Brackhill Limited Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: NI003579

Brackhill Limited

Filleted Unaudited Financial Statements

31 October 2018

Brackhill Limited

Financial Statements

Year ended 31st October 2018

Contents	Pages

Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements	1

Statement of financial position	2 to 3

Notes to the financial statements	4 to 7

Brackhill Limited

Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Brackhill Limited

Year ended 31st October 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Brackhill Limited for the year ended 31st October 2018, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of Chartered Accountants Ireland, we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie. This report is made solely to the Board of Directors of Brackhill Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Brackhill Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Brackhill Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Brackhill Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Brackhill Limited. You consider that Brackhill Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Brackhill Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

BMK ACCOUNTING LIMITED Chartered Accountants

43 Lockview Road Stranmillis Belfast BT9 5FJ

25 July 2019

Brackhill Limited

Statement of Financial Position

31 October 2018

	2018		2017
Note	£	£	£

Fixed assets

Tangible assets	5		2,514,869	2,411,316

Current assets

Stocks		530,000	930,000
Debtors	6	2,811,034	2,608,649
Cash at bank and in hand		49,037	61,936
		------------	------------
		3,390,071	3,600,585

Creditors: amounts falling due within one year	7	426,564		1,064,157
		------------		------------
Net current assets			2,963,507	2,536,428
			------------	------------
Total assets less current liabilities			5,478,376	4,947,744

Creditors: amounts falling due after more than one year	8	23,940,452	23,540,452
		-------------	-------------
Net liabilities		( 18,462,076)	( 18,592,708)
		-------------	-------------

Capital and reserves

Called up share capital	21,597	21,597
Profit and loss account	( 18,483,673)	( 18,614,305)
	-------------	-------------
Shareholders deficit	( 18,462,076)	( 18,592,708)
	-------------	-------------

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 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 31st October 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Brackhill Limited

Statement of Financial Position (continued)

31 October 2018

These financial statements were approved by the board of directors and authorised for issue on 25 July 2019 , and are signed on behalf of the board by:

M I Shields

Director

Company registration number: NI003579

Brackhill Limited

Notes to the Financial Statements

Year ended 31st October 2018

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 43 Lockview Road, Belfast, BT9 5FJ.

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.

Investments

Fixed asset investments are stated at cost less provision for permanent diminution in value.

Going concern

The company made a profit for the financial period of £130,632 (2017 - profit of £2,226,286) and had net liabilities of £18,462,076 (2017 - £18,592,708).

The directors have reviewed the company's circumstances, and believe it is reasonable to expect the company to continue in existence for the foreseeable future.

This is the basis upon which the directors have adopted the going concern basis in the preparation of these financial statements.

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

The turnover of the company for the year has been derived from its principal activity wholly undertaken in the UK.

Tangible assets

All fixed assets are initially recorded at cost. When assets are valued below cost they are accordingly carried at that value in the Financial Statements.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Fixtures and fittings	-	25% straight line

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.

Stocks

Undeveloped land is valued by the directors and stated at the lower of cost and net realisable value.

4. Charges on assets

Assetz Capital Trust Company Limited holds fixed charges over the company's lands and property.

5. Tangible assets

Investment property	Fixtures and fittings	Total
£	£	£

Cost
At 1st November 2017	2,400,000	16,402	2,416,402
Additions	107,653	–	107,653
	------------	--------	------------
At 31st October 2018	2,507,653	16,402	2,524,055
	------------	--------	------------
Depreciation
At 1st November 2017	–	5,086	5,086
Charge for the year	–	4,100	4,100
	------------	--------	------------
At 31st October 2018	–	9,186	9,186
	------------	--------	------------
Carrying amount
At 31st October 2018	2,507,653	7,216	2,514,869
	------------	--------	------------
At 31st October 2017	2,400,000	11,316	2,411,316
	------------	--------	------------

6. Debtors

	2018	2017
	£	£

Amounts owed by group undertakings and undertakings in which the company has a participating interest	2,317,000	–
Other debtors	494,034	2,608,649
	------------	------------
	2,811,034	2,608,649
	------------	------------

The amounts due to group undertakings and undertakings in which the company has a participating interest are due in more than one year.

7. Creditors: amounts falling due within one year

	2018	2017
	£	£

Amounts owed to group undertakings and undertakings in which the company has a participating interest	62,457	62,457
Corporation tax	286	–
Provisions	200,000	315,900
Other creditors	163,821	685,800
	---------	------------
	426,564	1,064,157
	---------	------------

Provisions reflect amounts due to be expended on sites to enable them to be carried at their stated valuation. Due to current market value conditions, this expenditure has not enhanced the carrying value of the sites.

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

	2018	2017
	£	£

Amounts owed to group undertakings and undertakings in which the company has a participating interest	23,540,452	2,347,026
Other creditors	400,000	21,193,426
	-------------	-------------
	23,940,452	23,540,452
	-------------	-------------

9. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

2018
Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
£	£	£

M I Shields	100,496	171,126	271,622
	---------	---------	---------

2017
Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
£	£	£

M I Shields	( 64,000)	164,496	100,496
	--------	---------	---------

10. Related party transactions

The company has taken advantage of the exemptions contained in FRS 102 Section 1A not to disclose transactions with entities that are part of the CENI Limited group of companies. The company was under the control of CENI Limited throughout the current period. MI Shields and SJ Shields were also directors of CENI Limited during the period.

11. Control

The immediate and ultimate parent company is CENI Limited, a company registered in Northern Ireland. The directors consider the Shields family to be the ultimate controlling parties.