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REGISTERED NUMBER: 08909580 (England and Wales)






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: H Parmar





REGISTERED OFFICE: 100 Boldmere Road
Sutton Coldfield
West Midlands
B73 5UB





REGISTERED NUMBER: 08909580 (England and Wales)





ACCOUNTANTS: Weatherer Bailey Bragg
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 4,024,641 3,524,641

CURRENT ASSETS
Debtors 5 40,167 42,151
Cash at bank 33,447 18,047
73,614 60,198
CREDITORS
Amounts falling due within one year 6 (1,070,303 ) (1,084,610 )
NET CURRENT LIABILITIES (996,689 ) (1,024,412 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,027,952

2,500,229

CREDITORS
Amounts falling due after more than one
year

7

(2,411,947

)

(2,419,139

)

PROVISIONS FOR LIABILITIES (110,000 ) -
NET ASSETS 506,005 81,090

CAPITAL AND RESERVES
Called up share capital 9 100 100
Non Distributable Reserves 10 390,000 -
Retained earnings 10 115,905 80,990
SHAREHOLDERS' FUNDS 506,005 81,090

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 25 November 2024 and were signed by:





H Parmar - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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 3,524,641
Revaluations 500,000
At 29 February 2024 4,024,641
NET BOOK VALUE
At 29 February 2024 4,024,641
At 28 February 2023 3,524,641

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 40,167 42,151

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 8,309 9,288
Trade creditors 1,322 3,565
Corporation tax payable 9,916 5,311
Other creditors 2,229 2,595
Directors' loan accounts 1,046,358 1,061,679
Accrued expenses 2,169 2,172
1,070,303 1,084,610

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
29/2/24 28/2/23
£    £   
Bank loans - 1-2 years 9,157 10,059
Bank loans - 2-5 years 33,463 35,469
Bank loans more 5 yr by instal 358,778 363,062
Bank loans more 5 yrs non-inst 2,010,549 2,010,549
2,411,947 2,419,139

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 2,010,549 2,010,549

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 2,420,256 2,428,427

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: £    £   
100 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 - 80,990
Profit for the year 424,915 424,915
Transfer between reserves (390,000 ) 390,000 -
At 29 February 2024 115,905 390,000 505,905

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
£    £   
H Parmar
Balance outstanding at start of year 1,061,679 923,687
Amounts advanced (42,850 ) (427,117 )
Amounts repaid 27,529 565,109
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 1,046,358 1,061,679

No interest is charged by directors on loans to the company and there are no fixed repayment terms.