REGISTERED NUMBER: |
STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
BRISTOL & WEST INVESTMENTS PLC |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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: |
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. |
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: |
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. |
for and on behalf of |
Chartered Accountants |
Statutory Auditors |
First Floor, Winston House |
349 Regents Park Road |
London |
N3 1DH |
BRISTOL & WEST INVESTMENTS PLC (REGISTERED NUMBER: 01610013) |
STATEMENT OF COMPREHENSIVE |
INCOME |
FOR THE YEAR ENDED 31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER |
Administrative expenses |
113,417 | (27,988 | ) |
Other operating income | 3 |
OPERATING PROFIT | 5 |
Interest payable and similar expenses | 6 |
PROFIT BEFORE TAXATION |
Tax on profit | 7 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
BRISTOL & WEST INVESTMENTS PLC (REGISTERED NUMBER: 01610013) |
BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
CURRENT ASSETS |
Debtors | 9 |
Cash at bank | 10 |
CREDITORS |
Amounts falling due within one year | 11 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 13 |
Share premium | 14 |
Profit and loss account | 14 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 |
Changes in equity |
Profit for the year | - | 17,520 | - | 17,520 |
Total comprehensive income | - | - |
Balance at 31 March 2023 |
Changes in equity |
Profit for the year | - | 86,378 | - | 86,378 |
Total comprehensive income | - | - |
Balance at 31 March 2024 |
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 | ( |
) |
Interest paid | ( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) |
Net cash from investing activities | ( |
) |
(Decrease)/increase in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
17 |
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 |
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 |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
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 |
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 |
Social security costs |
The average number of employees during the year was as follows: |
2024 | 2023 |
Directors |
2024 | 2023 |
£ | £ |
Directors' remuneration |
5. | OPERATING PROFIT |
The operating profit is stated after charging: |
2024 | 2023 |
£ | £ |
Depreciation - owned assets |
Auditors' remuneration |
Preparation of Financial Statements |
Corporation Tax |
FCA Reporting |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Interest payable |
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 |
Tax on profit |
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 |
Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
Effects of: |
Expenses not deductible for tax purposes |
Depreciation in excess of capital allowances |
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 |
Additions |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
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 |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
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: | £ | £ |
Ordinary Shares | £1.03 | 1,032,971 | 1,032,971 |
14. | RESERVES |
Profit |
and loss | Share |
account | premium | Totals |
£ | £ | £ |
At 1 April 2023 | 3,618,348 |
Profit for the year |
At 31 March 2024 | 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 |
Depreciation charges |
Finance costs | - | 204 |
114,482 | 23,222 |
(Increase)/decrease in trade and other debtors | ( |
) |
Increase/(decrease) in trade and other creditors | ( |
) |
Cash generated from operations | ( |
) |
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 | ( |
) | 1,884,354 |
Total | 3,943,185 | (2,058,831 | ) | 1,884,354 |