Company No:
Contents
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Fixed assets | ||||
| Tangible assets | 3 |
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| Investment property | 4 |
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| 9,825,307 | 9,836,634 | |||
| Current assets | ||||
| Debtors | 5 |
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| Cash at bank and in hand |
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| 1,753,026 | 1,746,435 | |||
| Creditors: amounts falling due within one year | 6 | (
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| Net current assets | 1,734,712 | 1,715,173 | ||
| Total assets less current liabilities | 11,560,019 | 11,551,807 | ||
| Creditors: amounts falling due after more than one year | 7 | (
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| Provision for liabilities | 8 | (
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| Net assets |
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| Capital and reserves | ||||
| Called-up share capital | 9 |
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| Profit and loss account |
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| Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Brilliant Homes Limited (registered number:
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Steven George Newton
Director |
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.
Brilliant Homes 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 Brownings Orchard, The Street, Upper Farringdon, GU34 3DT, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and 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 £.
The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.
Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
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 Statement of Financial Position 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 current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
| Leasehold improvements |
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| Plant and machinery |
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| Vehicles |
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| Fixtures and fittings |
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| Computer equipment |
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The Company as lessor
Amounts due from lessees under finance leases are recognised as receivables at the amount of the company’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the company’s net investment outstanding in respect of leases.
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
The fair value is determined annually by the directors, on an open market value for existing use basis.
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.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position 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.
| 2024 | 2023 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including directors |
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| Leasehold improve- ments |
Plant and machinery | Vehicles | Fixtures and fittings | Computer equipment | Total | ||||||
| £ | £ | £ | £ | £ | £ | ||||||
| Cost | |||||||||||
| At 01 October 2023 |
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| Disposals |
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| At 30 September 2024 |
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| Accumulated depreciation | |||||||||||
| At 01 October 2023 |
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| Charge for the financial year |
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| Disposals |
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| At 30 September 2024 |
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| Net book value | |||||||||||
| At 30 September 2024 |
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| At 30 September 2023 |
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| Investment property | |
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| Valuation | |
| As at 01 October 2023 |
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| As at 30 September 2024 |
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Valuation
At each reporting date, investment property is measured at fair value, with changes in fair value recognised in profit or loss. Deferred taxation is provided on gains at the rate expected to apply when the property is sold.
The fair value is determined annually by the directors, on an open market value for existing use basis.
| 2024 | 2023 | ||
| £ | £ | ||
| Amounts owed by connected companies |
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| Prepayments |
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| Corporation tax |
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| 2024 | 2023 | ||
| £ | £ | ||
| Bank loans (secured) |
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| Trade creditors |
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| Accruals and deferred income |
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| Other taxation and social security |
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| 2024 | 2023 | ||
| £ | £ | ||
| Bank loans (secured) |
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| £ | £ | ||
| At the beginning of financial year | (
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| Credited to the Statement of Income and Retained Earnings |
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| At the end of financial year | (
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| Allotted, called-up and fully-paid | |||
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| 4 | 4 |
Transactions with the entity's directors
During the year the directors maintained a current account with the company. At the year-end the directors owed the company £Nil (2023: £Nil). Interest of £Nil (2023: £2,294) has been charged on the loans at the approved rate when overdrawn and there are no set repayment terms.
Other related party transactions
During the year, the company provided funding to Dearham Investments Ltd, a connected company. At the year-end Dearham Investments Ltd owed the company £1,593,893 (2023: £1,312,170). No interest is charged on this loan and there are no set repayment terms.
| 2024 | 2023 | ||
| £ | £ | ||
| Profit and loss account - distributable | (214,356) | (116,239) | |
| Profit and loss account - non-distributable | 2,985,008 | 2,985,008 | |
| 2,770,652 | 2,868,769 |
Profit and loss account - distributable
This reserve relates to the aggregate of distributable profits and losses generated to date.
Profit and loss account - non distributable
This reserve relates to the aggregate of fair value adjustments in respect of the investment properties, less the deferred tax charges on those fair value movements.