Bowness Homes Limited 10795824 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is that of a holiday park. Digita Accounts Production Advanced 6.30.9574.0 true true 10795824 2023-01-01 2023-12-31 10795824 2023-12-31 10795824 core:CurrentFinancialInstruments 2023-12-31 10795824 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 10795824 core:Goodwill 2023-12-31 10795824 core:OfficeEquipment 2023-12-31 10795824 bus:SmallEntities 2023-01-01 2023-12-31 10795824 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 10795824 bus:FilletedAccounts 2023-01-01 2023-12-31 10795824 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 10795824 bus:RegisteredOffice 2023-01-01 2023-12-31 10795824 bus:Director2 2023-01-01 2023-12-31 10795824 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 10795824 core:Goodwill 2023-01-01 2023-12-31 10795824 core:OfficeEquipment 2023-01-01 2023-12-31 10795824 core:ToolsEquipment 2023-01-01 2023-12-31 10795824 core:OtherRelatedParties 2023-01-01 2023-12-31 10795824 countries:EnglandWales 2023-01-01 2023-12-31 10795824 2022-12-31 10795824 core:Goodwill 2022-12-31 10795824 core:OfficeEquipment 2022-12-31 10795824 2022-01-01 2022-12-31 10795824 2022-12-31 10795824 core:CurrentFinancialInstruments 2022-12-31 10795824 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 10795824 core:Goodwill 2022-12-31 10795824 core:OfficeEquipment 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 10795824

Bowness Homes Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Bowness Homes Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Bowness Homes Limited

(Registration number: 10795824)
Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

8,000

10,000

Tangible assets

5

1,461

1,838

Investment property

6

1,387,655

1,374,027

 

1,397,116

1,385,865

Current assets

 

Stocks

96,775

99,500

Debtors

7

9,986

26,656

Cash at bank and in hand

 

198,129

28,447

 

304,890

154,603

Creditors: Amounts falling due within one year

8

(1,141,481)

(1,118,579)

Net current liabilities

 

(836,591)

(963,976)

Total assets less current liabilities

 

560,525

421,889

Provisions for liabilities

(5,067)

(2,381)

Net assets

 

555,458

419,508

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

555,358

419,408

Shareholders' funds

 

555,458

419,508

For the financial year ending 31 December 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 Statement of Comprehensive Income.

Approved and authorised by the Board on 11 April 2024 and signed on its behalf by:
 

 

Bowness Homes Limited

(Registration number: 10795824)
Statement of Financial Position as at 31 December 2023 (continued)


B Richardson
Director

 

Bowness Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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:
7 Castle Street
Bridgwater
Somerset
TA6 3DT

Principal activity

The principal activity of the company is that of a holiday park.

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 sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

 

Bowness Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, 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.

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position 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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Equipment

20% - 33% reducing balance

 

Bowness Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually. 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 profit or loss.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Amortisation

10% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

 

Bowness Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

20,000

20,000

At 31 December 2023

20,000

20,000

Amortisation

At 1 January 2023

10,000

10,000

Amortisation charge

2,000

2,000

At 31 December 2023

12,000

12,000

Carrying amount

At 31 December 2023

8,000

8,000

At 31 December 2022

10,000

10,000

5

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 January 2023

6,882

6,882

At 31 December 2023

6,882

6,882

Depreciation

At 1 January 2023

5,044

5,044

Charge for the year

377

377

At 31 December 2023

5,421

5,421

Carrying amount

At 31 December 2023

1,461

1,461

At 31 December 2022

1,838

1,838

 

Bowness Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

6

Investment properties

2023
£

At 1 January

1,374,027

Additions

13,628

At 31 December

1,387,655

There has been no valuation of investment property by an independent valuer.

7

Debtors

2023
£

2022
£

Trade debtors

5,278

4,396

Other debtors

2,942

20,072

Prepayments

1,766

2,188

9,986

26,656

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

86,846

1,024

Taxation and social security

39,173

15,523

Accruals and deferred income

8,614

7,355

Other creditors

1,006,848

1,094,677

1,141,481

1,118,579

9

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

10

Related party transactions

Summary of transactions with other related parties

 

Bowness Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

10

Related party transactions (continued)

Directors
 Creditors include £966,310 (2022 - £1,063,397) due to one director. The balance is treated as repayable on demand. No interest is charged to the company.