:
D E Hidle
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 28 November 2019 and signed on behalf of the board by:
D E Hidle
Director
Registered office:
14 Astley Lane Industrial Estate
Swillington
Leeds
West Yorkshire
LS26 8XT
Brookdale Group Ltd
Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Brookdale Group Ltd
Year ended 30 November 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Brookdale Group Ltd for the year ended 30 November 2018, which comprise the profit and loss account, balance sheet and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Brookdale Group Ltd in accordance with the terms of our engagement letter dated 21 November 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Brookdale Group Ltd and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Brookdale Group Ltd and its director for our work or for this report.
It is your duty to ensure that Brookdale Group Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Brookdale Group Ltd. You consider that Brookdale Group Ltd is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Brookdale Group Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
VOGAN ACCOUNTANCY LIMITED Chartered accountants
2 Chancery Lane Wakefield West Yorkshire WF1 2SS
28 November 2019
Brookdale Group Ltd
Profit and Loss Account
Year ended 30 November 2018
2018
2017
Note
£
£
Administrative expenses
1,722
–
Other operating income
28,333
–
--------
----
Operating profit
26,611
–
Income from shares in group undertakings
–
35,000
Interest payable and similar expenses
2,961
–
--------
--------
Profit before taxation
4
23,650
35,000
Tax on profit
–
–
--------
--------
Profit for the financial year and total comprehensive income
23,650
35,000
--------
--------
Dividends paid and payable
–
( 35,000)
Retained earnings at the start of the year
–
–
--------
--------
Retained earnings at the end of the year
23,650
–
--------
--------
All the activities of the company are from continuing operations.
Brookdale Group Ltd
Balance Sheet
30 November 2018
2018
2017
Note
£
£
Fixed assets
Tangible assets
5
819,000
–
Investments
6
101
101
---------
----
819,101
101
Current assets
Debtors
7
164,100
100
Cash at bank and in hand
6,483
500
---------
----
170,583
600
Creditors: amounts falling due within one year
8
397,500
500
---------
----
Net current (liabilities)/assets
( 226,917)
100
---------
----
Total assets less current liabilities
592,184
201
Creditors: amounts falling due after more than one year
9
568,333
–
---------
----
Net assets
23,851
201
---------
----
Capital and reserves
Called up share capital
201
201
Profit and loss account
23,650
–
--------
----
Shareholder funds
23,851
201
--------
----
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 30 November 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Brookdale Group Ltd
Balance Sheet (continued)
30 November 2018
These financial statements were approved by the board of directors and authorised for issue on 28 November 2019 , and are signed on behalf of the board by:
D E Hidle
Director
Company registration number: 10439736
Brookdale Group Ltd
Notes to the Financial Statements
Year ended 30 November 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 14 Astley Lane Industrial Estate, Swillington, Leeds, LS26 8XT, West Yorkshire.
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 certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
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.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The company has an investment property that is rented out solely to other group entities. The property is included under tangible fixed assets. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
1% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Profit before taxation
Profit before taxation is stated after charging:
2018
2017
£
£
Depreciation of tangible assets
1,000
–
-------
----
5. Tangible assets
Freehold property
£
Cost
At 1 December 2017
–
Additions
820,000
---------
At 30 November 2018
820,000
---------
Depreciation
At 1 December 2017
–
Charge for the year
1,000
---------
At 30 November 2018
1,000
---------
Carrying amount
At 30 November 2018
819,000
---------
At 30 November 2017
–
---------
6. Investments
Shares in group undertakings
£
Cost
At 1 December 2017 and 30 November 2018
101
----
Impairment
At 1 December 2017 and 30 November 2018
–
----
Carrying amount
At 30 November 2018
101
----
At 30 November 2017
101
----
Subsidiaries, associates and other investments
Registered office
Class of share
Percentage of shares held
Subsidiary undertakings
Brookdale Transport Limited
14 Astley Way
Ordinary
100
Astely Lane Industrial Estate
Swillington
LS26 8XT
Brookdale Transport & Crane Services Limited
14 Astely Way
Ordinary
100
Astley Lane Industrial Estate
Swillington
LS26 8XT
The results and capital and reserves for the year are as follows:
Capital and reserves
Profit/(loss) for the year
2018
2017
2018
2017
£
£
£
£
Subsidiary undertakings
Brookdale Transport Limited
437,869
439,287
( 26,998)
175,756
Brookdale Transport & Crane Services Limited
316,015
97,065
124,929
96,965
---------
---------
---------
---------
7. Debtors
2018
2017
£
£
Other debtors
164,100
100
---------
----
8. Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
41,333
–
Amounts owed to group undertakings and undertakings in which the company has a participating interest
356,167
500
---------
----
397,500
500
---------
----
The bank loans and overdrafts are secured by a charge over the company's assets. Interest is charged at variable rates linked to the lender's base rate.
9. Creditors: amounts falling due after more than one year
2018
2017
£
£
Bank loans and overdrafts
568,333
–
---------
----
The bank loans and overdrafts are secured by a charge over the company's assets. Interest is charged at variable rates linked to the lender's base rate.
Included within creditors: amounts falling due after more than one year is an amount of £403,000 (2017: £Nil) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
10. Contingencies
The company has given a cross guarantee to support the borrowing of its subsidiary companies. At the balance sheet date there were no borrowings by the subsidiary companies outstanding under this arrangement.
11. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2018
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
D E Hidle
100
–
100
----
----
----
2017
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
D E Hidle
–
100
100
----
----
----