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 2020

Brackhill Limited

Financial Statements

Year ended 31st October 2020

Contents	Pages

Statement of financial position	1 to 2

Notes to the financial statements	3 to 7

Brackhill Limited

Statement of Financial Position

31 October 2020

	2020		2019
Note	£	£	£

Fixed assets

Tangible assets	5		2,507,653	2,510,769

Current assets

Stocks		489,313	538,113
Debtors	6	2,949,215	2,896,867
Cash at bank and in hand		372,503	–
		------------	------------
		3,811,031	3,434,980

Creditors: amounts falling due within one year	7	292,372		432,894
		------------		------------
Net current assets			3,518,659	3,002,086
			------------	------------
Total assets less current liabilities			6,026,312	5,512,855

Creditors: amounts falling due after more than one year	8	24,477,952	23,940,452
		-------------	-------------
Net liabilities		( 18,451,640)	( 18,427,597)
		-------------	-------------

Capital and reserves

Called up share capital	21,597	21,597
Profit and loss account	( 18,473,237)	( 18,449,194)
	-------------	-------------
Shareholders deficit	( 18,451,640)	( 18,427,597)
	-------------	-------------

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 31st October 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 2020

These financial statements were approved by the board of directors and authorised for issue on 24 June 2021 , and are signed on behalf of the board by:

Mr M I Shields
Director

Company registration number: NI003579

Brackhill Limited

Notes to the Financial Statements

Year ended 31st October 2020

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 loss for the financial period of £24,043 (2019 - profit of £34,479) and had net liabilities of £18,473,237 (2019 - £18,427,597).

The director has 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.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Revenue recognition

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

Taxation

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

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 and work in progress

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

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

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 2019 and 31st October 2020	2,507,653	16,402	2,524,055
	------------	--------	------------
Depreciation
At 1st November 2019	–	13,286	13,286
Charge for the year	–	3,116	3,116
	------------	--------	------------
At 31st October 2020	–	16,402	16,402
	------------	--------	------------
Carrying amount
At 31st October 2020	2,507,653	–	2,507,653
	------------	--------	------------
At 31st October 2019	2,507,653	3,116	2,510,769
	------------	--------	------------

6. Debtors

	2020	2019
	£	£

Amounts owed by group undertakings	2,317,000	2,317,000
Other debtors	632,215	579,867
	------------	------------
	2,949,215	2,896,867
	------------	------------

The amounts due by group undertakings are due in more than one year.

7. Creditors: amounts falling due within one year

	2020	2019
	£	£

Bank loans and overdrafts	–	21,906
Amounts owed to group undertakings	62,457	62,457
Corporation tax	–	9,031
Provisions	49,848	180,000
Other creditors	180,067	159,500
	---------	---------
	292,372	432,894
	---------	---------

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

	2020	2019
	£	£

Bank loans and overdrafts	37,500	–
Amounts owed to group undertakings	23,540,452	23,540,452
Other creditors	900,000	400,000
	-------------	-------------
	24,477,952	23,940,452
	-------------	-------------

9. Director's advances, credits and guarantees

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

2020
Balance brought forward	Advances/ (credits) to the director	Balance outstanding
£	£	£

Mr M I Shields	357,455	47,047	404,502
	---------	--------	---------

2019
Balance brought forward	Advances/ (credits) to the director	Balance outstanding
£	£	£

Mr M I Shields	271,622	85,833	357,455
	---------	--------	---------

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 was also a director 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.