Bomad Investments I Limited 11831017 false 2023-05-01 2024-04-30 2024-04-30 The principal activity of the company is holding and advancing funds for investment in residential property Digita Accounts Production Advanced 6.30.9574.0 true false false true 11831017 2023-05-01 2024-04-30 11831017 2024-04-30 11831017 bus:OrdinaryShareClass1 2024-04-30 11831017 bus:OrdinaryShareClass2 2024-04-30 11831017 bus:PreferenceShareClass1 bus:Non-cumulativeRedeemableShares 2024-04-30 11831017 core:CurrentFinancialInstruments 2024-04-30 11831017 core:CurrentFinancialInstruments core:WithinOneYear 2024-04-30 11831017 core:AllSubsidiaries 2024-04-30 11831017 core:OtherRelatedParties 2024-04-30 11831017 bus:SmallEntities 2023-05-01 2024-04-30 11831017 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 11831017 bus:FilletedAccounts 2023-05-01 2024-04-30 11831017 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 11831017 bus:RegisteredOffice 2023-05-01 2024-04-30 11831017 bus:Director1 2023-05-01 2024-04-30 11831017 bus:OrdinaryShareClass1 2023-05-01 2024-04-30 11831017 bus:OrdinaryShareClass2 2023-05-01 2024-04-30 11831017 bus:PreferenceShareClass1 bus:Non-cumulativeRedeemableShares 2023-05-01 2024-04-30 11831017 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 11831017 core:AllSubsidiaries 2023-05-01 2024-04-30 11831017 core:OtherRelatedParties 2023-05-01 2024-04-30 11831017 core:Subsidiary1 2023-05-01 2024-04-30 11831017 core:Subsidiary1 1 2023-05-01 2024-04-30 11831017 1 2023-05-01 2024-04-30 11831017 countries:EnglandWales 2023-05-01 2024-04-30 11831017 2023-04-30 11831017 core:CostValuation 2023-04-30 11831017 core:AllSubsidiaries 2023-04-30 11831017 core:OtherRelatedParties 2023-04-30 11831017 2022-05-01 2023-04-30 11831017 2023-04-30 11831017 bus:OrdinaryShareClass1 2023-04-30 11831017 bus:OrdinaryShareClass2 2023-04-30 11831017 bus:PreferenceShareClass1 bus:Non-cumulativeRedeemableShares 2023-04-30 11831017 core:CurrentFinancialInstruments 2023-04-30 11831017 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-30 11831017 core:AllSubsidiaries 2023-04-30 11831017 core:OtherRelatedParties 2023-04-30 11831017 core:AllSubsidiaries 2022-05-01 2023-04-30 11831017 core:OtherRelatedParties 2022-05-01 2023-04-30 11831017 core:Subsidiary1 1 2022-05-01 2023-04-30 11831017 2022-04-30 11831017 core:AllSubsidiaries 2022-04-30 11831017 core:OtherRelatedParties 2022-04-30 iso4217:GBP xbrli:pure xbrli:shares

Bomad Investments I Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2024

 

Bomad Investments I Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Bomad Investments I Limited

(Registration number: 11831017)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Investments

4

3,397,643

2,234,838

Current assets

 

Debtors

5

188,858

154,001

Cash at bank and in hand

 

14,111

708

 

202,969

154,709

Creditors: Amounts falling due within one year

6

(1,324,161)

(607,818)

Net current liabilities

 

(1,121,192)

(453,109)

Net assets

 

2,276,451

1,781,729

Capital and reserves

 

Called up share capital

7

2,023,000

1,652,001

Share premium reserve

110,880

-

Retained earnings

142,571

129,728

Shareholders' funds

 

2,276,451

1,781,729

For the financial year ending 30 April 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 31 January 2025 and signed on its behalf by:
 

 

Bomad Investments I Limited

(Registration number: 11831017)
Balance Sheet as at 30 April 2024

.........................................
Jonathan Potter
Director

 

Bomad Investments I Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 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:
8th Floor
100 Bishopsgate
London
EC2N 4AG

These financial statements were authorised for issue by the Board on 31 January 2025.

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.

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 sales/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.

Finance income and costs policy

Interest income arising on amounts advanced to related parties is accrued as it arises.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, 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.

 

Bomad Investments I Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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.

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 profit or loss. 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 receivables.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

4

Investments

2024
£

2023
£

Investments in subsidiaries b/f

1

1

Fixed asset group loan

3,397,642

2,234,837

3,397,643

2,234,838

 

Bomad Investments I Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Subsidiaries

£

Cost or valuation

At 1 May 2023

1

Provision

Carrying amount

At 30 April 2024

1

At 30 April 2023

1

Fixed asset group loan

£

Cost or valuation

At 1 May 2023

2,234,837

Additions

1,162,805

At 30 April 2024

3,397,642

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) 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

Bomad Homes I Limited

8th Floor
100 Bishopsgate
London EC2N 4AG
United Kingdom

Ordinary shares

100%

100%

Subsidiary undertakings

Bomad Homes I Limited

The principal activity of Bomad Homes I Limited is investment in residential property.

 

Bomad Investments I Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Fixed asset group Loan

This relates to amounts advanced to Bomad Homes I Limited. See Related Party Note for additional details.

5

Debtors

Note

2024
£

2023
£

Amounts owed by group undertakings

8

188,858

154,001

 

188,858

154,001

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

24,647

-

Amounts owed to associates

8

943,102

76,486

Accruals and deferred income

 

2,300

3,600

Corporation tax

 

24,812

18,790

Other creditors

 

329,300

508,942

 

1,324,161

607,818

Other creditors relates to amounts received in advance of a future subscription for share capital after the end of the accounting period.

 

Bomad Investments I Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

-

-

1

1

2020 Redeemable Shares of £1,000 each

-

-

1,652

1,652,000

Ordinary shares of £1,000 each

2,023

2,023,000

-

-

2,023

2,023,000

1,653

1,652,001

The 2020 Redeemable Shares were preference shares which had no fixed coupon and for which dividends were only payable at the discretion of the directors.

On 4 October 2023 the entire class of £1,000 2020 Redeemable Shares converted into £1,000 Ordinary Shares. On the same date, the company repurchased 25 £1,000 Ordinary Shares and 1 £1 Ordinary Share and cancelled them.

In addition, on 4 October 2023 the company alloted a further 396 £1,000 Ordinary Shares.

 

Bomad Investments I Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

8

Related party transactions

Loans to related parties

2024

Subsidiary
£

Total
£

At start of period

2,388,837

2,388,837

Advanced

1,080,805

1,080,805

Interest transactions

116,858

116,858

At end of period

3,586,500

3,586,500

2023

Subsidiary
£

Total
£

At start of period

1,699,716

1,699,716

Advanced

590,311

590,311

Interest transactions

98,810

98,810

At end of period

2,388,837

2,388,837

Terms of loans to related parties

The company has advanced loans to its subsidiary Bomad Homes I Limited for the purpose of funding its investment in residential property. The amounts are repayable after 5 years (subject to the earlier disposal of the related property) and are unsecured. Interest was charged at a rate of 5.75% on the loan until both parties became part of a REIT group on 1 February 2024. From this date, the loans were interest fee. The principal amount advanced is included in Investments.
 

Loans from related parties

2024

Other related parties
£

Total
£

At start of period

76,486

76,486

Advanced

916,866

916,866

Repaid

(50,250)

(50,250)

At end of period

943,102

943,102

 

Bomad Investments I Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

2023

Other related parties
£

Total
£

At start of period

1,702

1,702

Advanced

76,486

76,486

Repaid

(1,702)

(1,702)

At end of period

76,486

76,486

Terms of loans from related parties

The loans from other related parties relate to advances made by Bomad Investments Limited. The loans have been advanced in the ordinary course of business and are interest free and repayable on demand. Bomad Investments Limited is the General Partner in Homenow Investments Limited Partnership.

9

Parent and ultimate parent undertaking

Following the creation of the REIT group on 1 February 2024, Bomad Investments I Limited is owned via Homenow Investments Limited Partnership, incorporated in England and Wales.