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COMPANY REGISTRATION NUMBER: NI003579
Brackhill Limited
Filleted Unaudited Financial Statements
31 October 2022
Brackhill Limited
Financial Statements
Year ended 31st October 2022
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 6
Brackhill Limited
Statement of Financial Position
31 October 2022
2022
2021
Note
£
£
£
Fixed assets
Tangible assets
5
2,073,829
2,507,653
Current assets
Stocks
488,265
488,265
Debtors
6
3,132,811
3,083,857
Cash at bank and in hand
113,303
212,715
------------
------------
3,734,379
3,784,837
Creditors: amounts falling due within one year
7
100,783
258,661
------------
------------
Net current assets
3,633,596
3,526,176
------------
------------
Total assets less current liabilities
5,707,425
6,033,829
Creditors: amounts falling due after more than one year
8
24,574,718
24,563,745
--------------
--------------
Net liabilities
( 18,867,293)
( 18,529,916)
--------------
--------------
Capital and reserves
Called up share capital
21,597
21,597
Profit and loss account
( 18,888,890)
( 18,551,513)
--------------
--------------
Shareholders deficit
( 18,867,293)
( 18,529,916)
--------------
--------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31st October 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Brackhill Limited
Statement of Financial Position (continued)
31 October 2022
These financial statements were approved by the board of directors and authorised for issue on 28 September 2023 , and are signed on behalf of the board by:
Mr M I Shields
Director
Company registration number: NI003579
Brackhill Limited
Notes to the Financial Statements
Year ended 31st October 2022
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 43 Lockview Road, Belfast, BT9 5FJ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Investments
Fixed asset investments are stated at cost less provision for permanent diminution in value.
Going concern
The company made a loss for the financial period of £337,377 (2021 - 78,276) and had net liabilities of £18,888,890 (2021 - £18,551,513).
The director has reviewed the company's circumstances, and believe it is reasonable to expect the company to continue in existence for the foreseeable future.
This is the basis upon which the directors have adopted the going concern basis in the preparation of these financial statements.
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. If an arrangement constitutes a finance transaction it is measured at present value.
Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Tangible assets
All fixed assets are initially recorded at cost. When assets are valued below cost they are accordingly carried at that value in the Financial Statements.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks and work in progress
Undeveloped land is valued by the directors and stated at the lower of cost and net realisable value. Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Charges on assets
Assetz Capital Trust Company Limited holds fixed charges over the company's lands and property.
5. Tangible assets
Investment property
Fixtures and fittings
Total
£
£
£
Cost
At 1st November 2021
2,507,653
16,402
2,524,055
Disposals
( 433,824)
( 433,824)
------------
--------
------------
At 31st October 2022
2,073,829
16,402
2,090,231
------------
--------
------------
Depreciation
At 1st November 2021 and 31st October 2022
16,402
16,402
------------
--------
------------
Carrying amount
At 31st October 2022
2,073,829
2,073,829
------------
--------
------------
At 31st October 2021
2,507,653
2,507,653
------------
--------
------------
6. Debtors
2022
2021
£
£
Amounts owed by group undertakings
2,317,000
2,317,000
Other debtors
815,811
766,857
------------
------------
3,132,811
3,083,857
------------
------------
The amounts due by group undertakings are due in more than one year.
7. Creditors: amounts falling due within one year
2022
2021
£
£
Amounts owed to group undertakings
62,457
62,457
Other creditors
38,326
196,204
----------
----------
100,783
258,661
----------
----------
Provisions reflect amounts due to be expended on sites to enable them to be carried at their stated valuation. Due to current market value conditions, this expenditure has not enhanced the carrying value of the sites.
8. Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
34,085
37,500
Amounts owed to group undertakings
23,540,452
23,540,452
Other creditors
1,000,181
985,793
--------------
--------------
24,574,718
24,563,745
--------------
--------------
9. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2022
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr M I Shields
502,932
( 7,727)
495,205
----------
----
-------
----------
2021
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr M I Shields
404,502
98,430
502,932
----------
--------
----
----------
10. Related party transactions
The company has taken advantage of the exemptions contained in FRS 102 Section 1A not to disclose transactions with entities that are part of the CENI Limited group of companies. The company was under the control of CENI Limited throughout the current period. MI Shields was also a director of CENI Limited during the period.
11. Control
The immediate and ultimate parent company is CENI Limited, a company registered in Northern Ireland. The directors consider the Shields family to be the ultimate controlling parties.