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Registered number: 05901058









BRIGHTON SEAFRONT REGENERATION LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2023

 
BRIGHTON SEAFRONT REGENERATION LIMITED
REGISTERED NUMBER: 05901058

BALANCE SHEET
AS AT 31 AUGUST 2023

2023
2023
2022
2022
Note
£
£
£
£

Fixed assets
  

Tangible assets
 4 
459,495
1,285,634

Investment property
 5 
53,983,710
45,000,000

  
54,443,205
46,285,634

Current assets
  

Debtors: amounts falling due within one year
 6 
2,382,340
867,580

Cash at bank and in hand
 7 
86,726
2,037,779

  
2,469,066
2,905,359

Creditors: amounts falling due within one year
 8 
(2,537,723)
(998,531)

Net current (liabilities)/assets
  
 
 
(68,657)
 
 
1,906,828

Total assets less current liabilities
  
54,374,548
48,192,462

Creditors: amounts falling due after more than one year
 9 
(48,128,350)
(43,766,506)

Provisions for liabilities
  

Deferred tax
 11 
(1,667,978)
-

  
 
 
(1,667,978)
 
 
-

Net assets
  
4,578,220
4,425,956

Page 1

 
BRIGHTON SEAFRONT REGENERATION LIMITED
REGISTERED NUMBER: 05901058
    
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2023

2023
2023
2022
2022
Note
£
£
£
£

Capital and reserves
  

Called up share capital 
  
100
100

Revaluation reserve
 12 
17,283,861
12,279,928

Profit and loss account
 12 
(12,705,741)
(7,854,072)

  
4,578,220
4,425,956


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 15 July 2025.



T J Robinson
Director

The notes on pages 3 to 13 form part of these financial statements.

Page 2

 
BRIGHTON SEAFRONT REGENERATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

1.


General information

Brighton Seafront Regeneration Limited is a private company, limited by shares, incorporated in England and Wales, United Kingdom with a registration number of 05901058. The address of the registered office is 16 - 18 Marshall Street, London, England, W1F 7BE.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The company has net current assets at the year end of £(68,657) and creditors more than year of  £48,128,350. This latter amount principally arises due the bond finance of £48,106,609. The bond was due for maturity in 2022 but was extended to mature on 31 January 2026 but is shown as more than one year as described below. As well as the extension of the bond’s maturity, the amount of the bond has been increased in order to provide finance to the company so that it can finish the current development project of the investment property. This further bond finance has enabled the company to complete the current development project after the year-end. The directors believe that the income generated by the new property together with existing rentals will be sufficient to cover the ongoing running costs of the company plus any financing interest that becomes payable. 
As the bond’s current maturity was 31 Janaury 2026, this is less than 12 months from the date of approval of these financial statements. Based upon previous experience with the bondholder the directors are of the opinion whereby there has been an "automatic rollover" of the bond (as there has been in each of the preceding five years) and therefore the directors are of the opinion that the bond will be rolled over in future. This will enable the company to continue trading. The directors have therefore prepared the accounts on a going concern basis which includes showing the bond as repayable after more than one year. 

Page 3

 
BRIGHTON SEAFRONT REGENERATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.3

Revenue

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. The following criteria must also be met before revenue is recognised:

Rendering of services

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.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that 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.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

 
BRIGHTON SEAFRONT REGENERATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings
-
20%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 5

 
BRIGHTON SEAFRONT REGENERATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.8

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.9

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

  
2.10

Stocks

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.
During the year, certain items previously classified as fixtures and fittings were reclassified to inventories following their resale to the original supplier. The reclassification was made in accordance with FRS 102 Section 17 and Section 13, and the assets were transferred at their carrying amount at the date of reclassification, which represents their cost for inventory purposes.
The reclassified items are held for resale and are included within inventories at the lower of their cost and net realisable value. There were no impairment losses recognised on the reclassification.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 6

 
BRIGHTON SEAFRONT REGENERATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.14

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

 
2.15

Financial instruments

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

 

Basic financial liabilities, which include trade and other payables, bank loans and other loans are
Page 7

 
BRIGHTON SEAFRONT REGENERATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)


2.15
Financial instruments (continued)

initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The Company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL).

Page 8

 
BRIGHTON SEAFRONT REGENERATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

4.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 September 2022
1,354,412



At 31 August 2023

1,354,412



Depreciation


At 1 September 2022
68,778


Charge for the year on owned assets
4,744


Impairment charge
821,395



At 31 August 2023

894,917



Net book value



At 31 August 2023
459,495



At 31 August 2022
1,285,634


5.


Investment property


Long term leasehold investment property

£



Valuation


At 1 September 2022
45,000,000


Additions at cost
2,311,799


Surplus on revaluation
6,671,911



At 31 August 2023
53,983,710

The 2023 valuations were made by the directors, on an open market value for existing use basis.




Page 9

 
BRIGHTON SEAFRONT REGENERATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

6.


Debtors

2023
2022
£
£


Trade debtors
177,389
125,400

Other debtors
2,151,844
693,744

Prepayments and accrued income
53,107
48,436

2,382,340
867,580



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
86,726
2,037,779

86,726
2,037,779



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
10,648
8,874

Trade creditors
1,958,066
584,537

Other taxation and social security
-
9,146

Other creditors
307,486
307,486

Accruals and deferred income
261,523
88,488

2,537,723
998,531



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
21,741
33,226

Other loans
48,106,609
43,733,280

48,128,350
43,766,506


Page 10

 
BRIGHTON SEAFRONT REGENERATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
10,648
8,874


10,648
8,874

Amounts falling due 1-2 years

Bank loans
21,741
33,226

Other loans
48,106,609
43,733,280


48,128,350
43,766,506



48,138,998
43,775,380


The following liabilities were secured:
Other loans represents those taken out by the issue of a series of 'zero coupon discounted bonds' - Bond Finance. Such finance is cross collateralised in the ordinary course of business by related companies, properties owned by related companies and by properties owned by the directors of the Company (all in the ordinary course of business). The directors of the Company as referred to are the guarantors of last resort.
Bank loans represents those secured by government guarantee. The Government guarantees 100% of the loan and there are no fees or interest to pay for the first 12 months.

Page 11

 
BRIGHTON SEAFRONT REGENERATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

11.


Deferred taxation




2023


£






Charged to profit or loss
(1,667,978)



At end of year
(1,667,978)

The deferred taxation balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances
-
(178,604)

Tax losses carried forward
-
2,243,600

Fair value movements
(1,667,978)
(2,064,996)

(1,667,978)
-


12.


Reserves

Revaluation reserve

The revaluation reserve represents cumulative effects of non distributable fair value adjustments net of deferred tax and other adjustments.

Profit and loss account

The profit and loss account represents cumulative losses net of dividends and other adjustments excluding non distributable amounts.


13.


Related party transactions

The following balances were due (to)/from related parties at the year end:


2023
2022
£
£

Key management personnel
(303,987)
(303,987)


14.


Controlling party

The ultimate controlling party is M  Wadhwa.

Page 12

 
BRIGHTON SEAFRONT REGENERATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

15.


Auditors' information

The auditors' report on the financial statements for the year ended 31 August 2023 was unqualified.

The audit report was signed on 15 July 2025 by Thomas Rogers BA ACA (Senior Statutory Auditor) on behalf of Haslers.

 
Page 13