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Registration number: 10441439

BWF Services Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

BWF Services Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 6

 

BWF Services Limited

(Registration number: 10441439)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Investments

4

642,794

642,794

Current assets

 

Debtors

5

8,000

4,000

Cash at bank and in hand

 

1,308

5,568

 

9,308

9,568

Creditors: Amounts falling due within one year

6

(64,407)

(184,291)

Net current liabilities

 

(55,099)

(174,723)

Net assets

 

587,695

468,071

Capital and reserves

 

Called up share capital

100

100

Retained earnings

587,595

467,971

Shareholders' funds

 

587,695

468,071

For the financial year ending 31 March 2023 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.

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 2 August 2023
 

R G Burns
Director

   
     
 

BWF Services Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Freshford House
Redcliffe Way
Bristol
England
BS1 6NL

These financial statements were authorised for issue by the director on 2 August 2023.

2

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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. The financial statements are prepared in Pounds Sterling, which is the functional currency of the group, and are rounded to the
nearest pound.

Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

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.

 

BWF Services Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

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.

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.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

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.

Dividends

Dividend distribution from the company’s subsidiary is recognised as dividend income in the financial statements in the reporting period in which the dividends are declared. Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year was 1 (2022 - 1).

 

BWF Services Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

4

Investments

2023
£

2022
£

Investments in subsidiaries

642,794

642,794

Subsidiaries

£

Cost or valuation

At 1 April 2022

642,794

At 31 March 2023

642,794

Carrying amount

At 31 March 2023

642,794

At 31 March 2022

642,794

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

B W Fabrications Limited

Freshford House
Redcliffe Way
Bristol
England
BS1 6NL

Ordinary

100%

100%

Subsidiary undertakings

B W Fabrications Limited

The principal activity of B W Fabrications Limited is commercial ducting design and manufacture.

5

Debtors

Current

Note

2023
£

2022
£

Amounts owed by related parties

7

8,000

4,000

 

BWF Services Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

6

Creditors

Due within one year

Note

2023
£

2022
£

 

Amounts due to related parties

7

50,537

122,591

Other creditors

 

12,000

60,000

Accruals

 

1,870

1,700

 

64,407

184,291

7

Related party transactions

Expenditure with and payables to related parties

2023

Other related parties
£

Amounts payable to related party

12,000

2022

Other related parties
£

Amounts payable to related party

10,000

Terms of loans from other related parties
The loan from other related parties is interest free and repayable on demand and included within other creditors.

 

BWF Services Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Loans from related parties

2023

Key management
£

Total
£

At start of period

122,591

122,591

Advanced

3,446

3,446

Repaid

(75,500)

(75,500)

At end of period

50,537

50,537

2022

Key management
£

Total
£

At start of period

156,591

156,591

Advanced

2,000

2,000

Repaid

(36,000)

(36,000)

At end of period

122,591

122,591

Terms of loans from related parties

The loan from the director is interest free and repayable on demand.
 

The company has taken advantage of the exemption under FRS 102 1A to not disclose related party transactions with wholly owned members of the group.