Brandeston Properties Limited Small abridged accounts

BRANDESTON PROPERTIES LIMITED - Company Information

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Statement of Consent to Prepare Abridged Financial Statements

All of the members of Brandeston Properties Limited have consented to the preparation of the abridged statement of financial position for the year ending 30 June 2016 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 05152267

Brandeston Properties Limited

Unaudited Abridged Financial Statements

30 June 2016

ASHMANS

Chartered accountant

Zone G Salamander Quay West

Park Lane Harefield

Middlesex UB9 6NZ

Brandeston Properties Limited

Abridged Financial Statements

Year ended 30 June 2016

Contents	Page

Abridged statement of financial position	1

Notes to the abridged financial statements	3

Brandeston Properties Limited

Abridged Statement of Financial Position

30 June 2016

	2016		2015
Note	£	£	£

Fixed assets

Tangible assets	7		476,081	441,101

Current assets

Debtors	1,493	2,153
Cash at bank and in hand	30,685	33,086
	-------	-------
	32,178	35,239

Creditors: amounts falling due within one year	15,471		19,782
	-------		-------
Net current assets		16,707	15,457
		---------	---------
Total assets less current liabilities		492,788	456,558

Provisions

Taxation including deferred tax	18,781	11,785
	---------	---------
Net assets	474,007	444,773
	---------	---------

Capital and reserves

Called up share capital	1,475	1,475
Revaluation reserve	75,124	47,140
Profit and loss account	397,408	396,158
	---------	---------
Members funds	474,007	444,773
	---------	---------

These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.

For the year ending 30 June 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors responsibilities:

- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

Brandeston Properties Limited

Abridged Statement of Financial Position (continued)

30 June 2016

These abridged financial statements were approved by the board of directors and authorised for issue on 22 March 2017 , and are signed on behalf of the board by:

S Holland-Brown

Director

Company registration number: 05152267

Brandeston Properties Limited

Notes to the Abridged Financial Statements

Year ended 30 June 2016

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Zone G, Salamander Quay West, Harefield, Middlesex, UB9 6NZ.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'. The July 2015 amendments to the standard have been early adopted.

3. Accounting policies

Basis of preparation

The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 July 2014. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:

Revenue recognition

Turnover is represented by the rental income receivable for the year.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in the income statement.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

4. Staff costs

The average number of persons employed by the company during the year, including the directors, amounted to 1 (2015: 1).

5. Tax on profit

Major components of tax expense

	2016	2015
	£	£

Current tax:

UK current tax expense	4,062	4,017

Deferred tax:

Origination and reversal of timing differences	6,996	11,785
	-------	-------
Tax on profit	11,058	15,802
	-------	-------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is the same as (2015: the same as) the standard rate of corporation tax in the UK of 20 % (2015: 20 %).

	2016	2015
	£	£
Profit on ordinary activities before taxation	55,292	79,012
	-------	-------
Profit on ordinary activities by rate of tax	11,058	15,802
	-------	-------

6. Dividends

Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):

	2016	2015
	£	£
Equity dividends on ordinary shares	15,000	15,000
	-------	-------

7. Tangible assets

	£
Cost or valuation
At 1 July 2015	441,101
Revaluations	34,980
	---------
At 30 June 2016	476,081
	---------
Carrying amount
At 30 June 2016	476,081
	---------
At 30 June 2015	441,101
	---------

Tangible assets held at valuation

Included within the above is investment property as follows:

	£
At 1 July 2015	441,101
Fair value adjustments	34,980
	---------
At 30 June 2016	476,081
	---------

Investment property is included at fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the current rate.

8. Controlling party

The ultimate holding company is BJB Oakfield Properties Limited, a company incorporated in England.

9. Transition to FRS 102

These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 July 2014.

Reconciliation of equity

	1 July 2014			30 June 2015
	As previously stated	Effect of transition	FRS 102 (as restated)	As previously stated	Effect of transition	FRS 102 (as restated)
	£	£	£	£	£	£
Fixed assets	382,175	–	382,175	441,101	–	441,101
Current assets	24,974	–	24,974	35,239	–	35,239
Creditors: amounts falling due within one year	( 10,586)	–	( 10,586)	( 19,782)	–	( 19,782)
	---------	----	---------	---------	----	---------
Net current assets	14,388	–	14,388	15,457	–	15,457
	---------	----	---------	---------	----	---------
Total assets less current liabilities	396,563	–	396,563	456,558	–	456,558

Provisions	–	–	–	–	( 11,785)	( 11,785)
	---------	----	---------	---------	-------	---------
Net assets	396,563	–	396,563	456,558	( 11,785)	444,773
	---------	----	---------	---------	-------	---------

	---------	----	---------	---------	-------	---------
Capital and reserves	396,563	–	396,563	456,558	( 11,785)	444,773
	---------	----	---------	---------	-------	---------

Reconciliation of profit or loss for the year

	Year ended 30 June 2015
	As previously stated	Effect of transition	FRS 102 (as restated)
	£	£	£
Gross profit	26,694	–	26,694
Distribution costs	( 1,859)	–	( 1,859)
Administrative expenses	( 4,748)	–	( 4,748)
	-------	----	-------
Operating profit	20,087	–	20,087
Gain on financial assets at fair value through profit or loss	–	58,925	58,925
Tax on profit	(4,017)	( 11,785)	( 15,802)
	-------	-------	-------
Profit for the financial year	16,070	47,140	63,210
	-------	-------	-------

These financial statements for the year ended 30 June 2016 are the first financial statements that comply with FRS 102 Section 1A small entities. The date of transition is 1 July 2014. The transition to FRS 102 Section 1A small entities has resulted in small number of changes in accounting policies to those used previously. The nature of these changes and their impact on opening equity and profit for the comparative period are explained in notes 3 and 4 above.