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Company No: 14812083 (England and Wales)

BERACH ESTATE LTD

Unaudited Financial Statements
For the financial period from 18 April 2023 to 30 April 2024
Pages for filing with the registrar

BERACH ESTATE LTD

Unaudited Financial Statements

For the financial period from 18 April 2023 to 30 April 2024

Contents

BERACH ESTATE LTD

COMPANY INFORMATION

For the financial period from 18 April 2023 to 30 April 2024
BERACH ESTATE LTD

COMPANY INFORMATION (continued)

For the financial period from 18 April 2023 to 30 April 2024
DIRECTORS C E C Paschalides (Appointed 18 April 2023)
H P M Paschalides (Appointed 18 April 2023)
REGISTERED OFFICE 22 Chancery Lane
London
WC2A 1LS
United Kingdom
COMPANY NUMBER 14812083 (England and Wales)
BERACH ESTATE LTD

BALANCE SHEET

As at 30 April 2024
BERACH ESTATE LTD

BALANCE SHEET (continued)

As at 30 April 2024
Note 30.04.2024
£
Fixed assets
Tangible assets 3 2,307,196
Investment property 4 2,122,140
Investments 5 8,985
4,438,321
Current assets
Stocks 6 31,100
Debtors 7 128,538
Cash at bank and in hand 231,245
390,883
Creditors: amounts falling due within one year 8 ( 323,966)
Net current assets 66,917
Total assets less current liabilities 4,505,238
Creditors: amounts falling due after more than one year 9 ( 1,689,058)
Net assets 2,816,180
Capital and reserves
Called-up share capital 10 3,078,315
Profit and loss account ( 262,135 )
Total shareholder's funds 2,816,180

For the financial period 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 Berach Estate Ltd (registered number: 14812083) were approved and authorised for issue by the Board of Directors on 14 April 2025. They were signed on its behalf by:

H P M Paschalides
Director
BERACH ESTATE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 18 April 2023 to 30 April 2024
BERACH ESTATE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 18 April 2023 to 30 April 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.

General information and basis of accounting

Berach Estate 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 22 Chancery Lane, London, WC2A 1LS. The address of the company's principal place of business is Kilberry Castle, Kilberry, Tarbert, Argyll, PA29 6YD, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include investment properties and 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 £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover represents rental income receivable during the year from investment properties, exclusive of value added tax. Income is recognised evenly over the terms of the lease, on a straight line basis.

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 or reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Biological assets not depreciated
Plant and machinery 5 years straight line
Fixtures and fittings 5 years straight line

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.

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.

Biological assets

The main flock of sheep, including ewes and rams, are classified as a biological asset and are valued using the fair value model on initial recognition, the asset must be carried at fair value at each reporting date. Changes in fair value are recognised in profit or loss. All lambs produced by the main flock and ewe hoggs are treated as stock, this is measured at either the lower of cost and estimated selling price less costs to complete and sell; or fair value less costs to sell with any gain or loss included in the profit or loss.

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 Profit and Loss Account as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Fixed asset investments

Other investments is made up of a collection of artwork which is measured at cost.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

2. Employees

Period from
18.04.2023 to
30.04.2024
Number
Monthly average number of persons employed by the company during the period, including directors 2

3. Tangible assets

Land and buildings Biological assets Plant and machinery Fixtures and fittings Total
£ £ £ £ £
Cost
At 18 April 2023 0 0 0 0 0
Additions 2,207,062 42,632 33,786 28,782 2,312,262
Revaluations 0 ( 1,416) 0 0 ( 1,416)
At 30 April 2024 2,207,062 41,216 33,786 28,782 2,310,846
Accumulated depreciation
At 18 April 2023 0 0 0 0 0
Charge for the financial period 0 0 2,405 1,245 3,650
At 30 April 2024 0 0 2,405 1,245 3,650
Net book value
At 30 April 2024 2,207,062 41,216 31,381 27,537 2,307,196

4. Investment property

Investment property
£
Valuation
As at 18 April 2023 0
Additions 2,122,140
As at 30 April 2024 2,122,140

Investment property acquired during the year includes three properties, Kilberry Castle, the Laundry Cottage and Kilberry Inn.

Kilberry Castle was purchased on 14 June 2023 for £1,100,000, directly attributable legal and professional fees and associated taxes of £251,835 were also capitalised. The property was acquired during the year, therefore the acquisition cost has been taken as the fair value, the property is awaiting refurbishment before being brought into use.

The Laundry Cottage was purchased on 14 June 2023 for £300,000. The property was acquired during the year, therefore the acquisition cost has been taken as the fair value.

Kilberry Inn was purchased on 2 February 2024 for £415,000, directly attributable legal and professional fees and associated taxes of £55,305 were also capitalised. The property is measured at fair value, due to the proximity of the acquisition to year end the acquisition cost has been taken to be fair value.

5. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 18 April 2023 0 0
Additions 8,985 8,985
At 30 April 2024 8,985 8,985
Carrying value at 30 April 2024 8,985 8,985

Other investments is made up of a collection of artwork owned by the company.

6. Stocks

30.04.2024
£
Stocks 31,100

Stock held by the company at the year end is made up of livestock intended for sale.

7. Debtors

30.04.2024
£
Amounts owed by related parties 37,901
Other debtors 90,637
128,538

At the balance sheet date, the amount owed by Breadfruit Hospitality Limited (a company with common directors) was £37,901. The amount is unsecured, interest free and repayable on demand.

8. Creditors: amounts falling due within one year

30.04.2024
£
Bank loans 173,087
Trade creditors 23,955
Other creditors 126,924
323,966

The company received a loan of £177,500 from Weatherby's Bank which is subject to interest of 4.99% plus the Bank of England Base Rate. Interest of £4,432 was charged on this loan during the period, the facility is fully repayable by 1 August 2024.

9. Creditors: amounts falling due after more than one year

30.04.2024
£
Bank loans 1,689,058

The company received a loan of £1,480,000 from Weatherby's Bank which is subject to interest of 2.99% plus the Bank of England Base Rate. Interest of £90,557 was charged on this loan during the period, the facility is fully repayable by 31 May 2028.

The company received a loan of £220,000 from Weatherby's Bank which is subject to interest of 4.99% plus the Bank of England Base Rate. Interest of £14,751 was charged on this loan during the period, the facility is fully repayable by 3 September 2028.

10. Called-up share capital

30.04.2024
£
Allotted, called-up and fully-paid
3,078,315 Ordinary shares of £ 1.00 each 3,078,315

11. Ultimate controlling party

The ultimate controlling parties are Philip Paschalides and Emerentienne Paschalides.