Brigstock Properties Limited - Accounts to registrar (filleted) - small 23.2.5

Brigstock Properties Limited - Accounts to registrar (filleted) - small 23.2.5

BRIGSTOCK PROPERTIES LIMITED - Company Information

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REGISTERED NUMBER: 00650311 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2023

for

BRIGSTOCK PROPERTIES LIMITED
BRIGSTOCK PROPERTIES LIMITED (REGISTERED NUMBER: 00650311)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


BRIGSTOCK PROPERTIES LIMITED

Company Information
for the Year Ended 31 March 2023







DIRECTORS: A R Gross
C H Levy
A N Gross
D J Jenkins





SECRETARY: A N Gross





REGISTERED OFFICE: Unit A6
Chaucer Business Park
Dittons Road
Polegate
East Sussex
BN26 6QH





REGISTERED NUMBER: 00650311 (England and Wales)





ACCOUNTANTS: MDJ Services Limited
Unit A6
Chaucer Business Park
Dittons Road
Polegate
East Sussex
BN26 6QH
Page 1
BRIGSTOCK PROPERTIES LIMITED (REGISTERED NUMBER: 00650311)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 200,000 200,000

CURRENT ASSETS
Debtors 5 - 52,476
Cash at bank 38,002 31,193
38,002 83,669
CREDITORS
Amounts falling due within one year 6 2,673 2,141
NET CURRENT ASSETS 35,329 81,528
TOTAL ASSETS LESS CURRENT
LIABILITIES
235,329
281,528

PROVISIONS FOR LIABILITIES 34,402 34,402
NET ASSETS 200,927 247,126

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 7 155,062 155,062
Retained earnings 45,765 91,964
SHAREHOLDERS' FUNDS 200,927 247,126

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 notes form part of these financial statements

Page 2 continued...
BRIGSTOCK PROPERTIES LIMITED (REGISTERED NUMBER: 00650311)

Balance Sheet - continued
31 March 2023


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 5 December 2023 and were signed on its behalf by:





C H Levy - Director


The notes form part of these financial statements

Page 3
BRIGSTOCK PROPERTIES LIMITED (REGISTERED NUMBER: 00650311)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Brigstock Properties 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.

Turnover
Turnover represents rents receivable.

Investment property
Investment properties are those properties that are held either to earn rental income or for capital appreciation or both.

Investment properties are measured initially at cost including transaction costs and thereafter are stated at fair value, which reflects market conditions at the balance sheet date. Surpluses and deficits arising from changes in the fair value of investment properties are recognised in the Statement of Comprehensive Income in the year in which they arise.

Investment properties are stated at fair value as determined by the directors. The fair value of the company's property portfolio is based upon external valuations and is inherently subjective. The fair value represents the amount at which the assets could be exchanged between a knowledgeable, willing buyer and a knowledgeable, willing seller in an arms-length transaction at the date of valuation. The fair value of each of the properties has been assessed by the directors. In determining the fair value of investment properties, the directors make use of historical and current market data as well as existing lease agreements.

Additions and disposals of investment properties are recognised in the accounts when contracts are completed.

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 (2022 - NIL).

Page 4 continued...
BRIGSTOCK PROPERTIES LIMITED (REGISTERED NUMBER: 00650311)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022
and 31 March 2023 200,000
NET BOOK VALUE
At 31 March 2023 200,000
At 31 March 2022 200,000

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2021 189,464
Cost 10,536
200,000

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

31.3.23 31.3.22
£    £   
Cost 10,536 10,536

Investment property was valued on an open market basis on 31 March 2022 by the directors .

Freehold investment property is valued at the end of each financial year by the directors. Independent valuations by valuers with a recognised qualification are sought where, in the opinion of the directors, there is market evidence to suggest that changes in fair value for properties of a similar type and location have occurred requiring specialist market knowledge in order to ascertain the fair value.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Other debtors - 52,476

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Taxation and social security 1,473 941
Other creditors 1,200 1,200
2,673 2,141

7. RESERVES
Fair
value
reserve
£   
At 1 April 2022
and 31 March 2023 155,062

Page 5 continued...
BRIGSTOCK PROPERTIES LIMITED (REGISTERED NUMBER: 00650311)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

8. RELATED PARTY DISCLOSURES

Amounts owed by related parties were as follows:

Balance at
31.3.2022
Movement
in year
Balance at
31.3.2023
Included in debtors£££

Owed by related undertakings
Welnen Investments Limited52,476(52,476)-
---

C Levy, A N Gross and A R Gross are all directors of Welnen Investments Limited.

Page 6