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Registration number: 10017860

Burrington Estates (Commercial) Limited


Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Burrington Estates (Commercial) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 9

 

Burrington Estates (Commercial) Limited

Company Information

Directors

Mr M D Edworthy

Mr P N Scantlebury

Registered office

Winslade House, Winslade Drive
Clyst St. Mary
EX51FY

Accountants

Houndiscombe Consultants Limited
T/A Condy Mathias Chartered Accountants
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

 

Burrington Estates (Commercial) Limited

(Registration number: 10017860)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

4,212

4,106

Investments

5

4,298,034

4,564,503

 

4,302,246

4,568,609

Current assets

 

Debtors

6

10,979,761

11,485,008

Cash at bank and in hand

 

94

518

 

10,979,855

11,485,526

Creditors: Amounts falling due within one year

7

(6,223,506)

(9,658,038)

Net current assets

 

4,756,349

1,827,488

Total assets less current liabilities

 

9,058,595

6,396,097

Creditors: Amounts falling due after more than one year

7

(6,454,499)

(6,991,451)

Net assets/(liabilities)

 

2,604,096

(595,354)

Capital and reserves

 

Called up share capital

102

102

Share premium reserve

13,387

13,387

Retained earnings

2,590,607

(608,843)

Shareholders' funds/(deficit)

 

2,604,096

(595,354)

 

Burrington Estates (Commercial) Limited

(Registration number: 10017860)
Balance Sheet as at 31 December 2023

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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 23 September 2024 and signed on its behalf by:
 

.........................................

Mr M D Edworthy

Director

 

Burrington Estates (Commercial) Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Winslade House, Winslade Drive
Clyst St. Mary
EX51FY
United Kingdom

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance
These financial statements have been prepared using the historic cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A- The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

Group accounts not prepared

Under the provision of Section 399 of the Companies Act 2006, the company is exempt from preparing consolidated accounts and has not done so. The accounts show information about the company as an individual company..

Going concern

The company has incurred a loss during the year. Whilst the company’s balance sheet shows overall net assets of £2,604,096 (2022 - net liabilities of £595,354), due to continued high cost of debt the Directors have had to
consider the basis upon which the accounts should be prepared and determine whether a going concern basis remains appropriate. The accounts have been prepared on a going concern basis as the Directors and Group companies which have provided financial support to the Company will continue to do so, to enable the company to return to profitability or to realise value through the sale of the group’s assets. The Directors have reviewed the position for 12 months from the date that the accounts were approved.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer equipment

25% reducing balance

Debtors

Debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

A provision for the impairment of debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Burrington Estates (Commercial) Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Creditors

Creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Dividend Income

Dividend income is recognised on the dividend voucher date providing the right to recieve payment has been established.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Burrington Estates (Commercial) Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Computer equipment
 £

Total
£

Cost or valuation

At 1 January 2023

9,953

9,953

Additions

1,325

1,325

At 31 December 2023

11,278

11,278

Depreciation

At 1 January 2023

5,847

5,847

Charge for the year

1,219

1,219

At 31 December 2023

7,066

7,066

Carrying amount

At 31 December 2023

4,212

4,212

At 31 December 2022

4,106

4,106

5

Investments

2023
£

2022
£

Investments in subsidiaries

4,298,034

4,564,503

Subsidiaries

£

Cost or valuation

At 1 January 2023

4,564,503

Provision

(266,469)

Carrying amount

At 31 December 2023

4,298,034

At 31 December 2022

4,564,503

Provisions for impairment

The amount of impairment loss included in profit or loss is £266,469 (2022 - £Nil). The impairment loss is included in Amounts written off on investments. This impairment is following the commencement of the subsidiaries plan to wind down activity. In the year this company received a dividend from this subsidiary in excess of the impairment. The impairment results in the carry value being that of the value remaining in the subsidairy after this dividend.

 

Burrington Estates (Commercial) Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Burrington Business Park Limited

Winslade House, Winslade Drive, Clyst St Mary, EX5 1FY

UK

Ordinary

100%

100%

Ocean Crescent Limited

Winslade House, Winslade Drive, Clyst St Mary, EX5 1FY

UK

Holding

100%

100%

Dean Clarke Estate Limited

Winslade House, Winslade Drive, Clyst St Mary, EX5 1FY

UK

Ordinary

100%

100%

The Ship (Derriford) Limited

Winslade House, Winslade Drive, Clyst St Mary, EX5 1FY

UK

Ordinary

54.5%

54.5%

Subsidiary undertakings

Burrington Business Park Limited

The principal activity of Burrington Business Park Limited is letting of commercial property (ceased July 2022).

Ocean Crescent Limited

The principal activity of Ocean Crescent Limited is letting of residential property.

Dean Clarke Estate Limited

The principal activity of Dean Clarke Estate Limited is letting of commercial and residential property.

The Ship (Derriford) Limited

The principal activity of The Ship (Derriford) Limited is letting of commercial property.

 

Burrington Estates (Commercial) Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

6

Debtors

2023
£

2022
£

Amounts owed by group undertakings and undertakings in which the company has a participating interest

10,075,323

9,834,288

Prepayments

286,953

250,328

Other debtors

617,485

1,400,392

 

10,979,761

11,485,008

10,979,761

11,485,008

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

5,281

9,890

Trade creditors

 

6,803

9,968

Amounts owed to group undertakings and undertakings in which the company has a participating interest

2,440,082

5,063,916

Taxation and social security

 

-

23,207

Accruals and deferred income

 

1,673,111

1,428,482

Other creditors

 

2,098,229

3,122,575

 

6,223,506

9,658,038

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

6,454,499

6,991,451

 

Burrington Estates (Commercial) Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

6,454,499

6,991,451

The bank loan is secured by a fixed and floating charge over all property and undertakings of the group.