Company No: 09735057 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTOR

T R Hardick

REGISTERED OFFICE	Centenary House Peninsula Park
	Rydon Lane
	Exeter
	EX2 7XE
	United Kingdom

BUSINESS ADDRESS	56 The Square
	Chagford
	Newton Abbott
	Devon
	TQ13 8AE

COMPANY NUMBER

09735057 (England and Wales)

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

	Note	31.12.2022		31.12.2021
		£		£
				Restated - note 2
Fixed assets
Tangible assets	4	436,695		430,600
Investments	5	390		390
		437,085		430,990
Current assets
Stocks		237,677		0
Debtors
- due within one year	6	4,276,428		5,742,407
- due after more than one year	6	52,500		0
Cash at bank and in hand		286,369		21,510
		4,852,974		5,763,917
Creditors: amounts falling due within one year	7	( 3,067,293)		( 2,977,393)
Net current assets		1,785,681		2,786,524
Total assets less current liabilities		2,222,766		3,217,514
Provision for liabilities		( 9,900)		( 9,100)
Net assets		2,212,866		3,208,414
Capital and reserves
Called-up share capital	8	100		100
Profit and loss account		2,212,766		3,208,314
Total shareholder's funds		2,212,866		3,208,414

For the financial year ending 31 December 2022 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Brechin Investments Limited (registered number: 09735057) were approved and authorised for issue by the Director on 21 December 2023. They were signed on its behalf by:

T R Hardick Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Brechin Investments Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Centenary House Peninsula Park, Rydon Lane, Exeter, EX2 7XE, United Kingdom. The principal place of business is 56 The Square, Chagford, Newton Abbott, Devon, TQ13 8AE.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption in section 399 of the Companies Act 2006 not to prepare consolidated accounts, because the group it heads qualifies as small. The financial statements present information about the Company as an individual entity only.

Prior year error

The nature and effects of a prior year error are disclosed in note 2 of the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Revenue from services is recognised as they are delivered.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	50 years straight line
Plant and machinery	25 % reducing balance
Vehicles	25 % reducing balance
Office equipment	25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

2. Prior year adjustment

Brechin Investments Limited exercised its put options and these accounts now include the relevant adjustments.

These accounts have also been amended for a disposal of shares in a subsidiary.

		As previously reported		Adjustment		As restated
Year ended 31 December 2021		£		£		£
Turnover		1,534,418		2,400,000		3,934,418
Closing stock		1,920,000		(1,920,000)		0
Investments in subsidiaries		440		(50)		390
Stocks		1,920,000		(1,920,000)		0
Other debtors		713,886		2,320,001		3,033,887
Amounts owed by group undertakings		2,707,150		50		2,707,200
Other creditors		2,779,878		1		2,779,879
Corporation tax liability		165,253		31,509		196,762
Trade creditors		59		(15)		44
Retained earnings		2,839,807		368,507		3,208,314
Computer expenses		563		(15)		548
Corporation tax charge		263,528		31,509		295,037
Direct costs		1,920,495		80,000		2,000,495

3. Employees

	Year ended 31.12.2022		Period from 01.09.2020 to 31.12.2021
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	1		1

4. Tangible assets

	Land and buildings		Plant and machinery		Vehicles		Office equipment		Total
	£		£		£		£		£
Cost
At 01 January 2022	451,229		299		0		8,696		460,224
Additions	0		0		10,900		5,133		16,033
At 31 December 2022	451,229		299		10,900		13,829		476,257
Accumulated depreciation
At 01 January 2022	24,619		187		0		4,818		29,624
Charge for the financial year	6,898		28		908		2,104		9,938
At 31 December 2022	31,517		215		908		6,922		39,562
Net book value
At 31 December 2022	419,712		84		9,992		6,907		436,695
At 31 December 2021	426,610		112		0		3,878		430,600

5. Fixed asset investments

Investments in subsidiaries

	31.12.2022
	£
Cost
At 01 January 2022	390
At 31 December 2022	390
Carrying value at 31 December 2022	390
Carrying value at 31 December 2021	390

Details of undertakings

The company holds the entire called up share capital of Irregular Cornwall Limited (company number: 09741377), Irregular Contracts Limited (company number: 10757208), 50% of the called up share capital of Rosecliston Park Limited (company number: 12633052), 80% of the called up share capital of Roseneath Penryn Limited (company number: 10533829), and 60% of the called up share capital of Ross Park Homes Limited (company number: 12985593). The relevant address is the company's registered office as disclosed in Note 1.

6. Debtors

	31.12.2022		31.12.2021
	£		£
Debtors: amounts falling due within one year
Trade debtors	13		1,320
Amounts owed by Group undertakings	3,714,439		2,707,200
Other debtors	561,976		3,033,887
	4,276,428		5,742,407
Debtors: amounts falling due after more than one year
Other debtors	52,500		0

7. Creditors: amounts falling due within one year

	31.12.2022		31.12.2021
	£		£
Trade creditors	8,597		44
Amounts owed to director	2,671,145		2,600,181
Accruals	5,290		21,762
Taxation and social security	53,089		197,470
Other creditors	329,172		157,936
	3,067,293		2,977,393

8. Called-up share capital

	31.12.2022		31.12.2021
	£		£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each	100		100

9. Related party transactions

Throughout the current year, a loan existed between the spouse of the director and Brechin Investments Limited. No interest was charged on the loan and the balance is repayable on demand. At the balance sheet date, the amount due to the director's spouse was £2,671,145 (2021: £2,600,181).

During the current year, a loan existed between Ross Park Homes Limited and Brechin Investments Limited. The balance is repayable on demand and interest of £102,280 (2021: £Nil) was paid to Brechin Investments Limited. At the balance sheet date, the amount due to Brechin Investments Limited was £2,653,406 (2021: £1,678,626).

During the current year, a loan existed between Ocean Cove Limited and Brechin Investments Limited. The balance is repayable on demand and no interest was charged during the year. At the balance sheet date, the amount due to Brechin Investments Limited was £91,023 (2021: £7,611).

During the current year, a loan existed between Salcombe Parks Limited and Brechin Investments Limited. The balance is repayable on demand and no interest was charged during the year. At the balance sheet date, the amount due to Brechin Investments Limited was £60,441 (2021: £Nil).

During the current year, a loan existed between Roseneath Penryn Limited and Brechin Investments Limited. The balance is repayable on demand and no interest was charged during the year. At the balance sheet date, the amount due to Brechin Investments Limited was £117,650 (2021: £107,650).

During the current year, a loan existed between Irregular Contracts Limited and Brechin Investments Limited. The balance is repayable on demand and no interest was charged during the year. At the balance sheet date, the amount due to Brechin Investments Limited was £16,953 (2021: £16,953).

During the current year, a loan existed between Irregular Cornwall Limited and Brechin Investments Limited. The balance is repayable on demand and no interest was charged during the year. At the balance sheet date, the amount due by Brechin Investments Limited was £311,374 (2021: £141,374).