Registrar
Registration number:
Birchwood Capital Limited
for the Year Ended 31 December 2023
Birchwood Capital Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Birchwood Capital Limited
Company Information
Directors |
N A Brooks D C Foreman |
Registered office |
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Bankers |
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Accountants |
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Birchwood Capital Limited
(Registration number: 09879535)
Balance Sheet as at 31 December 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Investments |
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|
|
|
|
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Current assets |
|||
Debtors |
|
|
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Other financial assets |
665,599 |
787,140 |
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Cash at bank and in hand |
|
|
|
|
|
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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|
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net (liabilities)/assets |
( |
|
|
Capital and reserves |
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Called up share capital |
100 |
100 |
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Retained earnings |
(1,127,994) |
475,368 |
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Shareholders' (deficit)/funds |
(1,127,894) |
475,468 |
For the financial year ended 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:
• |
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• |
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.
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 directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
Director
Birchwood Capital Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
The principal place of business is: 100 Birchwood Road, Wilmington, Dartford, Kent, DA2 7HG.
These financial statements were authorised for issue by the
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.
These financial statements are presented in Sterling (£), which is the company's functional currency.
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration receivable for the renting of investment properties and management of associated companies in the ordinary course of the company’s activities.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
Current Tax is recognised in the profit and loss account, 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.
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Birchwood Capital Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.
Depreciation
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Office equipment |
33% straight line |
Investment property
Financial Assets
Financial assets are classified as available for sale financial assets where changes in fair value are charged to the profit and loss account. Realised and unrealised gains and losses arising from the sale and changes in the fair value of the financial assets are included in the period in which they arise.
Financial assets are classified as current if they are expected to be realised within 12 months of the balance sheet date.
Investments
The Company’s investments are stated at cost less provision for impairment. Any impairment is charged to the profit and loss account as it arises.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits.
Trade debtors
Trade debtors are amounts due from customers for renting investment properties and managing associated companies in the ordinary course of business.
Trade debtors are recognised initially at transaction price. 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 receivable.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.
Birchwood Capital Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)
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.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are paid.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Exceptional item |
The Company lent money to multiple related parties to undertake a joint venture development. The projects have not gone to plan and the directors have made provisions against the unrecoverable amount at the balance sheet date.
Birchwood Capital Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)
Tangible assets |
Office equipment |
Total |
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Cost or valuation |
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At 1 January 2023 |
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Additions |
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At 31 December 2023 |
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Depreciation |
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At 1 January 2023 |
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Charge for the year |
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At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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Investment properties |
2023 |
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At 1 January |
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At 31 December |
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The director considers the value of investment property held in the accounts not to be materially different from the market value.
Birchwood Capital Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)
Investments |
2023 |
2022 |
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Investments in associates |
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Associates |
£ |
Cost |
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At 1 January 2023 |
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Additions |
- |
At 31 December 2023 |
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Provision |
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At 1 January 2023 |
- |
Provision |
- |
At 31 December 2023 |
- |
Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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Financial assets |
Financial assets at fair value through profit and loss |
Total |
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Current financial assets |
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Cost or valuation |
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At 1 January 2023 |
787,140 |
787,140 |
Additions |
16,802 |
16,802 |
Disposals |
(35,912) |
(35,912) |
Fair value adjustments |
(102,431) |
(102,431) |
At 31 December 2023 |
665,599 |
665,599 |
Carrying amount |
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At 31 December 2023 |
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665,599 |
Birchwood Capital Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)
Debtors |
2023 |
2022 |
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Trade debtors |
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Other debtors |
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Prepayments and accrued income |
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Included within other debtors are loans to related parties that are repayable on demand. However it is unlikely that they will be received in full during the coming year.
Cash and cash equivalents |
2023 |
2022 |
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Cash at bank |
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Bank overdrafts |
( |
( |
Cash and cash equivalents in statement of cash flows |
20,662 |
91,510 |
Balances held by the company that are not available for use by the company
2023 |
2022 |
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Balances held by the company that are not available for use by the company |
18,655 |
16,735 |
This amount is committed for investment by the company in their existing investment portfolios.
Birchwood Capital Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Trade creditors |
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Loans and borrowings |
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Taxation and social security |
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Other creditors |
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Accruals and deferred income |
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Creditors include bank loans and overdrafts which are secured of £8,034 (2022 - £11,214).
Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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Creditors include bank borrowings which are secured of £895,474 (2022 - £1,425,474).
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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|
|
100 |
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100 |
Birchwood Capital Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)
Loans and borrowings |
Current loans and borrowings
2023 |
2022 |
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Bank borrowings |
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Bank overdrafts |
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Directors loan |
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Non-current loans and borrowings
2023 |
2022 |
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Bank borrowings |
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Directors loan |
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Related party transactions |
Loans to related parties
2023 |
Associates |
Other related parties |
Total |
At start of period |
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Advanced |
- |
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Repaid |
( |
( |
( |
Interest transactions |
- |
|
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Impairment |
- |
( |
( |
At end of period |
- |
|
|
|
2022 |
Associates |
Other related parties |
Total |
At start of period |
|
|
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Advanced |
|
|
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Repaid |
( |
( |
( |
Interest transactions |
|
|
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Impairment |
- |
( |
( |
At end of period |
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Terms of loans to related parties
Birchwood Capital Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)
Loans from related parties
2023 |
Other related parties |
Total |
At start of period |
( |
( |
Advanced |
( |
( |
Repaid |
|
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Interest transactions |
( |
( |
At end of period |
- |
- |
|
2022 |
Other related parties |
Total |
Advanced |
( |
( |
Repaid |
|
|
Interest transactions |
( |
( |
At end of period |
( |
( |
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Terms of loans from related parties