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Company Registration Number:  08455039



















BACARD HOLDINGS LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
 31 AUGUST 2023


















img1ff5.png

 
BACARD HOLDINGS LIMITED
REGISTERED NUMBER: 08455039

BALANCE SHEET
AS AT 31 AUGUST 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
4,886
-

Investments
 5 
45,220,369
44,423,380

  
45,225,255
44,423,380

Current assets
  

Debtors: amounts falling due after more than one year
 6 
67,979
50,000

Debtors: amounts falling due within one year
 6 
20,816,969
28,926,200

Current asset investments
  
-
900,000

Cash at bank and in hand
  
242,167
4,695,995

  
21,127,115
34,572,195

Creditors: amounts falling due within one year
 7 
(22,669,442)
(31,100,873)

Net current (liabilities)/assets
  
 
 
(1,542,327)
 
 
3,471,322

Total assets less current liabilities
  
43,682,928
47,894,702

Creditors: amounts falling due after more than one year
 8 
(2,995,623)
(1,087,313)

  

Net assets
  
40,687,305
46,807,389


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Share premium account
  
3,753,334
3,753,334

Revaluation reserve
  
31,180,982
30,383,996

Profit and loss account
  
5,751,989
12,669,059

  
40,687,305
46,807,389


Page 1

 
BACARD HOLDINGS LIMITED
REGISTERED NUMBER: 08455039

BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mr G Dallimore
Director

Date: 29 August 2024

The notes on pages 5 to 10 form part of these financial statements.

Page 2

 
BACARD HOLDINGS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2023


Called up share capital
Share premium account
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 September 2022
1,000
3,753,334
30,383,996
12,669,059
46,807,389


Comprehensive income for the year

Loss for the year

-
-
-
(4,120,084)
(4,120,084)

Investment fair value movement
-
-
-
(796,986)
(796,986)

Investment fair value movement
-
-
796,986
-
796,986


Other comprehensive income for the year
-
-
796,986
(796,986)
-


Total comprehensive income for the year
-
-
796,986
(4,917,070)
(4,120,084)


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(2,000,000)
(2,000,000)


Total transactions with owners
-
-
-
(2,000,000)
(2,000,000)


At 31 August 2023
1,000
3,753,334
31,180,982
5,751,989
40,687,305


The notes on pages 5 to 10 form part of these financial statements.

Page 3

 
BACARD HOLDINGS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2022


Called up share capital
Share premium account
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 September 2021
1,000
3,753,334
20,288,594
12,975,629
37,018,557


Comprehensive income for the year

Profit for the year

-
-
-
9,788,832
9,788,832

Investment fair value movement
-
-
-
(10,095,402)
(10,095,402)

Investment fair value movement
-
-
10,095,402
-
10,095,402


Other comprehensive income for the year
-
-
10,095,402
(10,095,402)
-


Total comprehensive income for the year
-
-
10,095,402
(306,570)
9,788,832


Total transactions with owners
-
-
-
-
-


At 31 August 2022
1,000
3,753,334
30,383,996
12,669,059
46,807,389


The notes on pages 5 to 10 form part of these financial statements.

Page 4

 
BACARD HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

1.


General information

Bacard Holdings Limited is a private company limited by shares. It is registered in England and Wales and has a registered office of The Marketing Suite, Baron Way, Kingmoor Business Park, Carlisle, England, CA6 4SJ. Its registered number is 08455039.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 5

 
BACARD HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Office equipment
-
33%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Fair value is measured by the directors using the net asset value of the subsidiary as the basis for determining the fair value of the subsidiary. The subsidiary is a property investment company and the property portfolio is measured at fair value which is reviewed on an annual basis.The net asset value of this company is therefore deemed to accurately reflect the overall fair value of the subsidiary.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other
Page 6

 
BACARD HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)


2.11
Financial instruments (continued)

third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Investments in non-derivative instruments that are equity to the issuer are measured:
at fair value with changes recognised in the Statement of comprehensive income if the shares are publicly traded or their fair value can otherwise be measured reliably;
at cost less impairment for all other investments.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 23 (2022 - 18).

Page 7

 
BACARD HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

4.


Tangible fixed assets





Office equipment

£



Cost or valuation


Additions
5,853



At 31 August 2023

5,853



Depreciation


Charge for the year on owned assets
967



At 31 August 2023

967



Net book value



At 31 August 2023
4,886



At 31 August 2022
-


5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 September 2022
44,423,380


Revaluations
796,989



At 31 August 2023
45,220,369




The historical cost of the other fixed asset investments as at 31 August 2023 was £14,039,384 (2022 £14,039,384).

Page 8

 
BACARD HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

6.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
67,979
50,000

67,979
50,000


2023
2022
£
£

Due within one year

Trade debtors
12,240
3,443

Other debtors
20,772,990
28,922,757

Prepayments and accrued income
31,739
-

20,816,969
28,926,200



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Amounts due from group undertakings
741,530
1,247,859

Trade creditors
343,484
165,379

Other taxation and social security
55,133
41,515

Other creditors
21,523,056
29,639,881

Accruals and deferred income
6,239
6,239

22,669,442
31,100,873



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other creditors
2,995,623
1,087,313

2,995,623
1,087,313



9.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £20,546 (2022 - £21,968). There were no contributions payable to the fund in either year at the balance sheet date. 

Page 9

 
BACARD HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

10.


Related party transactions

The following debtor and (creditor) balances were outstanding at the year end to companies under common control and included in other debtors and other creditors:


2023
2022
£
£

Low Moor Howe Farm Limited
1,379,124
1,287,977
Land and Lakes (Anglesey) Limited
14,328,203
13,102,802
Land and Lakes (Cumbria) Limited
-
1,223,856
Scowie Holdings
-
1,264,868
Developmentco Limited
-
(91,031)
Gardenbreeze Limited
-
(6,710,431)
Highconsult Limited
-
(270,243)
Lorian Properties
275,488
275,443
Sare Properties Limited
-
413
15,982,815
10,083,654

Other related party transactions:
Scowcroft Family Pension Scheme Loan                                                                                                    Included in other debtors are amounts due from the Scowcroft Family Pension Scheme of £- (2022 - £5,000).        
                                                                                                                                                                                                                                                                                                                                                     
Mr A K Scowcroft
There are loans from Mr A K Scowcroft a shareholder and son of Mr B K Scowcroft, included within other creditors totalling £- (2022 - £46,700 other creditors).                   
                                                                                                                                                                        
Family members of Mr B K Scowcroft
Loan notes payable to  family members of Mr B K Scowcroft, totalling £973,294 (2022 - £1,050,731) are included within other creditors falling due after more than one year.                             
                                                                                                                                                                         
Family members of Mr B K Scowcroft
A balance of £2,631,866 (2022 - £4,077,300) is payable to trusts in which  family members of Mr B K Scowcroft are beneficiaries .
                                                                                                                                                                                 
Mr A W Goddard
Included in other creditors is £28,345 (2022 - £28,345 other creditor) due from Mr A W Goddard, a director who resigned in December 2022.
                                                                                                                                                                    
Executors of Mr K Scowcroft
Included in other debtors is £- (2022 - £33,049) due from Executors of Mr K Scowcroft, father of Mr B K Scowcroft.
Mr B K Scowcroft
At the balance sheet date the company owed the director £17,577,054 (2022 - £18,345,570). The loan is unsecured, interest free and repayable on demand.


Page 10