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Registration number: 10146340

Prepared for the registrar

BWC Property Ventures Nationwide Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2024

 

BWC Property Ventures Nationwide Limited

(Registration number: 10146340)
Balance Sheet as at 30 April 2024

Note

2024
 £

2023
 £

Fixed assets

 

Tangible assets

4

32,472

18,261

Investment property

5

4,882,581

6,642,203

Investments

6

3

3

 

4,915,056

6,660,467

Current assets

 

Debtors

7

306,239

233,793

Cash at bank and in hand

 

106,385

129,378

 

412,624

363,171

Creditors: Amounts falling due within one year

8

(3,694,134)

(5,537,237)

Net current liabilities

 

(3,281,510)

(5,174,066)

Total assets less current liabilities

 

1,633,546

1,486,401

Deferred tax liabilities

10

(131,934)

(272,427)

Net assets

 

1,501,612

1,213,974

Capital and reserves

 

Called up share capital

1

1

Revaluation reserve

454,410

989,946

Profit and loss account

1,047,201

224,027

Total equity

 

1,501,612

1,213,974

For the financial year ending 30 April 2024 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 7 August 2024 and signed on its behalf by:
 


A S Williamson
Director

 

BWC Property Ventures Nationwide Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

 

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:
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Revenue recognition

Turnover comprises the fair value of the rents received or receivable in respect of the rental properties in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax.

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 corporation and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation 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 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.

 

BWC Property Ventures Nationwide Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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

Motor vehicles

25% straight line

Fixtures and fittings

25% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate. 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 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.

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 tenants for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

BWC Property Ventures Nationwide Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
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 profit or loss.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

 

BWC Property Ventures Nationwide Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

 

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

29,086

18,550

47,636

Additions

23,168

-

23,168

Disposals

(5,463)

-

(5,463)

At 30 April 2024

46,791

18,550

65,341

Depreciation

At 1 May 2023

10,825

18,550

29,375

Charge for the year

7,936

-

7,936

Eliminated on disposal

(4,442)

-

(4,442)

At 30 April 2024

14,319

18,550

32,869

Carrying amount

At 30 April 2024

32,472

-

32,472

At 30 April 2023

18,261

-

18,261

 

5

Investment properties

£

At 1 May 2023

6,642,203

Additions

1,268,256

Disposals

(3,108,000)

Fair value adjustments

80,122

At 30 April 2024

4,882,581

At 30 April 2024 the investment properties were valued by the directors on an open market basis.

The original cost of all the properties when purchased was £4,304,337 (2023 - £5,384,378).

 

BWC Property Ventures Nationwide Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

 

6

Investments

2024
£

2023
£

Investments in subsidiaries

3

3

Subsidiaries

£

Cost

At 1 May 2023

3

Provision

Carrying amount

At 30 April 2024

3

At 30 April 2023

3

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

     

2024

2023

Subsidiary undertakings

Stroud Road Gloucester Management Company Limited

Windsor House
Bayshill Road
Cheltenham
GL50 3AT

Ordinary shares

75%

75%

The net assets of Stroud Road Gloucester Management Company Limited at the end of their last financial period was £4,728.

 

7

Debtors

Note

2024
 £

2023
 £

Trade debtors

 

1,813

4,102

Amounts owed by related parties

12

174,094

167,301

Other debtors

 

127,435

60,278

Prepayments

 

2,897

2,112

 

306,239

233,793

 

BWC Property Ventures Nationwide Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

 

8

Creditors

Note

2024
 £

2023
 £

Due within one year

 

Loans and borrowings

9

2,544,869

5,033,532

Trade creditors

 

17,199

3,782

Amounts due to related parties

12

778,365

459,459

Outstanding defined contribution pension costs

 

192

192

Other creditors

 

21,720

16,920

Accrued expenses

 

111,970

3,605

Corporation tax liability

219,819

19,747

 

3,694,134

5,537,237

 

9

Loans and borrowings

Note

2024
£

2023
£

Current loans and borrowings

Other borrowings

12

2,544,869

5,033,532

 

10

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Fixed asset timing differences

8,118

Short term timing differences

(18)

Capital gains/(losses)

123,834

131,934

2023

Liability
£

Fixed asset timing differences

4,565

Short term timing differences

(17)

Capital gains/(losses)

267,879

272,427

 

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £4,308 (2023 - £10,007).

 

BWC Property Ventures Nationwide Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

 

12

Related party transactions

Summary of transactions with other related parties

At 30 April 2024, the company owed £2,544,868 (2023: £5,033,532) to its directors in the form of directors' loan accounts.

Interest was charged on these loans at a rate of 2.25%; the total interest paid to directors in the year was £540,000 (2023 - £443,220).

At 30 April 2024, the company owed £778,365 (2023: £459,459) to Within Reach Services Limited, a company under common control.

At 30 April 2024, the company was owed £5,649 (2023: 1,133) by 8 Arthur Street Management Company, a company controlled by a director.

At 30 April 2024, the company was owed £2,217 (2023: £217) by Stroud Road Gloucester Management Company Limited, a 75% owned subsidiary company.

At 30 April 2024, the company was owed £165,951 (2023: £165,951) by Within Reach (South West) Limited, a company under common control.

At 30 April 2024, the company was owed £277 (2023: £nil) by 1 Greville Road Management Company Limited, a company under common control.