Brake Properties Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08715183 (England and Wales)

BRAKE PROPERTIES LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2021

Page

Company Information

1

Chartered Certified Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

4

to

5

DIRECTORS:

J Shaughnessy

Mrs M Shaughnessy

SECRETARY:

REGISTERED OFFICE:

28 Dudley Street

Grimsby

N E Lincolnshire

DN31 2AB

REGISTERED NUMBER:

08715183 (England and Wales)

ACCOUNTANTS:

Weaver Wroot

28 Dudley Street

Grimsby

N E Lincolnshire

DN31 2AB

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Brake Properties Limited for the year ended 31 October 2021 which comprise the Income Statement, Balance Sheet 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Brake Properties Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Brake Properties Limited and state those matters that we have agreed to state to the Board of Directors of Brake Properties Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Brake Properties 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 Brake Properties Limited. You consider that Brake Properties 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 Brake Properties 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.

Weaver Wroot

28 Dudley Street

Grimsby

N E Lincolnshire

DN31 2AB

8 February 2022

FIXED ASSETS

Tangible assets

4

2,231,970

2,232,051

CURRENT ASSETS

Debtors

5

29,837

30,652

Cash at bank

262,046

266,365

291,883

297,017

CREDITORS

Amounts falling due within one year

6

1,372,264

1,403,232

NET CURRENT LIABILITIES

(1,080,381

)

(1,106,215

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,151,589

1,125,836

CREDITORS

Amounts falling due after more than one year

7

264,646

382,154

NET ASSETS

886,943

743,682

CAPITAL AND RESERVES

Called up share capital

10

10

Retained earnings

886,933

743,672

SHAREHOLDERS' FUNDS

886,943

743,682

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2021 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 by the Board of Directors and authorised for issue on 8 February 2022 and were signed on its behalf by:

J Shaughnessy - Director

1.	STATUTORY INFORMATION

Brake Properties 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.

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.

Freehold property

-

not provided

Office equipment

-

20% on cost

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - NIL).

4.	TANGIBLE FIXED ASSETS

Freehold

Office

property

equipment

Totals

£

£

£

COST

At 1 November 2020

and 31 October 2021

2,231,970

1,663

2,233,633

DEPRECIATION

At 1 November 2020

-

1,582

1,582

Charge for year

-

81

81

At 31 October 2021

-

1,663

1,663

NET BOOK VALUE

At 31 October 2021

2,231,970

-

2,231,970

At 31 October 2020

2,231,970

81

2,232,051

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

29,837

11,514

Other debtors

-

19,138

29,837

30,652

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

43,322

43,322

Taxation and social security

44,912

59,283

Other creditors

1,284,030

1,300,627

1,372,264

1,403,232

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

264,646

382,154

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

91,358

208,866

8.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Bank loans

307,968

425,476

The bank loan is secured by way of a fixed and floating charge over all of the property or undertaking of the company dated 14 July 2017 and a fixed charge over the company's land on the west side of Royal Welch Avenue, Bodelwyddan, Rhyl, North Wales dated 13 February 2018.