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Unaudited Financial Statements |
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for the Year Ended 31 December 2021 |
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for |
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Brooklyn Trading Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 December 2021 |
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for |
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Brooklyn Trading Limited |
Brooklyn Trading Limited (Registered number: 02747438) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2021 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Brooklyn Trading Limited |
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Company Information |
for the Year Ended 31 December 2021 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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BUSINESS ADDRESS: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Reedham House |
31 King Street West |
Manchester |
M3 2PJ |
Brooklyn Trading Limited (Registered number: 02747438) |
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Balance Sheet |
31 December 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings 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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Brooklyn Trading Limited (Registered number: 02747438) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2021 |
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1. | STATUTORY INFORMATION |
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Brooklyn Trading Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Significant judgements and estimates |
In applying the company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ. |
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The estimates and underlying assumptions are reviewed on an ongoing basis. Revision to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods. |
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Key sources of estimation uncertainty |
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The key assumptions concerning the future, and other key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are disclosed below. |
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Assessing indicators of impairment |
In assessing whether there have been any indicators of impairment assets, the directors have considered both external and internal sources of information such as market conditions and experience of recoverability. There have been no indicators of impairments identified during the current financial year. |
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Tangible fixed assets |
Tangible fixed assets, are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values. |
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Turnover |
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. |
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Grant income |
Grants of a revenue nature are credited to income in the period to which they relate. |
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Interest |
Bank and other interest is recognised in the period in which it was received. |
Brooklyn Trading Limited (Registered number: 02747438) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Tangible fixed assets |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Computer equipment | - |
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Tangible fixed assets are initially recorded at cost less accumulated depreciation and accumulated impairment losses. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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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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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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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. |
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Going concern |
The company's financial statements for the year ended 31 December 2021 have been prepared on a going concern basis, as after making appropriate enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. |
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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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Brooklyn Trading Limited (Registered number: 02747438) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2021 |
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Additions |
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Disposals |
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At 31 December 2021 |
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DEPRECIATION |
At 1 January 2021 |
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Charge for year |
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Eliminated on disposal |
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At 31 December 2021 |
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NET BOOK VALUE |
At 31 December 2021 |
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At 31 December 2020 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Amounts owed by group undertakings |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
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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7. | RELATED PARTY DISCLOSURES |
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The company has taken advantage of exemption, under the terms of Section 1A "Small Entities" of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
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During the year the company was charged rent amounting to £56,395 (2020: £56,752) by a pension scheme in which the directors of this company are both trustees and beneficiaries. |
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At 31 December 2021, other creditors include £nil (2020: £13,721) in respect of the directors' current accounts. There are no fixed repayment terms and no interest is chargeable to the company in respect of this balance. |
Brooklyn Trading Limited (Registered number: 02747438) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
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8. | ULTIMATE PARENT UNDERTAKING |
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The company's parent undertaking at the balance sheet date was Klyne & Klyne (Holdings) Limited, a company incorporated and registered in England and Wales. Copies of the financial statements of Klyne & Klyne (Holdings) Limited can be obtained from the registered office of that company which is the same as this company and the address can be found on the Company Information page. |