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Registration number: 10975416

Backwell Investments Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Backwell Investments Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Backwell Investments Limited

Company Information

Director

Mr A M Britton

Registered office

Church Farm
Little Sodbury
Bristol
BS37 6QA

Accountants

Ross & Partners (Bristol) Limited
Accountants and Tax Consultants
Unit 1, Office 1
Tower Lane Business Park
Tower Lane
Warmley
Bristol
BS30 8XT

 

Backwell Investments Limited

(Registration number: 10975416)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

3

5,245

6,567

Investment property

4

3,419,586

3,714,442

 

3,424,831

3,721,009

Current assets

 

Debtors

5

80,439

3,210

Cash at bank and in hand

 

530,290

100,625

 

610,729

103,835

Creditors: Amounts falling due within one year

6

(108,891)

(77,866)

Net current assets

 

501,838

25,969

Total assets less current liabilities

 

3,926,669

3,746,978

Creditors: Amounts falling due after more than one year

6

(3,413,066)

(3,409,700)

Net assets

 

513,603

337,278

Capital and reserves

 

Called up share capital

7

1,000

1,000

Retained earnings

512,603

336,278

Shareholders' funds

 

513,603

337,278

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Backwell Investments Limited

(Registration number: 10975416)
Balance Sheet as at 31 December 2023

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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 23 July 2024
 

.........................................
Mr A M Britton
Director

 

Backwell Investments Limited

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

1

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 that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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 current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income 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 balance sheet 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.

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

Furniture and fittings

25% reducing balance

 

Backwell Investments Limited

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

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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 customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 receivables.

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 subsequently measured at amortised cost using the effective interest method.

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.

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.

 

Backwell Investments Limited

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

2

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

3

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

10,779

10,779

Additions

427

427

At 31 December 2023

11,206

11,206

Depreciation

At 1 January 2023

4,212

4,212

Charge for the year

1,749

1,749

At 31 December 2023

5,961

5,961

Carrying amount

At 31 December 2023

5,245

5,245

At 31 December 2022

6,567

6,567

 

Backwell Investments Limited

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

4

Investment properties

2023
£

At 1 January

3,714,442

Disposals

(294,856)

At 31 December

3,419,586

There has been no valuation of investment property by an independent valuer.

5

Debtors

2023
£

2022
£

Prepayments

40

40

Other debtors

80,399

3,170

80,439

3,210

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

53,858

32,009

Accruals and deferred income

2,551

2,016

Other creditors

52,482

43,841

108,891

77,866

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

3,413,066

3,409,700

 

Backwell Investments Limited

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

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000

         

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

3,413,066

3,409,700

9

Related party transactions

Loans from related parties

2023

Key management
£

Other related parties
£

Total
£

At start of period

3,409,700

9,511

3,419,211

Advanced

3,639

-

3,639

Repaid

(273)

-

(273)

At end of period

3,413,066

9,511

3,422,577

2022

Key management
£

Other related parties
£

Total
£

At start of period

2,576,505

9,511

2,586,016

Advanced

1,033,199

-

1,033,199

Repaid

(200,004)

-

(200,004)

At end of period

3,409,700

9,511

3,419,211