Bracebridge Asset Management Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 10665484 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2023

for

Bracebridge Asset Management Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

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

268,696

268,696

CURRENT ASSETS

Debtors

5

106,156

105,155

Cash at bank

5,085

3,736

111,241

108,891

CREDITORS

Amounts falling due within one year

6

386,420

380,128

NET CURRENT LIABILITIES

(275,179

)

(271,237

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(6,483

)

(2,541

)

CAPITAL AND RESERVES

Called up share capital

7

100

100

Retained earnings

(6,583

)

(2,641

)

SHAREHOLDERS' FUNDS

(6,483

)

(2,541

)

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 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 6 December 2023 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.

Gong Concern

There was a net deficiency of assets at the balance sheet date, however the director has provided assurances of continued support to the company, through the provision of their loan to the company. These loans will not be repaid to the director ahead of other third party liabilities, until such time as the company has surplus operating cash flow available to do so. On the reliance of this support, the financial statements have been prepared on a going concern basis.

Income

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

Rents receivable

Income 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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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).

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2022

and 31 March 2023

268,696

NET BOOK VALUE

At 31 March 2023

268,696

At 31 March 2022

268,696

It is the opinion of the director, that the fair value of the investment property at 31 March 2023 is not materially different from the value on 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

31.3.23

31.3.22

£

£

Amounts falling due within one year:

Other debtors

2,653

1,089

Amounts falling due after more than one year:

Other debtors

103,503

104,066

Aggregate amounts

106,156

105,155

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Other creditors

386,420

380,128

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.23

31.3.22

value:

£

£

100

Ordinary

£1

100

100

8.	RELATED PARTY DISCLOSURES

Included in other debtors more than one year is a loan to a property partnership of which the director has a one third share. Interest on this loan is charged at 3%.

Included in other creditors is a loan for £248,100 (2022: £246,100) from a company under the common control of the director.