Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312025-05-292024-12-310false2024-01-010truefalsefalse 08757098 2024-01-01 2024-12-31 08757098 2023-01-01 2023-12-31 08757098 2024-12-31 08757098 2023-12-31 08757098 2023-01-01 08757098 1 2024-01-01 2024-12-31 08757098 1 2023-01-01 2023-12-31 08757098 5 2024-01-01 2024-12-31 08757098 5 2023-01-01 2023-12-31 08757098 d:Exceptional 2024-01-01 2024-12-31 08757098 d:Exceptional 2023-01-01 2023-12-31 08757098 e:Director1 2024-01-01 2024-12-31 08757098 e:Director2 2024-01-01 2024-12-31 08757098 e:Director2 2024-12-31 08757098 e:Director7 2024-01-01 2024-12-31 08757098 e:Director8 2024-01-01 2024-12-31 08757098 e:Director12 2024-01-01 2024-12-31 08757098 e:Director13 2024-01-01 2024-12-31 08757098 d:LeaseholdInvestmentProperty 2024-12-31 08757098 d:LeaseholdInvestmentProperty 2023-12-31 08757098 d:LeaseholdInvestmentProperty 2 2024-01-01 2024-12-31 08757098 d:CurrentFinancialInstruments 2024-12-31 08757098 d:CurrentFinancialInstruments 2023-12-31 08757098 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 08757098 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 08757098 d:UKTax 2024-01-01 2024-12-31 08757098 d:UKTax 2023-01-01 2023-12-31 08757098 d:ShareCapital 2024-01-01 2024-12-31 08757098 d:ShareCapital 2024-12-31 08757098 d:ShareCapital 2023-01-01 2023-12-31 08757098 d:ShareCapital 2023-12-31 08757098 d:ShareCapital 2023-01-01 08757098 d:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 08757098 d:RetainedEarningsAccumulatedLosses 2024-12-31 08757098 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 08757098 d:RetainedEarningsAccumulatedLosses 2023-12-31 08757098 d:RetainedEarningsAccumulatedLosses 2023-01-01 08757098 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-12-31 08757098 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-12-31 08757098 d:FinancialAssetsAmortisedCost 2024-12-31 08757098 d:FinancialAssetsAmortisedCost 2023-12-31 08757098 d:FinancialLiabilitiesAmortisedCost 2024-12-31 08757098 d:FinancialLiabilitiesAmortisedCost 2023-12-31 08757098 e:OrdinaryShareClass1 2024-01-01 2024-12-31 08757098 e:OrdinaryShareClass1 2024-12-31 08757098 e:OrdinaryShareClass1 2023-12-31 08757098 e:FRS102 2024-01-01 2024-12-31 08757098 e:Audited 2024-01-01 2024-12-31 08757098 e:FullAccounts 2024-01-01 2024-12-31 08757098 e:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 08757098 d:WithinOneYear 2024-12-31 08757098 d:WithinOneYear 2023-12-31 08757098 d:BetweenOneFiveYears 2024-12-31 08757098 d:BetweenOneFiveYears 2023-12-31 08757098 d:MoreThanFiveYears 2024-12-31 08757098 d:MoreThanFiveYears 2023-12-31 08757098 d:AcceleratedTaxDepreciationDeferredTax 2024-12-31 08757098 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 08757098 d:TaxLossesCarry-forwardsDeferredTax 2024-12-31 08757098 d:TaxLossesCarry-forwardsDeferredTax 2023-12-31 08757098 f:PoundSterling 2024-01-01 2024-12-31 xbrli:shares iso4217:GBP xbrli:pure




img1b08.png










BRAEBURN ESTATES RETAIL LIMITED
Registered number:  08757098





DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
BRAEBURN ESTATES RETAIL 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 - 24

 
BRAEBURN ESTATES RETAIL 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 of the Companies Act 2006.

PRINCIPAL ACTIVITY

The principal activity of the company is to act as a property investment company.
The company holds 3 leases over retail and storage units in a property at Southbank Place, London, which were acquired in July 2015 for no consideration.

RESULTS AND DIVIDENDS

The profit for the year, after taxation, amounted to £26,753 (2023 - loss £180,213).

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 
A Al-Attiyah (resigned 29 May 2025)
S Z Khan 
A R J Vallintine 
R E Oakes 
T W J Venner 

M A A Al-Hashimi was appointed as a director of the Company on 29 May 2025.
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.
 
FUTURE DEVELOPMENTS

The company will continue to hold retail and storage units in a property at Southbank Place, London.

GOING CONCERN

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

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Page 1

 
BRAEBURN ESTATES RETAIL LIMITED
 

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

AUDITORS

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 RETAIL 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. 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 and 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 RETAIL LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRAEBURN ESTATES RETAIL LIMITED
 

Independent auditor's report to the members of Braeburn Estates Retail Limited

Opinion

We have audited the financial statements of Braeburn Estates Retail 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 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 RETAIL LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRAEBURN ESTATES RETAIL 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.

Responsibilities of directors

As explained more fully in the directors' responsibilities statement set out on page 3, 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.
 

Page 5

 
BRAEBURN ESTATES RETAIL LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRAEBURN ESTATES RETAIL LIMITED
 

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 (IFRS's) as issued by the IAS, 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.
°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;
°challenging assumptions and judgements made by management in its significant accounting estimates;
°assessing the extent of compliance with the relevant laws and regulations as part of our procedures on the related financial statement line item.

 
Page 6

 
BRAEBURN ESTATES RETAIL LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRAEBURN ESTATES RETAIL LIMITED
 

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 non-statutory 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.





Elizabeth Collins BSc (Hons) ACA (Senior statutory auditor)
For and on behalf of Grant Thornton UK LLP
Statutory Auditor, Chartered Accountants
London
9 June 2025
Page 7

 
BRAEBURN ESTATES RETAIL LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Revenue
     6
18,170
21,671

Cost of sales
  
(46,845)
(103,829)

GROSS LOSS
  
(28,675)
(82,158)

Administrative expenses
  
(9,350)
(460)

Movement in fair value of investment properties
 10 
105,287
(171,886)

OPERATING PROFIT/(LOSS)
  
67,262
(254,504)

Interest receivable and similar income
 7 
19,094
15,568

Interest payable and similar charges
 8 
(5)
(6)

PROFIT/(LOSS) BEFORE TAX
  
86,351
(238,942)

Tax on profit/(loss)
 9 
(59,598)
58,729

PROFIT/(LOSS) FOR THE FINANCIAL YEAR
  
26,753
(180,213)

Other comprehensive income for the year
  
-
-

  

TOTAL COMPREHENSIVE INCOME/(EXPENSE) FOR THE YEAR
  
26,753
(180,213)

The notes on pages 12 to 24 form part of these financial statements.

Page 8

 
BRAEBURN ESTATES RETAIL LIMITED
REGISTERED NUMBER: 08757098

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

NON-CURRENT ASSETS
  

Investment property
 10 
993,470
888,183

  
993,470
888,183

CURRENT ASSETS
  

Trade and other receivables
 11 
31,903
15,515

Cash at bank and in hand
 12 
761,470
776,091

  
793,373
791,606

Trade and other payables
 13 
(784,377)
(767,796)

NET CURRENT ASSETS
  
8,996
23,810

TOTAL ASSETS LESS CURRENT LIABILITIES
  
1,002,466
911,993

Deferred tax
 14 
(247,257)
(183,537)

  
(247,257)
(183,537)

NET ASSETS
  
755,209
728,456


CAPITAL AND RESERVES
  

Called up share capital 
 19 
1
1

Profit and loss account
  
755,208
728,455

  
755,209
728,456


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







A R J Vallintine
Director


The notes on pages 12 to 24 form part of these financial statements.
Page 9

 
BRAEBURN ESTATES RETAIL 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
1
728,455
728,456


COMPREHENSIVE INCOME FOR THE YEAR

Profit for the year
-
26,753
26,753
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
-
26,753
26,753


AT 31 DECEMBER 2024
1
755,208
755,209


The notes on pages 12 to 24 form part of these financial statements.


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


Called up share capital
Retained earnings
Total equity

£
£
£

At 1 January 2023
1
908,668
908,669


COMPREHENSIVE EXPENSE FOR THE YEAR

Loss for the year
-
(180,213)
(180,213)
TOTAL COMPREHENSIVE EXPENSE FOR THE YEAR
-
(180,213)
(180,213)


AT 31 DECEMBER 2023
1
728,455
728,456


The notes on pages 12 to 24 form part of these financial statements.
Page 10

 
BRAEBURN ESTATES RETAIL LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

CASH FLOWS FROM OPERATING ACTIVITIES

Profit/(loss) for the financial year
26,753
(180,213)

ADJUSTMENTS FOR:

Interest payable
5
6

Interest received
(19,094)
(15,568)

Taxation charge
59,598
(58,729)

(Increase)/decrease in debtors
(16,388)
121,747

Increase in creditors
16,581
269,261

Movement in fair value of investment properties
(105,287)
171,886

Corporation tax received
4,122
-

NET CASH GENERATED FROM OPERATING ACTIVITIES

(33,710)
308,390


CASH FLOWS FROM INVESTING ACTIVITIES

Ground rent paid on operating lease liability
(5)
(6)

Interest received
19,094
15,568

NET CASH FROM INVESTING ACTIVITIES

19,089
15,562


(DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS
(14,621)
323,952

Cash and cash equivalents at beginning of year
776,091
452,139

CASH AND CASH EQUIVALENTS AT THE END OF YEAR
761,470
776,091


CASH AND CASH EQUIVALENTS AT THE END OF YEAR COMPRISE:

Cash at bank and in hand
761,470
776,091

761,470
776,091


Page 11

 
BRAEBURN ESTATES RETAIL LIMITED
 

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

1.


GENERAL INFORMATION

Braeburn Estates Retail 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:

Page 12

 
BRAEBURN ESTATES RETAIL LIMITED
 

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

2.ACCOUNTING POLICIES (CONTINUED)

 
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. 
Braeburn Estates Limited Partnership has expressed its intention to provide or procure adequate financial resources to allow the company to continue its operations and to make available any funds that may be required for the company to enable it to meet its obligations as they fall due for a period of not less than 12 months from the signing date of the financial statements.
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.

  
2.3
Revenue

Rental income from operating leases is recognised in the Income Statement on a straight-line basis over the term of the lease. Lease incentives granted, including rent free periods, are recognised as an integral part of the net consideration for the use of the property and are therefore also recognised on the same straight line basis. Direct costs incurred in negotiating and arranging new leases are also amortised on the same straight line basis. An adjustment is made to ensure that the carrying value of the related property, including the accrued rent, amortised lease incentives and negotiation costs, does not exceed the external valuation.
Revenue from service charges includes recoverable expenditure together with any chargeable management fees and is recognised over the service period.

  
2.4
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. 
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in financial statements.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.                
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing difference. Deferred tax relating to investment property is measured using the tax rates and allowances that apply to the sale of the asset.
Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expenses or income.

Page 13

 
BRAEBURN ESTATES RETAIL LIMITED
 

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

2.ACCOUNTING POLICIES (CONTINUED)

  
2.5
Investment properties

Investment properties are measured initially at cost including related transaction costs. The finance costs associated with direct expenditure on properties under construction or undergoing refurbishment are capitalised.
Where an investment property interest is acquired under a lease the associated lease liability is initially recognised at the lower of the fair value and the present value of the minimum lease payments including any initial premium. Lease payments are apportioned between the finance charge and a reduction in the outstanding obligation for future amounts payable. The total finance charge is allocated to accounting periods over the lease term so as to produce a constant periodic charge to the remaining balance of the obligation for each accounting period.
Investment properties are subsequently revalued, at each reporting date, to an amount comprising the fair value of the property interest plus the carrying value of the associated lease liability less any separately identified lease incentive assets. The gain or loss on remeasurement is recognised in the income statement. 

  
2.6
Financial instruments

Trade and other receivables
Trade and other 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
In the statement of financial position, cash and bank balances comprise cash (i.e. cash on hand and demand deposits) and cash equivalents. Cash equivalents are short-term (generally with original maturity of three months or less), highly liquid investments that are readily convertible to a known amount of cash and which are subject to an insignificant risk of changes in value. Cash equivalents are held for the purpose of meeting short-term cash commitments rather for investment or other purposes.
Trade and other payables
Trade and other creditors are stated at amortised cost.

Page 14

 
BRAEBURN ESTATES RETAIL LIMITED
 

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

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.
Investment Properties
Investment properties have been valued on the basis of discounted minimum cash flows, using the future rental income determined by the applicable leases. The valuation is calculated by discounting these cash flows at an appropriate discount rate. The directors have adopted the yield used by independent valuers in valuing other property interests on the Southbank estate.
For the year ended 31 December 2024, the financial statements of the company did not contain any significant items that required the application of judgements, apart from those involving estimation.


4.


AUDITORS' REMUNERATION

Auditor's remuneration of £7,000 (2023: £2,100) for the audit of the company has been borne by Braeburn Estates Limited Partnership.




5.


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).


6.

REVENUE

2024
2023
        £
        £
 
Rent- retail

18,166

7,240
 
Service charge

-

14,427
 
Ground rent

4

4
 

18,170

21,671
 
Page 15

 
BRAEBURN ESTATES RETAIL LIMITED
 

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

7.


INTEREST RECEIVABLE AND SIMILAR INCOME

2024
2023
£
£


Bank interest receivable
19,094
15,568

19,094
15,568


8.


INTEREST PAYABLE AND SIMILAR CHARGES

2024
2023
£
£


Finance charge on operating lease liability
5
6

5
6


9.


TAXATION


2024
2023
£
£

CORPORATION TAX


Current tax on profit/(loss) for the year
(4,122)
-


(4,122)
-


TOTAL CURRENT TAX
(4,122)
-

DEFERRED TAX


Origination and reversal of timing differences
63,720
(58,729)

TOTAL DEFERRED TAX
63,720
(58,729)


TAX ON PROFIT/(LOSS)
59,598
(58,729)
Page 16

 
BRAEBURN ESTATES RETAIL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
9.TAXATION (CONTINUED)


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
£
£


Profit/(loss) on ordinary activities before tax
86,351
(238,942)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.5%)
21,588
(56,151)

EFFECTS OF:


Fair value movements not subject to tax
(26,322)
40,393

Deferred tax timing difference
63,720
(42,971)

Creation of tax losses
4,734
-

Adjustments to tax in respect of prior periods
(4,122)
-

TOTAL TAX CHARGE/(CREDIT) FOR THE YEAR
59,598
(58,729)


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There were no factors that affected the tax charge for the year which has been calculated on the profits on ordinary activities before tax at the standard rate of corporation tax in the UK of 25% (2023 – 23.5%).


10.


INVESTMENT PROPERTY


Long term leasehold investment property

£



VALUATION


At 1 January 2024
888,183


Revaluation
105,287



AT 31 DECEMBER 2024
993,470

Page 17

 
BRAEBURN ESTATES RETAIL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
10.INVESTMENT PROPERTY (CONTINUED)

In 2020, the company converted an area previously designated as community space into a retail unit. 

Property valuation

The fair value of the company’s investment property at 31 December 2024 was £1,000,000 (2023 – £930,000).

IFRS 13 establishes a fair value hierarchy that classifies valuation inputs into 3 levels:

Level 1:   Unadjusted quoted prices in active markets;
Level 2:   Observable inputs other than quoted prices included within level 1;
Level 3:   Unobservable inputs

At 31 December 2024, the property was valued externally by CBRE Limited, qualified valuers with recent experience in office properties at Canary Wharf. The fair value of the company’s properties are classified as Level 3 inputs.

Valuation process

Property valuations are assessed on the basis of valuation reports prepared by the external valuers. In accordance with market practice, the valuations reflect deductions in respect of purchaser’s costs and, in particular, liability for Stamp Duty Land Tax as applicable at the valuation date.
 
These valuations conform to RICS Valuation – Global Standards (incorporating the International Valuation Standards) and are arrived at by reference to market transactions for similar properties based on:
 
Information provided by the company, such as current rents, terms and conditions of lease agreements, service charges and capital expenditure. This information is derived from the company’s financial and property management systems and is subject to the company’s overall control environment; and
Assumptions and valuation models adopted by the valuers. These assumptions (referred to by IFRS 13 as unobservable inputs) are typically market related, such as rental values, yields and discount rates. They are based on the valuers’ professional judgement and market observation.
 
The key property valuations are driven principally by the terms of the leases in place at the valuation date. These determine the majority of the cash flow profile of the property for a number of years and therefore form the base of the valuation. The valuation assumes adjustments from these rental values to reflect market rent at the time of the next rent review or as leases expire and are replaced by new leases. The current market level of rent is assessed based on evidence provided by the most recent relevant leasing transactions and negotiations. This is based on evidence available to the valuers at the date of valuation.

Valuation techniques used for Level 3

The following valuation technique was used for the property:

Discounted cash flow using the following inputs: net current rent, estimated rental value (annual rent), terminal value, discount rate.

The resulting valuations are cross checked against the initial yields and the fair market values psf derived from actual market transactions.

There were no transfers of properties between Levels 1, 2 and 3 during the period and the property was classified as Level 3 at both the beginning and end of the period. There have been no changes in valuation technique since the previous year.
 
Page 18

 
BRAEBURN ESTATES RETAIL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
10.INVESTMENT PROPERTY (CONTINUED)

An increase in the current or estimated future rental streams would have the effect of increasing the fair value.
An increase in the discount rate and the capitalisation rates (used for both the direct capitalisation method or terminal value of discounted cash flow method) will reduce the fair value
 
There are interrelationships between these inputs as they are partially determined by market conditions.
A movement in more than one unobservable input could magnify the impact on the valuation. Alternatively, the impact on the valuation could be mitigated by the interrelationships of 2 unobservable inputs moving in opposite directions, for example an increase in ERV may be offset by an increase in yield, resulting in no net impact on the valuation.




If the investment property had been accounted for under the historic cost accounting rules, the property would have been measured as follows:

2024
2023
£
£


Historic cost
4,441
4,441

4,441
4,441


The fair value has been allocated to the following balance sheet items:

2024
2023
        £
        £
 
Leasehold properties

993,470

888,183
 
Lease incentives

6,585

41,872
 
Operating lease liabilities

(55)

(55)
 

1,000,000

930,000
 

There are storage leases let at a total ground rent of £16,170 to tenants that expire on 1 July 2028.
The retail unit was let at a ground rent of £70,611 per annum which increases with RPI every 10 years. The lease was disclaimed on 23 September 2024. Due to recoverability issues with this tenant from July 2023, the rental income has been provided for.
 

Page 19

 
BRAEBURN ESTATES RETAIL LIMITED
 

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

10.


INVESTMENT PROPERTY (CONTINUED)


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

2024
2023
£
£
 
Due within one year

16,170

16,170
 
In one to five years

41,503

57,673
 
After more than five years

-

-
 
57,673

73,843
 


11.


TRADE AND OTHER RECEIVABLES

2024
2023
£
£


Trade debtors
-
9,739

Amounts due from Canary Wharf Properties (RT5) Limited
5,007
-

Other debtors
26,849
5,750

Prepayments and accrued income
47
26

31,903
15,515



12.


CASH AND CASH EQUIVALENTS

2024
2023
£
£

Cash at bank and in hand
761,470
656,696

Restricted cash account
-
119,395

761,470
776,091


The prior year cash balance of £119,395 was incorrectly classified as restricted cash and should have been presented as cash at bank and in hand.

Page 20

 
BRAEBURN ESTATES RETAIL LIMITED
 

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

13.


TRADE AND OTHER PAYABLES

2024
2023
£
£

Trade payables
375
-

Amounts owed to group undertakings
726,250
726,250

Amounts owed to Canary Wharf Limited
41,786
31,198

Amounts owed to Canary Wharf Management Limited
2,527
-

Obligations under long term lease
55
55

Other payables
-
799

Accruals and deferred income
13,384
9,494

784,377
767,796


Amounts owed to Canary Wharf Limited and amounts owed to Canary Wharf Management Limited are interest free and repayable on demand. Amounts owed to group undertakings are unsecured, interest free and repayable on demand.


14.


DEFERRED TAXATION




2024


£






At beginning of year
(183,537)


Charged to profit or loss
(63,720)



AT END OF YEAR
(247,257)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Revaluation of investment property
(247,257)
(220,935)

Tax losses carried forward
-
37,398

(247,257)
(183,537)

Page 21

 
BRAEBURN ESTATES RETAIL LIMITED
 

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

15.


FINANCIAL INSTRUMENTS

2024
2023
£
£

FINANCIAL ASSETS


Cash and cash equivalents
761,470
776,091

Financial assets that are debt instruments measured at amortised cost
31,903
15,515

793,373
791,606


FINANCIAL LIABILITIES


Financial liabilities measured at amortised cost
(764,109)
(764,953)

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 22

 
BRAEBURN ESTATES RETAIL LIMITED
 

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

16.


OPERATING LEASE COMMITMENTS

At 31 December 2024 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Within one year
5
5

In one to five years
20
20

After more than five years
4,923
4,928

4,948
4,953


The amount at which operating lease obligations are stated comprises:

2024
2023
£
£
 
Opening balance

55

55
 
Rents paid

(5)

(5)
 
Finance charges

5

5
 
55

55
 

The company holds a 999 year lease over retail and storage units in a property at Southbank Place, London, and pays annual ground rent of £5 to SBP 1 S.a.r.l.
Rents of £5 per annum are payable until Dec 3014. The interest rate implicit in the leases is 10%.

17.


ANALYSIS OF NET DEBT




At 1 January 2024
Cash flows
At 31 December 2024
£

£

£

Cash at bank and in hand

776,091

(14,621)

761,470

Finance leases

(55)

-

(55)



776,036
(14,621)
761,415

Page 23

 
BRAEBURN ESTATES RETAIL LIMITED
 

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

18.


RELATED PARTY TRANSACTIONS

During the year the company incurred costs of £2,527 (2023: £7,078) from Canary Wharf Management Limited, a wholly owned subsidiary of Canary Wharf Group plc. The balance with Canary Wharf Management Limited is disclosed in note 13. The company incurred costs of £10,587 (2023: £Nil) which have been paid by Canary Wharf Limited. The balance with Canary Wharf Limited is disclosed in note 13. The company earned storage rent of £5,007 (2023: £Nil) which was paid to Canary Wharf Properties (RT5) Limited, a wholly owned subsidiary of Canary Wharf Group plc. The balance with Canary Wharf Properties (RT5) Limited is disclosed in note 11. 


19.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



1 (2023 - 1) Ordinary share of £1.00
1
1



20.


CONTROLLING PARTY

The company's immediate parent undertaking is Braeburn Estates (GP) Limited. The ultimate controlling party is Braeburn Estates Limited Partnership.
As at 31 December 2024, the smallest and largest group of which the company is a member and for which group financial statements are drawn up is the consolidated financial statements of Braeburn Estates Limited Partnership. Braeburn Estates Limited Partnership is a joint venture between Canary Wharf (PB) Unit Trust and QD UK Holdings Limited Partnership, a wholly owned subsidiary of Qatari Diar.
Copies of the financial statements may be obtained from the Company Secretary, One Canada Square, Canary Wharf, London, E14 5AB.

Page 24