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Burrington Estates (Topsham) Limited
Annual Report and Financial Statements
Year Ended 30 June 2025

Registration number: 09969110

Burrington Estates (Topsham) Limited

Contents

Balance Sheet | 1
Notes to the Financial Statements | 2 to 7

Burrington Estates (Topsham) Limited

Balance Sheet

30 June 2025

| Note | 30 June 2025 £ | 30 June 2024 £
Current assets |  |  |
Stocks | 4 | 1,834,281 | 6,821,523
Debtors | 5 | 9,181 | 107,043
Cash at bank and in hand |  | 264,118 | 3,215
|  | 2,107,580 | 6,931,781
Creditors: Amounts falling due within one year | 6 | (783,052) | (6,409,044)
Net assets |  | 1,324,528 | 522,737
Capital and reserves |  |  |
Called up share capital |  | 100 | 100
Profit and loss account |  | 1,324,428 | 522,637
Shareholders' funds |  | 1,324,528 | 522,737

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 31 March 2026 and signed on its behalf by:

......................................... Mr R Dewhurst Director |  |

Company Registration Number: 09969110

Burrington Estates (Topsham) Limited

Notes to the Financial Statements

Year Ended 30 June 2025

1 | General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office and principal place of business is:
First Floor, Great Portland Street
85 Great Portland Street
London
United Kingdom
W1W 7LT

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A, and the Companies Act 2006. There are no material departures from FRS 102.

Basis of preparation

These financial statements have been prepared using the historical cost convention.
The functional currency of Burrington Estates (Topsham) Limited is considered to be pounds sterling because it is the currency of the primary economic environment in which the company operates.

Burrington Estates (Topsham) Limited

Notes to the Financial Statements

Year Ended 30 June 2025

Going concern

The financial statements have been prepared on a going concern basis. There are material uncertainties that cast significant doubt on its ability to continue its operations, as explained below.
The Group that the Company is a part of is undergoing restructure as part of a managed closure programme.
As part of this, the company’s immediate parent, Burrington Estates (Holdings) Limited (“Holdings”), and its ultimate parent (“BEG”) entered liquidation during 2025. BEG has become reliant on its principal shareholder and secured lender to continue to support it. The objective of each liquidation is to maximise each company’s return to its creditors. The best way to maximise the return from their investment in this company is to continue to complete the development as planned. As a result we expect that both Holdings and BEG will continue to support the company as it does this.
The directors' best estimates of the Company’s cash flows show the Company generating positive cash flows and continuing to pay its creditors as they fall due. The Company’s expectation is that the amounts due to group undertakings will not be called in until the company completes and sells its development on an orderly basis. This will involve continuing to trade while the developments are completed and all assets are realised – and as a result, despite the situation at group level, the directors expect this company to continue to trade for at least the next twelve months. For that reason, these accounts have been prepared on a going concern basis.
The group’s position does create material uncertainties that cast significant doubt on the company’s ability to continue as a going concern. In particular,
• While the company pursues the development, it is reliant on financial and non-financial support from the group, which includes group companies not calling in amounts due unless there are sufficient funds to do so; and
• Currently the communications from the group are that this company, as it is expected to generate positive cash flow, will be supported in trading normally to complete the development. The group’s financial situation means that decision could subsequently change. However, the principal shareholder and secured lender has continued to provide support in order to realise the remaining assets.

Revenue recognition

Turnover comprises the fair value of consideration received or receivable for the sale of development properties to third parties and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
Turnover and profit on the sale of residential property is recognised on the legal completion date.

Contract revenue recognition

Work in progress is valued at cost less foreseeable losses and progress payments received and receivable and includes attributable overheads based on normal levels of activity.
Amounts recoverable on long term contracts are included in debtors at the net sales value of work done less amounts received as progress payments on account.

Burrington Estates (Topsham) Limited

Notes to the Financial Statements

Year Ended 30 June 2025

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Stocks

Stock of land and work in progress are stated at the lower of cost and net realisable value. Options over land are initially carried at cost. Cost includes all statutory and professional fees relating to the acquisition of a property, obtaining planning consents, costs of construction and development finance costs and attributable staff costs.

Financial instruments

Classification
The company holds the following financial instruments:
• Short term trade and other debtors and creditors;
• Cash and bank balances; and
• Short term balances with group companies.
All financial instruments are classified as basic.
Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for bank borrowings, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Burrington Estates (Topsham) Limited

Notes to the Financial Statements

Year Ended 30 June 2025

Key judgements and estimates

The directors are required to make judgements and estimates in the preparation of the financial statements. The key judgements and estimates are as follows:
Amounts due to group undertakings:
Amounts due to and from group companies have been presented net in the accounts, due to the way
the group balances are expected to be settled. As a result of this, a balance of £2,093,536 due from
group companies has been shown net of amounts due to other group companies of £2,273,275. The
net balance of £179,739 is shown as amounts owed to group companies within creditors falling due in under one year.
Carrying value of work in progress and margin recognition:
As stated in the accounting policy, work in progress is held at the lower of cost and net realisable value. Work in progress is released to cost of sales as properties are sold. Significant judgement is involved in estimating total costs to complete the project, which in turn has an impact on the level of work in progress released to cost of sales and the carrying value. .

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2024 - 0).

4 | Stocks

| 30 June 2025 £ | 30 June 2024 £
Work in progress | 1,834,281 | 6,821,523

Included in work in progress are capitalised borrowing costs of £268,155 (2024: £1,056,563).

5 | Debtors

| 30 June 2025 £ | 30 June 2024 £
Trade debtors | - | 20,000
Prepayments | - | 22,422
Other debtors | 9,181 | 64,621
| 9,181 | 107,043

Burrington Estates (Topsham) Limited

Notes to the Financial Statements

Year Ended 30 June 2025

6 | Creditors

| Note | 30 June 2025 £ | 30 June 2024 £
Due within one year |  |  |
Loans and borrowings | 7 | - | 3,188,200
Trade creditors |  | 48,397 | 26,653
Amounts due to group undertakings |  | 179,739 | 2,678,083
Corporation tax |  | - | 82,300
Other creditors |  | 46,845 | 304,024
Accruals and deferred income |  | 508,071 | 129,784
|  | 783,052 | 6,409,044

7 | Loans and borrowings

Current loans and borrowings

| 30 June 2025 £ | 30 June 2024 £
Bank borrowings | - | 3,188,200

Bank borrowings

Bank borrowings, in the comparative period, represent amounts due to Paragon Development Finance Limited and were secured on the assets of the company. These borrowings were settled in full during the period.
A second charge, in favour of BGF Nominees Ltd, exists over the assets of the company. The associated inter-company debt (shown as amounts due to group undertakings) remains unsettled at the date of approval of the accounts.

8 | Related party transactions

The company has taken advantage of the exemption in FRS 102 Section 1A from disclosing transactions and balances with its parent company and other members of the wholly owned group.

Burrington Estates (Topsham) Limited

Notes to the Financial Statements

Year Ended 30 June 2025

9 | Parent and ultimate parent undertaking

The company's immediate parent is Burrington Estates (Holdings) Limited, incorporated in England and Wales.
The ultimate parent is Burrington Estates Group Limited, incorporated in England and Wales. Its registered office is:
C/O Rrs Department
S&W Partnership Llp
45 Gresham Street
London
EC2V 7BG

The company's immediate and ultimate parent undertakings are in liquidation.

10 | Audit report

The Independent Auditors' Report was unqualified. It included the following paragraphs which do not constitute a qualification.
Material uncertainty relating to going concern
We draw attention to Note 2 of the financial statements which indicates that the immediate and ultimate parent entities are in liquidation but that the directors expect them to continue supporting this company while the developments are completed and all assets are realised in order to maximise their return to creditors. This is expected to take more than twelve months from the date of signing.
As stated in Note 2, the group’s position creates material uncertainties that cast significant doubt on going concern. In particular,
• While the company pursues the development, it is reliant on financial and non-financial support from its principal shareholder and secured lender, which includes group companies not calling in amounts due unless there are sufficient funds to do so; and
• Currently the communications from the group are that this company, as it is expected to generate positive cash flow, will be supported in trading normally to complete the development. However, the group’s financial situation means that decision could subsequently change.
Our opinion is not modified in respect of this matter.
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.
The name of the Senior Statutory Auditor who signed the audit report was Tom Beable FCA, who signed for and on behalf of PKF Francis Clark on 31 March 2026.