Registered number: 06568854
BWC Wildlife Limited
Unaudited
Financial statements
Information for filing with the registrar
For the year ended 31 March 2024
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BWC Wildlife Limited
Chartered accountants' report to the director on the preparation of the unaudited statutory financial statements of BWC Wildlife Limited for the year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of BWC Wildlife Limited for the year ended 31 March 2024 which comprise the Balance sheet and the related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.
This report is made solely to the director of BWC Wildlife Limited in accordance with the terms of our engagement letter dated 26 March 2024. Our work has been undertaken solely to prepare for your approval the financial statements of BWC Wildlife Limited and state those matters that we have agreed to state to the director of BWC Wildlife Limited in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than BWC Wildlife Limited and its director for our work or for this report.
It is your duty to ensure that BWC Wildlife Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of BWC Wildlife Limited. You consider that BWC Wildlife Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or review of the financial statements of BWC Wildlife Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Kreston Reeves LLP
Chartered Accountants
Springfield House
Springfield Road
Horsham
West Sussex
RH12 2RG
28 August 2024
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BWC Wildlife Limited
Registered number: 06568854
Balance sheet
As at 31 March 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current (liabilities)/assets
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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Page 2
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BWC Wildlife Limited
Registered number: 06568854
Balance sheet (continued)
As at 31 March 2024
The director considers 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 director acknowledges his 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 profit and loss account 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:
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D F Mills
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The notes on pages 4 to 10 form part of these financial statements.
Page 3
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BWC Wildlife Limited
Notes to the financial statements
For the year ended 31 March 2024
BWC Wildlife Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
The financial statements are presented in pounds sterling and have been rounded to the nearest £1.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The following principal accounting policies have been applied:
Turnover represents income from entrance fees, shop and cafe sales, excluding value added tax. A sale is recognised on receipt of the income.
Income from landfill is based on the number of loads tipped on to the land. It is recognised as each load is unloaded.
Donations, included in turnover, are recognised once the company has entilement to the funds, it is probable that the donations will be received and the amount can be measured reliably.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
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 provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life. Depreciation is provided on the following basis:
Fixed assets costing under £500 are written off to the profit and loss account in the year of purchase.
Page 4
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BWC Wildlife Limited
Notes to the financial statements
For the year ended 31 March 2024
2.Accounting policies (continued)
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Provision is made for slow moving, obsolete or damaged stock where the net reaisable value is less than cost.
Stocks of wild animals held by the company are not given any value in these accounts as they have no resale value.
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.
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Cash and cash equivalents
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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.
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 third parties, loans to related parties and investments in ordinary shares.
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.
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
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BWC Wildlife Limited
Notes to the financial statements
For the year ended 31 March 2024
2.Accounting policies (continued)
Interest income is recognised in profit or loss using the effective interest method.
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Hire purchase and leasing commitments
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
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The average monthly number of employees, including directors, during the year was 36 (2023 - 32).
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Page 6
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BWC Wildlife Limited
Notes to the financial statements
For the year ended 31 March 2024
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Charge for the year on owned assets
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Page 7
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BWC Wildlife Limited
Notes to the financial statements
For the year ended 31 March 2024
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Gift and coffee shop stock
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Bank loans and overdrafts
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Other taxation and social security
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Page 8
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BWC Wildlife Limited
Notes to the financial statements
For the year ended 31 March 2024
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Amounts falling due 2-5 years
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Lloyds TSB Bank plc has a fixed and floating charge over the undertaking and all property and assets of the company present and future as security for its loan of £Nil (2023 - £6,998).
BWC Wildlife Ltd had a £50,000 loan from International Wildlife Coalition Trust in February 2020 with fixed interest at 4% per year over 3 years. The director, Mr D F Mills, has given a personal guarantee that he will pay any overdue principal or interest payments on demand. The balance due at the year end was £Nil (2023 £2,778).
The company took out a 5 year Bounce Back loan in May 2020 of £50,000 with fixed interest at 2.5% per year. The balance due at the year end was £21,666 (2023 - £31,667).
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Charged to profit or loss
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Page 9
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BWC Wildlife Limited
Notes to the financial statements
For the year ended 31 March 2024
11.Deferred taxation (continued)
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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Tax losses carried forward
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Allotted, called up and fully paid
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100 (2023 - 100) Ordinary shares of £1 each
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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 £6,606 (2023 - £5,958). Contributions totalling £1,401 (2023 - £Nil) were payable to the fund at the balance sheet date and are included in creditors.
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Commitments under operating leases
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At 31 March 2024 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Related party disclosures
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The centre operates on land owned by Mr D F Mills, a director and shareholder. The company has agreed to pay rent, but no formal lease is in place. Rent paid in the year was £18,000 (2023 - £18,000).
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Page 10
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