Brechin Investments Limited - Period Ending 2019-08-31

Brechin Investments Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 August 2019

Registration number: 09735057

Brechin Investments Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 8

Brechin Investments Limited

Company Information

Director

Mrs T R Hardick

Registered office

Centenary House Peninsula Park Rydon Lane Exeter EX2 7XE

Accountants

Francis Clark LLP Centenary House Peninsula Park Rydon Lane Exeter EX2 7XE

Page 1

Brechin Investments Limited

Balance Sheet

31 August 2019

	Note	2019 £	2018 £
Fixed assets
Tangible assets	4	408,374	311,087
Investments	5	280	280
		408,654	311,367
Current assets
Stocks		1,000,000	250,000
Debtors	6	195,964	17,994
Cash at bank and in hand		726,552	1,807
		1,922,516	269,801
Creditors: Amounts falling due within one year	7	(927,201)	(616,365)
Net current assets/(liabilities)		995,315	(346,564)
Net assets/(liabilities)		1,403,969	(35,197)
Capital and reserves
Called up share capital		100	100
Profit and loss account		1,403,869	(35,297)
Total equity		1,403,969	(35,197)

The notes on pages 4 to 8 form an integral part of these financial statements.

Page 2

Brechin Investments Limited

Balance Sheet

31 August 2019

For the financial year ending 31 August 2019 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 accounts for the year in question in accordance with section 476; and
•	The director acknowledges her 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 director on 29 May 2020
 

......................................... Mrs T R Hardick Director

Company Registration Number: 09735057

The notes on pages 4 to 8 form an integral part of these financial statements.

Page 3

Brechin Investments Limited

Notes to the Financial Statements

Year Ended 31 August 2019

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Centenary House
Peninsula Park
Rydon Lane
Exeter
EX2 7XE

The principal place of business is:
56 The Square
Chagford
Newton Abbot
Devon
TQ13 8AE

These financial statements were authorised for issue by the director on 29 May 2020.

2	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 including Section 1A,'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. There are no material departures from FRS102.

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.

Group accounts not prepared

The company is part of a small group. The company has taken advantage of the exemptions provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

Tax

Tax is recognised in the 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.

Page 4

Brechin Investments Limited

Notes to the Financial Statements

Year Ended 31 August 2019

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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Freehold land and buildings	2% straight line
Plant and machinery	25% reducing balance
Office equipment	25% reducing balance

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

Page 5

Brechin Investments Limited

Notes to the Financial Statements

Year Ended 31 August 2019

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• 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.

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.



 

3	Staff numbers

There were no persons employed by the company during the current or previous year.

Page 6

Brechin Investments Limited

Notes to the Financial Statements

Year Ended 31 August 2019

4	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Other property, plant and equipment  £	Total £
Cost or valuation
At 1 September 2018	312,365	-	-	312,365
Additions	99,195	6,358	299	105,852
At 31 August 2019	411,560	6,358	299	418,217
Depreciation
At 1 September 2018	1,278	-	-	1,278
Charge for the year	6,900	1,590	75	8,565
At 31 August 2019	8,178	1,590	75	9,843
Carrying amount
At 31 August 2019	403,382	4,768	224	408,374
At 31 August 2018	311,087	-	-	311,087

5	Investments

	2019 £	2018 £
Investments in subsidiaries	280	280

Subsidiaries	£
Cost or valuation
At 1 September 2018	280
Carrying amount
At 31 August 2019	280
At 31 August 2018	280

Details of undertakings

The company holds the entire called up share capital of Irregular Cornwall Limited (company number: 09741377) and Irregular Contracts Limited (company number: 10757208), and 80% of the called up share capital of Roseneath Penryn Limited (company number: 10533829). The relevant address is the company's registered office as disclosed in Note 1.

Page 7

Brechin Investments Limited

Notes to the Financial Statements

Year Ended 31 August 2019

6

Debtors

	2019 £	2018 £
Trade debtors	31,924	-
Other debtors	163,024	17,994
Prepayments	1,016	-
	195,964	17,994

7

Creditors

Creditors: amounts falling due within one year

		2019  £	2018  £
Due within one year
Trade creditors		223	320,924
Amounts due to group undertakings		-	65,326
Social security and other taxes		539	-
Other creditors		610,836	228,615
Accrued expenses		2,000	1,500
Corporation tax		313,603	-
		927,201	616,365

8	Share capital

Allotted, called up and fully paid shares

	2019		2018
	No.	£	No.	£
Allotted Shares of £1 each	100	100	100	100

Page 8