Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-3110044400094329000truend members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006false52023-04-01false5true 00844886 2023-04-01 2024-03-31 00844886 2022-04-01 2023-03-31 00844886 2024-03-31 00844886 2023-03-31 00844886 2022-04-01 00844886 2 2023-04-01 2024-03-31 00844886 2 2022-04-01 2023-03-31 00844886 5 2023-04-01 2024-03-31 00844886 5 2022-04-01 2023-03-31 00844886 d:Director1 2023-04-01 2024-03-31 00844886 d:Director3 2023-04-01 2024-03-31 00844886 e:MotorVehicles 2023-04-01 2024-03-31 00844886 e:MotorVehicles 2024-03-31 00844886 e:MotorVehicles 2023-03-31 00844886 e:MotorVehicles e:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00844886 e:FurnitureFittings 2023-04-01 2024-03-31 00844886 e:FurnitureFittings 2024-03-31 00844886 e:FurnitureFittings 2023-03-31 00844886 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00844886 e:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00844886 e:FreeholdInvestmentProperty 2023-04-01 2024-03-31 00844886 e:FreeholdInvestmentProperty 2024-03-31 00844886 e:FreeholdInvestmentProperty 2023-03-31 00844886 e:FreeholdInvestmentProperty 2 2023-04-01 2024-03-31 00844886 e:LeaseholdInvestmentProperty 2023-04-01 2024-03-31 00844886 e:LeaseholdInvestmentProperty 2024-03-31 00844886 e:LeaseholdInvestmentProperty 2023-03-31 00844886 e:LeaseholdInvestmentProperty 2 2023-04-01 2024-03-31 00844886 e:CurrentFinancialInstruments 2024-03-31 00844886 e:CurrentFinancialInstruments 2023-03-31 00844886 e:Non-currentFinancialInstruments 2024-03-31 00844886 e:Non-currentFinancialInstruments 2023-03-31 00844886 e:CurrentFinancialInstruments e:WithinOneYear 2024-03-31 00844886 e:CurrentFinancialInstruments e:WithinOneYear 2023-03-31 00844886 e:Non-currentFinancialInstruments e:AfterOneYear 2024-03-31 00844886 e:Non-currentFinancialInstruments e:AfterOneYear 2023-03-31 00844886 e:ShareCapital 2024-03-31 00844886 e:ShareCapital 2023-03-31 00844886 e:ShareCapital 2022-04-01 00844886 e:SharePremium 2024-03-31 00844886 e:SharePremium 2 2023-04-01 2024-03-31 00844886 e:SharePremium 2023-03-31 00844886 e:SharePremium 2022-04-01 00844886 e:SharePremium 2 2022-04-01 2023-03-31 00844886 e:RevaluationReserve 2024-03-31 00844886 e:RevaluationReserve 2 2023-04-01 2024-03-31 00844886 e:RevaluationReserve 5 2023-04-01 2024-03-31 00844886 e:RevaluationReserve 2023-03-31 00844886 e:RevaluationReserve 2022-04-01 00844886 e:RevaluationReserve 2 2022-04-01 2023-03-31 00844886 e:RevaluationReserve 5 2022-04-01 2023-03-31 00844886 e:OtherMiscellaneousReserve 2024-03-31 00844886 e:OtherMiscellaneousReserve 2 2023-04-01 2024-03-31 00844886 e:OtherMiscellaneousReserve 2023-03-31 00844886 e:OtherMiscellaneousReserve 2022-04-01 00844886 e:OtherMiscellaneousReserve 2 2022-04-01 2023-03-31 00844886 e:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 00844886 e:RetainedEarningsAccumulatedLosses 2024-03-31 00844886 e:RetainedEarningsAccumulatedLosses 2 2023-04-01 2024-03-31 00844886 e:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 00844886 e:RetainedEarningsAccumulatedLosses 2023-03-31 00844886 e:RetainedEarningsAccumulatedLosses 2022-04-01 00844886 e:RetainedEarningsAccumulatedLosses 2 2022-04-01 2023-03-31 00844886 d:FRS102 2023-04-01 2024-03-31 00844886 d:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 00844886 d:FullAccounts 2023-04-01 2024-03-31 00844886 d:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 00844886 6 2023-04-01 2024-03-31 00844886 1 2024-03-31 00844886 1 2023-03-31 00844886 f:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 00844886









BRYMAIN INVESTMENTS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
BRYMAIN INVESTMENTS LIMITED
 

CONTENTS



Page
Balance Sheet
 
1 - 2
Statement of Changes in Equity
 
3
Notes to the Financial Statements
 
4 - 11


 
BRYMAIN INVESTMENTS LIMITED
REGISTERED NUMBER: 00844886

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
22,262
22,875

Investments
 6 
1
342,243

Investment property
 5 
50,222,000
47,164,500

  
50,244,263
47,529,618

Current assets
  

Debtors: amounts falling due within one year
 7 
1,541,710
1,103,492

Cash at bank and in hand
  
91,669
296,950

  
1,633,379
1,400,442

Creditors: amounts falling due within one year
 8 
(2,124,002)
(3,345,924)

Net current liabilities
  
 
 
(490,623)
 
 
(1,945,482)

Total assets less current liabilities
  
49,753,640
45,584,136

Creditors: amounts falling due after more than one year
 9 
(20,013,871)
(15,277,500)

Provisions for liabilities
  

Deferred tax
  
(2,655,134)
(2,690,160)

  
 
 
(2,655,134)
 
 
(2,690,160)

Net assets
  
27,084,635
27,616,476


Capital and reserves
  

Called up share capital 
  
177,480
177,480

Share premium account
  
116,100
116,100

Revaluation reserve
  
17,667,746
17,967,657

Other reserves
  
959,655
959,655

Profit and loss account
  
8,163,654
8,395,584

  
27,084,635
27,616,476


Page 1

 
BRYMAIN INVESTMENTS LIMITED
REGISTERED NUMBER: 00844886
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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 income and retained earnings 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 by: 




M J Romain
J D Romain
Director
Director


Date: 8 October 2024

The notes on pages 4 to 11 form part of these financial statements.

Page 2

 

 
BRYMAIN INVESTMENTS LIMITED


 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024



Called up share capital
Share premium account
Revaluation reserve
Other reserves
Profit and loss account
Total equity


£
£
£
£
£
£



At 1 April 2022
177,480
116,100
16,556,113
959,655
6,334,257
24,143,605





Profit for the year
-
-
-
-
4,224,713
4,224,713


Disposal of property
-
-
(364,475)
-
-
(364,475)


Dividends paid
-
-
-
-
(387,367)
(387,367)


Transfer of gain on revaluation
-
-
1,776,019
-
(1,776,019)
-







At 1 April 2023
177,480
116,100
17,967,657
959,655
8,395,584
27,616,476





Loss for the year
-
-
-
-
(207,324)
(207,324)


Disposal of property
-
-
(12,152)
-
-
(12,152)


Dividends paid
-
-
-
-
(312,365)
(312,365)


Transfer of gain on revaluation
-
-
(287,759)
-
287,759
-



At 31 March 2024
177,480
116,100
17,667,746
959,655
8,163,654
27,084,635



The notes on pages 4 to 11 form part of these financial statements.

Page 3

 
BRYMAIN INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Brymain Investments Limited is a private company, limited by shares, incorporated in England and Wales. The address of the registered office is 50 Clifton Down Road, Bristol, BS8 4AH and its registered number is 00844886.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements are prepared on a going concern basis.
The company has a £21.5m banking facility, of which £20 million was drawn down at year end. The banking facilities are repayable in March 2026 and therefore the Company will be able to continue as a going concern for at least the next 12 months from the date of signing these accounts.

  
2.3

Turnover

Turnover represents rent receivable during the year. Rental income is recognised net of VAT on an accruals basis in accordance with the relevant rental agreements.

 
2.4

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.

Page 4

 
BRYMAIN INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

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:

Motor vehicles
-
25%
Furniture, fittings & equipment
-
20%

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 profit or loss.

 
2.5

Investment property

Investment property is carried at fair value determined annually and derived from the current
market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is
provided. Changes in fair value are recognised in profit or loss.

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares and listed bonds are remeasured to market value at each
balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the
period.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

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.

Page 5

 
BRYMAIN INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.9

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet 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, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

 
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

Finance costs

Finance costs are charged to profit or loss 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.

 
2.12

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.

  
2.13

Pensions

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the statement of financial position. The assets of the plan are held separately from the company in independently administered funds.

Page 6

 
BRYMAIN INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.14

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss 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.


3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2023 -5).

Page 7

 
BRYMAIN INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Motor vehicles
Furniture, fittings & equipment
Total

£
£
£



Cost or valuation


At 1 April 2023
55,495
68,292
123,787


Additions
13,247
918
14,165


Disposals
(13,500)
-
(13,500)



At 31 March 2024

55,242
69,210
124,452



Depreciation


At 1 April 2023
34,498
66,414
100,912


Charge for the year on owned assets
13,810
968
14,778


Disposals
(13,500)
-
(13,500)



At 31 March 2024

34,808
67,382
102,190



Net book value



At 31 March 2024
20,434
1,828
22,262



At 31 March 2023
20,997
1,878
22,875

Page 8

 
BRYMAIN INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Investment property


Freehold investment property
Long term leasehold investment property
Total

£
£
£



Valuation


At 1 April 2023
41,750,850
5,413,650
47,164,500


Additions at cost
3,545,259
-
3,545,259


Disposals
-
(200,000)
(200,000)


Surplus on revaluation
(432,134)
144,375
(287,759)



At 31 March 2024
44,863,975
5,358,025
50,222,000

The 2024 valuations were made by the directors, on an open market value for existing use basis.





6.


Fixed asset investments





Investments in subsidiary companies
Listed investments
Total

£
£
£



Cost or valuation


At 1 April 2023
1
342,242
342,243


Additions
-
120,851
120,851


Disposals
-
(463,093)
(463,093)



At 31 March 2024
1
-
1






Net book value



At 31 March 2024
1
-
1



At 31 March 2023
1
342,242
342,243

Page 9

 
BRYMAIN INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Debtors

2024
2023
£
£


Trade debtors
331,582
183,558

Amounts owed by group undertakings
770,845
694,099

Other debtors
19,422
12,016

Prepayments and accrued income
419,861
213,819

1,541,710
1,103,492



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
206,562
2,334

Trade creditors
60,967
42,025

Directors loans:
646,621
323,382

Amounts owed to other participating interests
560,518
1,956,060

Corporation tax
-
310,779

Other taxation and social security
22,444
14,705

Other creditors
109,895
79,796

Accruals and deferred income
516,995
616,843

2,124,002
3,345,924



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
20,013,871
15,277,500

20,013,871
15,277,500


The company has a refinancing agreement with National Westminster Bank. Under the terms of this agreement, a £6,000,000 fixed term facility repayable on 31 March 2026, a £3,500,000 fixed term facility repayable on 30 April 2026, a £6,000,000 revolving facility repayable on 31 March 2026 and a £6,000,000 variable rate facility repayable on 31 March 2026 has been made available to the company. These loans attract interest at rates of 2.82%, 2.05% above  base rate, 2.1% above the Sterling overnight index average and 2.1% above LIBOR respectively and are secured on the Company's freehold and leasehold properties.

Page 10

 
BRYMAIN INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Related party transactions

Included within creditors falling due within one year are loans totaling £646,621 (2023 - £323,382), due to individuals who held office as director during the accounting period. These loans are unsecured, have no fixed term for repayment, and attract interest at 1% per annum above the bank base rate on loans repayable at no notice, and attract interest at 3% per annum above the bank base rate on loans repayable with 9 months notice (2023 - 3.5% per annum above the bank base rate for all loans).

 
Page 11