REGISTERED NUMBER: |
BLACKWOOD ESTATES LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
REGISTERED NUMBER: |
BLACKWOOD ESTATES LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
BLACKWOOD ESTATES LIMITED (REGISTERED NUMBER: 08909580) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 29 February 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
BLACKWOOD ESTATES LIMITED |
COMPANY INFORMATION |
for the year ended 29 February 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
100 Boldmere Road |
Sutton Coldfield |
West Midlands |
B73 5UB |
BLACKWOOD ESTATES LIMITED (REGISTERED NUMBER: 08909580) |
BALANCE SHEET |
29 February 2024 |
29/2/24 | 28/2/23 |
Notes | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Non Distributable Reserves | 10 |
Retained earnings | 10 |
SHAREHOLDERS' FUNDS |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
BLACKWOOD ESTATES LIMITED (REGISTERED NUMBER: 08909580) |
BALANCE SHEET - continued |
29 February 2024 |
The financial statements were approved by the director and authorised for issue on |
BLACKWOOD ESTATES LIMITED (REGISTERED NUMBER: 08909580) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 29 February 2024 |
1. | STATUTORY INFORMATION |
Blackwood Estates Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
As at the 29 February 2024, the balance sheet reflected net current liabilities amounting to £996,689. However, included within creditors due within one year is an amount of £1,046,358 due to the director. The director has given assurances that this amount will not be drawn until funds are available and he will continue to support the company. As such the director considers the going concern basis of preparation to be appropriate. |
Turnover |
Turnover represents rents receivable and property sales and is recognised as follows: |
Sale of goods |
Turnover from the sale of properties is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on completion. |
Rental income |
Rental income is recognised in the income statement for the period in which it relates. |
Investment property |
Investment properties are measured at fair value at each reporting date with changes in fair value recognised in the income statement. |
The directors measure the fair value of investment properties at each reporting date. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred 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. |
BLACKWOOD ESTATES LIMITED (REGISTERED NUMBER: 08909580) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 29 February 2024 |
2. | ACCOUNTING POLICIES - continued |
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. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 March 2023 |
Revaluations |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
Fair value at 29 February 2024 is represented by: |
£ |
Valuation in 2024 | 500,000 |
Cost | 3,524,641 |
4,024,641 |
If investment properties had not been revalued they would have been included at the following historical cost: |
29/2/24 | 28/2/23 |
£ | £ |
Cost | 3,524,641 | 3,524,641 |
Investment properties are stated at an open market value as valued by the director. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29/2/24 | 28/2/23 |
£ | £ |
Prepayments |
BLACKWOOD ESTATES LIMITED (REGISTERED NUMBER: 08909580) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 29 February 2024 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29/2/24 | 28/2/23 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Corporation tax payable |
Other creditors |
Directors' loan accounts |
Accrued expenses |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
29/2/24 | 28/2/23 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Bank loans more 5 yr by instal |
Bank loans more 5 yrs non-inst | 2,010,549 | 2,010,549 |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst |
Repayable by instalments |
Bank loans more 5 yr by instal | 358,778 | 363,062 |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
29/2/24 | 28/2/23 |
£ | £ |
Bank loans |
Loans are secured by way of charges on the properties. |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 29/2/24 | 28/2/23 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
BLACKWOOD ESTATES LIMITED (REGISTERED NUMBER: 08909580) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 29 February 2024 |
10. | RESERVES |
Non |
Retained | Distributable |
earnings | Reserves | Totals |
£ | £ | £ |
At 1 March 2023 | 80,990 |
Profit for the year |
Transfer between reserves | (390,000 | ) | 390,000 | - |
At 29 February 2024 | 505,905 |
11. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 29 February 2024 and 28 February 2023: |
29/2/24 | 28/2/23 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced | ( |
) | ( |
) |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
No interest is charged by directors on loans to the company and there are no fixed repayment terms. |