Registration number:
BW Group Services Limited
for the Year Ended 29 February 2024
BW Group Services Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
BW Group Services Limited
Company Information
Directors |
C. I. Bestwick J. K. Mitchell T. J. Whittle |
Company secretary |
H. Bestwick |
Registered office |
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Accountants |
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BW Group Services Limited
(Registration number: 12613422)
Balance Sheet as at 29 February 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Debtors |
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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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( |
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Net current assets |
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Total assets less current liabilities |
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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 assets |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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Shareholders' funds |
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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:
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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
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BW Group Services Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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 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
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
BW Group Services Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
Profit before tax |
Arrived at after charging:
2024 |
2023 |
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Depreciation |
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Tangible assets |
Freehold land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 March 2023 |
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- |
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- |
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Additions |
- |
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Disposals |
- |
- |
( |
- |
( |
At 29 February 2024 |
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Depreciation |
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At 1 March 2023 |
- |
- |
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- |
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Charge for the year |
- |
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At 29 February 2024 |
- |
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Carrying amount |
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At 29 February 2024 |
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At 28 February 2023 |
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- |
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- |
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BW Group Services Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
Investments |
2024 |
2023 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 March 2023 |
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At 29 February 2024 |
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Carrying amount |
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At 29 February 2024 |
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At 28 February 2023 |
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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 |
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2024 |
2023 |
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Subsidiary undertakings |
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Unit 5 Winnings Court
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BW Group Services Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
Debtors |
Current |
2024 |
2023 |
Trade debtors |
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Amounts owed by subsidary undertaking |
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- |
Prepayments |
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- |
Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts owed to subsidiary undertaking |
- |
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Taxation and social security |
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Accruals and deferred income |
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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 |
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Due after one year |
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Loans and borrowings |
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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
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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25 |
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25 |
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25 |
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25 |
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25 |
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25 |
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25 |
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25 |
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25 |
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25 |
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25 |
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25 |
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500,000 |
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500,000 |
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Loans and borrowings |
Non-current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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Hire purchase contracts |
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- |
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Current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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Hire purchase contracts |
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- |
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BW Group Services Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
Related party transactions |
Transactions with directors |
2024 |
At 1 March 2023 |
Advances to director |
Repayments by director |
At 29 February 2024 |
C. I. Bestwick |
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Director's loan |
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( |
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J. K. Mitchell |
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Director's loan |
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( |
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T. J. Whittle |
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Director's loan |
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( |
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2023 |
At 1 March 2022 |
Advances to director |
Repayments by director |
At 28 February 2023 |
C. I. Bestwick |
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Director's loan |
( |
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( |
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J. K. Mitchell |
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Director's loan |
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( |
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T. J. Whittle |
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Director's loan |
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( |
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Summary of transactions with other related parties