Brownfield Investments Limited 01169572 false 2023-03-01 2024-02-29 2024-02-29 The principal activity of the company is the letting and operating of properties, as well as ownership of certain development sites Digita Accounts Production Advanced 6.30.9574.0 true 01169572 2023-03-01 2024-02-29 01169572 2024-02-29 01169572 bus:OrdinaryShareClass1 2024-02-29 01169572 core:CapitalRedemptionReserve 2024-02-29 01169572 core:RetainedEarningsAccumulatedLosses 2024-02-29 01169572 core:ShareCapital 2024-02-29 01169572 core:CurrentFinancialInstruments 2024-02-29 01169572 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 01169572 core:Non-currentFinancialInstruments 2024-02-29 01169572 core:Non-currentFinancialInstruments core:AfterOneYear 2024-02-29 01169572 bus:SmallEntities 2023-03-01 2024-02-29 01169572 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 01169572 bus:FullAccounts 2023-03-01 2024-02-29 01169572 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 01169572 bus:RegisteredOffice 2023-03-01 2024-02-29 01169572 bus:Director9 2023-03-01 2024-02-29 01169572 bus:OrdinaryShareClass1 2023-03-01 2024-02-29 01169572 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 01169572 countries:EnglandWales 2023-03-01 2024-02-29 01169572 2023-02-28 01169572 2022-03-01 2023-02-28 01169572 2023-02-28 01169572 bus:OrdinaryShareClass1 2023-02-28 01169572 core:CapitalRedemptionReserve 2023-02-28 01169572 core:RetainedEarningsAccumulatedLosses 2023-02-28 01169572 core:ShareCapital 2023-02-28 01169572 core:CurrentFinancialInstruments 2023-02-28 01169572 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 01169572 core:Non-currentFinancialInstruments 2023-02-28 01169572 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 01169572 core:RestatedAmount 2023-02-28 iso4217:GBP xbrli:pure xbrli:shares

Brownfield Investments Limited

Annual Report and Unaudited Financial Statements
Year Ended 29 February 2024

Registration number: 01169572

 

Brownfield Investments Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Brownfield Investments Limited

Balance Sheet

29 February 2024

Note

2024
£

(As restated)
2023
£

Fixed assets

 

Investment property

4

4,955,020

2,502,086

Current assets

 

Stocks

5

10,205

89,743

Debtors

6

107,284

109,306

Cash at bank and in hand

 

628,972

626,965

 

746,461

826,014

Creditors: Amounts falling due within one year

7

(272,425)

(329,729)

Net current assets

 

474,036

496,285

Total assets less current liabilities

 

5,429,056

2,998,371

Creditors: Amounts falling due after more than one year

7

(294,219)

(390,607)

Provisions for liabilities

(422,437)

(118,686)

Net assets

 

4,712,400

2,489,078

Capital and reserves

 

Called up share capital

9

513,000

513,000

Capital redemption reserve

171,000

171,000

Profit and loss account

4,028,400

1,805,078

Shareholders' funds

 

4,712,400

2,489,078

 

Brownfield Investments Limited

Balance Sheet

29 February 2024

For the financial year ending 29 February 2024 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 29 November 2024 and signed on its behalf by:
 

.........................................
S F Giddings
Director

Company Registration Number: 01169572

 

Brownfield Investments Limited

Notes to the Unaudited Financial Statements

Year Ended 29 February 2024

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:
Old Mine Offices
Wheal Jane
Baldhu
Truro
Cornwall
TR3 6EE

These financial statements were authorised for issue by the Board on 29 November 2024.

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 in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of Section 1A of FRS102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in pounds sterling which is the functional currency of the company.

Monetary amounts in these financial statements are rounded to the nearest pound.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Revenue comprises the total amount in respect of sales of land sites, and other related revenue streams. Sales of property developments are recognised upon completion.

The company is a lessor in respect of the investment property which it owns. Rental income is recognised within other operating income in the financial statements, and is accounted for on an accruals basis.

 

Brownfield Investments Limited

Notes to the Unaudited Financial Statements

Year Ended 29 February 2024

Prior period restatement

It was found that property which has been held in work in progress should have been classified at inception, and more properly held as, investment property due to the intention relating to these assets. The accounts therefore have been restated to reflect this amendment, which has led the investment property balance to increase by £147,246 and WIP to reduce by £147,246.

Government grants

Grants received in respect of capital projects are recognised as deferred income on the balance sheet, and amortised over the expected useful life of the project to which they relate.

In the opinion of the directors this useful life is 40 years, with the annual release recognised in other operating income.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Investment property

Investment property is carried at fair value, derived by the Directors upon consideration of current market values, rental yields, and valuations undertaken for lending purposes.

The Directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset.

Changes in fair value are recognised within other operating income within profit and loss.

Stocks

Stocks comprise of development work in progress, which includes development land.

Stock is stated at the lower of cost and net realisable value. At each reporting date stocks are assessed for impairment. If stocks are impaired the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit and loss.

 

Brownfield Investments Limited

Notes to the Unaudited Financial Statements

Year Ended 29 February 2024

Financial instruments


Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.

Critical judgements and estimation uncertainty

In applying the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The following areas are where the Directors have applied judgement in the preparation of the financial statements:

Valuation of investment properties
As described within the accounting policies, the investment properties are held at the balance sheet date at their market value. The directors have applied his professional knowledge of the sector, coupled with discussions with other professionals in evaluating opportunities in order to derive market values.

 

Brownfield Investments Limited

Notes to the Unaudited Financial Statements

Year Ended 29 February 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

4

Investment properties

2024
£

At 1 March 2023

2,502,086

Additions

79,538

Fair value adjustments

2,373,396

At 29 February 2024

4,955,020

During the year the fair value of investment properties has been updated with reference to an external valuation undertaken by Miller Commercial, as well as a Director assessment of fair value for one site using their understanding of the market to which this pertains.

The movement in fair value has been recognised in other operating income.

5

Stocks

2024
£

(As restated)
2023
£

Development work in progress

10,205

89,743

6

Debtors

2024
 £

2023
 £

Trade debtors

87,109

91,984

Other debtors

505

14,655

Prepayments

19,670

2,667

107,284

109,306

 

Brownfield Investments Limited

Notes to the Unaudited Financial Statements

Year Ended 29 February 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
 £

2023
 £

Due within one year

 

Loans and borrowings

8

86,932

84,095

Trade creditors

 

1,173

4,489

Amounts due to connected undertakings

322

64,355

Corporation tax

85,975

35,201

Social security and other taxes

 

13,092

26,533

Other creditors

 

84,931

115,056

 

272,425

329,729

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

3,741

91,052

Deferred income

 

290,478

299,555

 

294,219

390,607

 

Brownfield Investments Limited

Notes to the Unaudited Financial Statements

Year Ended 29 February 2024

8

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

86,932

82,365

Other borrowings

-

1,730

86,932

84,095

2024
£

2023
£

Loans and borrowings due after one year

Bank borrowings

3,741

91,052

The security and key terms in relation to each of the loan balances above can be summarised as follows:

Bank borrowings
The amounts disclosed as bank borrowings above are secured by means of fixed and floating charges over certain assets owned by the company.

Other borrowings
The amounts in respect of other borrowings related to loans from Directors and shareholders. These loans were unsecured and repayable upon demand, and have been settled in full in the year.

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

513,000

513,000

513,000

513,000

         
 

Brownfield Investments Limited

Notes to the Unaudited Financial Statements

Year Ended 29 February 2024

10

Reserves

The profit and loss account comprises of two elements:

- An unrealised profit of £2,256,918 (2023 - £125,555 loss), which relates to the difference between the historical cost of investment properties and their current carrying value (being their current market value), adjusted for deferred income movements and notional chargable gains included in deferred tax.

- A realised profit of £1,771,482 (2023 - £1,894,183).

The unrealised element of the profit and loss is not distributable.