Silverfin false 28/02/2023 01/03/2022 28/02/2023 F A De Mare 01/10/2020 G E Kennaugh 28/02/2023 06/12/2021 B W Thompson 25/01/2011 Mr B Thompson 22 November 2023 no description of principal activity 07504412 2023-02-28 07504412 bus:Director1 2023-02-28 07504412 bus:Director2 2023-02-28 07504412 bus:Director3 2023-02-28 07504412 2022-02-28 07504412 core:CurrentFinancialInstruments 2023-02-28 07504412 core:CurrentFinancialInstruments 2022-02-28 07504412 core:Non-currentFinancialInstruments 2023-02-28 07504412 core:Non-currentFinancialInstruments 2022-02-28 07504412 core:ShareCapital 2023-02-28 07504412 core:ShareCapital 2022-02-28 07504412 core:RetainedEarningsAccumulatedLosses 2023-02-28 07504412 core:RetainedEarningsAccumulatedLosses 2022-02-28 07504412 core:LeaseholdImprovements 2022-02-28 07504412 core:Vehicles 2022-02-28 07504412 core:FurnitureFittings 2022-02-28 07504412 core:ComputerEquipment 2022-02-28 07504412 core:LeaseholdImprovements 2023-02-28 07504412 core:Vehicles 2023-02-28 07504412 core:FurnitureFittings 2023-02-28 07504412 core:ComputerEquipment 2023-02-28 07504412 2022-03-01 2023-02-28 07504412 bus:FullAccounts 2022-03-01 2023-02-28 07504412 bus:SmallEntities 2022-03-01 2023-02-28 07504412 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 07504412 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 07504412 bus:Director1 2022-03-01 2023-02-28 07504412 bus:Director2 2022-03-01 2023-02-28 07504412 bus:Director3 2022-03-01 2023-02-28 07504412 bus:Director4 2022-03-01 2023-02-28 07504412 core:Vehicles 2022-03-01 2023-02-28 07504412 core:FurnitureFittings 2022-03-01 2023-02-28 07504412 core:ComputerEquipment 2022-03-01 2023-02-28 07504412 2021-03-01 2022-02-28 07504412 core:LeaseholdImprovements 2022-03-01 2023-02-28 iso4217:GBP xbrli:pure

Company No: 07504412 (England and Wales)

BWT DEVELOPMENTS LTD

Unaudited Financial Statements
For the financial year ended 28 February 2023
Pages for filing with the registrar

BWT DEVELOPMENTS LTD

Unaudited Financial Statements

For the financial year ended 28 February 2023

Contents

BWT DEVELOPMENTS LTD

COMPANY INFORMATION

For the financial year ended 28 February 2023
BWT DEVELOPMENTS LTD

COMPANY INFORMATION (continued)

For the financial year ended 28 February 2023
DIRECTORS F A De Mare
B W Thompson
REGISTERED OFFICE 66 Prescot Street
London
E1 8NN
United Kingdom
BUSINESS ADDRESS 14-15 Vernon Street
London
W14 0RJ
COMPANY NUMBER 07504412 (England and Wales)
CHARTERED ACCOUNTANTS Gravita III LLP
66 Prescot Street
London
E1 8NN
BWT DEVELOPMENTS LTD

BALANCE SHEET

As at 28 February 2023
BWT DEVELOPMENTS LTD

BALANCE SHEET (continued)

As at 28 February 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 420,050 395,379
420,050 395,379
Current assets
Debtors 4 198,095 197,136
Cash at bank and in hand 146,528 285,718
344,623 482,854
Creditors: amounts falling due within one year 5 ( 432,840) ( 380,891)
Net current (liabilities)/assets (88,217) 101,963
Total assets less current liabilities 331,833 497,342
Creditors: amounts falling due after more than one year 6 ( 290,971) ( 340,103)
Provision for liabilities ( 40,732) ( 26,266)
Net assets 130 130,973
Capital and reserves
Called-up share capital 10 10
Profit and loss account 120 130,963
Total shareholders' funds 130 130,973

For the financial year ending 28 February 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of BWT Developments Ltd (registered number: 07504412) were approved and authorised for issue by the Board of Directors on 22 November 2023. They were signed on its behalf by:

Mr B Thompson
Director
BWT DEVELOPMENTS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 28 February 2023
BWT DEVELOPMENTS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 28 February 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

BWT Developments Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 66 Prescot Street, London, E1 8NN, United Kingdom. The principal place of business is 14-15 Vernon Street, London, W14 0RJ.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The company has net liabilities of £88,217 at the balance sheet date which suggests that the going concern basis may not be appropriate. However, the directors have received assurance from the shareholders that they will continue to provide support to the company to allow it to continue in operation for the foreseeable future. The directors therefore considers it appropriate to prepare financial statements on a going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of this support.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements depreciated over the life of the lease
Vehicles 25 % reducing balance
Fixtures and fittings 15 % reducing balance
Computer equipment 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases


The Company as lessor
Amounts due from lessees under finance leases are recognised as receivables at the amount of the company’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the company’s net investment outstanding in respect of leases.

Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 30 19

3. Tangible assets

Leasehold improve-
ments
Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £ £
Cost
At 01 March 2022 512,414 40,176 40,713 90,029 683,332
Additions 0 99,269 0 18,252 117,521
Disposals ( 5,662) ( 40,176) 0 0 ( 45,838)
At 28 February 2023 506,752 99,269 40,713 108,281 755,015
Accumulated depreciation
At 01 March 2022 230,347 10,672 19,523 27,411 287,953
Charge for the financial year 32,367 10,341 3,179 11,797 57,684
Disposals 0 ( 10,672) 0 0 ( 10,672)
At 28 February 2023 262,714 10,341 22,702 39,208 334,965
Net book value
At 28 February 2023 244,038 88,928 18,011 69,073 420,050
At 28 February 2022 282,067 29,504 21,190 62,618 395,379

4. Debtors

2023 2022
£ £
Trade debtors 97,660 92,551
Corporation tax 39,017 7,900
Other debtors 61,418 96,685
198,095 197,136

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 109,738 105,664
Trade creditors 58,350 40,530
Taxation and social security 191,793 97,063
Obligations under finance leases and hire purchase contracts 10,213 0
Other creditors 62,746 137,634
432,840 380,891

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 234,580 340,103
Obligations under finance leases and hire purchase contracts 56,391 0
290,971 340,103

7. Financial commitments

Commitments

2023 2022
£ £
Total future minimum lease payments under non-cancellable operating lease 118,437 734,687

8. Related party transactions

Transactions with the entity's directors

At the balance sheet date, the company owed £20,590 (2022: £3,728 owed to) by the director and shareholder of the company.