Bryan Brothers Holdings Limited - Period Ending 2020-12-31
Bryan Brothers Holdings Limited - Period Ending 2020-12-31
Registration number:
Bryan Brothers Holdings Limited
trading as
for the Year Ended 31 December 2020
Bryan Brothers Holdings Limited
trading as BBH Properties
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
Bryan Brothers Holdings Limited
trading as BBH Properties
(Registration number: 01233098)
Balance Sheet as at 31 December 2020
Note |
2020 |
2019 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Other financial assets |
24,000 |
24,000 |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
- |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Capital redemption reserve |
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Profit and loss account |
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Shareholders' funds |
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Bryan Brothers Holdings Limited
trading as BBH Properties
(Registration number: 01233098)
Balance Sheet as at 31 December 2020
For the financial year ending 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Director
Bryan Brothers Holdings Limited
trading as BBH Properties
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
Castlegate Business Park
Caldicot
Monmouthshire
NP26 5YR
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
In light of the rapid global spread of the Coronavirus “Covid-19” in early 2020, the directors have reviewed and stress tested projections and budgets for the next twelve months. Following this review, the directors consider there to be little impact on the company’s ability to act as a going concern.
The directors have reviewed the supply chains, key customers and the capital resources available and consider that the company has adequate resources in place to continue trading for the next twelve months.
Bryan Brothers Holdings Limited
trading as BBH Properties
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
Revenue recognition
The turnover shown in the profit and loss account represents rent receivable during the year net of VAT. Turnover arises from income received under operating lease agreements through the letting of investment properties.
The company recognises revenue revenue when:
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity;
- the entity retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the services provided;
- the cost incurred or to be incurred in respect of the transaction can be reliably measured;
- all of the significant risks and rewards of ownership have been transferred to the customer; and
- specific criteria have been met for each of the company's activities.
Finance income and costs policy
Interest income and expenses are recognised using the effective interest rate method.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
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 taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially measured at cost and subsequently measured at cost or valuation in the balance sheet, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit and loss.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Bryan Brothers Holdings Limited
trading as BBH Properties
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
Asset class |
Depreciation method and rate |
Fixtures, fittings & equipment |
25% straight line |
Investment property
Where fair value cannot be achieved without undue cost or effort, invesment property is accounted for as tangible fixed assets.
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as revaluation increase.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Bank overdrafts are shown within borrowings in current liabilities.
Bryan Brothers Holdings Limited
trading as BBH Properties
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
Trade debtors
Trade debtors are amounts due from customers for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stock is comprised of properties that were previously included within investment property which will be developed prior to sale. The fair value of the investment properties transferred to stock has been treated as its deemed cost. The directors have opted to take a 'true and fair' override of company law to reflect this transfer at fair value in the financial statements in accordance with the financial reporting standard.
Stock other than transferred investment properties are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing stock to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Bryan Brothers Holdings Limited
trading as BBH Properties
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Staff numbers |
The average number of persons employed by the company (including directors) during the year was
Bryan Brothers Holdings Limited
trading as BBH Properties
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
Tangible assets |
Fixtures, fittings & equipment |
Total |
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Cost or valuation |
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At 1 January 2020 |
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Additions |
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At 31 December 2020 |
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Depreciation |
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At 1 January 2020 |
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Charge for the year |
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At 31 December 2020 |
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Carrying amount |
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At 31 December 2020 |
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At 31 December 2019 |
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Investment properties |
2020 |
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At 1 January and 31 December |
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Additions |
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Disposals |
( |
Fair value adjustments |
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At 31 December |
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The fair value of the company's investment properties were reviewed by the directors at 31/12/2020.
An independent valuer was not involved.
The basis of this valuation was on similar properties in the same geographical location area and on an open market value. The properties were valued by the directors, who deem this appropriate based on their expertise and former professional qualifications.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £4,449,708 (2019: £4,354,956).
Bryan Brothers Holdings Limited
trading as BBH Properties
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
Fixed asset investments |
Fixed asset investments |
Total |
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Cost or valuation |
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At 1 January 2020 |
24,000 |
24,000 |
At 31 December 2020 |
24,000 |
24,000 |
Carrying amount |
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At 31 December 2020 |
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24,000 |
Fixed asset investments are not listed and are held at cost less impairment as fair value cannot reliably be determined.
Stocks |
2020 |
2019 |
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Work in progress |
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Debtors |
Note |
2020 |
2019 |
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Trade debtors |
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Amounts owed by parent undertaking |
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Other debtors |
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Prepayments and accrued income |
6,077 |
7,765 |
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Bryan Brothers Holdings Limited
trading as BBH Properties
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
Creditors |
Creditors: amounts falling due within one year
Note |
2020 |
2019 |
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Due within one year |
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Bank loans and overdrafts |
- |
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Other related parties |
- |
5,291 |
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Taxation and social security |
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Other creditors |
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Accruals and deferred income |
93,229 |
171,238 |
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Creditors: amounts falling due after more than one year
Note |
2020 |
2019 |
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Due after one year |
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Loans and borrowings |
- |
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Loans and borrowings |
2020 |
2019 |
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Non-current loans and borrowings |
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Bank borrowings |
- |
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Bank loans and borrowings are secured by way of fixed and floating charges held over the company's assets.
2020 |
2019 |
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Current loans and borrowings |
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Bank borrowings |
- |
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Bryan Brothers Holdings Limited
trading as BBH Properties
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
Related party transactions |
Loans to related parties
2020 |
Parent |
Key management |
Total |
At start of period |
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( |
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Advanced |
- |
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Repaid |
- |
( |
( |
At end of period |
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- |
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2019 |
Parent |
Key management |
Total |
At start of period |
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Advanced |
- |
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Repaid |
- |
( |
( |
Interest transactions |
- |
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At end of period |
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( |
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Terms of loans to related parties
Parent and ultimate parent undertaking |
The company's immediate and ultimate parent company is
Non adjusting events after the financial period |
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