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Burrington Estates (Bere Alston) Limited

Annual Report and Financial Statements
Year Ended 30 June 2023

Registration number: 11822041

 

Burrington Estates (Bere Alston) Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 6

 

Burrington Estates (Bere Alston) Limited

Balance Sheet

30 June 2023

Note

30 June
2023
£

30 June
2022
£

Current assets

 

Debtors

4

-

700

Cash at bank and in hand

 

235

394

 

235

1,094

Creditors: Amounts falling due within one year

5

(295,826)

(255,264)

Net liabilities

 

(295,591)

(254,170)

Capital and reserves

 

Called up share capital

6

100

100

Profit and loss account

(295,691)

(254,270)

Shareholders' deficit

 

(295,591)

(254,170)

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 30 January 2025 and signed on its behalf by:
 

.........................................
Mr R Dewhurst
Director

   
     

Company Registration Number: 11822041


 

 

Burrington Estates (Bere Alston) Limited

Notes to the Financial Statements

Year Ended 30 June 2023

1

General information

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

The address of its registered office is:
Winslade House
Manor Drive
Clyst St Mary
Exeter
Devon
EX5 1FY

These financial statements were authorised for issue by the Board on 30 January 2025.

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', including Section 1A, and the Companies Act 2006. There are no material departures from FRS 102.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The functional currency of Burrington Estates (Bere Alston) Limited is considered to be pounds sterling because it is the currency of the primary economic environment in which the company operates.

 

Burrington Estates (Bere Alston) Limited

Notes to the Financial Statements

Year Ended 30 June 2023

Going concern

The financial statements have been prepared on a going concern basis. There are material uncertainties that cast significant doubt on its ability to continue its operations, as explained below.

The company’s ultimate parent is Burrington Estates Group Limited (BEG). BEG has become reliant on its principal shareholder and lender to continue to support it. After considering the cash flows of the business and conditions in the UK economy and housing market, the directors of BEG have concluded that it is unlikely to be able to settle or refinance all its loans from shareholders. As a result, and after considering the options available to it, the directors of BEG have reluctantly concluded that it should seek to effect a managed closure of the business. The intention is to support its existing portfolio of homes, complete its existing developments to its recognised high standards, divest of its development sites where these are not in construction phase and withdraw from any further investment in new sites.

In respect of this company, the directors' best estimates of the company’s cash flows show the company generating positive cash flows and continuing to pay its creditors as they fall due. Therefore the company’s expectation is that it will be supported in continuing to conclude on contractual arrangements relating to land belonging to a third party (the 'underlying land transaction'). However, once the underlying land transaction is completed, it is expected that the company will be wound down in an orderly fashion. However, at the date of approval of these financial statements, the underlying land transaction has not completed, meaning that the timing of this orderly wind down is uncertain. Communication from the group supports this company concluding on the underlying land transaction. For that reason, these accounts have been prepared on a going concern basis.

However the group’s position, as well as the timing of the conclusion of the underlying land transaction, creates material uncertainties that cast significant doubt on the company’s ability to continue as a going concern. In particular,

• Once the underlying land transaction has concluded the company is expected to be wound down.

• While the company pursues the underlying land transaction, it is reliant on financial and non-financial support from the group; and

• Currently the communications from the group are that this company, as it is expected to generate positive cash flow, will be supported in trading normally to complete the underlying land transaction. However, the group’s financial situation means that decision could subsequently change, especially if the UK housing market continues to deteriorate.

Stocks

Stock of land and work in progress are stated at the lower of cost and net realisable value. Options over land are initially carried at cost. Cost includes all statutory and professional fees relating to the acquisition of a property, obtaining planning consents, costs of construction and development finance costs and attributable staff costs.

 

Burrington Estates (Bere Alston) Limited

Notes to the Financial Statements

Year Ended 30 June 2023

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances; and
• Short term balances with group companies.

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.

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.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

4

Debtors

30 June
2023
£

30 June
2022
£

Amounts due from group undertakings

-

100

Other debtors

-

600

-

700

 

Burrington Estates (Bere Alston) Limited

Notes to the Financial Statements

Year Ended 30 June 2023

5

Creditors

30 June
2023
£

30 June
2022
£

Due within one year

Trade creditors

14,788

1,448

Amounts due to group undertakings

119,715

91,891

Accruals and deferred income

161,323

161,925

295,826

255,264

6

Share capital

Allotted, called up and fully paid shares

 

30 June
2023

30 June
2022

 

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

         

7

Related party transactions

The company has taken advantage of the exemption in FRS 102 Section 1A from disclosing transactions and balances with its parent company and other members of the wholly owned group.

8

Parent and ultimate parent undertaking

The company's immediate parent is Burrington Estates (Holdings) Limited, incorporated in England and Wales.

 The ultimate parent is Burrington Estates Group Limited, incorporated in England and Wales. Its registered office is:

Winslade House
Manor Drive
Clyst St Mary
United Kingdom
EX5 1FY

 

 

Burrington Estates (Bere Alston) Limited

Notes to the Financial Statements

Year Ended 30 June 2023

9

Audit report

The Independent Auditors' Report was unqualified. It included the following paragraphs which do not constitute a qualification.

Material uncertainty relating to going concern

We draw attention to Note 2 of the financial statements which indicates the company is expected to generate positive future cashflows from its activities.

Once the underlying land transaction has occurred, it is expected that the company will be wound down in an orderly fashion. However, at the date of approval of these financial statements, the underlying land transaction has not occurred, meaning that the timing of this orderly wind down is uncertain.

Whilst the company waits for the underlying land transaction to occur, it will be reliant on both financial and operational support from the ultimate parent undertaking, Burrington Estates Group Limited (BEG). BEG has become reliant on its principal shareholder and lender to continue to support it. The directors of BEG have concluded that it is unlikely to be able to settle or refinance all its loans from shareholders.

The timing of the underlying land transaction may impact on the period that the company will continue trading and BEG’s financial situation means that decisions could subsequently change which casts significant doubt on the company’s ability to continue as a going concern.

As stated in Note 2, these events or conditions, along with other matters as set forth in Note 2, indicate that a material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

The name of the Senior Statutory Auditor who signed the audit report was Tom Beable FCA, who signed for and on behalf of PKF Francis Clark on 31 January 2025.