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Company No: 10053865 (England and Wales)

BREIM PROPERTIES LIMITED

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

BREIM PROPERTIES LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

BREIM PROPERTIES LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2024
BREIM PROPERTIES LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2024
DIRECTORS P Kennedy
R Fine
D Uzan
REGISTERED OFFICE 35 Ballards Lane
London
N3 1XW
United Kingdom
COMPANY NUMBER 10053865 (England and Wales)
ACCOUNTANTS Berg Kaprow Lewis LLP
35 Ballards Lane
London
N3 1XW
BREIM PROPERTIES LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2024
BREIM PROPERTIES LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2024
Note 2024 2023
£ £
Fixed assets
Investment property 3 925,000 925,000
925,000 925,000
Current assets
Debtors 4 399 1,856
Cash at bank and in hand 71,712 93,802
72,111 95,658
Creditors: amounts falling due within one year 5 ( 779,853) ( 808,085)
Net current liabilities (707,742) (712,427)
Total assets less current liabilities 217,258 212,573
Provision for liabilities 6 ( 27,605) ( 27,605)
Net assets 189,653 184,968
Capital and reserves
Called-up share capital 7 100 100
Revaluation reserve 131,812 131,812
Profit and loss account 57,741 53,056
Total shareholder's funds 189,653 184,968

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

Directors' responsibilities:

The financial statements of Breim Properties Limited (registered number: 10053865) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

P Kennedy
Director
R Fine
Director

21 August 2025

BREIM PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
BREIM PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Breim Properties Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 35 Ballards Lane, London, N3 1XW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover comprises rental income receivable and other income receivable. Revenue is recognised in the period to which it relates.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Financial instruments

The Company only enters into basic financial instruments that result in the recognition of financial assets and liabilities, like trade and other debtors and creditors, and loans from related parties and third parties.

Financial assets
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement consitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

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

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

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

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of
interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Joint arrangements that are not entities (JANE)

A JANE is a contractual arrangement with other participants to engage in joint activities where no separate entity is created. Such arrangements are accounted for in the financial statements by including only the Company's share of assets and liabilities, in accordance with the terms of the arrangement.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including directors 3 3

3. Investment property

Investment property
£
Valuation
As at 01 January 2024 925,000
As at 31 December 2024 925,000

4. Debtors

2024 2023
£ £
Trade debtors 399 1,647
Accrued income 0 209
399 1,856

5. Creditors: amounts falling due within one year

2024 2023
£ £
Accruals and deferred income 1,380 1,934
Corporation tax 1,099 1,375
Other creditors 777,374 804,776
779,853 808,085

6. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 27,605) ( 27,605)
At the end of financial year ( 27,605) ( 27,605)

The deferred taxation balance is made up as follows:

2024 2023
£ £
Revaluation of investment property ( 27,605) ( 27,605)

7. Called-up share capital

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

8. Related party transactions

The Company is part of a JANE arrangement (as defined within the accounting policies). The Company's share of the investment property under this arrangement is included within note 4. Within other creditors is a balance of £676,570 (2023: £696,451) owed to the joint venture partner, and this balance is unsecured and interest free, with no fixed repayment terms.

9. Ultimate controlling party

The company is a subsidiary of Brotherton Real Estate Investment Management Ltd, a company registered in England and Wales. The ultimate parent undertaking is Brotherton Holdings Ltd, a company registered in England and Wales. There is no ultimate controlling party.