Company No:
Contents
Note | 30.09.2023 | 30.09.2022 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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Investment property | 4 |
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9,836,634 | 9,849,430 | |||
Current assets | ||||
Debtors | 5 |
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Cash at bank and in hand |
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1,746,435 | 1,730,205 | |||
Creditors: amounts falling due within one year | 6 | (
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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 | (
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Provision for liabilities | 8 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 9 |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Brilliant Homes Limited (registered number:
Steven Newton
Director |
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.
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 £.
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.
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 is recognised when the significant risks and rewards are considered to have been transferred to the customer.
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 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.
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.
Leasehold improvements |
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Plant and machinery |
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Vehicles |
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Fixtures and fittings |
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Computer equipment |
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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.
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.
The fair value is determined annually by the directors, on an open market value for existing use basis.
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.
Year ended 30.09.2023 |
Period from 01.08.2021 to 30.09.2022 |
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Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Leasehold improve- ments |
Plant and machinery | Vehicles | Fixtures and fittings | Computer equipment | Total | ||||||
£ | £ | £ | £ | £ | £ | ||||||
Cost | |||||||||||
At 01 October 2022 |
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Additions |
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At 30 September 2023 |
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Accumulated depreciation | |||||||||||
At 01 October 2022 |
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Charge for the financial year |
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At 30 September 2023 |
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Net book value | |||||||||||
At 30 September 2023 |
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At 30 September 2022 |
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Investment property | |
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Valuation | |
As at 01 October 2022 |
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As at 30 September 2023 |
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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.
30.09.2023 | 30.09.2022 | ||
£ | £ | ||
Amounts owed by connected persons |
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Amounts owed by connected companies |
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Prepayments and accrued income |
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Corporation tax |
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Other debtors |
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30.09.2023 | 30.09.2022 | ||
£ | £ | ||
Bank loans |
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Trade creditors |
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Accruals and deferred income |
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Other taxation and social security |
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Other creditors |
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30.09.2023 | 30.09.2022 | ||
£ | £ | ||
Bank loans (secured £
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30.09.2023 | 30.09.2022 | ||
£ | £ | ||
At the beginning of financial year/period | (
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Credited/(charged) to the Statement of Income and Retained Earnings |
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At the end of financial year/period | (
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The deferred taxation balance is made up as follows:
30.09.2023 | 30.09.2022 | ||
£ | £ | ||
Revaluation of investment property | (
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Tax losses carry forward |
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Fixed asset timing differences | (
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30.09.2023 | 30.09.2022 | ||
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Allotted, called-up and fully-paid | |||
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4 | 4 |
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.
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.