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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 JANUARY 2020 |
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BROOKPASS LIMITED |
REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 JANUARY 2020 |
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FOR |
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BROOKPASS LIMITED |
BROOKPASS LIMITED (REGISTERED NUMBER: 01405171) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2020 |
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Company Information | 1 |
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Balance Sheet | 2 | to | 3 |
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Notes to the Financial Statements | 4 | to | 9 |
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BROOKPASS LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JANUARY 2020 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants & Statutory Auditor |
Norman House |
8 Burnell Road |
Sutton |
Surrey |
SM1 4BW |
BROOKPASS LIMITED (REGISTERED NUMBER: 01405171) |
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BALANCE SHEET |
31 JANUARY 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investments | 5 |
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Investment property | 6 |
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CURRENT ASSETS |
Stocks |
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Debtors | 7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
9 |
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( |
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PROVISIONS FOR LIABILITIES | 12 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Share premium |
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Revaluation reserve | 13 |
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Capital redemption reserve |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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BROOKPASS LIMITED (REGISTERED NUMBER: 01405171) |
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BALANCE SHEET - continued |
31 JANUARY 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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BROOKPASS LIMITED (REGISTERED NUMBER: 01405171) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2020 |
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1. | STATUTORY INFORMATION |
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Brookpass Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of consideration receivable by the company for rental income and other services. |
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The rental income comes from private rental properties owned by the company recognised on an accruals basis as it falls due. |
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Turnover relating to the provision of services is recognised by reference to the stage of completion and when it probable that the income will be received, and the amount can be measured reliably. |
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Tangible fixed assets |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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Investment property |
Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the revaluation reserve account |
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Stocks |
Stocks include properties acquired at cost by the company with a view to development and resale including related costs of development. |
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Financial instruments |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairments are recognised in expenditure. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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BROOKPASS LIMITED (REGISTERED NUMBER: 01405171) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2020 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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Loans and borrowings |
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 February 2019 |
and 31 January 2020 |
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DEPRECIATION |
At 1 February 2019 |
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Charge for year |
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At 31 January 2020 |
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NET BOOK VALUE |
At 31 January 2020 |
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At 31 January 2019 |
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BROOKPASS LIMITED (REGISTERED NUMBER: 01405171) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2020 |
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5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 February 2019 |
and 31 January 2020 |
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NET BOOK VALUE |
At 31 January 2020 |
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At 31 January 2019 |
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6. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 February 2019 |
and 31 January 2020 |
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NET BOOK VALUE |
At 31 January 2020 |
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At 31 January 2019 |
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Investment property is carried at fair value determined annually by review of comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. The review is carried out by the directors. No depreciation is provided, and any changes in fair value are recognised in the profit or loss. |
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Fair value at 31 January 2020 is represented by: |
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£ |
Valuation in 2003 | 731,907 |
Valuation in 2006 | 225,000 |
Valuation in 2007 | 247,500 |
Valuation in 2008 | 679,500 |
Valuation in 2010 | 340,000 |
Valuation in 2011 | 5,000 |
Valuation in 2014 | 742,003 |
Valuation in 2016 | 426,766 |
Valuation in 2019 | 585,000 |
Cost | 1,494,324 |
5,477,000 |
BROOKPASS LIMITED (REGISTERED NUMBER: 01405171) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2020 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
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Other debtors |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Bank loans and overdrafts (see note 10) |
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Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2020 | 2019 |
£ | £ |
Bank loans (see note 10) |
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10. | LOANS |
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Interest is charged on the bank loan at 2.60% per annum, above the bank's Base Rate, and is due to mature in 2022. |
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11. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2020 | 2019 |
£ | £ |
Bank overdraft |
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Bank loans |
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The Bank loans and overdraft are secured over the company's investment properties. |
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12. | PROVISIONS FOR LIABILITIES |
2020 | 2019 |
£ | £ |
Deferred tax |
Other timing differences | 600,818 | 600,818 |
BROOKPASS LIMITED (REGISTERED NUMBER: 01405171) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2020 |
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12. | PROVISIONS FOR LIABILITIES - continued |
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Deferred |
tax |
£ |
Balance at 1 February 2019 |
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Balance at 31 January 2020 |
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13. | RESERVES |
Revaluation |
reserve |
£ |
At 1 February 2019 |
and 31 January 2020 |
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14. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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15. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to directors subsisted during the years ended 31 January 2020 and 31 January 2019: |
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2020 | 2019 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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These loans are interest free and repayable on demand. |
BROOKPASS LIMITED (REGISTERED NUMBER: 01405171) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2020 |
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16. | RELATED PARTY DISCLOSURES |
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Name of related party | Nature of Relationship | Transaction Details | Amount | Balance |
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2020 | £ | £ |
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Charlie Newman Ltd | Directors/shareholders | Loan advanced | (33,722 | ) | 1,768,069 |
in common |
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2019 | £ | £ |
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Charlie Newman Ltd | Directors/shareholders | Loan advanced | 7,687 | 1,801,791 |
in common |
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The above loans are interest free and repayable on demand. |