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Registration number: 00441858

Burwin Investments Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 December 2023

 

Burwin Investments Limited

Contents

Company Information

1

Directors' Report

2

Abridged Profit and Loss Account

3

Abridged Balance Sheet

4 to 5

Statement of Changes in Equity

6

Notes to the Unaudited Abridged Financial Statements

7 to 11

 

Burwin Investments Limited

Company Information

Directors

M A Wingfield

C A Wingfield

Registered office

34 Glenferness Avenue
Bournemouth
Dorset
BH4 9NQ

Accountants

Tudor Payne & Co
Chartered Accountants
54 Parkstone Road
Poole
Dorset
BH15 2PG

 

Burwin Investments Limited

Directors' Report for the Year Ended 31 December 2023

The directors present their report and the abridged financial statements for the year ended 31 December 2023.

Directors of the company

The directors who held office during the year were as follows:

M A Wingfield

C A Wingfield

Principal activity

The principal activity of the company is that of property management

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 11 September 2024 and signed on its behalf by:
 

.........................................
C A Wingfield
Director

 

Burwin Investments Limited

Abridged Profit and Loss Account for the Year Ended 31 December 2023

Note

2023
£

2022
£

Gross profit

 

53,174

48,421

Administrative expenses

 

(31,592)

(28,747)

Other interest receivable and similar income

 

241

1,919

Interest payable and similar expenses

 

(8,125)

(6,198)

Profit before tax

13,698

15,395

Tax on profit

 

(2,602)

(2,925)

Profit for the financial year

 

11,096

12,470

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Burwin Investments Limited

(Registration number: 00441858)
Abridged Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

725,000

725,000

Current assets

 

Stocks

5

2,777,531

2,714,526

Debtors

6

16,360

28,297

Cash at bank and in hand

 

109,368

149,370

 

2,903,259

2,892,193

Creditors: Amounts falling due within one year

(8,116)

(8,439)

Net current assets

 

2,895,143

2,883,754

Total assets less current liabilities

 

3,620,143

3,608,754

Creditors: Amounts falling due after more than one year

(214,165)

(214,171)

Provisions for liabilities

(116,490)

(116,490)

Accruals and deferred income

 

(3,480)

(3,181)

Net assets

 

3,286,008

3,274,912

Capital and reserves

 

Called up share capital

7

202

202

Other reserves

668,247

668,247

Retained earnings

2,617,559

2,606,463

Shareholders' funds

 

3,286,008

3,274,912

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.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

 

Burwin Investments Limited

(Registration number: 00441858)
Abridged Balance Sheet as at 31 December 2023

Approved and authorised by the Board on 11 September 2024 and signed on its behalf by:
 

.........................................
C A Wingfield
Director

 

Burwin Investments Limited

Statement of Changes in Equity for the Year Ended 31 December 2023

Share capital
£

Non-distributable reserve
£

Other reserves
£

Retained earnings
£

Total
£

At 1 January 2023

202

613,109

55,138

2,606,463

3,274,912

Profit for the year

-

-

-

11,096

11,096

At 31 December 2023

202

613,109

55,138

2,617,559

3,286,008

Share capital
£

Non-distributable reserve
£

Other reserves
£

Retained earnings
£

Total
£

At 1 January 2022

202

613,109

55,138

2,593,993

3,262,442

Profit for the year

-

-

-

12,470

12,470

At 31 December 2022

202

613,109

55,138

2,606,463

3,274,912

 

Burwin Investments Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
34 Glenferness Avenue
Bournemouth
Dorset
BH4 9NQ

These financial statements were authorised for issue by the Board on 11 September 2024.

2

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 abridged 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 abridged 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

 

Burwin Investments Limited

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

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

Fixtures and fittings

25% p.a. reducing balance

Office equipment

25% p.a. reducing balance

Investment property

Investment properties are stated at the directors' estimate of current market value. The market value of the properties used in the accounts is £725,000 compared with the original cost plus improvements of £114,086.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Burwin Investments Limited

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

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 2).

 

Burwin Investments Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

6,366

6,366

At 31 December 2023

6,366

6,366

Depreciation

At 1 January 2023

6,366

6,366

At 31 December 2023

6,366

6,366

Carrying amount

At 31 December 2023

-

-

Investment properties

2023
£

At 1 January

725,000

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

5

Stocks

2023
£

2022
£

Work in progress

2,777,531

2,714,526

6

Debtors

Debtors includes £Nil (2022 - £Nil) due after more than one year.

7

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

202

202

202

202

       
 

Burwin Investments Limited

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

8

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

9

Dividends

The directors are recommending a final dividend of £Nil (2022 - £Nil) per share totalling £Nil (2022 - £Nil). This dividend has not been accrued in the balance sheet.