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

REGISTERED NUMBER: 05907648 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH NOVEMBER 2019

FOR

BROWNSEABUILD LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

P S Briant

REGISTERED OFFICE:

24 Park Road South

Havant

Hampshire

PO9 1HB

REGISTERED NUMBER:

05907648 (England and Wales)

ACCOUNTANTS:

Wilkins Kennedy

24 Park Road South

Havant

Hampshire

PO9 1HB

FIXED ASSETS

Investments

4

500

500

CURRENT ASSETS

Stocks

2,169,461

3,651,552

Debtors

5

1,025,310

292,088

Cash at bank

2,192

65,228

3,196,963

4,008,868

CREDITORS

Amounts falling due within one year

6

4,490,424

4,251,657

NET CURRENT LIABILITIES

(1,293,461

)

(242,789

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(1,292,961

)

(242,289

)

CREDITORS

Amounts falling due after more than one year

7

-

2,115,586

NET LIABILITIES

(1,292,961

)

(2,357,875

)

CAPITAL AND RESERVES

Called up share capital

3

3

Retained earnings

(1,292,964

)

(2,357,878

)

(1,292,961

)

(2,357,875

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th November 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th November 2019 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 applicable to companies subject to the small companies regime.

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 24th January 2020 and were signed by:

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.

The presentation currency of the financial statements is the Pound Sterling (£).

All amounts are rounded to the nearest pound (£).

The financial statements contain information about Brownseabuild Limited as an individual company.

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.

Preparation of consolidated financial statements

The financial statements contain information about Brownseabuild Limited as an individual company and do not

contain consolidated financial information as the parent of a group. The company is exempt under Section

399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

Turnover

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

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in

bringing stocks to their present location and condition.

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 director understands that the forthcoming year

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

ensure the continuation of their support to enable the company to continue trading. Therefore the director has

adopted the going concern basis of accounting.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2018 - 1 ) .

4.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1st December 2018

and 30th November 2019

500

NET BOOK VALUE

At 30th November 2019

500

At 30th November 2018

500

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Amounts owed by group undertakings

408,658

-

Other debtors

616,652

292,088

1,025,310

292,088

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

150,682

-

Trade creditors

160,171

353,085

Amounts owed to group undertakings

721,072

263,025

Taxation and social security

11

-

Other creditors

3,458,488

3,635,547

4,490,424

4,251,657

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Bank loans

-

2,115,586

2019

2018

£

£

Amounts falling due in more than five years:

Repayable by instalments

Mortgage

-

2,115,586

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2019

2018

£

£

Within one year

21,600

-

Between one and five years

43,200

-

64,800

-

9.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Mortgage

150,682

2,115,586

The bank loan is secured by way of a fixed and floating charge over the assets of the company.

10.	RELATED PARTY DISCLOSURES

At 30 November 2019 the following balances existed between the company and companies which are under the

common ownership of a director:-

2019

2018

£

£

Amounts owed by the company

3,300

-