Bracebridge Asset Management Ltd - Accounts to registrar (filleted)

REGISTERED NUMBER: 10665484 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2021

for

Bracebridge Asset Management Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

J R I Gregory

REGISTERED OFFICE:

c/o Locke Williams Associates LLP

Blackthorn House

St Pauls Square

Birmingham

West Midlands

B3 1RL

REGISTERED NUMBER:

10665484 (England and Wales)

ACCOUNTANTS:

Locke Williams Associates LLP

Chartered Accountants

c/o Blackthorn House

St Pauls Square

Birmingham

West Midlands

B3 1RL

FIXED ASSETS

Investment property

4

370,180

CURRENT ASSETS

Debtors

5

2,474

1,166

Cash at bank

5,715

7,405

8,189

8,571

CREDITORS

Amounts falling due within one year

6

148,289

147,404

NET CURRENT LIABILITIES

(140,100

)

(138,833

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

230,080

231,347

CREDITORS

Amounts falling due after more than one
year

7

231,086

NET (LIABILITIES)/ASSETS

(1,006

)

261

CAPITAL AND RESERVES

Called up share capital

9

100

Retained earnings

(1,106

)

161

SHAREHOLDERS' FUNDS

(1,006

)

261

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 16 December 2021 and were signed by:

J R I Gregory - Director

1.	STATUTORY INFORMATION

Bracebridge Asset Management 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.

The policies adopted for the recognition of turnover are as follows:

Rents receivable

Turnover from property rentals is recognised on a straight-line basis over the
lease term.

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.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a financing transaction it is measured at amortised cost.

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 NIL (2020 - NIL).

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2020

and 31 March 2021

370,180

NET BOOK VALUE

At 31 March 2021

370,180

At 31 March 2020

370,180

It is the opinion of the director, that the fair value of the investment properties at 31 March 2021 are not materially different from their value on their initial recognition.

The methods and significant assumptions used to ascertain the fair value and fair value movement included in the profit / loss for the year are that the director has based his opinion by reference to his knowledge of the condition of the properties and his judgement of the prevailing market prices for similar properties in the locality of the properties.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

Other debtors

2,474

1,166

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

Taxation and social security

-

38

Other creditors

148,289

147,366

148,289

147,404

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

31.3.21

31.3.20

£

Bank loans

231,086

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans

231,086

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.21

31.3.20

£

Bank loans

231,086

Fixed and floating charges for the bank borrowings have been given against the investment properties.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.21

31.3.20

value:

£

100

Ordinary

£1

100

10.	RELATED PARTY DISCLOSURES

Included in other creditors is a loan for £16,000 from a company under the common control of the director.

Bracebridge Asset Management Ltd - Accounts to registrar (filleted) - small 18.2

Bracebridge Asset Management Ltd - Accounts to registrar (filleted) - small 18.2