Silverfin false 31/03/2023 01/04/2022 31/03/2023 Mr E Bowater Mrs S Bowater Mrs J Browne 17 April 2024 The principal activity of the company is property investment and management. 10530553 2023-03-31 10530553 2022-03-31 10530553 core:CurrentFinancialInstruments 2023-03-31 10530553 core:CurrentFinancialInstruments 2022-03-31 10530553 core:ShareCapital 2023-03-31 10530553 core:ShareCapital 2022-03-31 10530553 core:SharePremium 2023-03-31 10530553 core:SharePremium 2022-03-31 10530553 core:RetainedEarningsAccumulatedLosses 2023-03-31 10530553 core:RetainedEarningsAccumulatedLosses 2022-03-31 10530553 core:InvestmentPropertyIncludedWithinPPE 2022-03-31 10530553 core:InvestmentPropertyIncludedWithinPPE 2023-03-31 10530553 core:CostValuation 2022-03-31 10530553 core:AdditionsToInvestments 2023-03-31 10530553 core:DisposalsRepaymentsInvestments 2023-03-31 10530553 core:RevaluationsIncreaseDecreaseInInvestments 2023-03-31 10530553 core:CostValuation 2023-03-31 10530553 bus:OrdinaryShareClass1 2023-03-31 10530553 bus:OrdinaryShareClass2 2023-03-31 10530553 2022-04-01 2023-03-31 10530553 bus:FullAccounts 2022-04-01 2023-03-31 10530553 bus:SmallEntities 2022-04-01 2023-03-31 10530553 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 10530553 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 10530553 bus:Director1 2022-04-01 2023-03-31 10530553 bus:Director2 2022-04-01 2023-03-31 10530553 bus:Director3 2022-04-01 2023-03-31 10530553 2021-04-01 2022-03-31 10530553 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 10530553 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 10530553 bus:OrdinaryShareClass2 2022-04-01 2023-03-31 10530553 bus:OrdinaryShareClass2 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 10530553 (England and Wales)

BOWATER HOMES LTD

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

BOWATER HOMES LTD

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

BOWATER HOMES LTD

COMPANY INFORMATION

For the financial year ended 31 March 2023
BOWATER HOMES LTD

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2023
DIRECTORS Mr E Bowater
Mrs S Bowater
Mrs J Browne
REGISTERED OFFICE Coombe
Chagford
Newton Abbot
TQ13 8DF
England
United Kingdom
COMPANY NUMBER 10530553 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Centenary House
Peninsula Park
Rydon Lane
Exeter
Devon EX2 7XE
BOWATER HOMES LTD

BALANCE SHEET

As at 31 March 2023
BOWATER HOMES LTD

BALANCE SHEET (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 2,999,500 2,999,500
Investments 4 1,160,159 1,265,961
4,159,659 4,265,461
Current assets
Debtors 5 1,095 1,000
Cash at bank and in hand 265,506 285,854
266,601 286,854
Creditors: amounts falling due within one year 6 ( 15,831) ( 23,667)
Net current assets 250,770 263,187
Total assets less current liabilities 4,410,429 4,528,648
Provision for liabilities ( 166,000) ( 175,000)
Net assets 4,244,429 4,353,648
Capital and reserves
Called-up share capital 7 10,102 10,102
Share premium account 2,985,351 2,985,351
Profit and loss account 1,248,976 1,358,195
Total shareholders' funds 4,244,429 4,353,648

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.

Directors' responsibilities:

The financial statements of Bowater Homes Ltd (registered number: 10530553) were approved and authorised for issue by the Board of Directors on 17 April 2024. They were signed on its behalf by:

Mrs J Browne
Director
BOWATER HOMES LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
BOWATER HOMES LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 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

Bowater Homes 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 Coombe, Chagford, Newton Abbot, TQ13 8DF, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Revenue from services is recognised as they are delivered.

Rental income is recognised on a straight line basis over the lease term, even if amounts are not received on such a basis.

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 tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 4

3. Tangible assets

Investment property Total
£ £
Cost/Valuation
At 01 April 2022 2,999,500 2,999,500
At 31 March 2023 2,999,500 2,999,500
Accumulated depreciation
At 01 April 2022 0 0
At 31 March 2023 0 0
Net book value
At 31 March 2023 2,999,500 2,999,500
At 31 March 2022 2,999,500 2,999,500

Investment properties

Fair value is determined annually by the directors based on local market values for similar properties. There has been no valuation of investment property by an independent valuer.

4. Fixed asset investments

Listed investments Total
£ £
Cost or valuation before impairment
At 01 April 2022 1,265,961 1,265,961
Additions 630,673 630,673
Disposals ( 638,492) ( 638,492)
Movement in fair value ( 97,983) ( 97,983)
At 31 March 2023 1,160,159 1,160,159
Carrying value at 31 March 2023 1,160,159 1,160,159
Carrying value at 31 March 2022 1,265,961 1,265,961

5. Debtors

2023 2022
£ £
Trade debtors 1,095 825
Prepayments 0 175
1,095 1,000

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 0 1,928
Accruals and deferred income 12,613 12,991
Other taxation and social security 523 1,833
Other creditors 2,695 6,915
15,831 23,667

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1,504 B ordinary shares of £ 1.00 each 1,504 1,504
8,598 Ordinary shares of £ 1.00 each 8,598 8,598
10,102 10,102

The ordinary shares have full voting rights and have a right to income and capital, subject to the ordinary B shares ranking pari passu for capital.

8. Reserves

Included within the profit and loss account balance carried forward are non-distributable reserves of £508,428 (2022: £567,739). These represent the cumulative revaluation gains on the company's investment portfolio and investment properties, net of deferred taxation thereon.