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Company No: 09028626 (England and Wales)

BROTHERTON REAL ESTATE LIMITED

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

BROTHERTON REAL ESTATE LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

BROTHERTON REAL ESTATE LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2024
BROTHERTON REAL ESTATE LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 159,339 242,910
Investments 4 3,852 3,852
163,191 246,762
Current assets
Debtors 5 2,117,212 1,625,120
Cash at bank and in hand 634,946 1,388,692
2,752,158 3,013,812
Creditors: amounts falling due within one year 6 ( 1,295,678) ( 1,255,593)
Net current assets 1,456,480 1,758,219
Total assets less current liabilities 1,619,671 2,004,981
Creditors: amounts falling due after more than one year 7 ( 118,942) ( 167,815)
Provision for liabilities 8 0 ( 4,991)
Net assets 1,500,729 1,832,175
Capital and reserves
Called-up share capital 9 100 100
Profit and loss account 1,500,629 1,832,075
Total shareholder's funds 1,500,729 1,832,175

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Brotherton Real Estate Limited (registered number: 09028626) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

R Fine
Director
D Uzan
Director

19 May 2025

BROTHERTON REAL ESTATE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
BROTHERTON REAL ESTATE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 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

Brotherton Real 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 35 Ballards Lane, London, N3 1XW, United Kingdom.

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

Going concern

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.

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 Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings 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

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

Employee benefits

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

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.

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 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.

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:

Leasehold improvements 5 years straight line
Vehicles 25 % reducing balance
Office equipment 4 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.

Leases

The company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Fixed asset investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

Investments in other fixed asset investments are measured at cost less accumulated impairment.

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.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and 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.

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 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.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including directors 13 13

3. Tangible assets

Leasehold improve-
ments
Vehicles Office equipment Total
£ £ £ £
Cost
At 01 January 2024 142,008 163,210 158,064 463,282
Additions 0 0 5,517 5,517
At 31 December 2024 142,008 163,210 163,581 468,799
Accumulated depreciation
At 01 January 2024 86,464 32,281 101,627 220,372
Charge for the financial year 27,142 32,732 29,214 89,088
At 31 December 2024 113,606 65,013 130,841 309,460
Net book value
At 31 December 2024 28,402 98,197 32,740 159,339
At 31 December 2023 55,544 130,929 56,437 242,910

4. Fixed asset investments

2024 2023
£ £
Subsidiary undertakings 2 2
Other investments and loans 3,850 3,850
3,852 3,852

Investments in subsidiaries

2024
£
Cost
At 01 January 2024 2
At 31 December 2024 2
Carrying value at 31 December 2024 2
Carrying value at 31 December 2023 2

Other investments Total
£ £
Cost or valuation before impairment
At 01 January 2024 24,889 24,889
At 31 December 2024 24,889 24,889
Provisions for impairment
At 01 January 2024 21,039 21,039
At 31 December 2024 21,039 21,039
Carrying value at 31 December 2024 3,850 3,850
Carrying value at 31 December 2023 3,850 3,850

Investments in shares

Name of entity Registered office Principal activity Class of
shares
Ownership
31.12.2024
Ownership
31.12.2023
Brotherton Real Estate Investment Management Ltd 35 Ballards Lane, London, N3 1XW Real estate management consultancy Ordinary 66.67% 66.67%

5. Debtors

2024 2023
£ £
Trade debtors 1,900,268 494,109
Amounts owed by group undertakings 57,162 970,583
Amounts owed by directors 4,390 0
Prepayments and accrued income 139,694 153,092
Deferred tax asset 777 0
VAT recoverable 1,987 0
Other debtors 12,934 7,336
2,117,212 1,625,120

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 10,884 359,866
Accruals 884,973 122,584
Corporation tax 313,893 353,248
Other taxation and social security 38,435 387,159
Obligations under finance leases and hire purchase contracts 17,203 17,203
Other creditors 30,290 15,533
1,295,678 1,255,593

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

2024 2023
£ £
Accruals 16,809 48,479
Obligations under finance leases and hire purchase contracts 102,133 119,336
118,942 167,815

8. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 4,991) ( 23,788)
Credited to the Statement of Income and Retained Earnings 5,768 18,797
At the end of financial year 777 ( 4,991)

The deferred taxation balance is made up as follows:

2024 2023
£ £
Accelerated capital allowances 541 ( 5,239)
Other timing differences 236 248
777 ( 4,991)

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

10. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 158,340 158,340
between one and five years 54,877 213,217
213,217 371,557

Pensions

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2024 2023
£ £
Unpaid contributions due to the fund (inc. in other creditors) 2,483 2,733

11. Related party transactions

The company has taken advantage of Section 1AC.35 of FRS 102 (1A) by not disclosing transactions with wholly owned group companies.

Included within other debtors are balance of £70,096 (2023: £82,168) due from companies with shared directors. These balances are unsecured and interest free, with no fixed repayment terms.

12. Directors' benefits: advances, credits and guarantees

Included within other debtors is a loan due from D Uzan. This comprises an opening balance of £nil, advances of £3,430 and repayments of £nil, leaving a closing balance of £3,430. This balance is unsecured, interest charged at HMRC's beneficial loan rate on balances over £10,000, and there are no fixed repayment terms.

Included within other debtors is a loan due from R Fine. This comprises an opening balance of £nil, advances of £960 and repayments of £nil, leaving a closing balance of £960. This balance is unsecured, interest charged at HMRC's beneficial loan rate on balances over £10,000, and there are no fixed repayment terms.

13. Ultimate controlling party

The company is a subsidiary of Brotherton Holdings Limited, which is the ultimate parent undertaking registered in England and Wales.