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COMPANY REGISTRATION NUMBER: 09727675
Bivowac Estates Limited
Filleted Unaudited Financial Statements
31 December 2021
Bivowac Estates Limited
Financial Statements
Year ended 31 December 2021
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
Bivowac Estates Limited
Officers and Professional Advisers
The board of directors
Mr T C Woodhouse
Assetmix Limited
Company secretary
J Campbell
Registered office
40 Kimbolton Road
Bedford
MK40 2NR
Accountants
Collett Hulance
Chartered Certified Accountants
40 Kimbolton Road
Bedford
MK40 2NR
Bivowac Estates Limited
Statement of Financial Position
31 December 2021
2021
2020
Note
£
£
£
Fixed assets
Tangible assets
5
2,178,286
2,424,809
Current assets
Debtors
6
6,565
10,975
Cash at bank and in hand
26,366
5,087
--------
--------
32,931
16,062
Creditors: amounts falling due within one year
7
352,856
486,018
---------
---------
Net current liabilities
319,925
469,956
------------
------------
Total assets less current liabilities
1,858,361
1,954,853
Creditors: amounts falling due after more than one year
8
1,463,168
1,534,610
Provisions
Taxation including deferred tax
72,613
75,563
------------
------------
Net assets
322,580
344,680
------------
------------
Bivowac Estates Limited
Statement of Financial Position (continued)
31 December 2021
2021
2020
Note
£
£
£
Capital and reserves
Called up share capital
10,010
10,010
Revaluation reserve
309,349
321,232
Profit and loss account
3,221
13,438
---------
---------
Shareholders funds
322,580
344,680
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 27 July 2022 , and are signed on behalf of the board by:
Mr T C Woodhouse
Director
Company registration number: 09727675
Bivowac Estates Limited
Notes to the Financial Statements
Year ended 31 December 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 40 Kimbolton Road, Bedford, MK40 2NR.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover represents rental income due for the period.
Deferred taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles
-
25% reducing balance
Office equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
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 entity after deducting all of its financial liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2020: 2 ).
5. Tangible assets
Land and buildings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 January 2021
2,420,006
4,499
2,060
2,426,565
Disposals
( 245,000)
( 245,000)
------------
-------
-------
------------
At 31 December 2021
2,175,006
4,499
2,060
2,181,565
------------
-------
-------
------------
Depreciation
At 1 January 2021
469
1,287
1,756
Charge for the year
1,008
515
1,523
------------
-------
-------
------------
At 31 December 2021
1,477
1,802
3,279
------------
-------
-------
------------
Carrying amount
At 31 December 2021
2,175,006
3,022
258
2,178,286
------------
-------
-------
------------
At 31 December 2020
2,420,006
4,030
773
2,424,809
------------
-------
-------
------------
Tangible assets held at valuation
The freehold property has been valued by the director who has no professional qualifications in this field.
6. Debtors
2021
2020
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
4,481
10,975
Other debtors
2,084
-------
--------
6,565
10,975
-------
--------
7. Creditors: amounts falling due within one year
2021
2020
£
£
Corporation tax
453
Social security and other taxes
67
59
Other creditors
352,789
485,506
---------
---------
352,856
486,018
---------
---------
8. Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
1,459,753
1,530,394
Other creditors
3,415
4,216
------------
------------
1,463,168
1,534,610
------------
------------
Bank loans amounting to £1,459,753 (2020 £1,530,394) are secured by a fixed charge on the properties to which they relate.
Included within creditors: amounts falling due after more than one year is an amount of £1,459,753 (2020: £1,530,394) in respect of liabilities payable or repayable otherwise than by instalments which fall due for payment after more than five years from the reporting date.
9. Controlling party
The ultimate parent company is Assetmix Limited , a company incorporated in England and Wales.