Caseware UK (AP4) 2022.0.179 2022.0.179 2023-01-312023-01-3122022-02-01falsethe construction of commercial buildings and the buying and selling of own real estate.2falsetrue 11781006 2022-02-01 2023-01-31 11781006 2021-02-01 2022-01-31 11781006 2023-01-31 11781006 2022-01-31 11781006 c:Director1 2022-02-01 2023-01-31 11781006 d:CurrentFinancialInstruments 2023-01-31 11781006 d:CurrentFinancialInstruments 2022-01-31 11781006 d:Non-currentFinancialInstruments 2023-01-31 11781006 d:Non-currentFinancialInstruments 2022-01-31 11781006 d:CurrentFinancialInstruments d:WithinOneYear 2023-01-31 11781006 d:CurrentFinancialInstruments d:WithinOneYear 2022-01-31 11781006 d:Non-currentFinancialInstruments d:AfterOneYear 2023-01-31 11781006 d:Non-currentFinancialInstruments d:AfterOneYear 2022-01-31 11781006 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-01-31 11781006 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-01-31 11781006 d:ShareCapital 2023-01-31 11781006 d:ShareCapital 2022-01-31 11781006 d:RetainedEarningsAccumulatedLosses 2023-01-31 11781006 d:RetainedEarningsAccumulatedLosses 2022-01-31 11781006 c:OrdinaryShareClass1 2022-02-01 2023-01-31 11781006 c:OrdinaryShareClass1 2023-01-31 11781006 c:FRS102 2022-02-01 2023-01-31 11781006 c:AuditExempt-NoAccountantsReport 2022-02-01 2023-01-31 11781006 c:FullAccounts 2022-02-01 2023-01-31 11781006 c:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 11781006 2 2022-02-01 2023-01-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 11781006










BOW EXCHANGE HOMES LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JANUARY 2023

 
BOW EXCHANGE HOMES LIMITED
REGISTERED NUMBER: 11781006

BALANCE SHEET
AS AT 31 JANUARY 2023

2023
2022
Note
£
£

Current assets
  

Stocks
 4 
18,874,060
27,049,314

Debtors: amounts falling due within one year
 5 
166,595
96,744

Cash at bank and in hand
 6 
12,048
40,026

  
19,052,703
27,186,084

Creditors: amounts falling due within one year
 7 
(18,222,363)
(25,757,315)

Net current assets
  
 
 
830,340
 
 
1,428,769

Total assets less current liabilities
  
830,340
1,428,769

Creditors: amounts falling due after more than one year
 8 
-
(3,800,008)

Net assets/(liabilities)
  
830,340
(2,371,239)


Capital and reserves
  

Called up share capital 
 10 
117
117

Profit and loss account
  
830,223
(2,371,356)

  
830,340
(2,371,239)


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



Nicholas Mason
Director

Date: 3 November 2023

The notes on pages 2 to 6 form part of these financial statements.
Page 1

 
BOW EXCHANGE HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

1.


General information

Bow Exchange Homes Limited is a private company, limited by shares, registered and incorporated in England and Wales within the United Kingdom. The address of the registered office is Manderley, South Park, South Godstone, United Kingdom, RH9 8LF. 
The principal activity of the company during the year was the construction and sale of residential and commercial buildings.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are prepared in £ sterling, the functional currency, rounded to the nearest £1.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 2

 
BOW EXCHANGE HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Financial instruments

The Company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. 
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid
Page 3

 
BOW EXCHANGE HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)


2.10
Financial instruments (continued)

or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).


4.


Stocks

2023
2022
£
£

Completed residential and commercial units held for sale
18,874,060
27,049,314


Stock recognised as an expense in the period was £18,280,815 (2022: Nil) representing the costs apportioned to the units sold during the year. 

Page 4

 
BOW EXCHANGE HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

5.


Debtors

2023
2022
£
£

Other debtors
166,595
96,744



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
12,048
40,026



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
5,451,974
17,509,451

Other loans
12,250,312
7,740,523

Corporation tax
195,046
-

Accruals and deferred income
325,031
507,341

18,222,363
25,757,315


Bank loans are secured by way of a fixed and floating charge on the company's freehold land and on buildings under construction. The loans are repayable in March 2023 (extended post year end to March 2024) and interest is payable at 6.25% per annum. 
Included in other loans are shareholder loans of £12,250,312 which are unsecured, interest free and repayable on demand. 
In the prior year, other loans of £7,740,523 were secured by way of a fixed charge on the company's freehold land and on buildings under construction. Interest was payable at 18.5% and the loan was fully repaid in the year. The charge was subsequently satisfied post year end.


8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other loans
-
3,800,008


Included in other loans in the prior year were shareholder loans of £3,800,008 which were unsecured, interest free and repayable on demand. These loans were reclassified to short term creditors in the current year. 

Page 5

 
BOW EXCHANGE HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
5,451,974
17,509,451

Other loans
12,250,312
7,740,523


17,702,286
25,249,974

Amounts falling due 1-2 years

Other loans
-
3,800,008

17,702,286
29,049,982



10.


Share capital

2023
2022
£
£
Allotted, called up and partly paid



11,714 Ordinary shares of £0.01 each
117
117



11.


Related party transactions

The company has taken advantage of the exemption available in Financial Reporting Standard 102A Paragraph 1AC.35 whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.

 
Page 6