Braytone Management Limited Company accounts

BRAYTONE MANAGEMENT LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 02431194

BRAYTONE MANAGEMENT LIMITED

UNAUDITED FINANCIAL STATEMENTS

31 January 2019

BRAYTONE MANAGEMENT LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 JANUARY 2019

Contents	Page

Officers and professional advisers	1

Directors' report	2

Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements	3

Statement of income and retained earnings	4

Statement of financial position	5

Notes to the financial statements	7

BRAYTONE MANAGEMENT LIMITED

OFFICERS AND PROFESSIONAL ADVISERS

The board of directors Mr D W Brewster

Mrs J C Brewster

Company secretary	Mr D W Brewster

Registered office	Hanover Building
	11-13 Hanover Street
	Liverpool
	L1 3DN

Accountants	ERC Accountants & Business Advisers Limited
	Chartered accountants
	Hanover Buildings
	11-13 Hanover Street
	Liverpool
	L1 3DN

Bankers	Barclays Bank Plc
	Ellesmere Port
	South Wirral Group

BRAYTONE MANAGEMENT LIMITED

DIRECTORS' REPORT

YEAR ENDED 31 JANUARY 2019

The directors present their report and the unaudited financial statements of the company for the year ended 31 January 2019 .

PRINCIPAL ACTIVITIES

The principal activity of the company during the year was that of property rental.

DIRECTORS

The directors who served the company during the year were as follows:

Mr D W Brewster
Mrs J C Brewster

SMALL COMPANY PROVISIONS

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 24 June 2019 and signed on behalf of the board by:

Mr D W Brewster

Director

Registered office:

Hanover Building

11-13 Hanover Street

Liverpool

L1 3DN

BRAYTONE MANAGEMENT LIMITED

CHARTERED ACCOUNTANT'S REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF BRAYTONE MANAGEMENT LIMITED

YEAR ENDED 31 JANUARY 2019

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Braytone Management Limited for the year ended 31 January 2019, which comprise the statement of income and retained earnings, statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Braytone Management Limited, as a body, in accordance with the terms of our engagement letter dated 8 January 2019. Our work has been undertaken solely to prepare for your approval the financial statements of Braytone Management Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Braytone Management Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Braytone Management Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Braytone Management Limited. You consider that Braytone Management Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Braytone Management Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

ERC Accountants & Business Advisers Limited Chartered accountants

Hanover Buildings 11-13 Hanover Street Liverpool L1 3DN

24 June 2019

BRAYTONE MANAGEMENT LIMITED

STATEMENT OF INCOME AND RETAINED EARNINGS

YEAR ENDED 31 JANUARY 2019

	2019	2018
Note	£	£

TURNOVER	72,219	70,882

Cost of sales	18,237	2,428
	---------	---------
GROSS PROFIT	53,982	68,454

Administrative expenses	21,762	13,355
	---------	---------
OPERATING PROFIT	32,220	55,099

Interest payable and similar expenses	4	963	2,422
		---------	---------
PROFIT BEFORE TAXATION		31,257	52,677

Tax on profit	5	5,939	10,094
		---------	---------
PROFIT FOR THE FINANCIAL YEAR AND TOTAL COMPREHENSIVE INCOME		25,318	42,583
		---------	---------

RETAINED EARNINGS AT THE START OF THE YEAR	116,987	74,404
	----------	----------
RETAINED EARNINGS AT THE END OF THE YEAR	142,305	116,987
	----------	----------

All the activities of the company are from continuing operations.

BRAYTONE MANAGEMENT LIMITED

STATEMENT OF FINANCIAL POSITION

31 January 2019

	2019		2018
Note	£	£	£

CURRENT ASSETS

Stocks		689,675	689,675
Debtors	6	1,034	7
Cash at bank and in hand		6,119	8,067
		----------	----------
		696,828	697,749

CREDITORS: Amounts falling due within one year	7	554,373		559,484
		----------		----------
NET CURRENT ASSETS			142,455	138,265
			----------	----------
TOTAL ASSETS LESS CURRENT LIABILITIES			142,455	138,265

CREDITORS: Amounts falling due after more than one year	8	–	21,128
		----------	----------
NET ASSETS		142,455	117,137
		----------	----------

CAPITAL AND RESERVES

Called up share capital	150	150
Profit and loss account	142,305	116,987
	----------	----------
SHAREHOLDERS FUNDS	142,455	117,137
	----------	----------

These financial statements have been prepared 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'.

For the year ending 31 January 2019 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 .

BRAYTONE MANAGEMENT LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 January 2019

These financial statements were approved by the board of directors and authorised for issue on 24 June 2019 , and are signed on behalf of the board by:

Mr D W Brewster

Director

Company registration number: 02431194

BRAYTONE MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 JANUARY 2019

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hanover Building, 11-13 Hanover Street, Liverpool, L1 3DN.

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.

Revenue recognition

The turnover shown in the profit and loss account represents rental income invoiced during the year.

Corporation 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. 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.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. INTEREST PAYABLE AND SIMILAR EXPENSES

	2019	2018
	£	£

Interest on banks loans and overdrafts	963	2,422
	----	-------

5. TAX ON PROFIT

Major components of tax expense

	2019	2018
	£	£

Current tax:

UK current tax expense	5,939	10,094
	-------	---------
Tax on profit	5,939	10,094
	-------	---------

6. DEBTORS

	2019	2018
	£	£

Other debtors	1,034	7
	-------	----

7. CREDITORS: Amounts falling due within one year

	2019	2018
	£	£

Trade creditors	4,286	1,488
Corporation tax	5,939	10,094
Bank loans	24,654	55,479
Other creditors	519,494	492,423
	----------	----------
	554,373	559,484
	----------	----------

Mortgage shown above is secured against the asset it relates to.

8. CREDITORS: Amounts falling due after more than one year

	2019	2018
	£	£

Bank loans and overdrafts	–	21,128
	----	---------

Mortgage shown above is secured against the asset it relates to.

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

No director's received advances, credits or guarantees during the current or previous accounting periods.

10. RELATED PARTY TRANSACTIONS

The following related party transactions were undertaken during the year: A company related through common control , provided materials totalling £ 17,738 and provided loans totalling £10,094 (2018: provided materials totalling £2,154 and provided loans totalling £500). At the balance sheet date the balance payable was £ 442,726 (2018: £414,893). A partnership related by way of common control, paid expenses on behalf of the company totalling £ 99 and was repaid amounts totalling £ 646 (2018: repaid no amounts and paid no expenses). At the balance sheet date the balance payable was £ 52,141 (2018: £52,689). A company related through common control, repaid no amounts and paid no expenses (2018: had amounts repaid totalling £350). At the balance sheet date the balance payable was £ 18,708 (2018: £18,708). A director , had no transactions in the year (2018: withdrew £2). At the balance sheet date the balance payable was £ 688 (2018: £688). No further transactions with related parties were undertaken, other than those under normal market conditions, such as required to be disclosed in accordance with FRS 102 ' The financial reporting standard applicable in the UK and Republic of Ireland.