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Registration number: 12613422

BW Group Services Limited

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

BW Group Services Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

BW Group Services Limited

Company Information

Directors

C. I. Bestwick

J. K. Mitchell

T. J. Whittle

Company secretary

H. Bestwick

Registered office

Unit 5 Winnings Court
Ormonde Drive
Denby Hall Business Park
Denby
Ripley
DE5 8LE

Accountants

Robert Whowell & Partners LLP
Chartered Accountants
Westwood House
78 Loughborough Road
Quorn
Loughborough
Leicestershire
LE12 8DX

 

BW Group Services Limited

(Registration number: 12613422)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

974,024

527,350

Investments

6

502,500

502,500

 

1,476,524

1,029,850

Current assets

 

Debtors

7

1,096,637

729,539

Cash at bank and in hand

 

105,131

442,274

 

1,201,768

1,171,813

Creditors: Amounts falling due within one year

8

(159,236)

(1,044,105)

Net current assets

 

1,042,532

127,708

Total assets less current liabilities

 

2,519,056

1,157,558

Creditors: Amounts falling due after more than one year

8

(523,131)

(342,730)

Provisions for liabilities

(83,933)

(957)

Net assets

 

1,911,992

813,871

Capital and reserves

 

Called up share capital

9

500,150

500,150

Retained earnings

1,411,842

313,721

Shareholders' funds

 

1,911,992

813,871

 

BW Group Services Limited

(Registration number: 12613422)
Balance Sheet as at 29 February 2024

For the financial year ending 29 February 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 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 Board on 30 September 2024 and signed on its behalf by:
 

.........................................
C. I. Bestwick
Director

 

BW Group Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 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:
Unit 5 Winnings Court
Ormonde Drive
Denby Hall Business Park
Denby
Ripley
DE5 8LE

These financial statements were authorised for issue by the Board on 30 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These 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 except that as disclosed in the accounting policies certain items are shown at fair value.

Departure from requirements of FRS 102 and the Companies Act

It is company policy to maintain the freehold property in a continual state of sound repair and, accordingly, the directors consider that the residual value and life of the freehold property is such that its depreciation would be immaterial. The directors perform annual impairment reviews in accordance with the requirements of FRS 102 to ensure that the recoverable amount is not lower than the carrying value. This treatment is contrary to FRS 102 and the Companies Act but, in the opinion of the directors, is applicable to give a true and fair view. The effect of not departing from FRS 102 and the Companies Act would be to reduce the reported profit for the year by depreciation. The amount of depreciation cannot reasonably be quantified because depreciation is only one of many factors reflected in the annual valuation and the amounts which might otherwise have been shown cannot be separately identified or quantified

Going concern

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

 

BW Group Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Revenue recognition

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

The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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 over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

Not depreciated

 

BW Group Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Furniture, fittings and equipment

25% reducing balance

Motor vehicles

25% reducing balance

Plant and machinery

25% reducing balance

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in the profit and loss account. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtor

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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

BW Group Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a reducing balance basis over the life of the asset. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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 declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

 

BW Group Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Profit before tax

Arrived at after charging:

2024
£

2023
£

Depreciation

106,022

1,679

5

Tangible assets

Freehold land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 March 2023

522,312

-

6,753

-

529,065

Additions

-

17,783

507,241

33,422

558,446

Disposals

-

-

(5,750)

-

(5,750)

At 29 February 2024

522,312

17,783

508,244

33,422

1,081,761

Depreciation

At 1 March 2023

-

-

1,715

-

1,715

Charge for the year

-

4,452

93,203

8,367

106,022

At 29 February 2024

-

4,452

94,918

8,367

107,737

Carrying amount

At 29 February 2024

522,312

13,331

413,326

25,055

974,024

At 28 February 2023

522,312

-

5,038

-

527,350

 

BW Group Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

6

Investments

2024
£

2023
£

Investments in subsidiaries

502,500

502,500

Subsidiaries

£

Cost or valuation

At 1 March 2023

502,500

At 29 February 2024

502,500

Carrying amount

At 29 February 2024

502,500

At 28 February 2023

502,500

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

BW M&E Limited

Unit 5 Winnings Court
Ormonde Drive
Denby Hall Business Park
Denby
Ripley
DE5 8LE

Ordinary

100%

100%

 

BW Group Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

7

Debtors

Current

2024
£

2023
£

Trade debtors

762,623

501,588

Amounts owed by subsidary undertaking

59,782

-

Prepayments

540

-

Other debtors

273,692

227,951

 

1,096,637

729,539

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

86,587

5,730

Trade creditors

 

7,601

1,661

Amounts owed to subsidiary undertaking

11

-

965,783

Taxation and social security

 

61,548

67,431

Accruals and deferred income

 

3,500

3,500

 

159,236

1,044,105


Creditors include bank loans and net obligations under hire purchase contracts which are secured of £86,587 (2023 - £5,730).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

523,131

342,730


Creditors include bank loans and net obligations under hire purchase contracts which are secured of £523,131 (2023 - £342,730).

Creditors include bank loans repayable by instalments of £288,597 (2023 - £299,686) due after more than five years.

 

BW Group Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A shares of £1 each

25

25

25

25

Ordinary B shares of £1 each

25

25

25

25

Ordinary C shares of £1 each

25

25

25

25

Ordinary D shares of £1 each

25

25

25

25

Ordinary E shares of £1 each

25

25

25

25

Ordinary F shares of £1 each

25

25

25

25

Preference shares of £1 each

500,000

500,000

500,000

500,000

500,150

500,150

500,150

500,150

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

331,641

342,730

Hire purchase contracts

191,490

-

523,131

342,730

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,761

5,730

Hire purchase contracts

75,826

-

86,587

5,730

 

BW Group Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

11

Related party transactions

Transactions with directors

2024

At 1 March 2023
£

Advances to director
£

Repayments by director
£

At 29 February 2024
£

C. I. Bestwick

Director's loan

98,110

111,158

(112,881)

96,387

J. K. Mitchell

Director's loan

71,450

103,870

(82,746)

92,574

T. J. Whittle

Director's loan

58,345

95,520

(72,986)

80,879

2023

At 1 March 2022
£

Advances to director
£

Repayments by director
£

At 28 February 2023
£

C. I. Bestwick

Director's loan

(1,166)

110,689

(11,413)

98,110

J. K. Mitchell

Director's loan

29,687

81,900

(40,137)

71,450

T. J. Whittle

Director's loan

2,211

71,547

(15,413)

58,345

Summary of transactions with other related parties

During the year the directors received dividends amounting to £232,000 (2023 - £30,000).