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Registered number: 04627813
Brookline Properties Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Adbell International Limited
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 04627813
2023 2022
as restated
Notes
FIXED ASSETS
Investments 4 50,540 50,540
50,540 50,540
CURRENT ASSETS
Debtors 5 6,139,000 6,139,000
Cash at bank and in hand 5,632 9,165
6,144,632 6,148,165
Creditors: Amounts Falling Due Within One Year 6 (36,392 ) (29,141 )
NET CURRENT ASSETS (LIABILITIES) 6,108,240 6,119,024
TOTAL ASSETS LESS CURRENT LIABILITIES 6,158,780 6,169,564
Creditors: Amounts Falling Due After More Than One Year 7 (860,000 ) (860,000 )
NET ASSETS 5,298,780 5,309,564
CAPITAL AND RESERVES
Called up share capital 8 5,459,570 5,459,570
Profit and Loss Account (160,790 ) (150,006 )
SHAREHOLDERS' FUNDS 5,298,780 5,309,564
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For the 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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs Vania Casini
Director
11/09/2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Brookline Properties Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04627813 . The registered office is Birchin Court, 20 Birchin Lane, London, EC3V 9DJ.
2. Accounting Policies
2.1. Basis of Preparation of 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.
The principal accounting policies adopted in the preparation of the financial statements are set out below. The accounting policies have been consistently applied within the financial statements.
The company's functional currency is € Euro and the presentation currency is € Euro.
2.2. Financial Instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset , with the net amounts presented in the financial statements , when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
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 the present value of the future receipts discounted at a market rate of interest.
Classification of financial liabilities
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 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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
2.3. Foreign Currencies
Assets and liabilities in foreign currencies are translated into euro at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into euro at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
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2.4. 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.
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.
2.5. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
2.6. Investments in subsidiaries and associates
Investments in subsidiary and associate undertakings are recognised at cost.
2.7. Preparation of consolidated financial statements
Preparation of consolidated financial statements The financial statements contain information about Elverson Investment Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.
The company and its subsidiary undertakings comprise a small-sized group.
2.8. Cash and cash equivalents
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand.
2.9 Comparatives
2022 Financial Statements have been restated for loans owed by subsidiary undertakings and associates undertakings.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2022: 1)
1 1
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4. Investments
Subsidiaries Associates Total
Cost
As at 1 January 2023 50,000 540 50,540
As at 31 December 2023 50,000 540 50,540
Provision
As at 1 January 2023 - - -
As at 31 December 2023 - - -
Net Book Value
As at 31 December 2023 50,000 540 50,540
As at 1 January 2023 50,000 540 50,540
The company's investments at the Balance Sheet date in the share capital of companies include the following:
Subsidiaries
Plazainvest S.A.
Registered office:
Nature of business: Real Estate
%
Class of shares:
holding
Ordinary shares
100.00
31.12.23
31.12.22
Aggregate capital and reserves
4,661
157,839
Loss for the year
(151,326)
image
(124,570)
image
Loans to group
Loans to
undertakings
associates
Totals
At 1 January 2023
1,670,500
4,468,500
6,139,000
Addition
-
-
-
At 31 December 2023
1,670,500
image
4,468,500
image
6,139,000
image
5. Debtors
2023 2022
as restated
Due after more than one year
Amounts owed by subsidiaries 1,670,500 1,670,500
Amounts owed by associates 4,468,500 4,468,500
6,139,000 6,139,000
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6. Creditors: Amounts Falling Due Within One Year
2023 2022
as restated
Other creditors 36,392 29,141
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
as restated
Other creditors 860,000 860,000
8. Share Capital
2023 2022
as restated
Allotted, Called up and fully paid 5,459,570 5,459,570
Allotted, issued and fully paid 100 ordinary shares in £1 nominal value each, and 5,459,420 ordinary shares in € 1 nominal value each.
9. Ultimate Controlling Party
Mr Rolando Antonio Durao Ferreira De Oliveira, Mr Gabino Jose Durao Ferreira De Oliveira and Ms Susana Carla Durao Ferreira De Oliveira are the beneficial owners.
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