0 false false false false true false false false false false false true false false true false true false No description of principal activity 2025-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 33,023,496 3,600,305 36,623,801 36,623,801 33,023,496 xbrli:pure xbrli:shares iso4217:GBP 06923621 2025-01-01 2025-12-31 06923621 2025-12-31 06923621 2024-12-31 06923621 2024-01-01 2024-12-31 06923621 2024-12-31 06923621 2023-12-31 06923621 core:Subsidiary1 2025-01-01 2025-12-31 06923621 bus:Director1 2025-01-01 2025-12-31 06923621 core:LandBuildings core:OwnedOrFreeholdAssets 2025-01-01 2025-12-31 06923621 core:LandBuildings core:OwnedOrFreeholdAssets 2025-12-31 06923621 core:LandBuildings core:OwnedOrFreeholdAssets 2024-12-31 06923621 core:WithinOneYear 2025-12-31 06923621 core:WithinOneYear 2024-12-31 06923621 core:AfterOneYear 2025-12-31 06923621 core:AfterOneYear 2024-12-31 06923621 core:ShareCapital 2025-12-31 06923621 core:ShareCapital 2024-12-31 06923621 core:RevaluationReserve 2025-12-31 06923621 core:RevaluationReserve 2024-12-31 06923621 core:RetainedEarningsAccumulatedLosses 2025-12-31 06923621 core:RetainedEarningsAccumulatedLosses 2024-12-31 06923621 core:CostValuation core:Non-currentFinancialInstruments 2025-12-31 06923621 core:Non-currentFinancialInstruments 2025-12-31 06923621 core:Non-currentFinancialInstruments 2024-12-31 06923621 core:LandBuildings core:OwnedOrFreeholdAssets 2024-12-31 06923621 bus:SmallEntities 2025-01-01 2025-12-31 06923621 bus:AuditExemptWithAccountantsReport 2025-01-01 2025-12-31 06923621 bus:SmallCompaniesRegimeForAccounts 2025-01-01 2025-12-31 06923621 bus:PrivateLimitedCompanyLtd 2025-01-01 2025-12-31 06923621 bus:FullAccounts 2025-01-01 2025-12-31
COMPANY REGISTRATION NUMBER: 06923621

BURBAGE CAPITAL LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 December 2025

BURBAGE CAPITAL LIMITED

STATEMENT OF FINANCIAL POSITION

31 December 2025

| 2025 | 2024
Note | £ | £ | £

Fixed assets

Tangible assets | 4 |  | 36,623,801 | 33,023,496
Investments | 5 |  | 3,500 | 3,500
|  | ------------- | -------------
|  | 36,627,301 | 33,026,996

Current assets

Debtors | 6 | 19,748,131 |  | 19,870,871
Cash at bank and in hand | 12,856,389 |  | 13,440,872
| ------------- |  | -------------
| 32,604,520 |  | 33,311,743

Creditors: amounts falling due within one year | 7 | 8,769,743 |  | 8,893,753
| ------------- |  | -------------
Net current assets |  | 23,834,777 | 24,417,990
|  | ------------- | -------------
Total assets less current liabilities |  | 60,462,078 | 57,444,986

Creditors: amounts falling due after more than one year | 8 |  | 432,768 | 134,125

Provisions

Taxation including deferred tax |  | 1,261,211 | 1,261,211
|  | ------------- | -------------
Net assets |  | 58,768,099 | 56,049,650
|  | ------------- | -------------

BURBAGE CAPITAL LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 December 2025

| 2025 | 2024
Note | £ | £ | £

Capital and reserves

Called up share capital |  | 1,000 | 1,000
Revaluation reserve |  | 3,783,634 | 3,783,634
Profit and loss account |  | 54,983,465 | 52,265,016
|  | ------------- | -------------
Shareholder funds |  | 58,768,099 | 56,049,650
|  | ------------- | -------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 1 April 2026 , and are signed on behalf of the board by:

Mr J E Burbage |
Director |

Company registration number: 06923621

BURBAGE CAPITAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2025
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 18 Holmfield Way, Abington Park, Northampton, NN3 3BJ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Tangible assets

| Freehold property
| £
Cost |
At 1 January 2025 | 33,023,496
Additions | 3,600,305
| -------------
At 31 December 2025 | 36,623,801
| -------------
Carrying amount |
At 31 December 2025 | 36,623,801
| -------------
At 31 December 2024 | 33,023,496
| -------------

The carrying values of the company's investment properties were reviewed at the year end by Mr J E Burbage , an experienced commercial property consultant. The valuation for each property assumed open market value.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:

| Freehold property
| £
At 31 December 2025 |
Aggregate cost | 31,578,956
Aggregate depreciation | –
| -------------
Carrying value | 31,578,956
| -------------

At 31 December 2024 |
Aggregate cost | 27,978,652
Aggregate depreciation | –
| -------------
Carrying value | 27,978,652
| -------------

5. Investments

| Shares in group undertakings | Shares in participating interests | Total
| £ | £ | £
Cost |  |  |
At 1 January 2025 and 31 December 2025 | 900 | 2,600 | 3,500
| ---- | ------- | -------
Impairment |  |  |
At 1 January 2025 and 31 December 2025 | – | – | –
| ---- | ------- | -------

Carrying amount |  |  |
At 31 December 2025 | 900 | 2,600 | 3,500
| ---- | ------- | -------
At 31 December 2024 | 900 | 2,600 | 3,500
| ---- | ------- | -------

Subsidiaries, associates and other investments

| Class of share | Percentage of shares held
Subsidiary undertakings |  |
Burbage Realty Limited | Ordinary | 100

Other significant holdings |  |
Pembury Real Estate Limited | Ordinary | 50
Pembury Realty Limited | Ordinary | 40

6. Debtors

| 2025 | 2024
| £ | £
Trade debtors | 118,654 | 294,940
Amounts owed by group undertakings and undertakings in which the company has a participating interest | 2,750,000 | 5,750,000
Other debtors | 16,879,477 | 13,825,931
| ------------- | -------------
| 19,748,131 | 19,870,871
| ------------- | -------------

The debtors above include the following amounts falling due after more than one year:

| 2025 | 2024
| £ | £
Other debtors | 16,249,558 | 13,259,431
| ------------- | -------------

Other debtors include loans to a number of property investment funds held via Barwood Capital which total £3,001,117, (2024: £2,993,116). In addition, the company has also made loans to a number of property funds held via Martley Capital which total £5,158,257 (2024: £3,000,000). These loans are expected to be repaid beyond the end of the next financial year. Other debtors also includes loan facilities provided to Drioglann Acla Teoranta (an Irish registered company and formerly registered as Irish American Whiskey Supplies Limited) of £7,958,184 (2024: £7,134,315). These loans are subject to interest of 2% to 7% and repayments are not expecter to commence until after 2028.
7. Creditors: amounts falling due within one year

| 2025 | 2024
| £ | £
Corporation tax | 106,684 | 101,529
Social security and other taxes | – | 40,078
Other creditors | 8,663,059 | 8,752,146
| ------------ | ------------
| 8,769,743 | 8,893,753
| ------------ | ------------

8. Creditors: amounts falling due after more than one year

| 2025 | 2024
| £ | £
Rent deposits held | 432,768 | 134,125
| --------- | ---------

9. Deferred tax
The deferred tax included in the statement of financial position is as follows:

| 2025 | 2024
| £ | £
Included in provisions | 1,261,211 | 1,261,211
| ------------ | ------------

10. Director's advances, credits and guarantees
During the period under review there were no transactions with the director that required reporting.
11. Related party transactions
Debtors include loans to Pembury Realty Limited which total £2,750,000, (2024: £5,750,000). These loans are subject to interest at rates ranging between 0% and 2.5% above base. Creditors falling due within one year include an interest free loan from the director of £8,263,309, (2024: £8,363,309). Other debtors include loans provided to Drioglann Acla Teoranta (formerly Irish American Whiskey Supplies Limited), an Irish company in which Mr J E Burbage has a controlling interest.