Brookeswood Developments Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02867322 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

FOR

BROOKESWOOD DEVELOPMENTS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R Jupe

D Jupe

L Jupe

SECRETARY:

D Jupe

REGISTERED OFFICE:

75 Bournemouth Road

Chandlers Ford

Eastleigh

Hampshire

SO53 3AP

REGISTERED NUMBER:

02867322 (England and Wales)

ACCOUNTANTS:

Stone Osmond Limited

Accountants

75 Bournemouth Road

Chandlers Ford

Eastleigh

Hampshire

SO53 3AP

FIXED ASSETS

Tangible assets

4

42,647

1,422

Investment property

5

5,680,000

5,650,000

5,722,647

5,651,422

CURRENT ASSETS

Stocks

584,142

1,687,596

Debtors

6

37,815

17,568

Cash at bank and in hand

667,316

63,184

1,289,273

1,768,348

CREDITORS

Amounts falling due within one year

7

3,166,541

3,587,795

NET CURRENT LIABILITIES

(1,877,268

)

(1,819,447

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,845,379

3,831,975

CREDITORS

Amounts falling due after more than one year

8

(16,286

)

-

PROVISIONS FOR LIABILITIES

(308,897

)

(295,364

)

NET ASSETS

3,520,196

3,536,611

CAPITAL AND RESERVES

Called up share capital

4,400

4,400

Revaluation reserve

10

3,164,841

3,140,541

Retained earnings

350,955

391,670

SHAREHOLDERS' FUNDS

3,520,196

3,536,611

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 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 applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 8 July 2020 and were signed on its behalf by:

R Jupe - Director

D Jupe - Director

1.	STATUTORY INFORMATION

Brookeswood Developments 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 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 as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

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

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

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.

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in

bringing stocks to their present location and condition.

Taxation

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

Tax on investment property

The potential liability to tax on capital gains following revaluation of its investment has been provided in the sum

of £295,094 (2018- £295,094) via the Revaluation Reserve.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2018 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 January 2019

10,268

11,844

15,995

5,045

43,152

Additions

-

-

55,585

864

56,449

Disposals

-

-

(15,995

)

-

(15,995

)

At 31 December 2019

10,268

11,844

55,585

5,909

83,606

DEPRECIATION

At 1 January 2019

10,257

11,737

14,792

4,944

41,730

Charge for year

2

21

13,897

101

14,021

Eliminated on disposal

-

-

(14,792

)

-

(14,792

)

At 31 December 2019

10,259

11,758

13,897

5,045

40,959

NET BOOK VALUE

At 31 December 2019

9

86

41,688

864

42,647

At 31 December 2018

11

107

1,203

101

1,422

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2019

5,650,000

Revaluations

30,000

At 31 December 2019

5,680,000

NET BOOK VALUE

At 31 December 2019

5,680,000

At 31 December 2018

5,650,000

Fair value at 31 December 2019 is represented by:

£

Valuation in 2009

4,031,000

Valuation in 2011

43,996

Valuation in 2013

123,000

Valuation in 2014

318,000

Valuation in 2015

269,000

Valuation in 2016

523,000

Valuation in 2017

(302,000

)

Valuation in 2018

169,000

Valuation in 2019

30,000

Cost

475,004

5,680,000

If investment properties had not been revalued they would have been included at the following historical cost:

2019

2018

£

£

Cost

2,766,457

2,766,457

Investment properties were valued on an open market basis on 31 December 2019 by a director, who holds appropriate skills

.

6.

DEBTORS

2019

2018

£

£

Amounts falling due within one year:

Trade debtors

2,950

-

Other debtors

34,865

16,790

37,815

16,790

Amounts falling due after more than one year:

Other debtors

-

778

Aggregate amounts

37,815

17,568

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

2,882,963

3,319,617

Hire purchase contracts

8,143

-

Trade creditors

14,819

-

Taxation and social security

22,613

8,042

Other creditors

238,003

260,136

3,166,541

3,587,795

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Hire purchase contracts

16,286

-

9.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank overdraft

39,446

-

Bank loans

2,843,517

3,319,617

Hire purchase contracts

24,429

-

2,907,392

3,319,617

The loans and overdrafts are secured by various legal mortgages over the company's properties and development

sites.

10.

RESERVES

Revaluation

reserve

£

At 1 January 2019

3,140,541

Property revaluation

30,000

Potential deferred tax

(5,700

)

At 31 December 2019

3,164,841

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2019 and

31 December 2018:

2019

2018

£

£

D Jupe

Balance outstanding at start of year

2,488

11,345

Amounts advanced

81,489

76,240

Amounts repaid

(76,660

)

(85,097

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

7,317

2,488

L Jupe

Balance outstanding at start of year

12,219

21,716

Amounts advanced

64,740

50,503

Amounts repaid

(70,000

)

(60,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

6,959

12,219

The loans are interest free and repayable on demand.

12.	ULTIMATE CONTROLLING PARTY

The company has no ultimate controlling party.