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Bollingwood Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 March 2024

Registration number: 05080509

 

Bollingwood Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Bollingwood Limited

Balance Sheet

31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

8,955

13,756

Tangible assets

5

2,406

3,208

Investment property

6

5,187,558

5,061,040

 

5,198,919

5,078,004

Current assets

 

Debtors

7

55,359

37,152

Cash at bank and in hand

 

3,226

4,998

 

58,585

42,150

Creditors: Amounts falling due within one year

8

(119,934)

(1,344,396)

Net current liabilities

 

(61,349)

(1,302,246)

Total assets less current liabilities

 

5,137,570

3,775,758

Creditors: Amounts falling due after more than one year

8

(1,187,500)

-

Provisions for liabilities

(30,043)

(29,406)

Net assets

 

3,920,027

3,746,352

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

3,920,026

3,746,351

Shareholders' funds

 

3,920,027

3,746,352

 

Bollingwood Limited

Balance Sheet

31 March 2024

For the financial year ending 31 March 2024 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 1 October 2024 and signed on its behalf by:
 

.........................................
S J Wells
Director

   
     

Company Registration Number: 05080509

 

Bollingwood Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
Towngate House
2-8 Parkstone Road
Poole
Dorset
BH15 2PW

The principal place of business is:
25a St Clements Road
Bournemouth
Dorset
BH1 4DU

These financial statements were authorised for issue by the Board on 1 October 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 financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in Sterling (£).
 

Going concern

The financial statements have been prepared on a going concern basis as the company has the continued support of its directors.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the renting of properties in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts within the company.

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.

 

Bollingwood Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

Tax

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

The current corporation 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.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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

Plant and machinery

25% reducing balance basis

Office equipment

25% reducing balance basis

Investment property

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

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Registration numbers

10% straight line basis

 

Bollingwood Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

Financial instruments

Classification
The company holds the following financial instruments:

• Short term other debtors and trade and other creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Bollingwood Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

4

Intangible assets

Registration numbers
 £

Total
£

Cost or valuation

At 1 April 2023

48,005

48,005

At 31 March 2024

48,005

48,005

Amortisation

At 1 April 2023

34,249

34,249

Amortisation charge

4,801

4,801

At 31 March 2024

39,050

39,050

Carrying amount

At 31 March 2024

8,955

8,955

At 31 March 2023

13,756

13,756

5

Tangible assets

Furniture, fittings and equipment
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2023

31,859

101,645

133,504

At 31 March 2024

31,859

101,645

133,504

Depreciation

At 1 April 2023

31,208

99,088

130,296

Charge for the year

163

639

802

At 31 March 2024

31,371

99,727

131,098

Carrying amount

At 31 March 2024

488

1,918

2,406

At 31 March 2023

650

2,558

3,208

 

Bollingwood Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

6

Investment properties

2024
£

At 1 April 2022

5,061,040

Additions

126,518

At 31 March 2023

5,187,558

The directors have valued the properties at 31 March 2024 based on valuations from March 2020 and February 2024 provided by Savills (UK) Limited which is an RICS regulated firm.

7

Debtors

2024
£

2023
£

Prepayments

1,291

1,108

Other debtors

54,068

36,044

55,359

37,152

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

50,000

1,282,143

Trade creditors

 

1,236

919

Corporation tax

 

57,321

50,138

Taxation and social security

 

2,467

2,631

Other creditors

 

5,000

5,000

Accruals and deferred income

 

3,910

3,565

 

119,934

1,344,396

 

Bollingwood Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

1,187,500

-

9

Loans and borrowings

Creditors amounts falling due after more than one year includes the following liabilities, on which security has been given by the company:

2024
£

2023
£

Loans and borrowings due after one year

Bank borrowings

1,187,500

-

Creditors amounts falling due within one year includes the following liabilities, on which security has been given by the company:

2024
£

2023
£

Current loans and borrowings

Bank borrowings

50,000

1,282,143

10

Reserves

Included in the profit and loss reserve is £1,197,421 (2023 - £1,168,015) of revaluation gains on investment property.

 

Bollingwood Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

11

Related party transactions

Summary of transactions with other related parties

Calendula Assets Ltd (Group)

S J Wells controls Calendula Assets Ltd group of companies.

The company charged rent of £285,000 (2023 - £285,000) to the group and purchased a property from the group for its market value of £115,500,

At the balance sheet date, the amount due from the group was £53,617 (2023 - £35,197).