Caseware UK (AP4) 2023.0.135 2023.0.135 2023-11-302023-11-3002022-12-01falseNo description of principal activity0falsetrue 08966900 2022-12-01 2023-11-30 08966900 2021-12-01 2022-11-30 08966900 2023-11-30 08966900 2022-11-30 08966900 2021-12-01 08966900 1 2022-12-01 2023-11-30 08966900 1 2021-12-01 2022-11-30 08966900 6 2022-12-01 2023-11-30 08966900 6 2021-12-01 2022-11-30 08966900 d:Director1 2022-12-01 2023-11-30 08966900 d:RegisteredOffice 2022-12-01 2023-11-30 08966900 e:Buildings 2022-12-01 2023-11-30 08966900 e:Buildings 2023-11-30 08966900 e:Buildings 2022-11-30 08966900 e:Buildings e:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 08966900 e:Buildings e:LongLeaseholdAssets 2022-12-01 2023-11-30 08966900 e:CurrentFinancialInstruments 2023-11-30 08966900 e:CurrentFinancialInstruments 2022-11-30 08966900 e:Non-currentFinancialInstruments 2023-11-30 08966900 e:Non-currentFinancialInstruments 2022-11-30 08966900 e:CurrentFinancialInstruments e:WithinOneYear 2023-11-30 08966900 e:CurrentFinancialInstruments e:WithinOneYear 2022-11-30 08966900 e:Non-currentFinancialInstruments e:AfterOneYear 2023-11-30 08966900 e:Non-currentFinancialInstruments e:AfterOneYear 2022-11-30 08966900 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2023-11-30 08966900 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2022-11-30 08966900 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2023-11-30 08966900 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2022-11-30 08966900 e:Non-currentFinancialInstruments e:MoreThanFiveYears 2023-11-30 08966900 e:Non-currentFinancialInstruments e:MoreThanFiveYears 2022-11-30 08966900 e:ShareCapital 2023-11-30 08966900 e:ShareCapital 2022-11-30 08966900 e:ShareCapital 2021-12-01 08966900 e:RevaluationReserve 2022-12-01 2023-11-30 08966900 e:RevaluationReserve 2023-11-30 08966900 e:RevaluationReserve 1 2022-12-01 2023-11-30 08966900 e:RevaluationReserve 6 2022-12-01 2023-11-30 08966900 e:RevaluationReserve 2022-11-30 08966900 e:RevaluationReserve 2021-12-01 08966900 e:RevaluationReserve 6 2021-12-01 2022-11-30 08966900 e:RevaluationReserve 8 2021-12-01 2022-11-30 08966900 e:RetainedEarningsAccumulatedLosses 2022-12-01 2023-11-30 08966900 e:RetainedEarningsAccumulatedLosses 2023-11-30 08966900 e:RetainedEarningsAccumulatedLosses 1 2022-12-01 2023-11-30 08966900 e:RetainedEarningsAccumulatedLosses 2021-12-01 2022-11-30 08966900 e:RetainedEarningsAccumulatedLosses 2022-11-30 08966900 e:RetainedEarningsAccumulatedLosses 2021-12-01 08966900 e:RetainedEarningsAccumulatedLosses 1 2021-12-01 2022-11-30 08966900 e:AcceleratedTaxDepreciationDeferredTax 2023-11-30 08966900 e:AcceleratedTaxDepreciationDeferredTax 2022-11-30 08966900 d:OrdinaryShareClass1 2022-12-01 2023-11-30 08966900 d:OrdinaryShareClass1 2023-11-30 08966900 d:OrdinaryShareClass1 2022-11-30 08966900 d:FRS102 2022-12-01 2023-11-30 08966900 d:Audited 2022-12-01 2023-11-30 08966900 d:FullAccounts 2022-12-01 2023-11-30 08966900 d:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 08966900 d:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 08966900 5 2022-12-01 2023-11-30 08966900 f:PoundSterling 2022-12-01 2023-11-30 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 08966900









BROWNHILLS INVESTMENTS PROPERTY LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 NOVEMBER 2023

 
BROWNHILLS INVESTMENTS PROPERTY LIMITED
 
 
COMPANY INFORMATION


Director
Mr M E Harrison 




Registered number
08966900



Registered office
Brownhills Glass Co Ltd
Beecham Close

Walsall

West Midlands

WS9 8UZ




Independent auditors
PKF Smith Cooper Audit Limited
Statutory Auditors

158 Edmund Street

Birmingham

B3 2HB





 
BROWNHILLS INVESTMENTS PROPERTY LIMITED
REGISTERED NUMBER: 08966900

BALANCE SHEET
AS AT 30 NOVEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets

 4 

3,402,233
2,981,052

Current assets
  

Cash at bank and in hand

 5 

617
79

Creditors: amounts falling due within one year
 6 
(1,140,838)
(1,033,208)

Net current liabilities
  
 
 
(1,140,221)
 
 
(1,033,129)

Total assets less current liabilities
  
2,262,012
1,947,923

Creditors: amounts falling due after more than one year
 7 
(694,843)
(827,106)

Provisions for liabilities
  

Deferred tax
 9 
(332,500)
(225,000)

Net assets
  
 
 
1,234,669
 
 
895,817


Capital and reserves
  

Called up share capital 
 10 
1
1

Revaluation reserve
 11 
1,230,321
876,996

Profit and loss account
 11 
4,347
18,820

  
1,234,669
895,817


Page 1

 
BROWNHILLS INVESTMENTS PROPERTY LIMITED
REGISTERED NUMBER: 08966900
    
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2023

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 August 2024.




Mr M E Harrison
Director

The notes on pages 4 to 12 form part of these financial statements.
Page 2

 
BROWNHILLS INVESTMENTS PROPERTY LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 December 2021
1
424,035
13,103
437,139



Profit for the year
-
-
130,717
130,717

Surplus on revaluation of leasehold property
-
578,496
-
578,496

Deferred tax on revaluation of freehold property
-
(125,535)
-
(125,535)

Dividends: Equity capital
-
-
(125,000)
(125,000)



At 1 December 2022
1
876,996
18,820
895,817



Profit for the year
-
-
125,527
125,527

Surplus on revaluation of freehold property
-
460,825
-
460,825

Deferred tax on revaluation of freehold property
-
(107,500)
-
(107,500)

Dividends: Equity capital
-
-
(140,000)
(140,000)


At 30 November 2023
1
1,230,321
4,347
1,234,669


The notes on pages 4 to 12 form part of these financial statements.
Page 3

 
BROWNHILLS INVESTMENTS PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.


General information

Brownhills Investments Property Limited is a private limited company limited by shares and incorporated in England. The address of the registered office is Brownhills Glass Co Ltd, Beecham Close, Walsall, West Midlands, WS9 8UZ. The company's registration number is 08966900. The nature of the company's operations and principal activities is that of an investment property company.
The financial statements are prepared in Sterling which is the functional currency of the company. The financial statements level of rounding is to the nearest £1.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on the going concern basis. The director has reviewed the funding in place for the company and has taken into account the amounts of £1,007,587 (2022 - £894,968) which are included in creditors where the timing of repayments is under the control of the parent company. In light of the future trading indications and the funding position of the group the directors consider the company to be a going concern.

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, and value added tax.
Rental income is accounted for so as to recognise income in the period for which the leaseholder has an obligation to pay rent.

 
2.4

Finance costs

Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that 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.

 
2.5

Borrowing costs

All borrowing costs are recognised in the Statement of comprehensive income in the year in which they are incurred.

Page 4

 
BROWNHILLS INVESTMENTS PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
2%
Freehold land
-
is not depreciated

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the statement of comprehensive income.

Page 5

 
BROWNHILLS INVESTMENTS PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.8

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in the statement of comprehensive income.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

  
2.11

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of comprehensive income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.
Page 6

 
BROWNHILLS INVESTMENTS PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.12

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The Company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL).

Page 7

 
BROWNHILLS INVESTMENTS PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

4.


Tangible fixed assets





Freehold property

£



Valuation


At 1 December 2022
3,000,000


Revaluations
430,000



At 30 November 2023

3,430,000



Depreciation


At 1 December 2022
18,948


Charge for the year
39,644


On revalued assets
(30,825)



At 30 November 2023

27,767



Net book value



At 30 November 2023
3,402,233



At 30 November 2022
2,981,052

On 11 May 2023, land and buildings with a carrying amount of £3,430,000 were revalued by Harris Lamb Limited, Chartered Surveyors, on an existing use open market value basis. Harris Lamb Limited are not connected with the company. The valuation was based on recent market transactions on an arm's length basis for similar properties.
Included in freehold property is freehold land valued at £1,050,000 (2022 - £1,050,000) which is not depreciated.
Included within the net book value of tangible fixed assets is £3,402,233 (2022 - £2,981,052) relating to an asset held for use in an operating lease. The depreciation charged to the financial statements in the year in respect of the asset amounted to £39,644 (2022 - £32,482).

Page 8

 
BROWNHILLS INVESTMENTS PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

           4.Tangible fixed assets (continued)

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2023
2022
£
£



Cost
2,100,000
2,100,000

Accumulated depreciation
(227,500)
(201,500)

Net book value
1,872,500
1,898,500


5.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
617
79



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
131,082
135,668

Amounts owed to group undertakings
1,007,587
894,968

Accruals and deferred income
2,169
2,572

1,140,838
1,033,208



7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
694,843
827,106


Page 9

 
BROWNHILLS INVESTMENTS PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

8.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
131,082
135,668

Amounts falling due 1-2 years

Bank loans
106,996
133,473

Amounts falling due 2-5 years

Bank loans
360,538
335,326

Amounts falling due after more than 5 years

Bank loans
227,309
358,307

825,925
962,774


The bank loan of £797,519 (2022 - £893,798) relates to the freehold property known as Beecham Close, Walsall, WS9 8UZ. The loan is secured by a fixed and floating charge over this property. The interest rate of the loan is 4.37%.
The bank loan of £28,406 (2022 - £68,976) is secured by a fixed and floating charge over the assets of the company.

Page 10

 
BROWNHILLS INVESTMENTS PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

9.


Deferred taxation




2023


£






At beginning of year
(225,000)


Charged to other comprehensive income
(107,500)



At end of year
(332,500)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Deferred tax on surplus revaluation
(332,500)
(225,000)

(332,500)
(225,000)


10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1 (2022 - 1) Ordinary share of £1.00
1
1



11.


Reserves

Revaluation reserve

This reserve records all current and prior period revaluation gains and losses.

Profit and loss account

This reserve records all current and prior period retained profit and losses.

Page 11

 
BROWNHILLS INVESTMENTS PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

12.


Contingent liabilities

Lloyds Bank plc hold a letter of set off between the company, parent company and fellow subsidiaries, Brownhills Glass Company Limited, Peterlee Glass Limited, Tufwell Glass Limited, Peterleetwo Limited and London Architectural Glass Ltd. The company is therefore jointly and severally liable for the amount owed by United Glass Group Ltd, Brownhills Glass Company Limited, Peterlee Glass Company Limited, Tufwell Glass Limited, Peterleetwo Limited and London Architectural Glass Ltd to Lloyds Bank plc. The total balances guaranteed at 30 November 2023 amounted to £2,532,289 (2022 - £3,647,717). 
Since March 2023, Lombard North Central PLC hold a guarantee and indemnity between the company and fellow subsidiaries, Peterlee Glass Limited, Brownhills Glass Company Limited, Tufwell Glass Limited and London Architectural Glass Ltd. The company is therefore jointly and severally liable for the amount owed by Peterlee Glass Limited, Brownhills Glass Company Limited, Tufwell Glass Limited and London Architectural Glass Ltd to Lombard North Central PLC. The total balances guaranteed at 30 November 2023 amounted to £261,334.
The company is party, together with other group and related undertakings, to multilateral guarantees given to Duke Royalty UK Limited. The total balances guaranteed at 30 November 2023 amounted to £11,647,170 (2022 - £11,787,257).


13.


Related party transactions

The company has taken advantage of the exemption in section 33.1A of Financial Reporting Standard 102 from the requirement to disclose transactions with wholly owned members of the group.


14.


Controlling party

The company is a wholly owned subsidiary undertaking of United Glass Group Ltd, which is also the ultimate parent company. The registered address of the parent company is Beecham Close, Aldridge, Walsall, West Midlands, WS9 8UZ. 
United Glass Group Ltd prepares group financial statements and copies can be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.
At the balance sheet date, the ultimate controlling party was M E Harrison by virtue of his shareholding in United Glass Group Ltd. Subsequently, at the time of approval of these financial statements, the ultimate controlling party is now Duke Royalty UK Limited by virtue of their shareholding in United Glass Group Ltd.


15.


Auditors' information

The auditors' report on the financial statements for the year ended 30 November 2023 was unqualified.

The audit report was signed on 29 August 2024 by Stephen Newman (Senior statutory auditor) on behalf of PKF Smith Cooper Audit Limited.

 
Page 12