REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2022 |
FOR |
BOWER DEVELOPMENTS LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2022 |
FOR |
BOWER DEVELOPMENTS LIMITED |
BOWER DEVELOPMENTS LIMITED (REGISTERED NUMBER: 05545182) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 May 2022 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
BOWER DEVELOPMENTS LIMITED |
COMPANY INFORMATION |
for the Year Ended 31 May 2022 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Douglas Bank House |
Wigan Lane |
Wigan |
Lancashire |
WN1 2TB |
BANKERS: |
5th Floor |
1 Spinningfields Square |
Deansgate |
Manchester |
M3 3AP |
BOWER DEVELOPMENTS LIMITED (REGISTERED NUMBER: 05545182) |
STATEMENT OF FINANCIAL POSITION |
31 May 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Share premium | 10 |
Other reserves | 10 |
Retained earnings | 10 |
SHAREHOLDERS' FUNDS |
The directors acknowledge their 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. |
BOWER DEVELOPMENTS LIMITED (REGISTERED NUMBER: 05545182) |
STATEMENT OF FINANCIAL POSITION - continued |
31 May 2022 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
BOWER DEVELOPMENTS LIMITED (REGISTERED NUMBER: 05545182) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 May 2022 |
1. | STATUTORY INFORMATION |
Bower Developments Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover represents rentals receivable. |
Tangible fixed assets |
Plant and machinery | - |
Computer equipment | - |
Tangible fixed assets are recorded at cost less depreciation and impairment. |
Impairment of assets |
At each reporting date assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the profit and loss. |
Where an impairment loss subsequently reverses, the carrying amount of each asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Deferred tax is provided on these gains at the rate expected to apply when the property is sold. |
Financial instruments |
Trade and other debtors are initially recognised at the transaction price and thereafter stated at amortised cost using effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts. |
Short term trade creditors are measured at transaction price. Financial liabilities that have no stated interest rate and are payable within one year shall be measured at the undiscounted amount due. |
BOWER DEVELOPMENTS LIMITED (REGISTERED NUMBER: 05545182) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 May 2022 |
2. | ACCOUNTING POLICIES - continued |
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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 June 2021 |
Disposals | ( |
) |
At 31 May 2022 |
DEPRECIATION |
At 1 June 2021 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 May 2022 |
NET BOOK VALUE |
At 31 May 2022 |
At 31 May 2021 |
BOWER DEVELOPMENTS LIMITED (REGISTERED NUMBER: 05545182) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 May 2022 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 June 2021 |
Disposals | ( |
) |
At 31 May 2022 |
NET BOOK VALUE |
At 31 May 2022 |
At 31 May 2021 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
8. | PROVISIONS FOR LIABILITIES |
2022 | 2021 |
£ | £ |
Deferred tax | - | 9,509 |
Deferred |
tax |
£ |
Balance at 1 June 2021 |
Credit to Income Statement during year | ( |
) |
Balance at 31 May 2022 |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
Ordinary A Shares | £1 | 9,001 | 9,001 |
Ordinary C Shares | £1 | 1,000 | 1,000 |
10,001 | 10,001 |
BOWER DEVELOPMENTS LIMITED (REGISTERED NUMBER: 05545182) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 May 2022 |
9. | CALLED UP SHARE CAPITAL - continued |
The 'A' and 'C' shares carry equal rights to vote but have varying entitlement to dividends. |
10. | RESERVES |
Retained | Share | Other |
earnings | premium | reserves | Totals |
£ | £ | £ | £ |
At 1 June 2021 | 321,561 |
Profit for the year | - | - |
Dividends | ( |
) | - | - | ( |
) |
Released on sale of property | - | - | (147,263 | ) | (147,263 | ) |
Reserves transfer | 1,740 | - | (1,740 | ) | - |
At 31 May 2022 | 458,489 |
Other reserves relate to non distributable profit and loss relating to the revaluation amount of investment properties. |
Share premium relates to the difference between the par value of shares issued and the issue price. |
11. | RELATED PARTY DISCLOSURES |
Included in Other creditors is an amount of £Nil (2021: £176,517) due to directors. Interest amounting to £11,244 (2021: £13,947) has been charged. |