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Registration number: 13018399

Bird Rock Holdings Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2023

 

Bird Rock Holdings Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Bird Rock Holdings Limited

Company Information

Directors

D. G. W. Turner

J. J. Turner

Registered office

Westwood House
78 Loughborough Road
Quorn
Loughborough
Leicestershire
LE12 8DX

Accountants

Robert Whowell & Partners LLP
Chartered Accountants
Westwood House
78 Loughborough Road
Quorn
Loughborough
Leicestershire
LE12 8DX

 

Bird Rock Holdings Limited

(Registration number: 13018399)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

12,063

13,270

Investment property

5

1,420,000

1,420,000

Other financial assets

6

50

-

 

1,432,113

1,433,270

Current assets

 

Debtors

7

1,237,593

3,692,921

Investments

8

1,510,259

-

Cash at bank and in hand

 

2,628,401

2,423,601

 

5,376,253

6,116,522

Creditors: Amounts falling due within one year

9

(7,581)

(348,952)

Net current assets

 

5,368,672

5,767,570

Net assets

 

6,800,785

7,200,840

Capital and reserves

 

Called up share capital

10

300

300

Retained earnings

6,800,485

7,200,540

Shareholders' funds

 

6,800,785

7,200,840

 

Bird Rock Holdings Limited

(Registration number: 13018399)
Balance Sheet as at 30 September 2023

For the financial year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 27 February 2024 and signed on its behalf by:
 

.........................................
D. G. W. Turner
Director

 

Bird Rock Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 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:
Westwood House
78 Loughborough Road
Quorn
Loughborough
Leicestershire
LE12 8DX

These financial statements were authorised for issue by the Board on 27 February 2024.

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.

Revenue recognition

Turnover comprises the fair value of the rents received or receivable. Turnover is shown net of value added tax 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 the profit and loss account, 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.

 

Bird Rock Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

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 over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% reducing balance

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 the profit and loss account.

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 the profit and loss account. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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 rents 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 debtors.

 

Bird Rock Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Trade 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 to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 2).

 

Bird Rock Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

4

Tangible assets

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2022

14,477

14,477

At 30 September 2023

14,477

14,477

Depreciation

At 1 October 2022

1,207

1,207

Charge for the year

1,207

1,207

At 30 September 2023

2,414

2,414

Carrying amount

At 30 September 2023

12,063

12,063

At 30 September 2022

13,270

13,270

5

Investment properties

2023
£

At 1 October 2022

1,420,000

At 30 September 2023

1,420,000

The properties were revalued by independent valuers on a market value basis in May 2021 and May 2022. The directors are of the opinion that there has been no material change in these values at the year end.

 

Bird Rock Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

6

Other financial assets (current and non-current)

Unlisted investments
£

Total
£

Non-current financial assets

Cost or valuation

Additions

50

50

At 30 September 2023

50

50

Carrying amount

At 30 September 2023

50

50

7

Debtors

Current

2023
£

2022
£

Trade debtors

-

41,250

Prepayments

3,577

2,042

Other debtors

1,234,016

3,649,629

 

1,237,593

3,692,921

8

Current asset investments

2023
£

2022
£

Other investments

1,510,259

-

Listed investments

Investments having a net book value of £1,510,259 (30 September 2022 - £Nil) are listed on a recognised stock exchange and had a market value of £1,510,259 at the end of the year (30 September 2022 - £Nil).

 

Bird Rock Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

9

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

1,409

295,448

Taxation and social security

3,672

12,504

Accruals and deferred income

2,500

9,000

Other creditors

-

32,000

7,581

348,952

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

300

300

300

300

         

11

Related party transactions

Summary of transactions with other related parties

During the year dividends were paid to the directors amounting to £143,325 (2022 - £79,950); to close family members of the directors amounting to £40,950 (2022 - £42,900) and to a trust in which the directors and close family members are beneficiaries amounting to £132,100 (2022 - £23,400).