ACCOUNTS - Final Accounts preparation

BRUTON LEGACY LIMITED - Company Information

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Registered number: 11726288

BRUTON LEGACY LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2019

BRUTON LEGACY LIMITED

CONTENTS

	Page
Balance Sheet	1 - 2
Statement of Changes in Equity	3
Notes to the Financial Statements	4 - 6

BRUTON LEGACY LIMITED

REGISTERED NUMBER: 11726288

BALANCE SHEET

AS AT 31 DECEMBER 2019

		2019
Note		£

Fixed assets
Investments	4		200
			200
Current assets
Debtors: amounts falling due within one year	5	928,082
Cash at bank and in hand	6	113,993
		1,042,075
Creditors: amounts falling due within one year	7	(837,530)
Net current assets			204,545
Total assets less current liabilities			204,745

Net assets			204,745

Capital and reserves
Called up share capital			100
Profit and loss account			204,645
Shareholders' funds			204,745

Page 1

BRUTON LEGACY LIMITED

REGISTERED NUMBER: 11726288

BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2019

The directors consider 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 period in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered 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 Company has opted not to file the profit and loss account 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 13 January 2021.

R Palmer

Director

The notes on pages 4 to 6 form part of these financial statements.

Page 2

BRUTON LEGACY LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 31 DECEMBER 2019

	Called up share capital	Profit and loss account	Total equity
	£	£	£
Comprehensive income for the period
Profit for the period	-	204,645	204,645
Shares issued during the period	100	-	100
At 31 December 2019	100	204,645	204,745

The notes on pages 4 to 6 form part of these financial statements.

Page 3

BRUTON LEGACY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2019

1.	General information

The Company is a private company limited by share capital, incorporated in England and Wales. The address of the registered office is Third Floor Queensberry House, 3 Old Burlington Street, London, W1S 3AE.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.4

Taxation

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 balance sheet date in the countries where the Company operates and generates income.

2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.6

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 4

BRUTON LEGACY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2019

2.Accounting policies (continued)

2.8

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.

2.9

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

Employees

The average monthly number of employees, including directors, during the period was 7.

4.	Fixed asset investments

		Investments in subsidiary companies
		£
	Cost or valuation
	Additions	200
	At 31 December 2019	200

The Company has two subsidiaries, Palmer Capital Partners (CBX3) Limited and Aubrey Place (BTR) Limited, both incorporated in Engaland and Wales. The Company has 100% shareholdings in both.

Page 5

BRUTON LEGACY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2019

Debtors

					2019
					£


	Other debtors	928,082
		928,082

6.	Cash and cash equivalents
		2019
		£

	Cash at bank and in hand	113,993

7.	Creditors: Amounts falling due within one year
		2019
		£

	Trade creditors	3,119
	Amounts owed to group undertakings	200
	Corporation tax	52,411
	Other creditors	780,000
	Accruals and deferred income	1,800
		837,530

8.	Related party transactions
	At the balance sheet date, the Company owed £100 to both its underlying subsidiaries. Included in debtors balance there is a loan of £927,982 due from a subsidiary Company. Included in other creditors is an amount of £381,287 due to Directors of the Company. Included in other creditors is an amount of £286,575 due to a Company under common control.

Page 6