BERACH ESTATE LTD


Directors	PASCHALIDES, Clement Evagoras Christopher
	PASCHALIDES, Hector Philip Michael


Registered Address	167-169 Great Portland Street
	5th Floor
	London
	W1W 5PF


Registered Number	14812083 (England and Wales)

Notes to the Financial Statements
for the year ended 30 April 2025

1.	Accounting policies

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

	Basis of preparation
	The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

	Functional and presentation currency
	The financial statements are presented in sterling and this is the functional currency of the company.

	Turnover policy
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover includes rental income receivable during the year from investment properties.

Turnover policy

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Turnover includes rental income receivable during the year from investment properties.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement

Foreign currency translation

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement

	Current taxation
	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
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Intangible assets
	Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account. Amortisation is provided on the following basis: 10% Straight Line.

	Tangible fixed assets and depreciation
	Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows: Land & buildings are not depreciated. Biological Assets The main flock of sheep, including ewes and rams, are classified as a biological asset and are valued using the fair value model on initial recognition, the asset must be carried at fair value at each reporting date. Changes in fair value are recognised in profit or loss. All lambs produced by the main flock and ewe hoggs are treated as stock, this is measured at either the lower of cost and estimated selling price less costs to complete and sell; or fair value less costs to sell with any gain or loss included in the profit or loss.

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost or valuation less depreciation. 

The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement

Depreciation is provided on all tangible fixed assets as follows:

Land & buildings are not depreciated.

Biological Assets
The main flock of sheep, including ewes and rams, are classified as a biological asset and are valued using the fair value model on initial recognition, the asset must be carried at fair value at each reporting date. Changes in fair value are recognised in profit or loss. All lambs produced by the main flock and ewe hoggs are treated as stock, this is measured at either the lower of cost and estimated selling price less costs to complete and sell; or fair value less costs to sell with any gain or loss included in the profit or loss.


		Straight line (years)
	Plant and machinery	5
	Fixtures and fittings	5
	Vehicles	5

	Investments
	Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the Income Statement.

Investments

Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the Income Statement.

	Investment property
	Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate. These values are adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Income Statement.

	Stocks and work in progress
	Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Income Statement. Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

Stocks and work in progress

Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). 

At each date of Statement of Financial Position, stocks are assessed for impairment.  If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell.  The impairment loss is recognised immediately in the Income Statement.

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

	Trade and other debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Trade and other debtors

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Trade and other creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Financial instruments
	The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

	Government grants or assistance
	Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the Income Statement at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Income Statement in the same period as the related expenditure.

Government grants or assistance

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the Income Statement at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. 

Grants of a revenue nature are recognised in the Income Statement in the same period as the related expenditure.

2.	Average number of employees


		2025		2024
	Average number of employees during the year	2		2

3.	Intangible assets

	Other	Total
	£	£
Cost or valuation
Additions	12,984	12,984
At 30 April 25	12,984	12,984
Amortisation and impairment
Charge for year	1,298	1,298
At 30 April 25	1,298	1,298
Net book value
At 30 April 25	11,686	11,686
At 30 April 24	-	-

4.	Tangible fixed assets

	Land & buildings	Plant & machinery	Vehicles	Fixtures & fittings	Total
	£	£	£	£	£
Cost or valuation
At 01 May 24	2,207,062	33,786	-	28,782	2,269,630
Additions	-	59,116	10,000	14,038	83,154
Disposals	-	(707)	-	(5,140)	(5,847)
At 30 April 25	2,207,062	92,195	10,000	37,680	2,346,937
Depreciation and impairment
At 01 May 24	-	2,405	-	1,246	3,651
Charge for year	-	18,426	2,000	7,523	27,949
On disposals	-	(33)	-	(222)	(255)
At 30 April 25	-	20,798	2,000	8,547	31,345
Net book value
At 30 April 25	2,207,062	71,397	8,000	29,133	2,315,592
At 30 April 24	2,207,062	31,381	-	27,536	2,265,979

5.	Investment property
	Investment property includes Kilberry Castle, Kilberry Inn, Laundry Cottage, Smithy Cottage and a new road on the Estate. The valuation of each property is the acquisition cost as the properties were purchased over the last 2 years and the directors believe these values are still accurate at 30 April 2025.


		£
	Fair value at 01 May 24	2,122,141
	Additions	337,510
	At 30 April 25	2,459,651

6.	Fixed asset investments
	Other investments is made up of a collection of artwork owned by the company.

	Other investments¹	Total
	£	£
Cost or valuation
At 01 May 24	8,985	8,985
Additions	1,805	1,805
At 30 April 25	10,790	10,790
Net book value
At 30 April 25	10,790	10,790
At 30 April 24	8,985	8,985

	Notes
	¹Other investments other than loans

7.	Stocks

	2025	2024
	£	£
Finished goods	-	31,100
Total	-	31,100

8.	Debtors: amounts due within one year

	2025	2024
	£	£
Trade debtors / trade receivables	9,710	-
Amounts owed by associates and joint ventures / participating interests	52,497	37,901
Other debtors	11,993	76,378
Prepayments and accrued income	15,576	14,262
Total	89,776	128,541

9.	Creditors: amounts due within one year

	2025	2024
	£	£
Trade creditors / trade payables	12,140	23,955
Bank borrowings and overdrafts	-	173,087
Other creditors	409,310	120,625
Accrued liabilities and deferred income	133,659	6,299
Total	555,109	323,966

10.	Creditors: amounts due after one year

	2025	2024
	£	£
Bank borrowings and overdrafts	1,877,500	1,689,058
Total	1,877,500	1,689,058


	The company received a loan of £225,500 from Weatherby's Bank which is subject to interest at 5.49% above the Bank of England base rate. The company also received a loan of £1,652,000 from Weatherby's Bank which is subject to interest at 1.98% above the Bank of England base rate. Both loans are fully repayable by 31 October 2028. The loans are secured over Kilberry Home Farm.

11.	Controlling party
	The ultimate controlling parties are Philip Paschalides and Emerentienne Paschalides.

12.	Further information regarding the company's financial position
	Certain comparative amounts have been reclassified to conform with the current year's presentation. The reclassifications relate to the allocation of income and expenditure between profit and loss account headings. Motor vehicle expenses of £42 and Postage, freight and carriage of £889 have been moved from administration expenses to distribution costs; Bank fees of £85 and Loan arrangement fees of £3,420 have been moved from administration costs to interest payable and similar charges. The reallocations affect presentation only and have no impact on the previously reported loss for the year.

12.

Further information regarding the company's financial position

Certain comparative amounts have been reclassified to conform with the current year's presentation. The reclassifications relate to the allocation of income and expenditure between profit and loss account headings.

Motor vehicle expenses of £42 and Postage, freight and carriage of £889 have been moved from administration expenses to distribution costs; Bank fees of £85 and Loan arrangement fees of £3,420 have been moved from administration costs to interest payable and similar charges.

The reallocations affect presentation only and have no impact on the previously reported loss for the year.

	Notes	2025		2024
		£	£	£	£
Fixed assets
Intangible assets	3		11,686		-
Tangible assets	4		2,315,592		2,265,979
Investments	6		10,790		8,985
Investment property	5		2,459,651		2,122,141
Biological assets			-		41,216
			4,797,719		4,438,321
Current assets
Stocks	7	-		31,100
Debtors	8	89,776		128,541
Cash at bank and on hand		99,283		231,246
		189,059		390,887
Creditors amounts falling due within one year	9	(555,109)		(323,966)
Net current assets (liabilities)			(366,050)		66,921
Total assets less current liabilities			4,431,669		4,505,242
Creditors amounts falling due after one year	10		(1,877,500)		(1,689,058)
Net assets			2,554,169		2,816,184
Capital and reserves
Called up share capital			3,157,798		3,078,315
Profit and loss account			(603,629)		(262,131)
Shareholders' funds			2,554,169		2,816,184