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Registered number: 14634146










BYWATER SFC MANAGEMENT LTD










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2024

 
BYWATER SFC MANAGEMENT LTD
REGISTERED NUMBER: 14634146

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
72,570
10,192

Investments
 5 
55
-

  
72,625
10,192

Current assets
  

Debtors: amounts falling due within one year
 6 
244,924
163,694

Cash at bank and in hand
 7 
88,306
137,025

  
333,230
300,719

Creditors: amounts falling due within one year
 8 
(968,003)
(473,531)

Net current liabilities
  
 
 
(634,773)
 
 
(172,812)

Total assets less current liabilities
  
(562,148)
(162,620)

  

Net liabilities
  
(562,148)
(162,620)


Capital and reserves
  

Called up share capital 
  
3,806,243
1,546,000

Profit and loss account
  
(4,368,391)
(1,708,620)

  
(562,148)
(162,620)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 14 March 2025.




Patrick Desmond O'Gorman
Director

The notes on pages 3 to 8 form part of these financial statements.
Page 1

 
BYWATER SFC MANAGEMENT LTD
REGISTERED NUMBER: 14634146
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024


Page 2

 
BYWATER SFC MANAGEMENT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Bywater SFC Management Ltd is a private company limited by shares which was incorporated in United Kingdom.
The principal place of business and registered address is A&L Suite 1-3, The Hop Exchange, 24 Southwark Street, London, England, SE1 1TY.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements indicate that the Company incurred a loss of £2,659,772 (2023: £1,708,620) during the period and had net current liabilities of £634,773 (2023: £172,812) as of the balance sheet date.
The directors have considered the Company’s cash flow forecasts and projections and believe that the Company can continue to operate within its existing financial arrangements.
In February 2025, the company increased its share capital through an issue of ordinary shares, bringing the total to £4,544,243, to enhance its working capital position. Furthermore, the ultimate parent company has committed to providing financial support, ensuring that the company maintains sufficient liquidity.
Having made sufficient enquiries, the directors are satisfied that the Company has adequate resources to remain in operation until at least 12 months after the approval of these financial statements. The Company therefore continues to adopt the going concern basis for the preparation of its financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 3

 
BYWATER SFC MANAGEMENT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
20%
Computer equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 
BYWATER SFC MANAGEMENT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.7

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including directors, during the year was 15 (2023: 8).

Page 5

 
BYWATER SFC MANAGEMENT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Tangible fixed assets





Office equipment
Computer equipment
Total

£
£
£



Cost or valuation


At 1 January 2024
-
11,680
11,680


Additions
25,668
47,899
73,567



At 31 December 2024

25,668
59,579
85,247



Depreciation


At 1 January 2024
-
1,488
1,488


Charge for the year on owned assets
579
10,610
11,189



At 31 December 2024

579
12,098
12,677



Net book value



At 31 December 2024
25,089
47,481
72,570



At 31 December 2023
-
10,192
10,192


5.


Fixed asset investments





Unlisted investments

£



Cost or valuation


Additions
55



At 31 December 2024
55




Page 6

 
BYWATER SFC MANAGEMENT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Debtors

2024
2023
£
£


Trade debtors
173
39,600

Amounts owed by group undertakings
186,516
2,000

Other debtors
25,099
41,253

Prepayments and accrued income
33,136
80,841

244,924
163,694



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
88,306
137,025

88,306
137,025



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
78,389
19,694

Other taxation and social security
177,313
44,728

Accruals and deferred income
712,301
409,109

968,003
473,531



9.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. Contributions totalling £377
(2023: £125 payable) were receivable from the fund at the balance sheet date and has been included in creditors. 

Page 7

 
BYWATER SFC MANAGEMENT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Post balance sheet events

In February 2025, the Company increased its own share capital through an issue of ordinary shares to a total of £4,544,243.
 
This was to ensure the Company continues to have sufficient working capital to meet its financial obligations.


11.


Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
268,560
173,184

Later than 1 year and not later than 5 years
-
268,560

268,560
441,744


12.


Controlling party

The immediate parent is Bywater SFC Holdings Ltd, a company incorporated and registered in the UK. The ultimate parent company is Sumitomo Forestry Co., Ltd a company incorporated and registered in Japan. Sumitomo Forestry Co., Ltd is the parent undertaking of the smallest and largest group of undertaking to consolidate these financial statements at 31 December 2024. Copies of the ultimate parent company financial statements may be obtained from Sumitomo Forestry CO., Ltd, Keidanren Kaikan, 3-2, Otemachi 1-chome, Chiyoda-ku, Tokyo 100-8270, Japan.


13.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 14 March 2025 by Yusuke Takanishi (Senior Statutory Auditor) on behalf of Greenback Alan LLP.

Page 8