Brandeston Properties Limited Filleted accounts for Companies House (small and micro)

BRANDESTON PROPERTIES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 05152267

Brandeston Properties Limited

Filleted Unaudited Financial Statements

30 June 2018

Brandeston Properties Limited

Statement of Financial Position

30 June 2018

	2018		2017
Note	£	£	£

Fixed assets

Investment properties	6		487,381	487,381

Current assets

Debtors	7	1,012	953
Cash at bank and in hand		25,958	28,216
		-------	-------
		26,970	29,169

Creditors: amounts falling due within one year	8	8,829		11,176
		-------		-------
Net current assets			18,141	17,993
			--------	--------
Total assets less current liabilities			505,522	505,374

Provisions

Taxation including deferred tax	21,041	21,041
	--------	--------
Net assets	484,481	484,333
	--------	--------

Capital and reserves

Called up share capital	1,475	1,475
Revaluation reserve	84,164	84,164
Profit and loss account	398,842	398,694
	--------	--------
Shareholders funds	484,481	484,333
	--------	--------

These 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 2018 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 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 financial statements .

These financial statements were approved by the board of directors and authorised for issue on 21 January 2019 , and are signed on behalf of the board by:

S Holland-Brown

Director

Company registration number: 05152267

Brandeston Properties Limited

Notes to the Financial Statements

Year ended 30 June 2018

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 financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

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

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 represents rental income receivable by the company under the lease agreement and is recognised on the date when the rent is due.

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.

Investment property

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

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 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.

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/payable.

4. Tax on profit

Major components of tax expense

	2018	2017
	£	£

Current tax:

UK current tax expense	3,553	4,008

Deferred tax:

Origination and reversal of timing differences	–	2,260
	------	------
Tax on profit	3,553	6,268
	------	------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is the same as (2017: the same as) the standard rate of corporation tax in the UK of 19 % (2017: 19.75 %).

	2018	2017
	£	£
Profit on ordinary activities before taxation	18,701	31,594
	-------	-------
Profit on ordinary activities by rate of tax	3,553	6,268
	-------	-------

5. Dividends

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

	2018	2017
	£	£
Equity dividends on ordinary shares	15,000	15,000
	-------	-------

6. Investment properties

	Land and building
	£
Cost
At 1 July 2017 and 30 June 2018	487,381
	--------
Depreciation
At 1 July 2017 and 30 June 2018	–
	--------
Carrying amount
At 30 June 2018	487,381
	--------
At 30 June 2017	487,381
	--------

Investment properties held at valuation

Investment properties have been revalued by the directors at the year end on an open market value for existing use basis. In their opinion, the valuation of the investment properties at Corbets Tye Road, Upminster is £237,040 and Bernards Lawn, Solihull is £250,341. The net historical cost of the revalued properties was £382,175.

7. Debtors

	2018	2017
	£	£
Other debtors	1,012	953
	------	---

8. Creditors: amounts falling due within one year

	2018	2017
	£	£
Corporation tax	3,553	4,010
Other creditors	5,276	7,166
	------	-------
	8,829	11,176
	------	-------

9. Controlling party

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