Bramley Homes Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02296025 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2019

for

Bramley Homes Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs M J Bramley

T J Bramley

A J Bramley

SECRETARY:

Mrs M J Bramley

REGISTERED OFFICE:

48a Northview Road

Luton

Bedfordshire

LU2 7LF

REGISTERED NUMBER:

02296025 (England and Wales)

ACCOUNTANTS:

Godfrey Laws & Co. Limited

1 Doolittle Yard

Froghall Road

Ampthill

Bedfordshire

MK45 2NW

FIXED ASSETS

Tangible assets

4

10,175

13,479

CURRENT ASSETS

Stocks

11,362,143

9,007,247

Debtors

5

21,877

12,011

Cash at bank

116,830

151,989

11,500,850

9,171,247

CREDITORS

Amounts falling due within one year

6

12,663,614

10,379,470

NET CURRENT LIABILITIES

(1,162,764

)

(1,208,223

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(1,152,589

)

(1,194,744

)

CREDITORS

Amounts falling due after more than one year

7

6,574

10,399

NET LIABILITIES

(1,159,163

)

(1,205,143

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(1,159,263

)

(1,205,243

)

SHAREHOLDERS' FUNDS

(1,159,163

)

(1,205,143

)

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 23 December 2019 and were signed on its behalf by:

A J Bramley - Director

1.	STATUTORY INFORMATION

Bramley Homes Ltd 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

25% on reducing balance and 15% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

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

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2018 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2018

and 31 March 2019

30,023

DEPRECIATION

At 1 April 2018

16,544

Charge for year

3,304

At 31 March 2019

19,848

NET BOOK VALUE

At 31 March 2019

10,175

At 31 March 2018

13,479

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 April 2018

and 31 March 2019

17,093

DEPRECIATION

At 1 April 2018

4,273

Charge for year

3,205

At 31 March 2019

7,478

NET BOOK VALUE

At 31 March 2019

9,615

At 31 March 2018

12,820

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Trade debtors

9,071

4,486

Other debtors

12,806

7,525

21,877

12,011

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Bank loans and overdrafts

4,488,409

2,500,309

Hire purchase contracts

3,825

3,572

Trade creditors

10,075

4,535

Taxation and social security

1,539

1,366

Other creditors

8,159,766

7,869,688

12,663,614

10,379,470

Included in other creditors is amounts owed to directors of £8,066,008 (2018 £7,552,532)

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.19

31.3.18

£

£

Hire purchase contracts

6,574

10,399

Amounts falling due in more than five years:

Repayable by instalments

Hire purchase

2,496

6,574

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.19

31.3.18

£

£

Bank overdraft

1,128

-

Bank loans

4,487,281

2,500,309

4,488,409

2,500,309

The bank overdraft is secured by a guarantee from A.J. Bramley.

Lloyds Bank have a fixed and floating charge over the land adjacent to 69 Felstead Way Luton LU2 7LJ

9.	ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.

10.	GOING CONCERN

The company has a bank facility due for repayment on 1 June 2020. The accounts are prepared on the basis that

this is renewed but may not be appropriate.

At the year end the company is also supported by the directors.

11.

STOCK

Development land and costs are included in the accounts at a valuation of £11.362m.

A valuation was prepared by Pinders Chartered Surveyors in July 2017. The report valued the land at £6m. It is

in the opinion of the directors that this valuation does not reflect a permanent impairment in value and

accordingly no adjustment has been made.