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Registration number: 10975416

Backwell Investments Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2021

 

Backwell Investments Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 8

 

Backwell Investments Limited

Company Information

Director

Mr A M Britton

Registered office

Church Farm
Little Sodbury
Bristol
BS37 6QA

Accountants

Ross & Partners (Bristol) Limited
Accountants and Tax Consultants
Unit 1, Office 1
Tower Lane Business Park
Tower Lane
Warmley
Bristol
BS30 8XT

 

Backwell Investments Limited

(Registration number: 10975416)
Balance Sheet as at 31 December 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

4

6,071

-

Investment property

5

3,027,019

2,339,426

 

3,033,090

2,339,426

Current assets

 

Debtors

6

3,399

2,855

Cash at bank and in hand

 

51,869

26,338

 

55,268

29,193

Creditors: Amounts falling due within one year

7

(311,037)

(56,232)

Net current liabilities

 

(255,769)

(27,039)

Total assets less current liabilities

 

2,777,321

2,312,387

Creditors: Amounts falling due after more than one year

7

(2,576,505)

(2,177,813)

Net assets

 

200,816

134,574

Capital and reserves

 

Called up share capital

8

1,000

1,000

Profit and loss account

199,816

133,574

Shareholders' funds

 

200,816

134,574

For the financial 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.

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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Backwell Investments Limited

(Registration number: 10975416)
Balance Sheet as at 31 December 2021

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 27 June 2022
 

.........................................

Mr A M Britton
Director

 

Backwell Investments Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

1

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 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

Revenue recognition

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

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in 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.

The current income 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.

Tangible assets

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

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

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

Furniture and fittings

25% reducing balance

 

Backwell Investments Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Backwell Investments Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

2

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2020 - 1).

3

Profit before tax

Arrived at after charging/(crediting)

2021
£

2020
£

Depreciation expense

2,023

-

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

Additions

8,094

8,094

At 31 December 2021

8,094

8,094

Depreciation

Charge for the year

2,023

2,023

At 31 December 2021

2,023

2,023

Carrying amount

At 31 December 2021

6,071

6,071

5

Investment properties

2021
£

At 1 January

2,339,426

Additions

687,593

At 31 December

3,027,019

There has been no valuation of investment property by an independent valuer.

 

Backwell Investments Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

6

Debtors

2021
£

2020
£

Other debtors

3,399

2,855

3,399

2,855

7

Creditors

Creditors: amounts falling due within one year

2021
£

2020
£

Due within one year

Trade creditors

13

-

Accruals and deferred income

2,666

1,764

Other creditors

308,358

54,468

311,037

56,232

Creditors: amounts falling due after more than one year

Note

2021
£

2020
£

Due after one year

 

Loans and borrowings

9

2,576,505

2,177,813

8

Share capital

Allotted, called up and fully paid shares

 

2021

2020

 

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000

         

9

Loans and borrowings

2021
£

2020
£

Non-current loans and borrowings

Other borrowings

2,576,505

2,177,813

 

Backwell Investments Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

10

Related party transactions

Transactions with directors

2021

At 1 January 2021
£

Advances to directors
£

Repayments by director
£

At 31 December 2021
£

Mr A M Britton

Balance owed to/(by) the director

2,177,812

(6,054)

404,747

2,576,505

         
       

 

2020

At 1 January 2020
£

Advances to directors
£

Repayments by director
£

At 31 December 2020
£

Mr A M Britton

Balance owed to/(by) the director

2,178,935

(2,897)

1,774

2,177,812