Silverfin false false 31/01/2024 01/02/2023 31/01/2024 Joseph S Meanen 03/03/1994 Karen H Meanen 21/10/2002 24 September 2024 The principal activity of the Company during the financial year was that of investment property rental and speaking engagements. SC148068 2024-01-31 SC148068 bus:Director1 2024-01-31 SC148068 bus:Director2 2024-01-31 SC148068 2023-01-31 SC148068 core:CurrentFinancialInstruments 2024-01-31 SC148068 core:CurrentFinancialInstruments 2023-01-31 SC148068 core:Non-currentFinancialInstruments 2024-01-31 SC148068 core:Non-currentFinancialInstruments 2023-01-31 SC148068 core:ShareCapital 2024-01-31 SC148068 core:ShareCapital 2023-01-31 SC148068 core:RevaluationReserve 2024-01-31 SC148068 core:RevaluationReserve 2023-01-31 SC148068 core:RetainedEarningsAccumulatedLosses 2024-01-31 SC148068 core:RetainedEarningsAccumulatedLosses 2023-01-31 SC148068 core:OtherPropertyPlantEquipment 2023-01-31 SC148068 core:OtherPropertyPlantEquipment 2024-01-31 SC148068 core:CurrentFinancialInstruments core:Secured 2024-01-31 SC148068 core:MoreThanFiveYears 2024-01-31 SC148068 core:MoreThanFiveYears 2023-01-31 SC148068 bus:OrdinaryShareClass1 2024-01-31 SC148068 2023-02-01 2024-01-31 SC148068 bus:FilletedAccounts 2023-02-01 2024-01-31 SC148068 bus:SmallEntities 2023-02-01 2024-01-31 SC148068 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 SC148068 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 SC148068 bus:Director1 2023-02-01 2024-01-31 SC148068 bus:Director2 2023-02-01 2024-01-31 SC148068 core:OtherPropertyPlantEquipment core:BottomRangeValue 2023-02-01 2024-01-31 SC148068 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-02-01 2024-01-31 SC148068 2022-02-01 2023-01-31 SC148068 core:OtherPropertyPlantEquipment 2023-02-01 2024-01-31 SC148068 core:CurrentFinancialInstruments 2023-02-01 2024-01-31 SC148068 core:Non-currentFinancialInstruments 2023-02-01 2024-01-31 SC148068 bus:OrdinaryShareClass1 2023-02-01 2024-01-31 SC148068 bus:OrdinaryShareClass1 2022-02-01 2023-01-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC148068 (Scotland)

BRIMCARE LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH THE REGISTRAR

BRIMCARE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024

Contents

BRIMCARE LIMITED

BALANCE SHEET

AS AT 31 JANUARY 2024
BRIMCARE LIMITED

BALANCE SHEET (continued)

AS AT 31 JANUARY 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 686 960
Investment property 4 891,000 891,000
891,686 891,960
Current assets
Debtors 5 6,594 1,276
Cash at bank and in hand 6,292 8,139
12,886 9,415
Creditors: amounts falling due within one year 6 ( 57,164) ( 53,645)
Net current liabilities (44,278) (44,230)
Total assets less current liabilities 847,408 847,730
Creditors: amounts falling due after more than one year 7 ( 102,639) ( 133,654)
Provision for liabilities 8 ( 7,523) ( 5,770)
Net assets 737,246 708,306
Capital and reserves
Called-up share capital 9 150,000 150,000
Revaluation reserve 116,022 116,022
Profit and loss account 471,224 442,284
Total shareholders' funds 737,246 708,306

For the financial year ending 31 January 2024 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 Brimcare Limited (registered number: SC148068) were approved and authorised for issue by the Board of Directors on 24 September 2024. They were signed on its behalf by:

Joseph S Meanen
Director
BRIMCARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024
BRIMCARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024
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

Brimcare Limited (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 9 Woodcot Gardens, Stonehaven, AB39 2ZH, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include investment properties 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

Although the financial statements have net current liabilities they have been prepared on the going concern basis as the directors consider it appropriate to do so. In coming to this conclusion the directors have agreed to financially support the Company to ensure that all liabilities are met as they fall due. Additionally the directors will not seek repayment for amounts due to them until there are sufficient cash resources to do so.

Turnover

Turnover represents income received from property rental, speaking engagements and corporate events. Turnover from property rental is recognised at the fair value of the consideration and is recognised when the Company has obtained the right to consideration. Turnover from public speaking engagements and corporate events is recognised on an accruals basis dependent on when the service is provided.

Finance costs

Finance costs are charged to the Profit and Loss Account 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.

Taxation

Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred tax is provided in full on timing differences which result in an obligation at the balance sheet date to pay more tax, or right to pay less tax, at a future date, at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in the financial statements.

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, 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:

Plant and machinery etc. 3 - 10 years straight line

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.

Leases

The Company as lessee
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.

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 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).

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, with original maturities of three months or less.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

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

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Equity instruments
Equity instruments issued by the Company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 0 0

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 February 2023 27,450 27,450
At 31 January 2024 27,450 27,450
Accumulated depreciation
At 01 February 2023 26,490 26,490
Charge for the financial year 274 274
At 31 January 2024 26,764 26,764
Net book value
At 31 January 2024 686 686
At 31 January 2023 960 960

4. Investment property

Investment property
£
Valuation
As at 01 February 2023 891,000
As at 31 January 2024 891,000

The fair value of the investment property has been arrived at on the basis of a valuation carried out by the director, J S Meanen. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

5. Debtors

2024 2023
£ £
Other debtors 6,594 1,276

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured) 24,710 23,596
Taxation and social security 10,358 7,682
Other creditors 22,096 22,367
57,164 53,645

The above bank loans of £24,710 (2023 - £23,596) are secured by a standard charge.

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

2024 2023
£ £
Bank loans (secured) 102,639 133,654

The above amounts of £102,639 (2023 - £133,654) due in the form of bank loans are secured by a standard charge.

The below amounts also relating to the same bank loans of £2,509 (2023 - £27,370) are also secured by standard charge.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2024 2023
£ £
Bank loans (secured) 2,509 27,370

8. Provision for liabilities

2024 2023
£ £
Deferred tax 7,523 5,770

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
150,000 Ordinary shares of £ 1.00 each 150,000 150,000

10. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 26,767 422

11. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amounts Owed to Directors 14,997 15,107

The above loan is interest free and has no fixed terms of repayment in place.