Silverfin false false 31/12/2023 01/01/2023 31/12/2023 F Breslin 12/12/2019 J Breslin 12/12/2019 G Everett 12/12/2019 J Everett 12/12/2019 15 August 2024 The principal activity of the Company during the financial year continued to be that of property investment and development. SC649520 2023-12-31 SC649520 bus:Director1 2023-12-31 SC649520 bus:Director2 2023-12-31 SC649520 bus:Director3 2023-12-31 SC649520 bus:Director4 2023-12-31 SC649520 2022-12-31 SC649520 core:CurrentFinancialInstruments 2023-12-31 SC649520 core:CurrentFinancialInstruments 2022-12-31 SC649520 core:Non-currentFinancialInstruments 2023-12-31 SC649520 core:Non-currentFinancialInstruments 2022-12-31 SC649520 core:ShareCapital 2023-12-31 SC649520 core:ShareCapital 2022-12-31 SC649520 core:RetainedEarningsAccumulatedLosses 2023-12-31 SC649520 core:RetainedEarningsAccumulatedLosses 2022-12-31 SC649520 core:LandBuildings 2022-12-31 SC649520 core:LandBuildings 2023-12-31 SC649520 bus:OrdinaryShareClass1 2023-12-31 SC649520 2023-01-01 2023-12-31 SC649520 bus:FilletedAccounts 2023-01-01 2023-12-31 SC649520 bus:SmallEntities 2023-01-01 2023-12-31 SC649520 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 SC649520 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 SC649520 bus:Director1 2023-01-01 2023-12-31 SC649520 bus:Director2 2023-01-01 2023-12-31 SC649520 bus:Director3 2023-01-01 2023-12-31 SC649520 bus:Director4 2023-01-01 2023-12-31 SC649520 2022-01-01 2022-12-31 SC649520 core:Non-currentFinancialInstruments 2023-01-01 2023-12-31 SC649520 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 SC649520 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC649520 (Scotland)

BREVERETT LTD

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH THE REGISTRAR

BREVERETT LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023

Contents

BREVERETT LTD

BALANCE SHEET

AS AT 31 DECEMBER 2023
BREVERETT LTD

BALANCE SHEET (continued)

AS AT 31 DECEMBER 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 140,000 140,000
140,000 140,000
Current assets
Stocks 189,243 158,787
Debtors 4 0 2,836
Cash at bank and in hand 398 2,903
189,641 164,526
Creditors: amounts falling due within one year 5 ( 293,932) ( 255,929)
Net current liabilities (104,291) (91,403)
Total assets less current liabilities 35,709 48,597
Creditors: amounts falling due after more than one year 6 ( 6,923) ( 23,538)
Net assets 28,786 25,059
Capital and reserves
Called-up share capital 7 6 6
Profit and loss account 28,780 25,053
Total shareholders' funds 28,786 25,059

For the financial year ending 31 December 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 Breverett Ltd (registered number: SC649520) were approved and authorised for issue by the Board of Directors on 15 August 2024. They were signed on its behalf by:

F Breslin
Director
BREVERETT LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
BREVERETT LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 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 year, unless otherwise stated.

General information and basis of accounting

Breverett Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 29 Woodlands Drive, Motherwell, ML1 4XU, Scotland, 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 Balance Sheet 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.

Turnover

Turnover is recognised at the fair value of the consideration received for rental of property in the normal course of business, and is shown net of VAT.

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 Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property 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:

Land and buildings not depreciated

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.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Basic financial assets
Basic financial assets, which include cash and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors and loans, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 4

3. Tangible assets

Land and buildings Total
£ £
Cost
At 01 January 2023 140,000 140,000
At 31 December 2023 140,000 140,000
Accumulated depreciation
At 01 January 2023 0 0
At 31 December 2023 0 0
Net book value
At 31 December 2023 140,000 140,000
At 31 December 2022 140,000 140,000

4. Debtors

2023 2022
£ £
Other debtors 0 2,836

5. Creditors: amounts falling due within one year

2023 2022
£ £
Taxation and social security 1,493 2,430
Other creditors 292,439 253,499
293,932 255,929

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

2023 2022
£ £
Other creditors 6,923 23,538

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

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
6 Ordinary shares of £ 1.00 each 6 6

8. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Amounts owed to directors 173,720 166,120