Company Registration No. 11716416 (England and Wales)
Brown Assets Limited
Unaudited accounts
for the year ended 31 December 2022
Brown Assets Limited
Unaudited accounts
Contents
Brown Assets Limited
Company Information
for the year ended 31 December 2022
Company Number
11716416 (England and Wales)
Registered Office
Flat 22 The Pavillion
Wrotham Road
Gravesend
Kent
DA11 0QG
Accountants
Clayton Stirling
123 Cross Lane East
Gravesend
Kent
DA12 5HA
Brown Assets Limited
Statement of financial position
as at 31 December 2022
Investment property
435,823
601,865
Cash at bank and in hand
35,619
3,023
Creditors: amounts falling due within one year
(68,080)
(68,514)
Net current liabilities
(30,616)
(64,023)
Total assets less current liabilities
406,168
538,084
Creditors: amounts falling due after more than one year
(461,263)
(588,798)
Net liabilities
(55,095)
(50,714)
Called up share capital
2
2
Profit and loss account
(55,097)
(50,716)
Shareholders' funds
(55,095)
(50,714)
For the year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 15 August 2023 and were signed on its behalf by
C Brown
Director
Company Registration No. 11716416
Brown Assets Limited
Notes to the Accounts
for the year ended 31 December 2022
Brown Assets Limited is a private company, limited by shares, registered in England and Wales, registration number 11716416. The registered office is Flat 22 The Pavillion, Wrotham Road, Gravesend, Kent, DA11 0QG.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
The financial statements have been prepared on a going concern basis as the director has indicated he will continue to provide financial assistance to meet ongoing costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
20% straight line
Computer equipment
20% straight line
Brown Assets Limited
Notes to the Accounts
for the year ended 31 December 2022
4
Tangible fixed assets
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 January 2022
-
605
605
At 31 December 2022
840
605
1,445
At 1 January 2022
-
363
363
Charge for the year
-
121
121
At 31 December 2022
-
484
484
At 31 December 2022
840
121
961
At 31 December 2021
-
242
242
Fair value at 1 January 2022
601,865
At 31 December 2022
435,823
Amounts falling due within one year
Accrued income and prepayments
1,845
1,468
7
Creditors: amounts falling due within one year
2022
2021
Loans from directors
31,819
43,377
8
Creditors: amounts falling due after more than one year
2022
2021
Bank loans
338,263
465,798
Other creditors
123,000
123,000
Aggregate of amounts that fall due for payment after five years
338,263
465,798
The above bank loans have been secured by fixed and floating charges over the assets of the company.
Brown Assets Limited
Notes to the Accounts
for the year ended 31 December 2022
9
Average number of employees
During the year the average number of employees was 1 (2021: 1).