Period from 1 June 2017 to
Registration number:
Brownfield Investments Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Brownfield Investments Limited
Company Information
Directors |
I Dunlop M Giddings N Giddings B J Ballard |
Company secretary |
D Giddings |
Registered office |
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Solicitors |
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Accountants |
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Page 1 |
Brownfield Investments Limited
Balance Sheet
28 February 2018
Note |
2018 |
2017 |
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Fixed assets |
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Investment property |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
- |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets/(liabilities) |
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( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Capital redemption reserve |
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Profit and loss account |
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Total equity |
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Page 2 |
Brownfield Investments Limited
Balance Sheet
28 February 2018
For the financial period ending 28 February 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
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
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Company Registration Number: 01169572
Page 3 |
Brownfield Investments Limited
Notes to the Financial Statements
Period from 1 June 2017 to 28 February 2018
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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' and the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of Section 1A of FRS102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in pounds sterling which is the functional currency of the company.
Monetary amounts in these financial statements are rounded to the nearest pound.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Disclosure of long or short period
As a result of the period covered by the accounts being of different lengths the respective results for each period are not directly comparable.
Page 4 |
Brownfield Investments Limited
Notes to the Financial Statements
Period from 1 June 2017 to 28 February 2018
Revenue recognition
Revenue comprises the total amount in respect of sales of land sites, and other related revenue streams. Sales of property developments are recognised upon completion.
The company is a lessor in respect of the investment property which it owns. Rental income is recognised within other operating income in the financial statements, and is accounted for on an accruals basis.
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.
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Financial instruments
Classification
The company holds the following financial instruments:
• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.
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 loans, 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.
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
Page 5 |
Brownfield Investments Limited
Notes to the Financial Statements
Period from 1 June 2017 to 28 February 2018
Investment property
The Directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset.
Changes in fair value are recognised within other operating income within profit and loss.
Stocks
Stocks comprise of development work in progress, which includes development land.
Stock is stated at the lower of cost and net realisable value. At each reporting date stocks are assessed for impairment. If stocks are impaired the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit and loss.
Critical judgements and estimation uncertainty
In applying the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The following areas are where the Directors have applied judgement in the preparation of the financial statements:
Valuation of investment properties
As described within the accounting policies, the investment properties are held at the balance sheet date at their market value. The director has applied his professional knowledge of the sector, coupled with discussions with other professionals in evaluating opportunities in order to derive market values.
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
Page 6 |
Brownfield Investments Limited
Notes to the Financial Statements
Period from 1 June 2017 to 28 February 2018
Investment properties |
2018 |
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At 1 June and 28 February |
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Disposals |
( |
At 28 February |
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The valuation of investment properties has been derived by the Directors using readily available market information.
In the assessment of the Directors there has been no material movement in the valuation of investment properties in the current period.
Stocks |
2018 |
2017 |
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Development work in progress |
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Debtors |
28 February 2018 |
31 May 2017 |
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Trade debtors |
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Other debtors |
- |
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Prepayments |
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Page 7 |
Brownfield Investments Limited
Notes to the Financial Statements
Period from 1 June 2017 to 28 February 2018
Creditors |
Creditors: amounts falling due within one year
Note |
28 February 2018 |
31 May 2017 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts due to connected undertakings |
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Social security and other taxes |
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Other creditors |
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Corporation tax |
113,987 |
31,092 |
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Due after one year |
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Loans and borrowings |
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Deferred income |
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804,796 |
862,864 |
Creditors: amounts falling due after more than one year
Note |
2018 |
2017 |
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Due after one year |
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Loans and borrowings |
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Deferred income |
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804,796 |
862,864 |
Included in loans and borrowings above are amounts disclosed as bank borrowings, as shown in the subsequent note to the financial statements. These balances are subject to security as disclosed in that note.
Included in amounts owed to connected undertakings is £nil (2017 - £300,000) which is subject to a charge in favour of Wheal Jane Limited.
Page 8 |
Brownfield Investments Limited
Notes to the Financial Statements
Period from 1 June 2017 to 28 February 2018
Loans and borrowings |
2018 |
2017 |
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Current loans and borrowings |
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Bank borrowings |
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Bank overdrafts |
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- |
Other borrowings |
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2018 |
2017 |
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Loans and borrowings due after one year |
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Bank borrowings |
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The security and key terms in relation to each of the loan balances above can be summarised as follows:
Bank borrowings
The amounts disclosed as bank borrowings above are secured by means of fixed and floating charges over certain assets owned by the company.
Included in bank borrowings due in more than one year above is £170,080 (2017 - £228,688) which is payable in more than five years. The loan attracts interest at 4.11% above base, and is repayable on a 10 year term from the date of draw-down.
Other borrowings
The amounts in respect of other borrowings relates to loans from Directors and shareholders. These loans are unsecured and repayable upon demand.
Reserves |
The profit and loss account comprises of two elements:
- An unrealised loss of £293,390 (2017 - £293,390), which relates to the difference between the historical cost of investment properties and their current carrying value (being their current market value), adjusted for deferred income movements.
- A realised profit of £1,147,933 (2017 - £525,959).
The unrealised element of the profit and loss is not distributable.
Page 9 |
Brownfield Investments Limited
Notes to the Financial Statements
Period from 1 June 2017 to 28 February 2018
Share capital |
Allotted, called up and fully paid shares
2018 |
2017 |
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No. |
£ |
No. |
£ |
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513,000 |
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513,000 |
Page 10 |