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BRAEBURN ESTATES DEVELOPMENT MANAGEMENT LIMITED

Registered number: 07705663




DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
BRAEBURN ESTATES DEVELOPMENT MANAGEMENT LIMITED
 

CONTENTS



Page
Directors' Report
1 - 2
Directors' Responsibilities Statement
3
Independent Auditor's Report
4 - 7
Statement of Comprehensive Income
8
Statement of Financial Position
9
Statement of Changes in Equity
10
Statement of Cash Flows
11
Notes to the Financial Statements
12 - 20

 
BRAEBURN ESTATES DEVELOPMENT MANAGEMENT LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A on the Companies Act 2006.

PRINCIPAL ACTIVITY

The company is the development manager for a site at Southbank Place, London and earns development fees as contracted under Development Management Agreements. At the year end, there is one residential building which is undergoing development.

RESULTS AND DIVIDENDS

The profit for the year, after taxation, amounted to £62,982 (2023 (as restated) - £102,826).

No dividends have been paid or proposed during the year and to the date of this report (2023: £Nil).

DIRECTORS

The directors who served during the year were:

T K A A Al-Abdulla 
J M Holmes 
S Z Khan 
R E Oakes 
A R J Vallintine 
T W J  Venner 

QUALIFYING THIRD PARTY INDEMNITY PROVISIONS
The Company has in place a qualifying third-party indemnity provision for all directors (to the extent permitted by law) in respect of liabilities incurred as a result of their office. The Company also has in place liability insurance covering the directors and officers of the company and any associated companies. Both the indemnity and insurance were in force during the period ended 31 December 2024 and at the time of the approval of this Directors' Report. Neither the indemnity nor the insurance provide cover in the event that the director is proven to have acted dishonestly or fraudulently.

GOING CONCERN

For details in respect of going concern refer to Note 2.
Page 1

 
BRAEBURN ESTATES DEVELOPMENT MANAGEMENT LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


DISCLOSURE OF INFORMATION TO AUDITOR

The directors confirm that:
 
so far as the director is aware, there is no relevant audit information of which the company's auditor is unaware, and

the director have taken all the steps that they ought to have been taken as a director in order to make themselves aware of any relevant audit information and establish that the company's auditor is aware of that information.

AUDITOR

On 21 November 2024, Deloitte LLP resigned as the auditors of the company. In their resignation letter, Deloitte
confirmed that there are no matters related to their resignation that should be brought to the attention of the
members or creditors of the company.
The auditors, Grant Thornton UK LLP, were appointed in the year and will be proposed for reappointment in
accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 9 June 2025 and signed on its behalf.
 








A R J Vallintine
Director
T K A A Al-Abdulla
Director
Page 2

 
BRAEBURN ESTATES DEVELOPMENT MANAGEMENT LIMITED
 

DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with UK-adopted international accounting standards in conformity with the requirements of the Companies Act 2006. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

 In preparing these financial statements, the directors are required to:

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 3

 
BRAEBURN ESTATES DEVELOPMENT MANAGEMENT LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BRAEBURN ESTATES DEVELOPMENT MANAGEMENT LIMITED
 

REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS

Opinion
We have audited the financial statements of Braeburn Estates Development Management Limited (the 'company') for the year ended 31 December 2024, which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including material accounting policy information. The financial reporting framework that has been applied in their preparation is applicable law and UK-adopted international accounting standards.
 
In our opinion:
 
the financial statements give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;
the financial statements have been properly prepared in accordance with UK-adopted international accounting standards; and
the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.
 
Separate opinion in relation to International Financial Reporting Standards (IFRSs) as issued by the IASB
 
As explained in note 2 to the financial statements, the company, in addition to applying UK-adopted international accounting standards, has also applied IFRSs as issued by the International Accounting Standards Board (IASB).
 
In our opinion the financial statements give a true and fair view of the financial position of the company as at 31 December 2024 and of its financial performance and its cash flows for the year then ended in accordance with IFRSs as issued by the IASB.
 
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’s responsibilities for the audit of the financial statements’ section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standardand 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
 
We are responsible for concluding on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify the auditor’s opinion. Our conclusions are based on the audit evidence obtained up to the date of our report. However, future events or conditions may cause the company to cease to continue as a going concern.
 
In our evaluation of the directors’ conclusions, we considered the inherent risks associated with the company's business model including effects arising from global macro-economic uncertainties such as interest rates, we assessed and challenged the reasonableness of estimates made by the directors and the related disclosures and analysed how those risks might affect the company's financial resources or ability to continue operations over the going concern period.
 
In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
 
Page 4

 
BRAEBURN ESTATES DEVELOPMENT MANAGEMENT LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BRAEBURN ESTATES DEVELOPMENT MANAGEMENT LIMITED
 

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 company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
 
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
 
Other information
 
The other information comprises the information included in the directors' report and financial statements, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the directors' report and financial statements. 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. 
 
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 themselves. 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.

Opinions on other matters prescribed by the Companies Act 2006
 
In our opinion, based on the work undertaken in the course of the audit:
 
the information given in the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
 
the directors’ report has been prepared in accordance with applicable legal requirements.
 
Matter on which we are required to report under the Companies Act 2006

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report.

Matters on which we are required to report by exception
 
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
 
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
 
the financial statements are not in agreement with the accounting records and returns; or
 
certain disclosures of directors’ remuneration specified by law are not made; or
 
we have not received all the information and explanations we require for our audit; or
 
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.
 
Page 5

 
BRAEBURN ESTATES DEVELOPMENT MANAGEMENT LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BRAEBURN ESTATES DEVELOPMENT MANAGEMENT LIMITED
 

Responsibilities of directors
 
As explained more fully in the directors' responsibilities statement [Pg 5], the directors are 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 directors determine 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 directors are responsible for assessing the 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
 
Auditor’s 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.
 
Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below: 
 
We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant were UK-adopted international accounting standards and International Financial Reporting Standards (IFRSs) as issued by the International Accounting Standards Board (IASB), tax legislation and the Companies Act 2006;
 
We enquired of management and the board, concerning the company’s policies and procedures relating to:
- the identification, evaluation and compliance with laws and regulations;
- the detection and response to the risks of fraud; and
- the establishment of internal controls to mitigate risks related to fraud or non-compliance with laws and regulations.
 
We enquired of management and the board, whether they were aware of any instances of non-compliance with laws and regulations or whether they had any knowledge of actual, suspected, or alleged fraud;
 
We corroborated the results of our enquiries to relevant supporting documentation such as board minutes;
 
We communicated relevant laws and regulations and potential fraud risks to all the engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
 
The engagement team’s assessment of the susceptibility of the entity’s financial statements to material misstatements, including how fraud may occur:
 
We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur, by evaluating management’s incentives and opportunities for manipulation of the financial statements. This included the evaluation of the risks of management override of controls. We determined that the principal risks were in relation to:
- journal entries with a focus on manual journals and journals indicating large of unusual transaction based on our understanding of the business.
- evaluating the design effectiveness of controls over revenue that management has in place to prevent and detect fraud.
Page 6

 
BRAEBURN ESTATES DEVELOPMENT MANAGEMENT LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BRAEBURN ESTATES DEVELOPMENT MANAGEMENT LIMITED
 

- potential management bias in determining accounting estimates.
- transactions with related parties.

Our audit procedures involved:
- evaluation of the design effectiveness of controls that management has in place to prevent and detect fraud;
- identifying and testing journal entries identified as high risk;
- assessing the extent of compliance with the relevant laws and regulations as part of our procedures on the related financial statement line item.
 
These audit procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error and detecting irregularities that result from fraud is inherently more difficult than detecting those that result from error, as fraud may involve collusion, deliberate concealment, forgery or intentional misrepresentations. Also, the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we would become aware of it.

The engagement partners’ assessment of whether the engagement team collectively has the appropriate competence and capabilities has to identify or recognise non-compliance with laws and regulations:

Assessment of the appropriateness of the collective competence and capabilities of the engagement team included consideration of the engagement team’s:
- understanding of, and practical experience with, audit engagements of a similar nature and complexity through appropriate training and participation.
- knowledge of the industry in which the client operates.
      - understanding of the legal and regulatory requirements specific to the Company

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://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.





Elizabeth Collins BSc (Hons) ACA
Senior Statutory Auditor
for and on behalf of Grant Thornton UK LLP
Statutory Auditor, Chartered Accountants
London
09 June 2025

Page 7

 
BRAEBURN ESTATES DEVELOPMENT MANAGEMENT LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023 - restated
Note
£
£

  

Turnover
 5 
784,313
784,105

Cost of sales
  
(705,882)
(705,883)

GROSS PROFIT
  
78,431
78,222

Administrative expenses
  
(12,372)
(23,392)

OPERATING PROFIT
  
66,059
54,830

Interest receivable and similar income
 8 
17,917
71,816

PROFIT BEFORE TAX
  
83,976
126,646

Tax on profit
 9 
(20,994)
(23,820)

PROFIT FOR THE FINANCIAL YEAR
  
62,982
102,826

Other comprehensive income
  
-
-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR
  
62,982
102,826

The notes on pages 12 to 20 form part of these financial statements. For details of restatement, see Note 4.
Page 8

 
BRAEBURN ESTATES DEVELOPMENT MANAGEMENT LIMITED
REGISTERED NUMBER: 07705663

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023 - restated
Note
£
£

  

CURRENT ASSETS
  

Trade and other receivables
 10 
10,671,046
10,710,263

Cash at bank and in hand
 11 
715,917
100

  
11,386,963
10,710,363

Trade and other payables
 12 
(10,250,530)
(9,636,912)

NET CURRENT ASSETS
  
1,136,433
1,073,451

TOTAL ASSETS LESS CURRENT LIABILITIES
  
1,136,433
1,073,451

  

NET ASSETS
  
1,136,433
1,073,451


CAPITAL AND RESERVES
  

Called up share capital 
 14 
2
2

Retained earnings
  
1,136,431
1,073,449

  
1,136,433
1,073,451


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 June 2025.







T K A A Al-Abdulla
A R J Vallintine
Director
Director

The notes on pages 12 to 20 form part of these financial statements. For details of restatement, see Note 4.
Page 9

 
BRAEBURN ESTATES DEVELOPMENT MANAGEMENT LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Retained earnings
Total equity

£
£
£

At 1 January 2024
2
1,073,449
1,073,451


COMPREHENSIVE INCOME FOR THE YEAR

Profit for the year
-
62,982
62,982
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
-
62,982
62,982


AT 31 DECEMBER 2024
2
1,136,431
1,136,433



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Retained earnings
Total equity

£
£
£

At 1 January 2023
2
970,623
970,625


COMPREHENSIVE INCOME FOR THE YEAR

Profit for the year (as restated)
-
102,826
102,826
TOTAL COMPREHENSIVE INCOME FOR THE YEAR (AS RESTATED)
-
102,826
102,826


AT 31 DECEMBER 2023 (AS RESTATED)
2
1,073,449
1,073,451


The notes on pages 12 to 20 form part of these financial statements. For details of restatement, see Note 4.
Page 10

 
BRAEBURN ESTATES DEVELOPMENT MANAGEMENT LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023 - restated
£
£

CASH FLOWS FROM OPERATING ACTIVITIES

Profit for the year
62,982
102,826

ADJUSTMENTS FOR:

Interest received
(17,917)
(71,816)

Taxation charge
20,995
23,820

(Increase)/decrease in debtors
82,425
573,315

Increase/(decrease) in creditors
567,719
(1,913,320)

Corporation tax paid
(18,304)
(16,216)

NET CASH (USED IN)/GENERATED FROM OPERATING ACTIVITIES

697,900
(1,301,391)


CASH FLOWS FROM INVESTING ACTIVITIES

Interest received
17,917
71,816

NET CASH FROM INVESTING ACTIVITIES
17,917
71,816


INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS

715,817
(1,229,575)

Cash and cash equivalents at beginning of year
100
1,229,675

CASH AND CASH EQUIVALENTS AT THE END OF YEAR
715,917
100


CASH AND CASH EQUIVALENTS AT THE END OF YEAR COMPRISE:

Cash at bank and in hand
715,917
100

715,917
100


The notes on pages 12 to 20 form part of these financial statements. For details of restatement, see Note 4

Page 11

 
BRAEBURN ESTATES DEVELOPMENT MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


GENERAL INFORMATION

Braeburn Estates Development Management Limited is a private company limited by shares incorporated in the UK under the Companies Act 2006 and registered in England and Wales at One Canada Square, Canary Wharf, London, E14 5AB.
The nature of the company's operations and its principal activities are set out in the Directors' Report.

2.ACCOUNTING POLICIES

  
2.1
Basis of preparation of financial statements

The financial statements have been prepared in accordance with United Kingdom adopted international accounting standards and International Financial Reporting Standards (IFRSs) as issued by the International Accounting Standards Board (IASB) in conformity with the requirements of the Companies Act 2006.

The following new and revised accounting standards and interpretations have been adopted by the company in 2024. Their adoption has not had any significant impact on the amounts reported in these financial statements, but may impact the accounting for future transactions and arrangements:

Amendments to IFRS 16: Lease Liability in a Sale and Leaseback
Amendments to IAS 1: Classification of liabilities as Current or Non-Current
Amendments to IAS 1: Non-current Liabilities with Covenants
Amendments to IAS 7 and IFRS 7: Supplier Finance Arrangements

At 31 December 2024, a number of new standards, amendments to standards and interpretations have been issued by the IASB but are not effective for this year end.

Amendments to IAS 21: Lack of Exchangeability
Amendments to IFRS 9 and IFRS 7: Amendments to the Classification and Measurement of Financial Instruments
IFRS 18: Presentation and Disclosure in Financial Statements
IFRS 19: Subsidiaries without Public Accountability: Disclosures

The directors anticipate that the adoption of these standards in future periods will not have a material impact on the financial statements of the company.

The preparation of financial statements in compliance with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company’s accounting policies (see Note 3).

The functional currency of the company is considered to be pounds sterling because that is the
currency of the primary economic environment in which they operate.

The principal accounting policies are summarised below:

 
2.2

Going concern

In assessing the going concern basis of the company the directors have considered a period of at least 12 months from the date of approval of these financial statements. 
At the year end the company was in a net current asset position. Having made the requisite enquiries and assessed the resources at the disposal of the company, the directors have a reasonable expectation that the company will have adequate resources to continue its operation for the foreseeable future, being a period of a least 12 months from the date of approval of these financial statements. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.
Page 12

 
BRAEBURN ESTATES DEVELOPMENT MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

  
2.3
Turnover

Revenue from the provision of building services is recognised by reference to the recoverable direct and indirect costs charged in the period, plus a fixed percentage fee.

  
2.4
Financial instruments

Trade and other receivables
Receivables are recognised initially at fair value. A provision for impairment is established where there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtor concerned. Such assets are subsequently carried at amortised cost using the effective interest method.
Cash and cash equivalents
Cash and cash equivalents comprise cash balances, deposits held with banks and other short term highly liquid investments with original maturities of 3 months or less, which are held for the purpose of meeting short term cash commitments.
Trade and other payables
Trade and other payables are stated at amortised cost.

  
2.5
Taxation

Current tax is provided at amounts expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted at the balance sheet date. 


3.


CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of financial statements in conformity with generally accepted accounting principles requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Although these estimates are based on management’s best knowledge of the amount, event or actions, actual results ultimately may differ from those estimates.
The preparation of financial statements also requires use of judgements, apart from those involving estimation, that management makes in the process of applying the entity’s accounting policies.
For the year ended 31 December 2024 there were no critical accounting judgements or estimates identified that would have a significant impact on the amounts recognised in the financial statements, or create a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Page 13

 
BRAEBURN ESTATES DEVELOPMENT MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024


4.


PRIOR YEAR ADJUSTMENT

The financial statements for the year ended 31 December 2023 have been adjusted to correct an error in the recognition of credit notes.

In the prior year, the company recognised a net receivable balance of £322,251 in respect of amounts due from Qatari Diar. This balance was recorded as accrued income and comprised a combination of credit notes receivable and other amounts payable, presented on a net basis. Subsequent to the approval of those financial statements, it has become evident that the credit notes previously recognised, amounting to £587,226, are no longer receivable. As a result, the company has derecognised the full value of these credit notes and now recognises an amount payable for prior period to Qatari Diar, being £264,705, through accruals and deferred income.
Similarly, in the prior year, the company recognised a net receivable balance of £43,209 from Canary Wharf Limited, which included £219,679 receivable in respect of credit notes expected to be issued to the company. Subsequent to the approval of of the prior period financial statements, it was determined that these credit note notes would also not be received and needed to be derecognised in full, leaving a net amount payable to Qatari Diar for prior period of £176,470.

Finally, in the prior year, the company issued credit notes to Braeburn Estates (B5) Limited Partnership. In respect of these credit notes, the company recognised a payable to Braeburn Estates (B5) Limited Partnership of £1,026,868. Subsequent to the approval of the prior period financial statements, it was determined that these credit notes should not have been issued by the company and that the accounting impact needed to be derecognised. This increased the net amount receivable from Braeburn Estates (B5) Limited Partnership for the prior period from £2,119,801 to £3,146,669. 
The effect of the priod year adjustment has been summarised in the following tables.

As at 31
December
2023
Adjustment
As at 31
December
2023
(restated)
        £
        £
        £
Statement of Financial Position

Amounts due from associated entities

9,726,603

983,660

10,710,263
 
Amounts due from associated entities

322,521

(322,521)

-
 
Amounts due to associated entities

(8,934,961)

(176,470)

(9,111,431)
 
Accrued income

(10,000)

(264,705)

(274,705)
 
Other payables

(61,341)

(171,145)

(232,486)
 
Amounts due to associated entities

1,024,633

48,818

1,073,451
 
Accruals and deferred income

-

-

-
 
Other payables

(72,210)

(587,226)

(659,436)
 
Net assets

72,210

(48,818)

23,392
 
Statement of Comprehensive Income

Administrative expenses

-

-

-
 
Profit/(loss) for the year

1,024,631

48,818

1,073,449
 
Statement of Changes in Equity

Retained earnings

-

-

-
 
<-- Enter row heading -->

622,133

(48,818)

573,315
 

Page 14

 
BRAEBURN ESTATES DEVELOPMENT MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


TURNOVER

2024
2023 
£
£

Provision of building services
784,313
784,105

784,313
784,105


All turnover arose within the United Kingdom.


6.


AUDITOR'S REMUNERATION

2024
2023
£
£

Fees payable for the audit of the company's annual accounts
8,000
12,000


7.


EMPLOYEES




The Company had no employees during the year (2023 – nil). No remuneration was paid by the Company to Directors for their services to the Company and no costs were allocated or recharged to the Company (2023 - £nil).


8.


INTEREST RECEIVABLE AND SIMILAR INCOME

2024
2023
£
£


Bank interest receivable
17,917
71,816

17,917
71,816
Page 15

 
BRAEBURN ESTATES DEVELOPMENT MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


TAXATION


2024
2023
£
£

Corporation tax


Current tax on profits for the year
20,994
23,820



Tax on profit
20,994
23,820

FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is different to the standard rate of corporation tax in the UK of 25% (2023 - 23.5%). The differences are explained below:

2024
2023 - restated
£
£


Profit on ordinary activities before tax
83,976
126,646


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 -  23.5%)
20,994
29,762

Effects of:


Adjustments to tax charge in respect of prior periods
-
(5,942)

Total tax charge for the year
20,994
23,820


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

The Finance Act 2021 increases the corporation tax rate from 19.0% to 25.0% in April 2023. The standard rate of corporation tax payable by the company for the year ended 31 December 2024 is 25% (2023 – 23.5%).
The comparative figures for the year ended 31 December 2023 have been restated to correct an error in the recognition of credit notes (see Note 4). As a result, profit before tax of £77,828 has been restated to £126,646. 

Page 16

 
BRAEBURN ESTATES DEVELOPMENT MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


TRADE AND OTHER RECEIVABLES

2024
2023 - restated
£
£


Amounts due from associated entities
10,671,045
10,710,262

Other receivables
1
1

10,671,046
10,710,263


The amounts due from associated entities are unsecured, repayable on demand, interest free and comprise:

2024
2023
£
£
Braeburn Estates Developments (1) Limited

1,263,329

1,263,328

Braeburn Estates Developments (2) Limited

1,225,038

1,225,038

Braeburn Estates Developments (Infrastructure) Limited

124,160

124,160

Braeburn Estates (B3) Limited Partnership

915,937

915,937

Braeburn Estates (B4A) Limited Partnership

1,436,940

1,436,940

Braeburn Estates (B4B) Limited Partnership

1,207,016

1,207,016

Braeburn Estates (B5) Limited Partnership

3,107,452

3,146,669

Braeburn Estates (B6/7) Limited Partnership

1,368,089

1,368,089

Braeburn Estates (Lollard Street) Limited

23,084

23,085

10,671,045

10,710,262



11.


CASH AND CASH EQUIVALENTS

2024
2023
£
£

Cash at bank and in hand
715,917
100

715,917
100



12.


TRADE AND OTHER PAYABLES

2024
2023 - restated
£
£

Amounts due to associated entities
9,413,909
9,111,431

Corporation tax
20,980
18,290

Other payables
189,995
232,486

Accruals and deferred income
625,646
274,705

10,250,530
9,636,912


Page 17

 
BRAEBURN ESTATES DEVELOPMENT MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The amounts due to associated entities are unsecured, repayable on demand, interest free and comprise:

2024
2023
£
£
Canary Wharf Limited

264,705

176,470

Braeburn Estates Limited Partnership

9,149,204

8,934,961

9,413,909

9,111,431



13.


FINANCIAL INSTRUMENTS

2024
2023
£
£

FINANCIAL ASSETS


Cash and cash equivalents
715,917
100

Financial assets measured at amortised cost
9,966,699
10,049,125

10,682,616
10,049,225


FINANCIAL LIABILITIES


Financial liabilities measured at amortised cost
(9,555,171)
(9,006,302)

Capital risk management
The company manages its capital to ensure that it will be able to continue as a going concern. The capital  structure of the company consists of cash and cash equivalents and equity, including reserves, as disclosed in the Statement of Changes in Equity. 
Credit risk management
The company’s credit risk is primarily attributable to its receivables. The amounts presented in the balance sheet are presented net of loss allowances where required.
The company measures the loss allowance for other receivables at an amount equal to a 12-month expected credit loss as the credit risk on other receivables has not increased significantly since the initial recognition. The company has not recognised any loss allowance at 31 December 2024 and 2023 against receivables because the amounts are receivable from a related party and historical experience has indicated that these receivables are fully recoverable.
There has been no change in the estimation techniques or significant assumptions made during the current reporting period.
Financial risk management objectives
The company’s objective in managing risk is the creation and protection of shareholder value. Risk is inherent in the Company’s activities, but it is managed through a process of ongoing identification, measurement and monitoring, subject to risk limits and other controls. The process of risk management is critical to the company’s continuing profitability.  
The Board of Directors supervises and is ultimately responsible for the overall risk management of the company. 

Page 18

 
BRAEBURN ESTATES DEVELOPMENT MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

14.


SHARE CAPITAL

2024
2023
£
£
Allotted, called up and unpaid



1 (2023 - 1) A ordinary share of £1.00
1
1
1 (2023 - 1) B ordinary share of £1.00
1
1

2

2

The A and B shares rank pari passu in all respects.



15.OTHER FINANCIAL COMMITMENTS

At 31 December 2024 and 31 December 2023 the company had given fixed and floating charges over substantially all its assets to secure its loan commitments.


16.


RELATED PARTY TRANSACTIONS

The company provides development management services to each of the developments at Southbank Place, London. All of its revenue and cost of sales arise from charges to related parties as follows:


2024
2023
£
£

Revenue


Braeburn Estates (B5) Limited Partnership
784,313
784,105

784,313
784,105

2024
2023
£
£

Cost of sales


Canary Wharf Limited
(352,941)
(352,941)

Qatari Diar UK Limited
(352,941)
(352,942)

(705,882)
(705,883)

The company incurred charges of £Nil (2023: £9,355) from Canary Wharf Limited in respect of administration services.
Braeburn Estates (B5) Limited Partnership is a wholly owned subsidiary of Braeburn Estates Limited Partnership. Braeburn Estates Limited Partnership is under common control with the company.
Canary Wharf Limited is a wholly owned subsidiary of Canary Wharf Group plc.
Qatari Diar UK Limited is a wholly owned subsidiary of Qatari Diar Real Estate Investment Company.
Page 19

 
BRAEBURN ESTATES DEVELOPMENT MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

17.


CONTROLLING PARTY

In 2011, entities owned by Canary Wharf Group plc and Qatari Diar Real Estate Investment Company ('Qatari Diar') entered into a 50:50 joint venture to redevelop the Shell Centre, a 5.25 acre site on the South Bank in London.
The company is 50% owned by Canary Wharf Limited, a wholly owned subsidiary of Canary Wharf Group plc, and 50% owned by QD UK Holdings Limited Partnership, a wholly owned subsidiary of Qatari Diar. Project Russet (Holdings Company) Limited transferred its ownership to QD UK Holdings Limited Partnership on 7 June 2023.

Page 20