IRIS Accounts Production v23.3.0.418 SC015861 Board of Directors 1.3.22 28.2.23 28.2.23 false true false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureSC0158612022-02-28SC0158612023-02-28SC0158612022-03-012023-02-28SC0158612021-02-28SC0158612021-03-012022-02-28SC0158612022-02-28SC015861ns16:Scotland2022-03-012023-02-28SC015861ns15:PoundSterling2022-03-012023-02-28SC015861ns11:Director12022-03-012023-02-28SC015861ns11:PrivateLimitedCompanyLtd2022-03-012023-02-28SC015861ns11:SmallEntities2022-03-012023-02-28SC015861ns11:AuditExempt-NoAccountantsReport2022-03-012023-02-28SC015861ns11:SmallCompaniesRegimeForDirectorsReport2022-03-012023-02-28SC015861ns11:SmallCompaniesRegimeForAccounts2022-03-012023-02-28SC015861ns11:FullAccounts2022-03-012023-02-28SC015861ns11:Director22022-03-012023-02-28SC015861ns11:CompanySecretary12022-03-012023-02-28SC015861ns11:RegisteredOffice2022-03-012023-02-28SC015861ns6:CurrentFinancialInstruments2023-02-28SC015861ns6:CurrentFinancialInstruments2022-02-28SC015861ns6:ShareCapital2023-02-28SC015861ns6:ShareCapital2022-02-28SC015861ns6:FurtherSpecificReserve1ComponentTotalEquity2023-02-28SC015861ns6:FurtherSpecificReserve1ComponentTotalEquity2022-02-28SC015861ns6:RetainedEarningsAccumulatedLosses2023-02-28SC015861ns6:RetainedEarningsAccumulatedLosses2022-02-28SC015861ns6:PlantMachinery2022-03-012023-02-28SC015861ns6:PlantMachinery2022-02-28SC015861ns6:PlantMachinery2023-02-28
REGISTERED NUMBER: SC015861 (Scotland)
















Unaudited Financial Statements

for the Year Ended 28 February 2023

for

Brookfield Securities Limited

Brookfield Securities Limited (Registered number: SC015861)






Contents of the Financial Statements
for the Year Ended 28 February 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Brookfield Securities Limited

Company Information
for the Year Ended 28 February 2023







DIRECTORS: W H Malcolm
A B Malcolm





SECRETARY: C R Stewart





REGISTERED OFFICE: Brookfield House
2 Burnbrae Drive
Linwood Industrial Estate
Linwood
Renfrewshire
PA3 3BU





REGISTERED NUMBER: SC015861 (Scotland)





ACCOUNTANTS: Gillespie & Anderson
Chartered Accountants
147 Bath Street
Glasgow
G2 4SN

Brookfield Securities Limited (Registered number: SC015861)

Balance Sheet
28 February 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 - -
Investment property 5 8,100,000 8,100,000
8,100,000 8,100,000

CURRENT ASSETS
Cash at bank 428,174 670,860

CREDITORS
Amounts falling due within one year 6 1,144,937 1,000,882
NET CURRENT LIABILITIES (716,763 ) (330,022 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,383,237

7,769,978

PROVISIONS FOR LIABILITIES 746,519 746,519
NET ASSETS 6,636,718 7,023,459

CAPITAL AND RESERVES
Called up share capital 2,004 2,004
Non-distributable fair value
reserve 5,767,185 5,767,185
Retained earnings 867,529 1,254,270
6,636,718 7,023,459

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

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.

Brookfield Securities Limited (Registered number: SC015861)

Balance Sheet - continued
28 February 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 July 2023 and were signed on its behalf by:





A B Malcolm - Director


Brookfield Securities Limited (Registered number: SC015861)

Notes to the Financial Statements
for the Year Ended 28 February 2023

1. STATUTORY INFORMATION

Brookfield Securities Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going Concern
The company has cash resources and has no requirement for external funding. The Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.They continue to believe the going concern basis of accountancy appropriate in preparing the annual financial statements.

Despite the ongoing issues of the Covid-19 pandemic and the lockdown restrictions, the management have continued operations throughout this period in compliance with covid regulations. They have accessed all available support which has been available at local and national levels. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Significant judgements and estimates
In preparing the financial statements the Directors are required to make judgements, estimates and assumptions based on historical experience and other relevant factors. Actual results may differ from these best estimates which are reviewed on an ongoing basis.The significant items in the financial statements where these judgements are required included the valuation properties.

Turnover
Turnover represents net sales of goods and services, excluding value added tax and discounts offered.

Other operating income represents rental income received and gain on revaluation of investment properties.

Income is recognised when the company becomes entitled to the income, it can be measured reliably and it is probable that the economic benefits associated with the transaction will flow to the entity.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery etc - 25% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Brookfield Securities Limited (Registered number: SC015861)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has no complex financial instruments but does hold basic financial instruments of; cash at bank, debtors and creditors.

Cash and cash equivalents comprise cash at bank and on hand, foreign currency on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. A bank overdraft would be shown within current liabilities.

Trade and other debtors are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method, less losses for bad debts except where the effect of discounting would be immaterial. In such cases, trade and other debtors are stated at cost less losses for bad debts.

Trade and other creditors are initially recognised at fair value and subsequently measured at amortised cost using the effective interest rate unless the effect of discounting would be immaterial. In such cases, trade and other creditors are stated at cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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.

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.

Employment benefits
The total cost of employee benefits to which employees have become entitled as a result of service rendered to the entity during the reporting period are recognised and charged to the profit and loss account in the period to which they relate.

Provision for liabilities
A provision is initially recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that there will be the transfer of funds in settlement and the amount of the obligation can be estimated reliably. The provision is subsequently measured by placing a charge against the provision only for expenditure for which the provision was originally recognised.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

Brookfield Securities Limited (Registered number: SC015861)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 March 2022 108,137
Disposals (66,137 )
At 28 February 2023 42,000
DEPRECIATION
At 1 March 2022 108,137
Eliminated on disposal (66,137 )
At 28 February 2023 42,000
NET BOOK VALUE
At 28 February 2023 -

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2022
and 28 February 2023 8,100,000
NET BOOK VALUE
At 28 February 2023 8,100,000
At 28 February 2022 8,100,000

Property was valued on an open market basis on 1 March 2019 by Pollock Property Advisors and in the opinion of the directors has not materially changed at the balance sheet date.

Fair value at 28 February 2023 is represented by:
£   
Valuation in 2019 5,563,859
Cost 2,536,141
8,100,000

If investment properties had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 2,536,141 2,536,141

Investment properties were valued on an open market basis on 1 March 2019 by Pollock Property Advisers .

Brookfield Securities Limited (Registered number: SC015861)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Taxation and social security 91,475 200,873
Other creditors 1,053,462 800,009
1,144,937 1,000,882

7. RELATED PARTY DISCLOSURES

Andrew B Malcolm and Walter H Malcolm are directors of The Malcolm Group Limited, W.H. Malcolm Limited and Loanhead Transport Limited.

During the year £736,100 was received from W.H. Malcolm Limited for rental of land and hire of vehicles.

A loan was taken from an associated company Loanhead Transport Limited in 2010. The total capital outstanding as at 28 February 2023 is £502,624. Interest is accrued annually at 4% of capital up to 31 October 2019 and 2% on capital thereafter. Interest accrued as at 28 February 2023 is £13,403. There is no loan agreement in place.