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COMPANY REGISTRATION NUMBER: 01062734
Blackwater Properties Limited
Filleted Unaudited Financial Statements
5 April 2024
Blackwater Properties Limited
Financial Statements
Year ended 5 April 2024
Contents
Pages
Chartered accountants report to the director on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2 to 3
Notes to the financial statements
4 to 6
Blackwater Properties Limited
Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Blackwater Properties Limited
Year ended 5 April 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Blackwater Properties Limited for the year ended 5 April 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Blackwater Properties Limited in accordance with the terms of our engagement letter dated 30 January 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Blackwater Properties Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Blackwater Properties Limited and its director for our work or for this report.
It is your duty to ensure that Blackwater Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Blackwater Properties Limited. You consider that Blackwater Properties Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Blackwater Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
HEBBLETHWAITES Chartered Accountants
2 Westbrook Court Sharrow Vale Road Sheffield S11 8YZ
14 January 2025
Blackwater Properties Limited
Statement of Financial Position
5 April 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
4
450,000
450,000
Current assets
Debtors
5
710
264
Cash at bank and in hand
4,868
5,522
-------
-------
5,578
5,786
Creditors: amounts falling due within one year
6
16,784
17,042
--------
--------
Net current liabilities
11,206
11,256
---------
---------
Total assets less current liabilities
438,794
438,744
Provisions
Taxation including deferred tax
94,995
72,196
---------
---------
Net assets
343,799
366,548
---------
---------
Blackwater Properties Limited
Statement of Financial Position (continued)
5 April 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
1,200
1,200
Fair value reserve
336,993
359,792
Profit and loss account
5,606
5,556
---------
---------
Shareholder funds
343,799
366,548
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 5 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 14 January 2025 , and are signed on behalf of the board by:
Mrs A Winter
Director
Company registration number: 01062734
Blackwater Properties Limited
Notes to the Financial Statements
Year ended 5 April 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Westbrook Court, Sharrow Vale Road, Sheffield, S11 8YZ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The Statement of Financial Position at the year end date shows a net current liability position. However, the accounts have been prepared on a going concern basis. The director considers that this basis remains appropriate given the ongoing and committed support by the director in the form of an unsecured loan.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the opinion of the director there are no judgements or key sources of estimation uncertainty that have a significant impact on the financial statements, other than the policies shown below.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for rental income.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
15% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Tangible assets
Land and buildings
Fixtures and fittings
Total
£
£
£
Cost
At 6 April 2023 and 5 April 2024
450,000
18,604
468,604
---------
--------
---------
Depreciation
At 6 April 2023 and 5 April 2024
18,604
18,604
---------
--------
---------
Carrying amount
At 5 April 2024
450,000
450,000
---------
--------
---------
At 5 April 2023
450,000
450,000
---------
--------
---------
The investment property is accounted for at fair value at each reporting date by reference to independent valuations where applicable. If the investment property had not been revalued this would have been included at its cost of £18,012.
5. Debtors
2024
2023
£
£
Other debtors
710
264
----
----
6. Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
949
2,619
Other creditors
15,835
14,423
--------
--------
16,784
17,042
--------
--------
7. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
733
----
----
8. Director's advances, credits and guarantees
At the year end date, the company was under the control of Mrs A M Winter. Mrs A M Winter is the managing director and sole shareholder. Included in other creditors is a loan from Mrs A M Winter of £13,085 (2023: £12,715) in relation to which there are no formal repayment terms and in respect of which no interest is being charged. The movement in the loan account arose from withdrawals during the year of £33,721 (2023: £40,244) as against funds introduced of £34,091 (2023: £45,516). A charge of £8,581 (2023: £9,308) has been made against revenue in respect of management charges levied by Mrs A Winter during the year in her capacity as a self employed property management agent.