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Audited Financial Statements |
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for the Year Ended 31 December 2020 |
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for |
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Brooklands Fund management Limited |
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Audited Financial Statements |
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for the Year Ended 31 December 2020 |
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for |
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Brooklands Fund management Limited |
Brooklands Fund management Limited (Registered number: 10170491) |
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Contents of the Financial Statements |
for the year ended 31 December 2020 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 3 |
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Brooklands Fund management Limited |
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Company Information |
for the year ended 31 December 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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Global House |
303 Ballards Lane |
London |
London |
N12 8NP |
Brooklands Fund management Limited (Registered number: 10170491) |
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Statement of Financial Position |
31 December 2020 |
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31.12.20 | 31.12.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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Investments | 6 |
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CURRENT ASSETS |
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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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 10 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income 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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Brooklands Fund management Limited (Registered number: 10170491) |
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Notes to the Financial Statements |
for the year ended 31 December 2020 |
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1. | STATUTORY INFORMATION |
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Brooklands Fund management Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Revenue is recognised when the company fulfils contractual obligations to customers of the supply of its services. Turnover represents the total invoice value, excluding value added tax, of sales made during the year and derives from the provision of services falling within the company's ordinary activities. |
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Tangible fixed assets |
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Computer equipment | - |
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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 statement of financial position date. |
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Deferred tax |
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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However, deferred tax asset is recognised only to the extent that the directors consider that it is more likely that not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and law enacted or substantively enacted at the balance sheet date. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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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. |
Brooklands Fund management Limited (Registered number: 10170491) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Hire purchase and leasing commitments |
Leases are classified as finance leases when they transfer substantially all the risks and rewards of ownership of the leased assets to the company. Other leases that do not transfer substantially all the risks and rewards of ownership of the leased assets to the company are classified as operating leases. |
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Assets held under finance leases are included in property, plant and equipment and are depreciated and reviewed for impairment in the same way as assets owned outright. |
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Payments received under operating leases are recognised as income over the lease term on a straight-line basis. |
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Investments |
Investments are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss. |
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Going concern |
Despite the uncertainty caused by the COVID-19 virus and its impact the directors consider it appropriate to prepare the financial statements on a going concern on the basis that the company has a healthy net asset position. In the unlikely event that the company should require the directors will offer financial support to the company for a period of at least 12 months from the signing date of the financial statements. |
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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. | AUDITORS' REMUNERATION |
31.12.20 | 31.12.19 |
£ | £ |
Fees payable to the company's auditors for the audit of the
company's financial statements |
2,800 |
2,800 |
Other non- audit services |
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Brooklands Fund management Limited (Registered number: 10170491) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2020 |
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5. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
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COST |
At 1 January 2020 |
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Additions |
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Reclassification/transfer | ( |
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At 31 December 2020 |
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DEPRECIATION |
At 1 January 2020 |
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Charge for year |
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Reclassification/transfer | ( |
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At 31 December 2020 |
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NET BOOK VALUE |
At 31 December 2020 |
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At 31 December 2019 |
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6. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 1 January 2020 |
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Disposals | ( |
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At 31 December 2020 |
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NET BOOK VALUE |
At 31 December 2020 |
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At 31 December 2019 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.20 | 31.12.19 |
£ | £ |
Trade debtors |
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Other debtors |
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Brooklands Fund management Limited (Registered number: 10170491) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2020 |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.20 | 31.12.19 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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9. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.12.20 | 31.12.19 |
£ | £ |
Within one year |
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Currently, the company does not have any lease commitments. The current business premises are acquired under a rolling contract for 3 months at a monthly rent of £2,900 plus VAT. |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.20 | 31.12.19 |
value: | £ | £ |
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Ordinary | £1 | 339,136 | 339,136 |
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11. | 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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12. | CAPITAL COMMITMENTS |
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As at the Statement of Financial Position date the company had a commitment to pay pension liabilities of £836 (2019: £527). |
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13. | RELATED PARTY DISCLOSURES |
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During the year, a dividend of £276,738 (2019 - £140,000) was paid to the directors. |
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Key management personnel salaries paid during the year were £137,500 (2019 - £150,000). |
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14. | FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES |
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In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements. |