Registration number:
for the
Period from 1 July 2023 to 30 September 2024
Brookmead Holdings Limited
(formerly
Contents
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Company Information |
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Strategic Report |
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Director's Report |
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Statement of Director's Responsibilities |
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Independent Auditor's Report |
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Consolidated Profit and Loss Account |
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Consolidated Balance Sheet |
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Balance Sheet |
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Consolidated Statement of Changes in Equity |
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Statement of Changes in Equity |
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Consolidated Statement of Cash Flows |
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Notes to the Financial Statements |
Brookmead Holdings Limited
(formerly
Company Information
|
Director |
G Jones |
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Registered office |
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Auditors |
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Brookmead Holdings Limited
(formerly
Strategic Report for the period from 1 July 2023 to 30 September 2024
The director presents his strategic report for the period from 1 July 2023 to 30 September 2024.
Principal activity
The principal activity of the group is that of installing double glazed windows and conservatories.
Fair review of the business
The results for the period which are set out in the profit and loss account show turnover of £15,306,834 (2023 - £12,587,213) and an operating profit of £746,749 (2023 - £892,348). At 30 September 2024 the group had net assets of £3,268,495 (2023 - £2,886,958). The director considers the performance for the year and the financial position at the period end to be satisfactory.
Key performance indicators
Given the nature of the business, the group's director is of the opinion that key performance indicators are important. The group uses a number of indicators to monitor and improve the development, performance and position of the business. Indicators are reviewed and altered to meet changes in the internal and external environments.
Future developments
On 5th December 2024, Brookmead Holdings Limited sold its trading subsidiaries (Glevum Windows Limited and Glevum Design & Build Limited). Brookmead Holdings Limited is now an investment company holding commercial property.
Principal risks and uncertainties
The group does not actively use financial instruments as part of its financial risk management. It is exposed to the usual credit risk and cash flow risk associated with offering credit and holding retentions. The nature of its financial instruments means that they are not subject to price or liquidity risk.
Financial instruments
The group does not actively use financial instruments as part of its financial risk management. It is exposed to the usual credit risk and cash flow risk associated with offering credit and holding retentions. The nature of its financial instruments means that they are not subject to price or liquidity risk.
Approved by the
Director
Brookmead Holdings Limited
(formerly
Director's Report for the Period from 1 July 2023 to 30 September 2024
The director presents his report and the for the period from 1 July 2023 to 30 September 2024.
Change of company name
The company changed its name from
Director of the company
The director who held office during the period was as follows:
Disclosure of information to the auditor
The director has taken the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information. The director confirms that there is no relevant information that he knows of and of which he knows the auditor is unaware.
Approved by the
Director
Brookmead Holdings Limited
(formerly
Statement of Director's Responsibilities
The director is responsible for preparing the Strategic Report, Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial period. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and company and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:
• | select suitable accounting policies and apply them consistently; |
• | make judgements and accounting estimates that are reasonable and prudent; |
• | state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Brookmead Holdings Limited
(formerly
Independent Auditor's Report to the Members of Brookmead Holdings Limited
Opinion
We have audited the financial statements of Brookmead Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the period from 1 July 2023 to 30 September 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of 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 the financial statements:
• | give a true and fair view of the state of the group's and the parent company's affairs as at 30 September 2024 and of the group's profit for the period then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
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 responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
Other information
The director are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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• |
the information given in the Strategic Report and Director's Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and |
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• |
the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements. |
Brookmead Holdings Limited
(formerly
Independent Auditor's Report to the Members of Brookmead Holdings Limited
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Director's Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the parent company financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of director's remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of the director
As explained more fully in the Statement of Director's Responsibilities set out on page 4, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the director is responsible for assessing the group’s and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).
In identifying and assessing risks of material misstatement in respect of fraud, including irregularities and non-compliance with laws and regulations, our procedures included the following:
• We obtained an understanding of the legal and regulatory frameworks applicable to the group and parent company financial statements or that had a fundamental effect on the operations of the group and parent company. We determined that the most significant laws and regulations included United Kingdom Generally Accepted Accounting Practice, UK Companies Act 2006 and taxation laws;
• We understood how the group and parent company is complying with those legal and regulatory frameworks by making enquiries of the management and those responsible for legal and compliance procedures.
• We assessed the susceptibility of the group's and parent company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
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identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud; |
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understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; |
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• |
challenging assumptions and judgements made by management in its significant accounting estimates; and |
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identifying and testing journal entries, in particular any journal entries with unusual characteristics. |
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Brookmead Holdings Limited
(formerly
Independent Auditor's Report to the Members of Brookmead Holdings Limited
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
For and on behalf of
Staverton Court
Staverton
GL51 0UX
Brookmead Holdings Limited
(formerly
Consolidated Profit and Loss Account for the Period from 1 July 2023 to 30 September 2024
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Note |
2024 |
2023 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Operating profit |
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|
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Other interest receivable and similar income |
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|
|
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Interest payable and similar expenses |
( |
( |
|
|
(27,802) |
(30,182) |
||
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Profit before tax |
|
|
|
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Tax on profit |
( |
( |
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Profit for the financial period |
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Profit/(loss) attributable to: |
|||
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Owners of the company |
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The above results were derived from continuing operations.
The group has no recognised gains or losses for the period other than the results above.
Brookmead Holdings Limited
(formerly
(Registration number: 04490451)
Consolidated Balance Sheet as at 30 September 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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||
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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|
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Total assets less current liabilities |
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|
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
|
|
|
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Capital and reserves |
|||
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Called up share capital |
38,000 |
38,000 |
|
|
Capital redemption reserve |
2,001 |
2,001 |
|
|
Revaluation reserve |
304,857 |
313,143 |
|
|
Retained earnings |
2,923,637 |
2,533,814 |
|
|
Equity attributable to owners of the company |
3,268,495 |
2,886,958 |
|
|
Shareholders' funds |
3,268,495 |
2,886,958 |
Approved and authorised by the
Director
Brookmead Holdings Limited
(formerly
(Registration number: 04490451)
Balance Sheet as at 30 September 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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||
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Creditors: Amounts falling due within one year |
( |
( |
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Net current (liabilities)/assets |
( |
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Total assets less current liabilities |
|
|
|
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Creditors: Amounts falling due after more than one year |
( |
( |
|
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Provisions for liabilities |
( |
( |
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Net assets |
|
|
|
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Capital and reserves |
|||
|
Called up share capital |
38,000 |
38,000 |
|
|
Capital redemption reserve |
2,001 |
2,001 |
|
|
Revaluation reserve |
304,857 |
313,143 |
|
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Retained earnings |
985,658 |
1,062,283 |
|
|
Shareholders' funds |
1,330,516 |
1,415,427 |
The company made a profit after tax for the financial period of £53,839 (2023 - profit of £356,308).
Approved and authorised by the
Director
Brookmead Holdings Limited
(formerly
Consolidated Statement of Changes in Equity for the Period from 1 July 2023 to 30 September 2024
Equity attributable to the parent company
|
Share capital |
Capital redemption reserve |
Revaluation reserve |
Retained earnings |
Total |
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At 1 July 2023 |
|
|
|
|
|
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Profit for the period |
- |
- |
- |
|
|
|
Dividends |
- |
- |
- |
( |
( |
|
Transfers |
- |
- |
(8,286) |
8,286 |
- |
|
At 30 September 2024 |
|
|
|
|
|
|
Share capital |
Capital redemption reserve |
Revaluation reserve |
Retained earnings |
Total |
|
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At 1 July 2022 |
|
|
|
|
|
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Profit for the period |
- |
- |
- |
|
|
|
Dividends |
- |
- |
- |
( |
( |
|
Transfers |
- |
- |
(8,286) |
8,286 |
- |
|
At 30 June 2023 |
38,000 |
2,001 |
313,143 |
2,533,814 |
2,886,958 |
Brookmead Holdings Limited
(formerly
Statement of Changes in Equity for the Period from 1 July 2023 to 30 September 2024
|
Share capital |
Capital redemption reserve |
Revaluation reserve |
Retained earnings |
Total |
|
|
At 1 July 2023 |
|
|
|
|
|
|
Profit for the period |
- |
- |
- |
|
|
|
Dividends |
- |
- |
- |
( |
( |
|
Transfers |
- |
- |
(8,286) |
8,286 |
- |
|
At 30 September 2024 |
|
|
|
|
|
|
Share capital |
Capital redemption reserve |
Revaluation reserve |
Retained earnings |
Total |
|
|
At 1 July 2022 |
|
|
|
|
|
|
Profit for the period |
- |
- |
- |
|
|
|
Dividends |
- |
- |
- |
( |
( |
|
Transfers |
- |
- |
(8,286) |
8,286 |
- |
|
At 30 June 2023 |
38,000 |
2,001 |
313,143 |
1,062,283 |
1,415,427 |
Brookmead Holdings Limited
(formerly
Consolidated Statement of Cash Flows for the Period from 1 July 2023 to 30 September 2024
|
Note |
2024 |
2023 |
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Cash flows from operating activities |
|||
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Profit for the period |
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Adjustments to cash flows from non-cash items |
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Depreciation and amortisation |
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|
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Profit on disposal of tangible assets |
( |
( |
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Profit on disposal of intangible assets |
- |
( |
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Finance income |
( |
( |
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Finance costs |
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Income tax expense |
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|
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||
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Working capital adjustments |
|||
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Decrease/(increase) in stocks |
|
( |
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Decrease/(increase) in trade debtors |
|
( |
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(Decrease)/increase in trade creditors |
( |
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Increase in provisions |
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|
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(Decrease)/increase in deferred income, including government grants |
( |
|
|
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Cash generated from operations |
|
|
|
|
Income taxes paid |
( |
( |
|
|
Net cash flow from operating activities |
|
|
|
|
Cash flows from investing activities |
|||
|
Interest received |
|
|
|
|
Acquisitions of tangible assets |
( |
( |
|
|
Proceeds from sale of tangible assets |
|
|
|
|
Proceeds from sale of intangible assets |
- |
|
|
|
Net cash flows from investing activities |
( |
|
|
|
Cash flows from financing activities |
|||
|
Interest paid |
( |
( |
|
|
Repayment of bank borrowings |
( |
( |
|
|
Repayment of other borrowings |
- |
( |
|
|
Payments to finance lease creditors |
( |
( |
|
|
Dividends paid |
( |
( |
|
|
Net cash flows from financing activities |
( |
( |
|
|
Net increase in cash and cash equivalents |
|
|
|
|
Cash and cash equivalents at 1 July |
|
|
|
|
Cash and cash equivalents at 30 September |
1,105,391 |
948,215 |
|
Brookmead Holdings Limited
(formerly
Notes to the Financial Statements for the Period from 1 July 2023 to 30 September 2024
|
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The company was formerly known as Glevum Holdings Limited.
The address of its registered office is:
The principal place of business is:
Broadoak
Newnham on Severn
Gloucestershire
GL14 1JF
|
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the periods presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.
The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.
Summary of disclosure exemptions
The Company has taken the available exemptions from disclosing the following as its financial statements are included in this set of consolidated financial statements: preparation of cashflow statement; preparation of statement of comprehensive income; and fair value measurement disclosures (other than as required as a result of financial instruments measured at fair value).
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 September 2024.
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the period are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Brookmead Holdings Limited
(formerly
Notes to the Financial Statements for the Period from 1 July 2023 to 30 September 2024
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.
Disclosure of long or short period
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources.
The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of revision and future periods if the revision affects both current and future periods.
The main areas of accounting estimates are:
- Warranty provision.
- Recoverability of trade debtors and retentions.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
Rental income from investment properties, including those on operating leases (net of any incentives given to the lessees), is recognised on a straight-line basis over the lease term.
The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Brookmead Holdings Limited
(formerly
Notes to the Financial Statements for the Period from 1 July 2023 to 30 September 2024
Deferred corporation tax is recognised on temporary differences arising between the tax bases of assets and
liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the
company. Deferred corporation tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
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 assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Freehold land and buildings |
Buildings over 50 years, no depreciation on land |
Intangible assets
The cryptocurrency acquired is recognised as an intangible asset and is measured at cost.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for goods sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Brookmead Holdings Limited
(formerly
Notes to the Financial Statements for the Period from 1 July 2023 to 30 September 2024
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Provisions
Provisions are recognised when the group has an obligation at the reporting date as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Brookmead Holdings Limited
(formerly
Notes to the Financial Statements for the Period from 1 July 2023 to 30 September 2024
Financial instruments
Classification
Recognition and measurement
Impairment
A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.
For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
|
Turnover |
The analysis of the group's Turnover for the period from continuing operations is as follows:
|
2024 |
2023 |
|
|
Rendering of services |
|
|
|
Other revenue |
|
|
|
|
|
Brookmead Holdings Limited
(formerly
Notes to the Financial Statements for the Period from 1 July 2023 to 30 September 2024
The analysis of the group's Turnover for the period by market is as follows:
|
2024 |
2023 |
|
|
UK |
|
|
The total turnover of the company has been derived from its principal activity wholly undertaken in the United Kingdom.
|
Operating profit |
Arrived at after charging/(crediting)
|
2024 |
2023 |
|
|
Depreciation expense |
|
|
|
Operating lease expense - property |
|
|
|
Profit on disposal of property, plant and equipment |
( |
( |
|
Profit on disposal of intangible assets |
- |
(478,081) |
|
Other interest receivable and similar income |
|
2024 |
2023 |
|
|
Interest income on bank deposits |
|
|
|
Interest payable and similar expenses |
|
2024 |
2023 |
|
|
Interest on bank overdrafts and borrowings |
|
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
|
|
|
|
Staff costs |
The aggregate payroll costs (including director's remuneration) were as follows:
|
2024 |
2023 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
|
|
The average number of persons employed by the group (including the director) during the period, analysed by category was as follows:
|
2024 |
2023 |
|
|
Administration and support |
|
|
|
|
|
Brookmead Holdings Limited
(formerly
Notes to the Financial Statements for the Period from 1 July 2023 to 30 September 2024
|
Director's remuneration |
The director's remuneration for the period was as follows:
|
2024 |
2023 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
- |
|
|
22,740 |
308,928 |
|
Auditors' remuneration |
|
2024 |
2023 |
|
|
Audit of these financial statements |
28,250 |
- |
|
Other fees to auditors |
||
|
All other non-audit services |
|
- |
|
Taxation |
Tax charged/(credited) in the consolidated profit and loss account
|
2024 |
2023 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
|
|
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the period is the same as the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2024 |
2023 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Increase in UK and foreign current tax from adjustment for prior periods |
- |
|
|
Tax increase/(decrease) from effect of capital allowances and depreciation |
|
( |
|
Effect of revenues exempt from taxation |
( |
- |
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Tax increase arising from group relief |
- |
|
|
Tax increase from effect of indexation allowance on capital gains |
- |
|
|
Tax increase from other tax effects |
- |
|
|
Total tax charge |
|
|
Brookmead Holdings Limited
(formerly
Notes to the Financial Statements for the Period from 1 July 2023 to 30 September 2024
Deferred tax
Group
Deferred tax assets and liabilities
|
2024 |
Liability |
|
Fixed asset timing differences |
|
|
Deferred tax on revaluation of land and buildings |
|
|
Short term timing differences |
( |
|
|
|
2023 |
Liability |
|
Fixed asset timing differences |
|
|
Deferred tax on revaluation of land and buildings |
|
|
Short term timing differences |
( |
|
|
Company
Deferred tax assets and liabilities
|
2024 |
Liability |
|
Fixed asset timing differences |
|
|
Deferred tax on revaluation of land and buildings |
|
|
|
|
2023 |
Liability |
|
Fixed asset timing differences |
|
|
Deferred tax on revaluation of land and buildings |
|
|
|
|
Intangible assets |
Group and Company
|
Other intangible assets |
|
|
Cost or valuation |
|
|
At 1 July 2023 and at 30 September 2024 |
|
|
Carrying amount |
|
|
At 30 September 2024 |
|
|
At 30 June 2023 |
|
Brookmead Holdings Limited
(formerly
Notes to the Financial Statements for the Period from 1 July 2023 to 30 September 2024
|
Tangible assets |
Group
|
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Other tangible assets |
Total |
|
|
Cost or valuation |
|||||
|
At 1 July 2023 |
|
|
|
|
|
|
Additions |
|
|
|
|
|
|
Disposals |
- |
( |
( |
( |
( |
|
At 30 September 2024 |
|
|
|
|
|
|
Depreciation |
|||||
|
At 1 July 2023 |
|
|
|
|
|
|
Charge for the period |
|
|
|
|
|
|
Eliminated on disposal |
- |
( |
( |
( |
( |
|
At 30 September 2024 |
|
|
|
|
|
|
Carrying amount |
|||||
|
At 30 September 2024 |
|
|
|
|
|
|
At 30 June 2023 |
|
|
|
|
|
Included within the net book value of land and buildings above is £1,295,092 (2023 - £1,247,656) in respect of freehold land and buildings.
Company
|
Land and buildings |
|
|
Cost or valuation |
|
|
At 1 July 2023 |
|
|
Additions |
|
|
At 30 September 2024 |
|
|
Depreciation |
|
|
At 1 July 2023 |
|
|
Charge for the period |
|
|
At 30 September 2024 |
|
|
Carrying amount |
|
|
At 30 September 2024 |
|
|
At 30 June 2023 |
|
Included within the net book value of land and buildings above is £1,190,550 (2023 - £1,187,318) in respect of freehold land and buildings.
Brookmead Holdings Limited
(formerly
Notes to the Financial Statements for the Period from 1 July 2023 to 30 September 2024
Revaluation
The freehold land and buildings class of fixed assets was revalued on 30 June 2006 by Messrs Kevin J Toombs, Chartered Surveyors who is external to the company. The basis of this valuation was open market value. This class of assets has a current revalued cost of £1,511,854 (2023 - £1,483,231) and a carrying amount at historical cost of £923,614 (2023 - £894,992). The depreciation on this historical cost is £197,015 (2023 - £179,910).
The directors are of the opinion that there has been no change in the carrying value of the freehold land and buildings.
|
Investments |
Company
|
2024 |
2023 |
|
|
Investments in subsidiaries |
|
|
Details of undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
|
2024 |
2023 |
|||
|
Subsidiary undertakings |
||||
|
|
England and Wales |
|
|
|
|
|
England and Wales |
|
|
|
|
Subsidiary undertakings |
|
Glevum Windows Limited The principal activity of Glevum Windows Limited is |
|
Glevum Design and Build Limited The principal activity of Glevum Design and Build Limited is |
|
Stocks |
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
Work in progress |
|
|
- |
- |
Brookmead Holdings Limited
(formerly
Notes to the Financial Statements for the Period from 1 July 2023 to 30 September 2024
|
Debtors |
|
Group |
Company |
||||
|
Note |
2024 |
2023 |
2024 |
2023 |
|
|
Trade debtors |
|
|
|
|
|
|
Amounts owed by related parties |
- |
- |
|
|
|
|
Other debtors |
|
|
|
- |
|
|
Prepayments |
|
|
- |
- |
|
|
|
|
|
|
||
Included in trade debtors is £609,140 due after more than one year.
|
Cash and cash equivalents |
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
Cash on hand |
|
|
|
|
|
Cash at bank |
|
|
|
|
|
|
|
|
|
|
|
Creditors |
|
Group |
Company |
||||
|
Note |
2024 |
2023 |
2024 |
2023 |
|
|
Due within one year |
|||||
|
Loans and borrowings |
|
|
|
|
|
|
Trade creditors |
|
|
|
|
|
|
Social security and other taxes |
|
|
|
|
|
|
Outstanding defined contribution pension costs |
|
|
- |
- |
|
|
Other payables |
|
|
- |
- |
|
|
Accruals |
|
|
|
|
|
|
Corporation tax liability |
186,813 |
161,101 |
57,066 |
32,416 |
|
|
Deferred income |
- |
|
- |
|
|
|
|
|
|
|
||
|
Due after one year |
|||||
|
Loans and borrowings |
|
|
|
|
|
Brookmead Holdings Limited
(formerly
Notes to the Financial Statements for the Period from 1 July 2023 to 30 September 2024
|
Loans and borrowings |
Current loans and borrowings
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
Bank borrowings |
|
|
|
|
|
Hire purchase contracts |
|
|
- |
- |
|
Other borrowings |
|
|
|
|
|
|
|
|
|
|
Non-current loans and borrowings
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
Bank borrowings |
|
|
|
|
|
Hire purchase contracts |
|
|
- |
- |
|
|
|
|
|
|
Bank borrowings
Bank borrowings are secured against a fixed and floating charge over the assets of the company.
Finance lease liabilities
The finance lease liabilities are secured against the assets to which they relate.
|
Provisions for liabilities |
Group
|
Deferred tax |
Other provisions |
Total |
|
|
At 1 July 2023 |
|
|
|
|
Additional provisions |
- |
|
|
|
Increase (decrease) in existing provisions |
|
- |
|
|
At 30 September 2024 |
|
|
|
|
|
|||
Company
|
Deferred tax |
Total |
|
|
At 1 July 2023 |
|
|
|
Increase (decrease) in existing provisions |
|
|
|
At 30 September 2024 |
|
|
|
|
||
The group gives a 2 year labour warranty and a 10 year product warranty.
Brookmead Holdings Limited
(formerly
Notes to the Financial Statements for the Period from 1 July 2023 to 30 September 2024
|
Pension and other schemes |
Defined contribution pension scheme
The group operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the group to the scheme and amounted to £
Contributions totalling £
|
Share capital |
Allotted, called up and fully paid shares
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
38,000 |
|
38,000 |
|
Dividends |
|
30 September 2024 |
30 June 2023 |
|
|
Dividends paid |
138,750 |
141,660 |
|
Analysis of changes in net debt |
Group
|
At 1 July 2023 |
Cash flows |
At 30 September 2024 |
|
|
Cash and cash equivalents |
|||
|
Cash |
948,215 |
157,176 |
1,105,391 |
|
Borrowings |
|||
|
Bank borrowings |
(576,187) |
211,122 |
(365,065) |
|
Hire purchase contracts |
(179,665) |
66,725 |
(112,940) |
|
Other borrowings |
(6,772) |
- |
(6,772) |
|
(762,624) |
277,847 |
(484,777) |
|
|
|
|||
|
|
|
|
|
Brookmead Holdings Limited
(formerly
Notes to the Financial Statements for the Period from 1 July 2023 to 30 September 2024
|
Related party transactions |
Company
Summary of transactions with key management
Summary of transactions with directors
At the balance sheet date the amount due to the director of the company was £6,772 (2023 - £6,772). There are no fixed repayment terms and no interest is charged on the outstanding balance.
Intercompany balances
The Company has taken advantage of the exemption under FRS 102 section 33 not to disclose transactions between wholly-owned members of the Group headed by Brookmead Holdings Limited (Formerly Glevum Holdings Limited), on the grounds that the consolidated accounts are publicly available.
|
Non adjusting events after the financial period |
|
|
|
Parent and ultimate parent undertaking |
The ultimate controlling party is