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Company No: 05840287 (England and Wales)

BRUNSWICK LIMITED

Unaudited Financial Statements
For the financial year ended 31 August 2024
Pages for filing with the registrar

BRUNSWICK LIMITED

Unaudited Financial Statements

For the financial year ended 31 August 2024

Contents

BRUNSWICK LIMITED

BALANCE SHEET

As at 31 August 2024
BRUNSWICK LIMITED

BALANCE SHEET (continued)

As at 31 August 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 104,569 139,424
Investment property 4 8,990,094 8,990,094
Investments 5 75,000 75,000
9,169,663 9,204,518
Current assets
Debtors 6 9,875,490 9,069,319
Cash at bank and in hand 2,926 49,877
9,878,416 9,119,196
Creditors: amounts falling due within one year 7 ( 4,591,036) ( 4,011,893)
Net current assets 5,287,380 5,107,303
Total assets less current liabilities 14,457,043 14,311,821
Creditors: amounts falling due after more than one year 8 ( 5,401,617) ( 5,484,905)
Provision for liabilities ( 199,397) ( 182,185)
Net assets 8,856,029 8,644,731
Capital and reserves
Called-up share capital 9 1,000 1,000
Fair value reserve 1,841,602 1,841,602
Profit and loss account 7,013,427 6,802,129
Total shareholder's funds 8,856,029 8,644,731

For the financial year ending 31 August 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 Brunswick Limited (registered number: 05840287) were approved and authorised for issue by the Board of Directors on 16 May 2025. They were signed on its behalf by:

Mr R J Hooper
Director
BRUNSWICK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
BRUNSWICK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 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

Brunswick 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 C/O Francis Clark Llp Melville Building East, Royal William Yard, Plymouth, PL1 3RP, United Kingdom. The principal place of business is Ocean House, 10, Kinterbury Street, Plymouth, Devon, PL1 2DG.

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 £.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the provision of rental services on commercial and residential property.

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 over its expected useful life, as follows:

Plant and machinery 25 % reducing balance
Vehicles 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.

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

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Statement of Income and Retained Earnings. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

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. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Plant and machinery Vehicles Total
£ £ £
Cost
At 01 September 2023 426,519 125,635 552,154
At 31 August 2024 426,519 125,635 552,154
Accumulated depreciation
At 01 September 2023 399,643 13,087 412,730
Charge for the financial year 6,719 28,136 34,855
At 31 August 2024 406,362 41,223 447,585
Net book value
At 31 August 2024 20,157 84,412 104,569
At 31 August 2023 26,876 112,548 139,424

4. Investment property

Investment property
£
Valuation
As at 01 September 2023 8,990,094
As at 31 August 2024 8,990,094

Investment property comprises property held for commercial/residential rental purposes and capital appreciation. The fair value of the investment property has been arrived at on the basis of a valuation carried out on 17 January 2025 by JLL Estate Agents.

5. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 September 2023 75,000
At 31 August 2024 75,000
Carrying value at 31 August 2024 75,000
Carrying value at 31 August 2023 75,000

6. Debtors

2024 2023
£ £
Trade debtors 1,434 2,426
Amounts owed by Group undertakings 8,946,437 8,081,112
Other debtors 927,619 985,781
9,875,490 9,069,319

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured) 66,000 66,000
Trade creditors 2,565 7,020
Amounts owed to Group undertakings 452,798 575,519
Taxation and social security 116,174 22,326
Obligations under finance leases and hire purchase contracts 17,287 10,736
Other creditors 3,936,212 3,330,292
4,591,036 4,011,893

Bank loans are secured by way of a fixed and floating charges over the freehold property of the company.

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

2024 2023
£ £
Bank loans (secured) 5,316,545 5,382,545
Obligations under finance leases and hire purchase contracts (secured) 85,072 102,360
5,401,617 5,484,905

Bank loans are secured by way of fixed and floating charges over the freehold property of the company.

Hire purchase liabilities are secured against the assets to which they relate.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2024 2023
£ £
Bank loans (secured / repayable by instalments) 4,986,545 5,052,545

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1,000 Ordinary shares shares of £ 1.00 each 1,000 1,000

10. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Directors' loan 716,934 740,926

During the year, the company advanced £137,464 to a director, of which £177,194 was repaid. Interest totalling £15,738 has been charged on the loan at the actual official rate set out by HMRC. The total amount due to the company at the year end was £716,934 (2023: £740,926).

11. Ultimate controlling party

Parent Company:

Attlee Sinclair Limited, incorporated in England and Wales.
Melville Building East, Royal William Yard, Plymouth, Devon, United Kingdom, PL1 3RP.

These financial statements are available upon request from Companies House, Crown Way, Cardiff, CF14 3UZ.