REGISTERED NUMBER: 03793319 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

FOR

BROWNBRINK LTD

Page

Company Information

1

Strategic Report

2

Report of the Director

3

Report of the Independent Auditors

5

Statement of Income and Retained Earnings

8

Statement of Financial Position

9

Statement of Cash Flows

10

Notes to the Statement of Cash Flows

11

Notes to the Financial Statements

12

DIRECTOR:

M W Davey

REGISTERED OFFICE:

C/o M & M Plant (Devon & Cornwall) Ltd

Trethorne Business Park

Kennards House

Launceston

Cornwall

PL15 8QE

REGISTERED NUMBER:

03793319 (England and Wales)

AUDITORS:

Mitchells

Chartered Accountants and Statutory Auditors

St. John's House,

Castle Street,

Taunton

Somerset

TA1 4AY

The director presents his strategic report for the year ended 31 March 2025.

REVIEW OF BUSINESS

Brownbrink Ltd specialises in commercial property investment, including lettings and development, with a focus on quality and long-term value. The company handles site acquisition, construction, and asset management, ensuring a consistent and professional service.

In the year ending March 2025, Brownbrink Ltd secured key tenants, progressed development projects, and maintained high occupancy levels. The partnership with a golf course provides diversification, complementing its core property investment activities.

PRINCIPAL RISKS AND UNCERTAINTIES

The commercial property sector faces challenges including economic uncertainty, inflation, and supply chain pressures. Brownbrink Ltd mitigates these risks through robust procurement strategies, long-term tenant agreements, and regular reviews of its investment portfolio.

The director remains alert to changing market conditions, ensuring financial controls and sustainability measures support operational resilience.

KEY PERFORMANCE INDICATORS

The director uses the following key performance indicators (KPIs) to monitor the company's performance and ensure objectives are met:

- Rental income and occupancy rate.

- Development costs and timelines.

- Return on investment for projects.

- Tenant retention and satisfaction.

- Cash flow and debtor management.

- Compliance with safety and sustainability standards.

These KPIs provide the company with valuable insights into operational performance and ensure that the highest standards are consistently achieved across all areas of the business.

ON BEHALF OF THE BOARD:

M W Davey - Director

18 December 2025

The director presents his report with the financial statements of the company for the year ended 31 March 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of property construction and commercial lettings, together with the operation of golf courses and a driving range, which it carries on as a member of partnerships.

DIVIDENDS

No dividends will be distributed for the year ended 31 March 2025.

DIRECTOR

M W Davey held office during the whole of the period from 1 April 2024 to the date of this report.

GOING CONCERN

The director has prepared the financial statements on a going concern basis, supported by forecasted information covering at least 12 months from the approval date of these statements.

Confidence in the company’s future is supported by its strong property portfolio, stable tenant base, and proactive risk management.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements 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 director is 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 enable him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Mitchells, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

M W Davey - Director

18 December 2025

Opinion

We have audited the financial statements of Brownbrink Ltd (the 'company') for the year ended 31 March 2025 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' 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 Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to 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 Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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 Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, 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 director's remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- Enquiry of management and those charged with governance around actual and potential litigation and claims.

- Enquiry of entity staff to identify any instances of non-compliance with laws and regulations.

- Reviewing minutes of meetings of those charged with governance.

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities. It is the primary responsibility of management and those charged with governance to ensure that the entity's operations are conducted in accordance with the provisions of the laws and regulations and for the prevention and detection of fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.

James R Biggs (Senior Statutory Auditor)

for and on behalf of Mitchells

Chartered Accountants and Statutory Auditors

St. John's House,

Castle Street,

Taunton

Somerset

TA1 4AY

18 December 2025

TURNOVER

422,801

378,029

Cost of sales

30,729

20,780

GROSS PROFIT

392,072

357,249

Administrative expenses

161,842

61,376

230,230

295,873

Other operating income

526,996

352,751

OPERATING PROFIT

4

757,226

648,624

Profit/loss on sale of invest

5

1,124

-

758,350

648,624

Income from shares in group undertakings

1,451,408

1,600,400

Income from fixed asset investments

499

403

Interest receivable and similar income

100,139

34,458

1,552,046

1,635,261

2,310,396

2,283,885

Gain/loss on revaluation of assets

(218,419

)

470,104

2,091,977

2,753,989

Interest payable and similar expenses

6

8,258

52,373

PROFIT BEFORE TAXATION

2,083,719

2,701,616

Tax on profit

7

137,883

135,480

PROFIT FOR THE FINANCIAL YEAR

1,945,836

2,566,136

Retained earnings at beginning of year as previously reported

8,049,017

5,452,985

Prior year adjustment - corrections of material errors

-

500,000

RETAINED EARNINGS AT END OF YEAR

9,994,853

8,519,121

FIXED ASSETS

Tangible assets

8

8,687

11,584

Investments

9

4,350,272

4,148,505

Investment property

10

3,429,230

3,537,175

7,788,189

7,697,264

CURRENT ASSETS

Stocks

11

233,296

236,440

Debtors

12

2,564,553

1,420,931

Cash at bank

665,955

1,353,228

3,463,804

3,010,599

CREDITORS

Amounts falling due within one year

13

235,051

1,625,695

NET CURRENT ASSETS

3,228,753

1,384,904

TOTAL ASSETS LESS CURRENT LIABILITIES

11,016,942

9,082,168

CREDITORS

Amounts falling due after more than one year

14

(49,693

)

(60,726

)

PROVISIONS FOR LIABILITIES

16

(2,172

)

(2,201

)

NET ASSETS

10,965,077

9,019,241

CAPITAL AND RESERVES

Called up share capital

17

500,120

500,120

Fair value reserve

18

274,934

470,104

Retained earnings

18

10,190,023

8,049,017

SHAREHOLDERS' FUNDS

10,965,077

9,019,241

The financial statements were approved by the director and authorised for issue on 18 December 2025 and were signed by:

M W Davey - Director

Cash flows from operating activities

Cash generated from operations

1

(414,081

)

(151,345

)

Interest paid

(8,258

)

(52,373

)

Tax paid

(53,762

)

(239,164

)

Net cash from operating activities

(476,101

)

(442,882

)

Cash flows from investing activities

Purchase of tangible fixed assets

-

(12,350

)

Purchase of fixed asset investments

(233,890

)

(84,944

)

Purchase of investment property

(87,225

)

(188,628

)

Sale of tangible fixed assets

500

-

Sale of fixed asset investments

8,874

-

Interest received

100,139

34,458

Dividends received

1,451,907

1,600,803

Net cash from investing activities

1,240,305

1,349,339

Cash flows from financing activities

Loan repayments in year

(11,033

)

(967,609

)

Amount withdrawn by directors

(1,440,444

)

(241,384

)

Net cash from financing activities

(1,451,477

)

(1,208,993

)

Decrease in cash and cash equivalents

(687,273

)

(302,536

)

Cash and cash equivalents at beginning of year

2

1,353,228

1,655,764

Cash and cash equivalents at end of year

2

665,955

1,353,228

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.3.25

31.3.24

£

£

Profit before taxation

2,083,719

2,701,616

Depreciation charges

2,897

2,317

Profit on disposal of fixed assets

(500

)

-

Loss/(gain) on revaluation of fixed assets

218,419

(470,104

)

Finance costs

8,258

52,373

Finance income

(1,552,046

)

(1,635,261

)

760,747

650,941

Decrease/(increase) in stocks

3,144

(3,144

)

Increase in trade and other debtors

(1,143,622

)

(500,123

)

Decrease in trade and other creditors

(34,350

)

(299,019

)

Cash generated from operations

(414,081

)

(151,345

)

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

665,955

1,353,228

Year ended 31 March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

1,353,228

1,655,764

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash at bank

1,353,228

(687,273

)

665,955

1,353,228

(687,273

)

665,955

Debt

Debts falling due within 1 year

(11,200

)

-

(11,200

)

Debts falling due after 1 year

(60,726

)

11,033

(49,693

)

(71,926

)

11,033

(60,893

)

Total

1,281,302

(676,240

)

605,062

1.	STATUTORY INFORMATION

Brownbrink Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared in accordance with Financial Reporting Standard 102 (FRS 102). The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland and the Companies Act 2006.

The financial statements have been prepared under the historical cost convention, except where otherwise stated in the accounting policies, where certain assets and liabilities are measured at fair value. The financial statements are presented in pounds sterling, which is the functional currency of the company, rounded to the nearest pound.

The directors have assessed the company’s ability to continue as a going concern and are satisfied that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements have been prepared on a going concern basis.

The company has not prepared consolidated financial statements for the year ended 31 March 2025. Although the year ends of the parent company and its subsidiary have now been aligned, this is the first financial year for which alignment has been achieved. Under FRS 102 Section 9.16–9.18, consolidated financial statements require that the financial information used for consolidation be drawn up to the same reporting date or, where the subsidiary’s year-end differs by no more than three months, adjustments or interim statements be prepared. In the prior year the reporting periods were not aligned and such adjustment or interim information is not available; accordingly it would be impracticable to prepare meaningful consolidated financial statements for the year ended 31 March 2025 without compromising comparability.

The directors intend to prepare consolidated financial statements for the year ending 31 March 2026, once two years of aligned financial reporting periods are available.

Turnover

Turnover comprises of net invoiced sales of building and construction work, excluding value-added tax, as well as rental income from the company's commercial letting activities.

Other Operating Income

Other operating income includes the company’s share of trading profits from its investment in the Boringdon Park Golf Club partnership, recharges of utilities, and management charges received.

Revenue Recognition

Revenue is recognised in accordance with the requirements of FRS 102. Income from construction contracts is recognised based on the stage of completion of the contract activity at the reporting date, provided the outcome of the contract can be reliably estimated. The stage of completion is determined by the proportion of contract costs incurred to date relative to the total estimated contract costs.

Rental income is recognised in line with the terms of the rental agreement, typically on a monthly basis as rental periods are fulfilled. Recharges of utilities and management charges are recognised when the related services have been provided, and partnership income is recognised when the share of trading profits is measurable and probable economic benefits are expected to flow to the company.

Revenue is recognised only when it can be reliably measured, it is probable that future economic benefits will flow to the entity, and specific performance obligations have been satisfied in accordance with the terms of the underlying agreements.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

33% on cost

Freehold Property

Freehold properties classified as fixed assets are stated at either cost less impairment losses or at revalued amount in accordance with FRS 102, Section 17 Property, Plant and Equipment. Under the revaluation model, properties are revalued to fair value at regular intervals to ensure the carrying amount does not differ materially from fair value.

Revaluation gains are recognised in the Revaluation Reserve within equity, except to the extent they reverse a previously recognised revaluation loss, in which case the gain is recognised in the Profit and Loss account. Revaluation losses are recognised in the Profit and Loss account unless they reverse a previously recognised revaluation gain, in which case the loss is recognised in equity.

Investments in subsidiaries and associates

Investments in equity instruments that are publicly traded, or where their fair value can be measured reliably without undue cost or effort, are initially measured and subsequently carried at fair value, with changes in fair value recognised in profit or loss. For investments in equity instruments that are not publicly traded and where the fair value cannot be measured reliably, these are measured at cost less impairment.

Interest income on debt instruments is recognised in profit or loss using the effective interest method, as required by FRS 102. Dividends on equity instruments are recognised in profit or loss when the company’s right to receive payment is established.

Investment property

Investment properties are initially measured at cost, including transaction costs. Subsequently, they are remeasured to fair value at the reporting date. Changes in fair value are recognized in the Profit and Loss account in the period in which they arise, in accordance with FRS 102, Section 16.

No depreciation is charged on investment properties. The carrying value of investment properties reflects their fair value at the balance sheet date. Where the fair value cannot be reliably measured, the property is measured at cost less impairment losses.

Stocks

Stock is valued at the lower of cost and net realisable value. The cost of stock includes all costs of purchase and other costs incurred in bringing the stock to its present location and condition.

Work in progress is valued at the lower of cost and net realisable value. The cost of work in progress comprises direct materials and, where applicable, direct labour costs and attributable overheads that have been incurred in bringing the inventories to their present location and condition.

At each reporting date, both stock and work in progress are assessed for impairment. If impairment is identified, the carrying amount is reduced to the estimated selling price less costs to complete and sell. Any resulting impairment loss is recognised immediately in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

31.3.25

31.3.24

£

£

Wages and salaries

20,205

13,911

The average number of employees during the year was as follows:

31.3.25

31.3.24

Directors

1

1

Admin

1

1

2

2

31.3.25

31.3.24

£

£

Director's remuneration

-

-

4.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.3.25

31.3.24

£

£

Hire of plant and machinery

128

806

Depreciation - owned assets

2,897

2,317

Profit on disposal of fixed assets

(500

)

-

Auditors' remuneration

6,825

6,500

5.	EXCEPTIONAL ITEMS

31.3.25

31.3.24

£

£

Profit/loss on sale of invest

1,124

-

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.3.25

31.3.24

£

£

Other interest

1,434

1,676

Loan interest

6,824

50,697

8,258

52,373

7.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

31.3.25

31.3.24

£

£

UK corporation tax

137,912

133,574

Deferred Tax

(29

)

1,906

Tax on profit

137,883

135,480

Reconciliation of total tax charge included in profit or loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31.3.25

£

Profit before tax

2,083,719

Profit multiplied by the rate of corporation tax in the UK of 25%

520,930

Effects of:

Adjustments made for tax purposes

(59,947

)

Capital allowances in excess of depreciation

(14,418

)

Revaluation of assets

54,324

Exempt dividend income

(362,977

)

Deferred tax adjustment

(29

)

Total tax charge

137,883

8.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

COST

At 1 April 2024

and 31 March 2025

21,080

1,554

22,634

DEPRECIATION

At 1 April 2024

9,496

1,554

11,050

Charge for year

2,897

-

2,897

At 31 March 2025

12,393

1,554

13,947

NET BOOK VALUE

At 31 March 2025

8,687

-

8,687

At 31 March 2024

11,584

-

11,584

9.	FIXED ASSET INVESTMENTS

Shares in

Investment

Interest

group

in joint

in other

Listed

undertakings

ventures

investments

investments

Totals

£

£

£

£

£

COST OR VALUATION

At 1 April 2024

1,810,062

1

2,329,568

8,874

4,148,505

Additions

7,500

-

16,666

209,724

233,890

Disposals

-

-

-

(8,874

)

(8,874

)

Revaluations

-

-

-

(23,249

)

(23,249

)

At 31 March 2025

1,817,562

1

2,346,234

186,475

4,350,272

NET BOOK VALUE

At 31 March 2025

1,817,562

1

2,346,234

186,475

4,350,272

At 31 March 2024

1,810,062

1

2,329,568

8,874

4,148,505

Cost or valuation at 31 March 2025 is represented by:

Shares in

Investment

Interest

group

in joint

in other

Listed

undertakings

ventures

investments

investments

Totals

£

£

£

£

£

Valuation in 2025

-

-

-

(23,249

)

(23,249

)

Cost

1,817,562

1

2,346,234

209,724

4,373,521

1,817,562

1

2,346,234

186,475

4,350,272