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REGISTERED NUMBER: 09185639 (England and Wales)















Financial Statements for the Year Ended 31 December 2023

for

Blanchard Wells Properties Limited

Blanchard Wells Properties Limited (Registered number: 09185639)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Blanchard Wells Properties Limited

Company Information
for the Year Ended 31 December 2023







DIRECTOR: Mr M A Wells





SECRETARY: Mrs L M Tibballs





REGISTERED OFFICE: The Meadows
Forester Road
Soberton Heath
Southampton
Hampshire
SO32 3QG





REGISTERED NUMBER: 09185639 (England and Wales)





AUDITORS: Alliott Wingham Limited
Kintyre House
70 High Street
Fareham
Hampshire
PO16 7BB

Blanchard Wells Properties Limited (Registered number: 09185639)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 11,183,360 11,503,360

CURRENT ASSETS
Debtors 5 42,537 32,302
Cash at bank 75,443 66,648
117,980 98,950
CREDITORS
Amounts falling due within one year 6 56,370 43,933
NET CURRENT ASSETS 61,610 55,017
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,244,970

11,558,377

CREDITORS
Amounts falling due after more than one
year

7

(8,286,609

)

(8,420,707

)

PROVISIONS FOR LIABILITIES (763,237 ) (884,689 )
NET ASSETS 2,195,124 2,252,981

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 9 2,289,712 2,529,712
Retained earnings (94,688 ) (276,831 )
2,195,124 2,252,981

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 28 August 2024 and were signed by:





Mr M A Wells - Director


Blanchard Wells Properties Limited (Registered number: 09185639)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Blanchard Wells Properties 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 presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going concern
The directors have taken consideration of the impact of COVID-19 on the business and the withdrawal of the United Kingdom from the European Union. The directors note that the company is trading adequately and has sufficient working capital and other finance available to continue trading for a period of not less than 12 months from the date of signing these financial statements. As such, the directors believe that there are no significant uncertainties in their assessment of whether the business is a going concern and therefore have prepared the accounts on a going concern basis.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgement, estimates and assumptions that effect the amounts reported for assets and liabilities as reported at the balance sheet date and the amounts reported for revenues and expenses in the year.

In preparing these financial statements, the directors have made the following judgement:

Impairment
Determine whether there are indicators of impairment of the company's tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and its market valuation.

Other key sources of estimation uncertainty:

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

Creditors
Short term trade 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.

Turnover
Turnover represents the amount derived from ordinary activities, and is stated after trade discounts and sales related taxes where applicable. Turnover represents the fair value of gross rents received or receivable on all properties held in the company. Amounts are accrued and deferred to the period in which they relate.

Investment property
Investment property is shown at the most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Properties are valued annually at market value with vacant possession. It is assumed that a marketing period of six months is required to achieve these values. There is an inevitable degree of judgement involved in that each property is unique and value can only ultimately be reliably tested in the market itself.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either 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.


Blanchard Wells Properties Limited (Registered number: 09185639)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Provisions for liabilities
Provisions are recognised when the group has a present obligation (legal or constructive) as a result of a past event, it is probable that the group will be required to settle the obligation, and a reliable estimate can be made of the obligation amount.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance costs in the profit or loss in the period it arises.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023 11,503,360
Revaluations (320,000 )
At 31 December 2023 11,183,360
NET BOOK VALUE
At 31 December 2023 11,183,360
At 31 December 2022 11,503,360

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2015 489,500
Valuation in 2016 461,500
Valuation in 2017 165,000
Valuation in 2018 17,234
Valuation in 2021 940,615
Valuation in 2022 1,299,100
Valuation in 2023 (320,000 )
Cost 8,130,411
11,183,360

Blanchard Wells Properties Limited (Registered number: 09185639)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. INVESTMENT PROPERTY - continued

Investment properties have been valued at their fair value at 31 December 2022 by Pearsons Estate Agents, who are not connected to the company. The fair value has been determined on an open market basis, by reference to market evidence of transaction prices for similar properties. At 31 December 2023 the property valuations were adjusted on an open market basis by the Directors.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 1,929 -
Other debtors 40,608 32,302
42,537 32,302

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Other creditors 56,370 43,933

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans 5,174,650 5,174,650
Amounts owed to group undertakings 3,111,959 3,246,057
8,286,609 8,420,707

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 5,174,650 5,174,650

8. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank loans 5,174,650 5,174,650

At the year end Paragon Bank PLC has secured its mortgage on some of the individual Investment Property by way of a first legal fixed charge.

Group companies Taine Holdings Limited and Blanchard Wells (Holdings) Limited have a floating debenture secured over all assets of the company.

9. RESERVES
Fair
value
reserve
£   
At 1 January 2023 2,529,712
2023 Adjustment (240,000 )

At 31 December 2023 2,289,712

Blanchard Wells Properties Limited (Registered number: 09185639)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mark Nolan FCA (Senior Statutory Auditor)
for and on behalf of Alliott Wingham Limited

11. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

During the year the company rented a residential property to a related party, total rent equalled £5,700 (2022: £5,700). There were no amounts outstanding at the year end.

12. ULTIMATE CONTROLLING PARTY

At the year end the parent and ultimate parent company was Taine Holdings Limited which is incorporated in England & Wales.

The ultimate controlling party is Mr M A Wells.