Silverfin false false 30/04/2024 01/05/2023 30/04/2024 M C Marchant 17/03/2014 N M Marchant 17/03/2014 D A Taylor 21/06/2023 G R Taylor 08/12/1994 31 January 2025 The principal activity of the company is that of property development. 01447360 2024-04-30 01447360 bus:Director1 2024-04-30 01447360 bus:Director2 2024-04-30 01447360 bus:Director3 2024-04-30 01447360 bus:Director4 2024-04-30 01447360 2023-04-30 01447360 core:CurrentFinancialInstruments 2024-04-30 01447360 core:CurrentFinancialInstruments 2023-04-30 01447360 core:ShareCapital 2024-04-30 01447360 core:ShareCapital 2023-04-30 01447360 core:SharePremium 2024-04-30 01447360 core:SharePremium 2023-04-30 01447360 core:CapitalRedemptionReserve 2024-04-30 01447360 core:CapitalRedemptionReserve 2023-04-30 01447360 core:RetainedEarningsAccumulatedLosses 2024-04-30 01447360 core:RetainedEarningsAccumulatedLosses 2023-04-30 01447360 core:Vehicles 2023-04-30 01447360 core:FurnitureFittings 2023-04-30 01447360 core:Vehicles 2024-04-30 01447360 core:FurnitureFittings 2024-04-30 01447360 core:CostValuation 2023-04-30 01447360 core:DisposalsRepaymentsInvestments 2024-04-30 01447360 core:CostValuation 2024-04-30 01447360 core:RemainingRelatedParties core:CurrentFinancialInstruments 2024-04-30 01447360 core:RemainingRelatedParties core:CurrentFinancialInstruments 2023-04-30 01447360 2023-05-01 2024-04-30 01447360 bus:FilletedAccounts 2023-05-01 2024-04-30 01447360 bus:SmallEntities 2023-05-01 2024-04-30 01447360 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 01447360 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 01447360 bus:Director1 2023-05-01 2024-04-30 01447360 bus:Director2 2023-05-01 2024-04-30 01447360 bus:Director3 2023-05-01 2024-04-30 01447360 bus:Director4 2023-05-01 2024-04-30 01447360 core:Vehicles 2023-05-01 2024-04-30 01447360 core:FurnitureFittings 2023-05-01 2024-04-30 01447360 2022-05-01 2023-04-30 iso4217:GBP xbrli:pure

Company No: 01447360 (England and Wales)

BRACKEN DEVELOPMENTS LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

BRACKEN DEVELOPMENTS LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

BRACKEN DEVELOPMENTS LIMITED

BALANCE SHEET

As at 30 April 2024
BRACKEN DEVELOPMENTS LIMITED

BALANCE SHEET (continued)

As at 30 April 2024
Note 2024 2023
£ £
Restated - note 2
Fixed assets
Tangible assets 4 184,016 167,604
Investments 5 0 540,000
184,016 707,604
Current assets
Stocks 6 11,668,105 10,334,032
Debtors 7 549,155 352,479
Cash at bank and in hand 668,302 2,081,839
12,885,562 12,768,350
Creditors: amounts falling due within one year 8 ( 1,085,200) ( 1,315,881)
Net current assets 11,800,362 11,452,469
Total assets less current liabilities 11,984,378 12,160,073
Provision for liabilities ( 18,288) ( 9,691)
Net assets 11,966,090 12,150,382
Capital and reserves
Called-up share capital 100 100
Share premium account 274,978 274,978
Capital redemption reserve 22 22
Profit and loss account 11,690,990 11,875,282
Total shareholder's funds 11,966,090 12,150,382

For the financial year ending 30 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Bracken Developments Limited (registered number: 01447360) were approved and authorised for issue by the Board of Directors on 31 January 2025. They were signed on its behalf by:

G R Taylor
Director
BRACKEN DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
BRACKEN DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 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

Bracken Developments Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Towngate House, 2-8 Parkstone Road, Poole, BH15 2PW, United Kingdom. The principal place of business is 14 Minterne Road, Poole, Dorset, BH14 8NA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items 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 £.

Prior year adjustment

The prior year adjustment relates to the removal of a contingent liability that was incorrectly included within work-in-progress in the 2023 accounts. This has not resulted in a change to the prior year profit.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Revenue from services is recognised as they are delivered.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

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 and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Vehicles 25 % reducing balance
Fixtures and fittings 25 % reducing balance

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.

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 Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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 receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Prior year adjustment

As previously reported Adjustment As restated
Year ended 30 April 2023 £ £ £
Stocks 10,786,426 (452,394) 10,334,032
Cost of sales - Direct costs 2,740,749 (452,394) 2,288,355
Cost of sales - Closing stock (10,786,426) 452,394 (10,334,032)
Creditors: amounts falling due within one year (1,768,275) 452,394 (1,315,881)

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 9 8

4. Tangible assets

Vehicles Fixtures and fittings Total
£ £ £
Cost
At 01 May 2023 219,386 48,000 267,386
Additions 134,615 0 134,615
Disposals ( 111,470) 0 ( 111,470)
At 30 April 2024 242,531 48,000 290,531
Accumulated depreciation
At 01 May 2023 58,448 41,334 99,782
Charge for the financial year 34,206 1,667 35,873
Disposals ( 29,140) 0 ( 29,140)
At 30 April 2024 63,514 43,001 106,515
Net book value
At 30 April 2024 179,017 4,999 184,016
At 30 April 2023 160,938 6,666 167,604

5. Fixed asset investments

Listed investments Total
£ £
Cost or valuation before impairment
At 01 May 2023 540,000 540,000
Disposals ( 540,000) ( 540,000)
At 30 April 2024 0 0
Carrying value at 30 April 2024 0 0
Carrying value at 30 April 2023 540,000 540,000

6. Stocks

2024 2023
£ £
Work in progress 11,668,105 10,334,032

7. Debtors

2024 2023
£ £
Amounts owed by related parties 2,697 2,550
Other debtors 546,458 349,929
549,155 352,479

8. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 187,247 476,758
Amounts owed to Group undertakings 280,000 0
Amounts owed to related parties 568,167 591,162
Taxation and social security 36,932 226,831
Other creditors 12,854 21,130
1,085,200 1,315,881

9. Contingencies

Contingent liabilities

2024 2023
£ £
Total contingent liabilities 452,394 452,394

There is a contingent liability of £452,394 which relates to a bond that is in place and will only be due if certain criteria are met.

10. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
G R Taylor - Loan account 0 13,623
N M Marchant - Loan account 4,066 4,707

Other related party transactions

2024 2023
£ £
R Taylor - Loan account 323,733 209,424

11. Ultimate controlling party

Parent Company:

Bracken Group Holdings Limited