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REGISTERED NUMBER: 03147118 (England and Wales)















Financial Statements for the Year Ended 31 March 2023

for

Evenbrook Limited

Evenbrook Limited (Registered number: 03147118)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Evenbrook Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: C A Butterfield FCA
J E M Gulliford MRICS
J S Butterfield MRICS
M A Poole FCA



REGISTERED OFFICE: Brecon House
Browns Green
Birmingham
B20 1FE



REGISTERED NUMBER: 03147118 (England and Wales)



AUDITORS: CKCA Limited
No 4 Castle Court 2
Castlegate Way
Dudley
West Midlands
DY1 4RH



SOLICITORS: Freeths LLP
80 Mount Street
Nottingham
NG1 6HH

Evenbrook Limited (Registered number: 03147118)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 45,843 50,073
Investment property 5 41,300,000 46,210,000
41,345,843 46,260,073

CURRENT ASSETS
Debtors 6 29,943,674 24,262,428
Cash at bank 1,254,384 2,209,149
31,198,058 26,471,577
CREDITORS
Amounts falling due within one year 7 7,594,175 7,547,698
NET CURRENT ASSETS 23,603,883 18,923,879
TOTAL ASSETS LESS CURRENT
LIABILITIES

64,949,726

65,183,952

CREDITORS
Amounts falling due after more than
one year

8

(19,086,900

)

(19,061,800

)

PROVISIONS FOR LIABILITIES 10 (4,693,000 ) (5,480,000 )
NET ASSETS 41,169,826 40,642,152

CAPITAL AND RESERVES
Called up share capital 5,404 5,404
Share premium 11 8,796,405 8,796,405
Fair value reserve 11 24,114,799 27,759,322
Retained earnings 11 8,253,218 4,081,021
SHAREHOLDERS' FUNDS 41,169,826 40,642,152

Evenbrook Limited (Registered number: 03147118)

Balance Sheet - continued
31 March 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 June 2023 and were signed on its behalf by:




C A Butterfield FCA - Director



M A Poole FCA - Director


Evenbrook Limited (Registered number: 03147118)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

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

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.

Related party exemption
The company has taken advantage of exemption, under the terms 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.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for income and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. Management does not consider there to be judgements made on matters considered material (apart from those involving estimates) that have had an effect on amounts recognised in the financial statements this year.

The following are the company's key sources of estimation uncertainty:

Revaluation of investment properties
The company carries its investment properties at fair value, with changes in fair value being recognised in profit or loss. The directors, two of whom are Chartered Surveyors, review the carrying values of investment properties at each year end. The valuation of investment properties focuses on the estimated yield (expressed as the gross rent per annum passing at the year end date divided by the carrying value of the property) considered to be appropriate to the type and condition of the property in light of extant market conditions having regard also to its vacant possession value. The determined fair value of the investment property is most sensitive to the estimated yield. Further information on the determination of the fair value of investment properties is given in the notes to the financial statements.

Taxation
The company establishes provisions based on reasonable estimates and these are subject to the potential consequences of enquiries by the tax authorities. The amount of such provisions is based on various factors such as experience and the impact of potentially differing interpretations of tax legislation and practice regulations by the company and the tax authorities. Management estimation is required to determine the amount of deferred tax that should be recognised at any time having regard to fair value and other factors.

Turnover
Turnover represents rents receivable and related income.

Evenbrook Limited (Registered number: 03147118)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

Depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - between 10% and 33% per annum on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate gain or loss arising from changes in fair value is recognised in the income statement. FRS 102 requires valuation at fair value unless fair value cannot be obtained without undue cost or effort. Deferred taxation is provided on these gains where applicable at the rate expected to apply when the property is sold.

Financial instruments
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at present value of the future receipts discounted at a market rate of interest.

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

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.

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. Group relief received or provided is recognised at 100% of relevant tax losses.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2022 - 16 ) .

Evenbrook Limited (Registered number: 03147118)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2022 192,898
Additions 16,317
At 31 March 2023 209,215
DEPRECIATION
At 1 April 2022 142,825
Charge for year 20,547
At 31 March 2023 163,372
NET BOOK VALUE
At 31 March 2023 45,843
At 31 March 2022 50,073

5. INVESTMENT PROPERTY
Total
£   
COST OR VALUATION
At 1 April 2022 46,210,000
Disposals (4,910,000 )
At 31 March 2023 41,300,000
NET BOOK VALUE
At 31 March 2023 41,300,000
At 31 March 2022 46,210,000

Cost or valuation at 31 March 2023 is represented by:
£   
Valuation in 2023 28,808,000
Cost 12,492,000
41,300,000

Investment property was valued on an open market fair value basis on 31 March 2023 by the directors, two of whom are Chartered Surveyors, on an average gross investment yield of c. 7.5%. The company did not instruct an agent to carry out an external professional valuation of the Company's investment property at 31 March 2023. The directors have had regard to a routine valuation for security purposes carried out by the bank's independent valuers during May 2023.

Evenbrook Limited (Registered number: 03147118)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 18,395 20,222
Amounts owed by group undertakings 29,925,279 24,242,206
29,943,674 24,262,428

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Creditors 15,221 6,408
Amounts owed to group undertakings 7,316,221 7,221,449
Taxation and social security 66,075 118,963
Other creditors 196,658 200,878
7,594,175 7,547,698

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans 19,086,900 19,061,800

9. SECURED DEBTS

The following secured debts are included within creditors:

31.3.23 31.3.22
£    £   
Bank loans 19,086,900 19,061,800

10. PROVISIONS FOR LIABILITIES
31.3.23 31.3.22
£    £   
Deferred tax 4,693,000 5,480,000

Deferred
tax
£   
Balance at 1 April 2022 5,480,000
Credit to Income Statement during year (787,000 )
Balance at 31 March 2023 4,693,000

Evenbrook Limited (Registered number: 03147118)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

11. RESERVES
Fair
Retained Share value
earnings premium reserve Totals
£    £    £    £   

At 1 April 2022 4,081,021 8,796,405 27,759,322 40,636,748
Profit for the year 527,674 - - 527,674
Revaluation transfer 3,644,523 - (3,644,523 ) -
At 31 March 2023 8,253,218 8,796,405 24,114,799 41,164,422

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Wendy Davies (Senior Statutory Auditor)
for and on behalf of CKCA Limited

13. CONTINGENT LIABILITIES

The company has granted a debenture over all its assets, legal charges over certain of its properties, a floating charge and guarantees as security to a lender to Hamstead Campus Limited in respect of borrowings by that company of £12,225,000 at 31 March 2023 (2022; £12,225,000).

Other group companies have provided security in respect of the company's borrowings as disclosed in the financial statements of Evenbrook Estates Limited, Hamstead Hall Limited, Evenbrook Properties 2 Limited and Hamstead Campus Limited.

14. RELATED PARTY DISCLOSURES

CA Butterfield and the Executors of JR Coles each have personal guarantees outstanding of £600,000 to a lender to the company.

15. ULTIMATE CONTROLLING PARTY

The controlling party is Evenbrook Group Limited.

The directors consider that there is no ultimate controlling party.