Brookroute Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03252500 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2020

for

Brookroute Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr R J B D'Arcy

Mr J A D'Arcy

Mrs J M D'Arcy

SECRETARY:

Mrs J M D'Arcy

REGISTERED OFFICE:

Base Business Park

15 Britannia House

Rendlesham

Woodbridge

Suffolk

IP12 2TZ

REGISTERED NUMBER:

03252500 (England and Wales)

ACCOUNTANTS:

Turner & Ellerby

Chartered Certified Accountants

5 Church Street

Framlingham

Woodbridge

Suffolk

IP13 9BQ

FIXED ASSETS

Investment property

4

3,510,000

3,670,000

CURRENT ASSETS

Debtors

5

738,043

765,998

Cash at bank

112,423

206,267

850,466

972,265

CREDITORS

Amounts falling due within one year

6

411,774

556,492

NET CURRENT ASSETS

438,692

415,773

TOTAL ASSETS LESS CURRENT LIABILITIES

3,948,692

4,085,773

CREDITORS

Amounts falling due after more than one year

7

(1,577,283

)

(1,733,579

)

PROVISIONS FOR LIABILITIES

10

(17,559

)

(12,890

)

NET ASSETS

2,353,850

2,339,304

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

11

2,353,848

2,339,302

SHAREHOLDERS' FUNDS

2,353,850

2,339,304

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 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 and authorised for issue on 6 July 2021 and were signed on its behalf by:

Mr J A D'Arcy - Director

1.	STATUTORY INFORMATION

Brookroute 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.

Management has considered the consequences of COVID-19 and other events and conditions, and it has determined that they do not create a material uncertainty that casts significant doubt upon the entity's ability to continue as a going concern.

The impact of COVID-19 on future performance and therefore on the measurement of some assets and liabilities or on liquidity might be significant and might therefore require disclosure in the financial statements, but management has determined that they do not create a material uncertainty that casts significant doubt upon the entity's ability to continue as a going concern.

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.

Investment property

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2019 - 3 ) .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2020

3,670,000

Disposals

(160,000

)

At 31 December 2020

3,510,000

NET BOOK VALUE

At 31 December 2020

3,510,000

At 31 December 2019

3,670,000

Fair value at 31 December 2020 is represented by:

£

Valuation in 2019

1,570,198

Cost

1,939,802

3,510,000

If investment property had not been revalued it would have been included at the following historical cost:

2020

2019

£

£

Cost

1,939,802

2,061,870

Investment property was valued on an open market basis on 31 December 2020 by the Directors .

For the year ended 31 December 2020 the directors reviewed the valuation of the investment properties on an open market basis and were of the opinion that no further revaluation adjustment was required to the valuation of £3,510,000.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

250

250

Other debtors

737,793

765,748

738,043

765,998

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts (see note 8)

55,000

52,700

Trade creditors

-

457

Taxation and social security

12,499

38,628

Other creditors

344,275

464,707

411,774

556,492

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans (see note 8)

1,577,283

1,733,579

8.

LOANS

An analysis of the maturity of loans is given below:

2020

2019

£

£

Amounts falling due within one year or on demand:

Bank loans

55,000

52,700

Amounts falling due between two and five years:

Bank loans - due over 1 year

1,577,283

1,733,579

9.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank loans

1,632,283

1,786,279

The bank loans are secured by a debenture over the assets of the company and by a legal charge over the company's investment properties.

10.	PROVISIONS FOR LIABILITIES

2020

2019

£

£

Deferred tax

17,559

12,890

Deferred

tax

£

Balance at 1 January 2020

12,890

Charge to Income Statement during year

4,669

Balance at 31 December 2020

17,559

11.

RESERVES

Retained earnings

Distributable

Non - Distributable

Total

£

£

£

Retained earnings at 1 January 2020

744,063

1,595,239

2,339,302

Profit for the year

19,215

(4,669

)

14,546

Disposal of revalued property

37,932

(37,932

)

-

Retained earnings at 31 December 2020

801,210

1,552,638

2,353,848

12.	OTHER FINANCIAL COMMITMENTS

In addition to the security given for the bank loans in note 11, the company is party to a cross guarantee with respect to bank borrowings of related companies which at 31 December 2020 totalled £7,771,036 (2019: £7,743,899).

13.	ULTIMATE CONTROLLING PARTY

The parent company of Brookroute Limited is Candypost Limited, a company registered in England and Wales with the registered office of Base Business Park, 15 Britannia House, Rendlesham, Woodbridge, Suffolk, IP12 2TZ.