Brackens Elite Property Management Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04479260 (England and Wales)

ABRIDGED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2018

FOR

BRACKENS ELITE PROPERTY MANAGEMENT

LIMITED

Page

Company Information

1

Abridged Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mr E J Lawley

Mrs M Lawley

SECRETARY:

Mr E J Lawley

REGISTERED OFFICE:

c/o Michael Filiou Plc

Salisbury House

81 High Street

Potters Bar

Hertfordshire

EN6 5AS

REGISTERED NUMBER:

04479260 (England and Wales)

ACCOUNTANTS:

Michael Filiou Plc

Chartered Certified Accountants

www.michaelfiliou.com

Salisbury House

81 High Street

Potters Bar

Hertfordshire

EN6 5AS

FIXED ASSETS

Tangible assets

3

1,791

1,407

Investment property

4

116,340

116,340

118,131

117,747

CURRENT ASSETS

Stocks

1,573,066

1,566,354

Debtors

708

759

Cash at bank

2,627

832

1,576,401

1,567,945

CREDITORS

Amounts falling due within one year

1,707,731

1,689,748

NET CURRENT LIABILITIES

(131,330

)

(121,803

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(13,199

)

(4,056

)

CAPITAL AND RESERVES

Called up share capital

5

2

2

Retained earnings

(13,201

)

(4,058

)

SHAREHOLDERS' FUNDS

(13,199

)

(4,056

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2018 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 of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 31 July 2018 in accordance with Section 444(2A) of the Companies Act 2006.

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 on 21 November 2018 and were signed on its behalf by:

Mr E J Lawley - Director

1.	STATUTORY INFORMATION

Brackens Elite Property Management 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in Sterling (£) which is the functional currency of the company.

Going concern

The directors have expressed their intention to provide sufficient funds to the company as and when needed to

enable it to continue operating and also to meet its liabilities as they fall due.

At the time of approving the financial statements, the directors have a reasonable expectation that the company

has adequate resources to continue in operational existence for the foreseeable future. The company therefore

continues to adopt the going concern basis of accounting in preparing the financial statements.

Significant judgements and estimates

In the application of the company's accounting policies, the directors are required to make judgements, estimates

and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other

sources. The estimates and associated assumptions are based on historical experience and other factors that are

considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates

are recognised in the period in which the estimates is revised where the revision affects only that period or in the

period of the revision and future periods where the revision affects both current and future periods.

There were no judgements and estimates that had significant effect on the amounts recognised in the financial

statements.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Such

cost includes costs directly attributable to making the asset capable of operating as intended.

The carrying values of tangible fixed assets are reviewed for impairment when events or changes in

circumstances indicate that the carrying value may not be recoverable.

The gain or loss arising on the disposal of an asset is determined as the difference between the sales proceeds

and the carrying amount of the asset and is recognised in the profit and loss account.

Impairment of assets

The company assess at each reporting date whether an asset may be impaired. If any such indication exists the

company estimates the recoverable amount of the assets. If it is not possible to estimate the recoverable amount

of the individual asset, the company estimates the recoverable amount of the cash-generating unit to which the

asset belongs. The recoverable amount of an asset or cash-generating unit is the higher of its fair value less costs

to sell and its value in use. If the recoverable amount is less than its carrying amount, the carrying amount of the

asset is impaired and it is reduced to its recoverable amount through an impairment in profit and loss unless the

asset is carried at a revalued amount where the impairment loss of a revalued asset is a revaluation decrease.

An impairment loss recognised for all assets, in goodwill, is reversed in a subsequent period only if the reasons

for the impairment have ceased to apply.

Investment property

Investment property is shown at most recent valuation and is held for long-term investment. Investment property

is initially recognised at cost which includes purchase cost and any directly attributable expenditure. Investment

property whose fair value can be measured reliably are carried at fair value. The surplus or deficit is recognised

in the income statement accumulated in the non-distributable reserve unless a deficit below original cost, or its

reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the

income statement for the period. The company engages independent valuers to assist the directors in determining

fair value. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Stocks and work-in-progress

Stocks and work-in-progress are valued at the lower of cost and net realisable value, after making due allowance

for obsolete and slow moving items.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial

assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third

parties.

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially

measured at transaction price including transaction costs and are subsequently carried at amortised cost using the

effective interest method unless the arrangement constitute a financing transaction, where the transaction is

measured at the present value of the future receipts discounted at a market rate of interest.

Financial assets, other than those held at fair value through profit or loss, are assessed for indicators of

impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that

occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If

an asset id impaired, the impairment loss is the difference between the carrying amount and the present value of

the estimated cash flows discounted at the asset's original effective rate. The impairment loss is recognised in

profit or loss.

If there is a decrease in impairment loss arising from the event occurring after the impairment was recognised,

the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the

carrying amount would have been, had the impairment not previously been recognised. The impairment reversal

is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to cash flow from the asset expire or are

settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership

to another entity, of if some significant risks and rewards of ownership are retained but control of the asset has

transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Financial liabilities and equity instruments are classified according to the substance of the contractual

arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of

the company after deducting all of its liabilities.

Basic financial liabilities, including trade and other payables and bank loans, are initially recognised at

transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is

measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised costs, using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of

business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or

less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction

price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or

cancelled.

3.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 August 2017

2,785

Additions

981

At 31 July 2018

3,766

DEPRECIATION

At 1 August 2017

1,378

Charge for year

597

At 31 July 2018

1,975

NET BOOK VALUE

At 31 July 2018

1,791

At 31 July 2017

1,407

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 August 2017

and 31 July 2018

116,340

NET BOOK VALUE

At 31 July 2018

116,340

At 31 July 2017

116,340

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

2

Ordinary

£1

2

2

6.	ULTIMATE CONTROLLING PARTY