Company registration number 10492130 (England and Wales)
BRIERLEY HOMES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
BRIERLEY HOMES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
BRIERLEY HOMES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
51,026
1,303
Current assets
Stocks
5
11,384,228
9,113,735
Debtors
6
1,091,681
71,685
Cash at bank and in hand
2,295,760
955,138
14,771,669
10,140,558
Creditors: amounts falling due within one year
7
(2,203,265)
(1,360,039)
Net current assets
12,568,404
8,780,519
Total assets less current liabilities
12,619,430
8,781,822
Creditors: amounts falling due after more than one year
8
(15,993,328)
(10,493,328)
Net liabilities
(3,373,898)
(1,711,506)
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
(3,373,998)
(1,711,606)
Total equity
(3,373,898)
(1,711,506)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 28 March 2025 and are signed on its behalf by:
Mr K Battersby
Director
Company registration number 10492130 (England and Wales)
BRIERLEY HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

Brierley Homes Limited is a private company limited by shares incorporated in England and Wales. The registered office is County Hall, Racecourse Lane, Northallerton, DL7 8AD.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The company has a loss after tax of £1,662,392 and has net liabilities of £3,373,898. The company is being financed by a long term loan from its parent, the finance costs are recognised as an expense in the profit and loss accounts in the year incurred, rather than shown in Work In Progress and released in line with development activity.

 

As at 31 March 2024, the company has net current assets of £12,568,404 and the long term loan balance was £15,993,328.

The directors have prepared budgets and cashflow forecasts and consider that the company will continue to operate within its loan facility for 12 months from the date of signing the Balance Sheet. The company has also received a letter of support from North Yorkshire Council stating that it will continue to support the company until at least 31 March 2030. The Council are also working with the company to ensure that it is in a position to have sufficient resources available to deliver the pipeline at an appropriate interest rate.

 

Post year end, Brierley Homes Limited are financing a number of developments. There have been property completion amounts received of £4.7million and further deposit amounts received of £78k, as at February 2025.

 

With the continued support of the parent entity, the directors believe the company has adequate resources to continue in operational existence for the foreseeable future and thus the directors continue to adopt the going concern basis of accounting for the financial statements.

1.3
Turnover

Revenue from property exchange deposits is recognised when they are received, on the basis that they are non-refundable. Ownership of properties is passed over upon completion and the balance of the sale price is paid by the customer to the company's solicitor. The balance of the sale price is recognised at the point that completion takes place and represents the amount payable to the company net of the directly associated selling costs such as solicitor's fees.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

BRIERLEY HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% Straight Line
Fixtures and fittings
25% Straight Line
Computers
25% Straight Line

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.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

Direct costs of construction are included in work in progress initially at cost. There are no amounts for overheads or loan interest included in work in progress.

 

A provision is made where it is deemed that a project will not go ahead in the foreseeable future. If a project is expected to make a deficit, the work in progress carried forward is restricted to the amount deemed to be recoverable.

 

When a property is sold, an amount is transferred to cost of sales based on the proportion of the sale proceeds for the property compared to the total expected proceeds for that project multiplied by the total costs to completion for that project.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

BRIERLEY HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

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. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
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.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

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

BRIERLEY HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
5
2

Five employees are directly employed by Brierley Homes Limited as at 31 March 2024 (2023: 2). The average number of employees during the year was 5 (2023: 2). 3 (2023: 3) of the executive directors are currently contractually employed by North Yorkshire Council, being the parent of Brierley Homes Limited.

3
Directors' remuneration

Mr D Bowe was appointed as a non-executive director on 1 January 2021. During the year he received remuneration totalling £12,000 (2023: £12,000) in respect of his service as a non-executive director to the company.

 

One executive director is employed by the company with gross pay of £21,070 (2023: £nil) and employer's pension contributions of £1,659 (2023: £nil).

4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 April 2023
-
0
786
5,727
6,513
Additions
49,261
2,085
15,618
66,964
At 31 March 2024
49,261
2,871
21,345
73,477
Depreciation and impairment
At 1 April 2023
-
0
786
4,424
5,210
Depreciation charged in the year
12,315
521
4,405
17,241
At 31 March 2024
12,315
1,307
8,829
22,451
Carrying amount
At 31 March 2024
36,946
1,564
12,516
51,026
At 31 March 2023
-
0
-
0
1,303
1,303
BRIERLEY HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
5
Stocks
2024
2023
£
£
Work in progress
11,384,228
9,113,735
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
100
100
Other debtors
1,091,581
71,585
1,091,681
71,685
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
702,316
834,454
Amounts owed to group undertakings
897,642
4,800
Taxation and social security
4,541
3,560
Other creditors
598,766
517,225
2,203,265
1,360,039

Included within other creditors is £544,152 (2023: £513,736) relating to accruals with respect to group entities.

8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Loans from parent company
15,993,328
10,493,328

The loan is unsecured.

The interest rate on the loan is 6% over base and the loan matures on 31 March 2028.

9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
BRIERLEY HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
10
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was qualified and the auditor reported as follows:

Qualified opinion

We have audited the financial statements of Brierley Homes Limited (the 'company') for the year ended 31 March 2024 which comprise , the balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, except for the effects of the matter described in the basis for qualified opinion section of our report, the financial statements:

Basis for qualified opinion

In the prior year the company was unable to supply documentary evidence to support the recorded receipts resulting from some of the property sales selected for testing such that the completeness of income in the prior year could not be verified fully despite alternative audit procedures performed.

 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

Senior Statutory Auditor:
Daniel Sowden
Statutory Auditor:
BHP LLP
Date of audit report:
28 March 2025
11
Financial commitments, guarantees and contingent liabilities

During the year there were 15 property sales (2023: 47). The company is liable for any minor remedial work required on these properties. Historically, the cost of the remedial works required has not been material. Minor remedial works have been completed during the year in relation to the property sales.

 

During the year, there were 11 property deposits received which are non-refundable.

BRIERLEY HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
12
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
25,950
-
0
13
Related party transactions

Advantage has been taken of the exemption in FRS102 from disclosing transactions with other members of the group wholly owned by North Yorkshire County Council.

 

Transactions with other non-wholly owned members of the group are all performed on an arms length basis and under normal market conditions.

14
Parent company

North Yorkshire Council, County Hall, Northallerton, North Yorkshire, DL7 8AD owned 100% of the shares in the company throughout the current year.

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