IRIS Accounts Production v24.2.0.383 01610013 Board of Directors 1.4.23 31.3.24 31.3.24 true false true true false false true false Ordinary Shares 1.03000 Ordinary Shares 1.03000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh016100132023-03-31016100132024-03-31016100132023-04-012024-03-31016100132022-03-31016100132022-04-012023-03-31016100132023-03-3101610013ns15:EnglandWales2023-04-012024-03-3101610013ns14:PoundSterling2023-04-012024-03-3101610013ns10:Director12023-04-012024-03-3101610013ns10:PublicLimitedCompanyPLC2023-04-012024-03-3101610013ns10:FRS1022023-04-012024-03-3101610013ns10:Audited2023-04-012024-03-3101610013ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-04-012024-03-3101610013ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-04-012024-03-3101610013ns10:FullAccounts2023-04-012024-03-3101610013ns10:OrdinaryShareClass12023-04-012024-03-3101610013ns10:Director22023-04-012024-03-3101610013ns10:Director32023-04-012024-03-3101610013ns10:Director42023-04-012024-03-3101610013ns10:RegisteredOffice2023-04-012024-03-3101610013ns5:CurrentFinancialInstruments2024-03-3101610013ns5:CurrentFinancialInstruments2023-03-3101610013ns5:ShareCapital2024-03-3101610013ns5:ShareCapital2023-03-3101610013ns5:SharePremium2024-03-3101610013ns5:SharePremium2023-03-3101610013ns5:RetainedEarningsAccumulatedLosses2024-03-3101610013ns5:RetainedEarningsAccumulatedLosses2023-03-3101610013ns5:ShareCapital2022-03-3101610013ns5:RetainedEarningsAccumulatedLosses2022-03-3101610013ns5:SharePremium2022-03-3101610013ns5:RetainedEarningsAccumulatedLosses2022-04-012023-03-3101610013ns5:RetainedEarningsAccumulatedLosses2023-04-012024-03-3101610013ns5:FurnitureFittings2023-04-012024-03-3101610013ns5:MotorVehicles2023-04-012024-03-3101610013ns5:ComputerEquipment2023-04-012024-03-310161001312023-04-012024-03-310161001312022-04-012023-03-3101610013ns5:OwnedAssets2023-04-012024-03-3101610013ns5:OwnedAssets2022-04-012023-03-3101610013112023-04-012024-03-3101610013112022-04-012023-03-3101610013122023-04-012024-03-3101610013122022-04-012023-03-3101610013132023-04-012024-03-3101610013132022-04-012023-03-3101610013ns5:FurnitureFittings2023-03-3101610013ns5:MotorVehicles2023-03-3101610013ns5:ComputerEquipment2023-03-3101610013ns5:FurnitureFittings2024-03-3101610013ns5:MotorVehicles2024-03-3101610013ns5:ComputerEquipment2024-03-3101610013ns5:FurnitureFittings2023-03-3101610013ns5:MotorVehicles2023-03-3101610013ns5:ComputerEquipment2023-03-3101610013ns10:OrdinaryShareClass12024-03-3101610013ns5:RetainedEarningsAccumulatedLosses2023-03-3101610013ns5:SharePremium2023-03-31
REGISTERED NUMBER: 01610013 (England and Wales)




















STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

BRISTOL & WEST INVESTMENTS PLC

BRISTOL & WEST INVESTMENTS PLC (REGISTERED NUMBER: 01610013)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Statement of Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Financial Statements 14


BRISTOL & WEST INVESTMENTS PLC

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: P Klein
K Liss
J Abudarham
D Klein





REGISTERED OFFICE: First Floor
Winston House
349 Regents Park Road
London
N3 1DH





REGISTERED NUMBER: 01610013 (England and Wales)





AUDITORS: Melinek Fine LLP
Chartered Accountants
Statutory Auditors
First Floor, Winston House
349 Regents Park Road
London
N3 1DH

BRISTOL & WEST INVESTMENTS PLC (REGISTERED NUMBER: 01610013)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024


The directors present their strategic report for the year ended 31 March 2024.

PRINCIPAL ACTIVITIES AND REVIEW OF BUSINESS
The principal activity during the year remained that of mortgage lending.

Development and Performance

The statement of comprehensive income is set out on page 8 and shows turnover for the year of £266,597 (2023: £ 121,721) and a profit before tax for the year of £113,417 (2023: 22,173). The turnover is lower compared to last year due to no significant new loans advanced or repaid during the year.

The company is continuing looking to increase its lending. At the year end the company has a loan book balance of £2,900,540 (2023: £730,471).


Covid-19
There have been no events since the Balance Sheet date, which materially affect the position of the company specifically in relation to Covid-19. The director also believes that Covid-19 could provide more lending opportunities if banks make it more difficult to borrow.

PRINCIPAL RISKS AND UNCERTAINTIES
The main risks to the business are to remain competitive and to manage the financial instruments risks.

The company's financial instruments comprise cash and liquid resources and various items that arise directly from its operations. The purpose of these financial instruments is to fund mortgage advances made by the company and to provide the company's working capital.

The company's policy in respect of risk is to ensure that adequate security exists before making the advance through appropriate checks on the security valuation, the ability for the client to service the loan, and credit checks on the client. The company then constantly monitors the advances to ensure recoverability.

All material financial assets attract interest at a rate determined by management and the rate can be varied. The rate for determining interest is based on a detailed risk assessment.

The company's policy in respect of liquidity risk, is to maintain sufficient funds for loans through its' own capital to service the budgeted lending.The company's credit risk is primarily attributable to its debtors. Credit risk is managed by running identity and credit checks on new customers, monitoring payments against contractual agreements and ensuring that lending is redeemed within the contractual agreements.

There were no bank borrowings as at 31 March 2024.

KEY PERFORMANCE INDICATORS
The directors use a variety of key performance indicators to effectively measure the development, performance and position of the business, which include:

Gross profit margin: 100% (2023: 100%)
Net profit margin: 42.54% (2023: 18.22%)
Loan book size: £2,900,540

The gross profit margin is 100% due to no direct costs

There are no non financial KPIs for the company.


BRISTOL & WEST INVESTMENTS PLC (REGISTERED NUMBER: 01610013)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

SUPPLIER TERMS
The company has no specific policy and the company settles all outstanding invoices on the due date.

ON BEHALF OF THE BOARD:





P Klein - Director


23 July 2024

BRISTOL & WEST INVESTMENTS PLC (REGISTERED NUMBER: 01610013)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024


The directors present their report with the financial statements of the company for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of a mortgage lender, specialising in short term bridging finance, for both residential and commercial properties in the UK.

Bristol and West Investments Plc is authorised and regulated by the Financial Conduct Authority.

There have been no changes in the company's activities in the year under review.

DIVIDENDS
No dividends will be distributed for the year ended 31 March 2024.

FUTURE DEVELOPMENTS
Bristol and West Investments plan to continue to lend in the future in the pace they are lending now with some large loans and some smaller ones.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

P Klein
K Liss
J Abudarham
D Klein

FINANCIAL INSTRUMENTS
This section is shown in the strategic report.

SUBSTANTIAL INTERESTS
As at the date of this report Sandford Investments Overseas Limited a company registered in British Virgin Islands held 99.99% of the issued ordinary share capital of the company. The number of ordinary shares held was 999,999.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-state whether applicable accounting standards have been followed, subject to any material departures disclosed and
explained in the financial statements;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

BRISTOL & WEST INVESTMENTS PLC (REGISTERED NUMBER: 01610013)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
Melinek Fine LLP have expressed their willingness to continue in office as auditors and a resolution to reappoint them will be proposed at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





P Klein - Director


23 July 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BRISTOL & WEST INVESTMENTS PLC


Opinion
We have audited the financial statements of Bristol & West Investments PLC (the 'company') for the year ended 31 March 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BRISTOL & WEST INVESTMENTS PLC


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BRISTOL & WEST INVESTMENTS PLC


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our: general commercial and sector experience; through verbal and written communications with those charged with governance and other management; and via inspection of the company's regulatory and legal correspondence.

We discussed with those charged with governance and other management the policies and procedures regarding compliance with laws and regulations.

We communicated identified laws and regulations to our team and remained alert to any indicators of non-compliance throughout the audit, we also specifically considered where and how fraud may occur within the company.

The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the company is subject to laws and regulations that directly affect the financial statements, including: the company's constitution, relevant financial reporting standards; company law; tax legislation and distributable profits legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Secondly the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on the amounts or disclosures in the financial statements, for instance through the imposition of fines and penalties, or through losses arising from litigation. We identified the following area as most likely to have such an affect, being loan regulations and FCA registered.
International Standards on Auditing (UK) (ISAs (UK)) limit the required procedures to identify non-compliance with these laws and regulations, and no procedures over and above those already noted are required. These limited procedures did not identify any actual or suspected non-compliance with laws and regulations that could have a material impact on the financial statements.

In relation to fraud, we performed the following specific procedures in addition to those already noted:

Challenging assumptions made by management in its significant accounting estimates.

Identifying and testing journal entries, in particular any entries posted with unusual nominal ledger account
combinations, journal entries crediting cash or any revenue account, journal entries posted by senior management.

Performing analytical procedures to identify unexpected movements in account balances which may be indicative of fraud;

Ensuring that testing undertaken on both the performance statements and the Balance Sheet includes a number of items selected on a random basis.

These procedures did not identify any actual or suspected fraudulent irregularity that could have a material impact on the financial statements.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with International Standards on Auditing (UK)(ISAs (UK)). For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the procedures that we are required to undertake would identify it. In addition, as with any audit, there remains a high risk of non-detection of irregularities, as these might involve collusion, forgery, intentional omissions, misrepresentation, or the override of internal controls. We are not responsible for preventing non-compliance with laws and regulations or fraud,
and cannot be expected to detect non-compliance with all laws and regulations or every incidence of fraud.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BRISTOL & WEST INVESTMENTS PLC

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




DANIEL FINE (Senior Statutory Auditor)
for and on behalf of Melinek Fine LLP
Chartered Accountants
Statutory Auditors
First Floor, Winston House
349 Regents Park Road
London
N3 1DH

23 July 2024

BRISTOL & WEST INVESTMENTS PLC (REGISTERED NUMBER: 01610013)

STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £   

TURNOVER 266,597 121,721

Administrative expenses 153,180 149,709
113,417 (27,988 )

Other operating income 3 - 50,365
OPERATING PROFIT 5 113,417 22,377


Interest payable and similar expenses 6 - 204
PROFIT BEFORE TAXATION 113,417 22,173

Tax on profit 7 27,039 4,653
PROFIT FOR THE FINANCIAL YEAR 86,378 17,520

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

86,378

17,520

BRISTOL & WEST INVESTMENTS PLC (REGISTERED NUMBER: 01610013)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 1,895 1,861

CURRENT ASSETS
Debtors 9 2,900,540 730,471
Cash at bank 10 1,884,354 3,943,185
4,784,894 4,673,656
CREDITORS
Amounts falling due within one year 11 49,092 24,198
NET CURRENT ASSETS 4,735,802 4,649,458
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,737,697

4,651,319

CAPITAL AND RESERVES
Called up share capital 13 1,032,971 1,032,971
Share premium 14 2,004,560 2,004,560
Profit and loss account 14 1,700,166 1,613,788
SHAREHOLDERS' FUNDS 4,737,697 4,651,319

The financial statements were approved by the Board of Directors and authorised for issue on 23 July 2024 and were signed on its behalf by:





P Klein - Director


BRISTOL & WEST INVESTMENTS PLC (REGISTERED NUMBER: 01610013)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024

Called up Profit
share and loss Share Total
capital account premium equity
£    £    £    £   
Balance at 1 April 2022 1,032,971 1,596,268 2,004,560 4,633,799

Changes in equity
Profit for the year - 17,520 - 17,520
Total comprehensive income - 17,520 - 17,520
Balance at 31 March 2023 1,032,971 1,613,788 2,004,560 4,651,319

Changes in equity
Profit for the year - 86,378 - 86,378
Total comprehensive income - 86,378 - 86,378
Balance at 31 March 2024 1,032,971 1,700,166 2,004,560 4,737,697

BRISTOL & WEST INVESTMENTS PLC (REGISTERED NUMBER: 01610013)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 16 (2,052,856 ) 1,367,361
Interest paid - (204 )
Tax paid (4,876 ) (47,478 )
Net cash from operating activities (2,057,732 ) 1,319,679

Cash flows from investing activities
Purchase of tangible fixed assets (1,099 ) -
Net cash from investing activities (1,099 ) -

(Decrease)/increase in cash and cash equivalents (2,058,831 ) 1,319,679
Cash and cash equivalents at beginning
of year

17

3,943,185

2,623,506

Cash and cash equivalents at end of year 17 1,884,354 3,943,185

BRISTOL & WEST INVESTMENTS PLC (REGISTERED NUMBER: 01610013)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Bristol & West Investments PLC is a private company , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The principal operation of the company is disclosed in the strategic report.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going Concern
The directors have prepared detailed projected information to 31 March 2025. We support this opinion based on our current and expected cash reserves, our much reduced overheads and a strong capital base. Summary projections beyond April 2025 indicate we have sufficient reserves to cover operating costs for the foreseeable future.
The accounts have been prepared on the going concern basis as the directors consider the company to have adequate resources to continue in operational existence for the foreseeable future, which the directors consider to be 12 months from the date of approval of the financial statements.

Income recognition and Turnover
Turnover represents interest on loans advanced. Interest income is recognised on an amortised cost basis, unless the outstanding balance is in excess of the expected realisable value of any asset, in which case it is excluded from the profit or loss account. Bridging loans, also included in mortgage advances in the balance sheet, earn interest on a daily basis.

Bad debt provision
Following a review of all of our mortgage advances, the provision represents the specific amount required to reduce the outstanding balance of any impaired asset to its expected realisable value, after adjusting for any recoveries anticipated. The provision is deducted from Trade debtors rather than being shown as a separate provision on the balance sheet.

Impairment of debts
Because the loans are charged against a property the capital is usually fully recoverable.

Tangible fixed assets
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.
Fixtures and fittings - 33% on cost
Motor vehicles - 25% on cost
Computer equipment - 20% on cost

BRISTOL & WEST INVESTMENTS PLC (REGISTERED NUMBER: 01610013)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
Bristol and West Investments is following FRS 102 sections 11 and 12 for financial instruments.

As per note 10 a financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost unless they are classified as receivable within one year in which case they are measured at the undiscounted amount of the cash or other consideration expected to be received net of impairment.

Financial liabilities that are classified as payable within one year are subsequently measured at the undiscounted amount of the cash or other consideration expected to be paid.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset or settle the liability simultaneously.

Taxation
Taxation for the year comprises current tax. Tax is recognised in the profit or loss account Statement of Comprehensive Incomeexcept to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current 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.

3. OTHER OPERATING INCOME
2024 2023
£    £   
Other Income - 50,365

Other operating income relates to the write back of liabilities which are no longer deemed to be recoverable. These liabilities relate to a share re-organisation and due to the length of time which has elapsed they are no longer deemed to be liabilities and hence they have been written back.

BRISTOL & WEST INVESTMENTS PLC (REGISTERED NUMBER: 01610013)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 122,000 122,000
Social security costs 9,324 10,082
131,324 132,082

The average number of employees during the year was as follows:
2024 2023

Directors 2 2

2024 2023
£    £   
Directors' remuneration 122,000 122,000

5. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Depreciation - owned assets 1,065 845
Auditors' remuneration 5,100 5,100
Preparation of Financial Statements 1,750 1,750
Corporation Tax 250 250
FCA Reporting 1,000 1,000

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Interest payable - 204

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 27,039 4,653
Tax on profit 27,039 4,653

BRISTOL & WEST INVESTMENTS PLC (REGISTERED NUMBER: 01610013)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 113,417 22,173
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

28,354

4,213

Effects of:
Expenses not deductible for tax purposes 684 279
Depreciation in excess of capital allowances 8 161

Marginal relief (2,007 ) -
Total tax charge 27,039 4,653

8. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 April 2023 2,637 9,103 63,342 75,082
Additions - - 1,099 1,099
At 31 March 2024 2,637 9,103 64,441 76,181
DEPRECIATION
At 1 April 2023 2,637 9,103 61,481 73,221
Charge for year - - 1,065 1,065
At 31 March 2024 2,637 9,103 62,546 74,286
NET BOOK VALUE
At 31 March 2024 - - 1,895 1,895
At 31 March 2023 - - 1,861 1,861

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,900,540 730,471

10. CASH AT BANK
2024 2023
£    £   
Bank account no. 1 1,884,354 3,943,185

BRISTOL & WEST INVESTMENTS PLC (REGISTERED NUMBER: 01610013)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Tax 26,816 4,653
Social security and other taxes 9,082 4,696
Other creditors 6,488 6,948
Accruals and deferred income 6,706 7,901
49,092 24,198

12. FINANCIAL INSTRUMENTS

2024 2023
£    £   

Financial assets measured at amortised cost 2,900,540 730,471

Financial liabilities measured at amortised cost 6,488 6,948

Financial assets measured at amortised cost are comprised of trade debtors.

Financial liabilities measured at amortised cost are comprised of other creditors of £6,448 (2023: £6,948).

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,000,000 Ordinary Shares £1.03 1,032,971 1,032,971

14. RESERVES
Profit
and loss Share
account premium Totals
£    £    £   

At 1 April 2023 1,613,788 2,004,560 3,618,348
Profit for the year 86,378 86,378
At 31 March 2024 1,700,166 2,004,560 3,704,726

All profits are distributable as there are no realised gains or losses.

15. RELATED PARTY DISCLOSURES

Transactions
Other than Directors remuneration there were no related party transactions during the year.

Controlling Party and Ultimate Holding Company
The parent company is Sandford Investments Overseas Limited a company registered in British Virgin Islands.The directors regard Southwark Holdings Limited and Line Trust Corporation Limited as trustee of The Malaga Settlement, both registered in Gibraltar, as respectively the ultimate holding company and controlling party.

BRISTOL & WEST INVESTMENTS PLC (REGISTERED NUMBER: 01610013)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


16. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2024 2023
£    £   
Profit before taxation 113,417 22,173
Depreciation charges 1,065 845
Finance costs - 204
114,482 23,222
(Increase)/decrease in trade and other debtors (2,170,069 ) 1,402,648
Increase/(decrease) in trade and other creditors 2,731 (58,509 )
Cash generated from operations (2,052,856 ) 1,367,361

17. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 1,884,354 3,943,185
Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 3,943,185 2,623,506


18. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank 3,943,185 (2,058,831 ) 1,884,354
3,943,185 (2,058,831 ) 1,884,354
Total 3,943,185 (2,058,831 ) 1,884,354