REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 December 2023 |
for |
Blanchard Wells Properties Limited |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 9 |
Retained earnings | ( |
) | ( |
) |
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 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2023 |
Revaluations | (320,000 | ) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
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 |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans |
Amounts owed to group undertakings |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans |
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 |
2023 Adjustment | (240,000 | ) |
At 31 December 2023 |
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. |
for and on behalf of |
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. |