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Company No: 09614321 (England and Wales)

BRILLIANT HOMES LIMITED

Unaudited Financial Statements
For the financial year ended 30 September 2023
Pages for filing with the registrar

BRILLIANT HOMES LIMITED

Unaudited Financial Statements

For the financial year ended 30 September 2023

Contents

BRILLIANT HOMES LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 September 2023
BRILLIANT HOMES LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 September 2023
Note 30.09.2023 30.09.2022
£ £
Fixed assets
Tangible assets 3 46,634 59,430
Investment property 4 9,790,000 9,790,000
9,836,634 9,849,430
Current assets
Debtors 5 1,398,523 1,423,575
Cash at bank and in hand 347,912 306,630
1,746,435 1,730,205
Creditors: amounts falling due within one year 6 ( 31,262) ( 40,395)
Net current assets 1,715,173 1,689,810
Total assets less current liabilities 11,551,807 11,539,240
Creditors: amounts falling due after more than one year 7 ( 7,858,436) ( 7,780,083)
Provision for liabilities 8 ( 824,598) ( 840,714)
Net assets 2,868,773 2,918,443
Capital and reserves
Called-up share capital 9 4 4
Profit and loss account 2,868,769 2,918,439
Total shareholders' funds 2,868,773 2,918,443

For the financial year ending 30 September 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Brilliant Homes Limited (registered number: 09614321) were approved and authorised for issue by the Board of Directors on 03 August 2024. They were signed on its behalf by:

Steven Newton
Director
BRILLIANT HOMES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2023
BRILLIANT HOMES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Brilliant Homes Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Brownings Orchard, The Street, Upper Farringdon, GU34 3DT, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Reporting period length

The reporting period length in the previous period was extended to 14 months at the decision of the directors. This was done to align the period end with the nature of the Company's trade. Therefore, the 2022 comparatives are not entirely comparable.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 20 % reducing balance
Plant and machinery 25 % reducing balance
Vehicles 4 years straight line
Fixtures and fittings 25 % reducing balance
Computer equipment 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Trade and other debtors

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

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

Year ended
30.09.2023
Period from
01.08.2021 to
30.09.2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £ £ £
Cost
At 01 October 2022 108,341 1,004 9,995 21,087 2,173 142,600
Additions 0 0 0 0 1,449 1,449
At 30 September 2023 108,341 1,004 9,995 21,087 3,622 144,049
Accumulated depreciation
At 01 October 2022 60,420 822 5,414 14,793 1,721 83,170
Charge for the financial year 9,585 45 2,499 1,573 543 14,245
At 30 September 2023 70,005 867 7,913 16,366 2,264 97,415
Net book value
At 30 September 2023 38,336 137 2,082 4,721 1,358 46,634
At 30 September 2022 47,921 182 4,581 6,294 452 59,430

4. Investment property

Investment property
£
Valuation
As at 01 October 2022 9,790,000
As at 30 September 2023 9,790,000

Valuation

At each reporting date, investment property is measured at fair value, with changes in fair value recognised in profit or loss. Deferred taxation is provided on gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

5. Debtors

30.09.2023 30.09.2022
£ £
Amounts owed by connected persons 0 104,572
Amounts owed by connected companies 1,312,170 1,007,484
Prepayments and accrued income 2,877 8,701
Corporation tax 83,476 82,326
Other debtors 0 220,492
1,398,523 1,423,575

6. Creditors: amounts falling due within one year

30.09.2023 30.09.2022
£ £
Bank loans 10,152 10,157
Trade creditors 513 5,363
Accruals and deferred income 17,767 19,912
Other taxation and social security 2,830 3,193
Other creditors 0 1,770
31,262 40,395

There are no amounts included above in respect of which any security has been given by the small entity.

7. Creditors: amounts falling due after more than one year

30.09.2023 30.09.2022
£ £
Bank loans (secured £ 7,837,754) 7,858,436 7,780,083

The bank loans are secured over the investment properties held by the company.

8. Deferred tax

30.09.2023 30.09.2022
£ £
At the beginning of financial year/period ( 840,714) ( 470,873)
Credited/(charged) to the Statement of Income and Retained Earnings 16,116 ( 369,841)
At the end of financial year/period ( 824,598) ( 840,714)

The deferred taxation balance is made up as follows:

30.09.2023 30.09.2022
£ £
Revaluation of investment property ( 875,286) ( 875,286)
Tax losses carry forward 62,347 49,430
Fixed asset timing differences ( 11,659) ( 14,858)
( 824,598) ( 840,714)

9. Called-up share capital

30.09.2023 30.09.2022
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2
1 Ordinary A share of £ 1.00 1 1
1 Ordinary B share of £ 1.00 1 1
4 4

10. Related party transactions

Transactions with the entity's directors

During the year the directors maintained a current account with the company. At the year-end the directors owed the company £Nil (2022: £Nil). Interest of £2,040 has been charged on the loans at the approved rate when overdrawn and there are no set repayment terms.

Other related party transactions

During the year, the company provided funding to Dearham Investments Ltd, a connected company. At the year-end Dearham Investments Ltd owed the company £1,312,170 (2022: £1,007,484). No interest is charged on this loan and there are no set repayment terms.

11. Profit and loss account

30.09.2023 30.09.2022
£ £
Profit and loss account - distributable (116,239) (69,313)
Profit and loss account - non-distributable 2,985,008 2,987,752
2,868,769 2,918,439

Profit and loss account - distributable

This reserve relates to the aggregate of distributable profits and losses generated to date.

Profit and loss account - non distributable

This reserve relates to the aggregate of fair value adjustments in respect of the investment properties, less the deferred tax charges on those fair value movements.