BrownseaBuild Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05907648 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 November 2018

for

BrownseaBuild Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr P S Briant

REGISTERED OFFICE:

8th Floor

Connect Centre

Kingston Crescent

Portsmouth

Hampshire

PO2 8QL

REGISTERED NUMBER:

05907648 (England and Wales)

ACCOUNTANTS:

Jelliff Lamprey Partnership Limited

8th Floor

Connect Centre

Kingston Crescent

Portsmouth

Hampshire

PO2 8QL

FIXED ASSETS

Investments

3

500

-

CURRENT ASSETS

Stocks

3,651,552

1,632,705

Debtors

4

292,088

10,438

Cash at bank

65,228

232,671

4,008,868

1,875,814

CREDITORS

Amounts falling due within one year

5

4,251,657

3,279,613

NET CURRENT LIABILITIES

(242,789

)

(1,403,799

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(242,289

)

(1,403,799

)

CREDITORS

Amounts falling due after more than one year

6

2,115,586

1,142,398

NET LIABILITIES

(2,357,875

)

(2,546,197

)

CAPITAL AND RESERVES

Called up share capital

3

2

Retained earnings

(2,357,878

)

(2,546,199

)

SHAREHOLDERS' FUNDS

(2,357,875

)

(2,546,197

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 30 August 2019 and were signed by:

Mr P S Briant - Director

1.	STATUTORY INFORMATION

BrownseaBuild Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents the sale of new build property, recognised at legal completion.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are stated at the lower of cost and net realisable value. Cost comprises direct materials, direct labour costs

and those overheads which have been incurred in bringing the inventories to their present location and condition.

Net realisable value represents the estimated selling price less all estimated costs of completion and costs to be

incurred in marketing and selling.

Land stocks is recognised at the time a liability is recognised - generally after exchange of unconditional

contracts.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement,

as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that

evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction

price including transaction costs and subsequently measured at amortised cost using the effective interest

method. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors are initially recognised at transaction price.

Financial liabilities classified as payable within one year are not amortised.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of

the company.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Going concern

During the year the company has been affected by the economic slowdown and property slump throughout the

UK. The company has continued to develop and complete existing projects, and has maintained a close

relationship with its main contractors and finance providers. The directors understand that the forthcoming year

will be challenging for the company. The directors have provided personal security to their lenders in order to

ensure the continuation of their support to enable the company to continue trading. Therefore the directors have

adopted the going concern basis of accounting.

3.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

Additions

500

At 30 November 2018

500

NET BOOK VALUE

At 30 November 2018

500

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Other debtors

292,088

10,438

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

353,085

5,261

Amounts owed to group undertakings

263,025

-

Other creditors

3,635,547

3,274,352

4,251,657

3,279,613

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans

2,115,586

1,142,398

Amounts falling due in more than five years:

Repayable by instalments

Mortgage

2,115,586

1,142,398

7.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank loans

2,115,586

1,142,398

The amount due to the bank, Lloyds TSB plc, is secured by a fixed and floating charge over all the assets of the

company.

Land and build loans owed to the bank are secured by a legal charge on that land and a personal guarantee by the

director, Mr P S Briant.

8.	RELATED PARTY DISCLOSURES

During the period, the director made a loan to the company totalling £2,258,231 (2017: £2,287,589). This is

interest free, unsecured and repayable on demand.

9.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr P S Briant.