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Registered number: 14631320










BYWATER SFC HOLDINGS LTD










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2024

 
BYWATER SFC HOLDINGS LTD
REGISTERED NUMBER: 14631320

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 3 
8,425,366
3,373,778

  
8,425,366
3,373,778

Current assets
  

Cash at bank and in hand
 4 
24
51

  
24
51

Creditors: amounts falling due within one year
 5 
(103,727)
(20,500)

Net current liabilities
  
 
 
(103,703)
 
 
(20,449)

Total assets less current liabilities
  
8,321,663
3,353,329

Creditors: amounts falling due after more than one year
 6 
(3,923,893)
(1,531,253)

  

Net assets
  
4,397,770
1,822,076


Capital and reserves
  

Called up share capital 
 7 
4,548,107
1,877,778

Capital redemption reserve
 7 
121,016
-

Profit and loss account
  
(271,353)
(55,702)

  
4,397,770
1,822,076


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 by: 




Patrick Desmond O'Gorman
Director

Page 1

 
BYWATER SFC HOLDINGS LTD
REGISTERED NUMBER: 14631320
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024

Date: 14 March 2025

The notes on pages 3 to 6 form part of these financial statements.

Page 2

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

1.


General information

Bywater SFC Holdings Limited is a private company limited by shares which was incorporated in the 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

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

Going concern

The financial statements indicate a loss of £215,651 for the year and a net current liability of £103,703 as of the balance sheet date. Additionally, the Company has provided a financial guarantee with a maximum exposure of £209,367, which is not recognised on the balance sheet. Despite this, the Company maintains a net asset position of £4,397,770. Furthermore, the immediate parent company has committed to providing financial support to ensure sufficient liquidity.
After a thorough review of the Company’s cash flow forecasts and financial projections, the directors are confident that the Company can continue operating within its existing financial arrangements.
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.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 3

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

2.Accounting policies (continued)

 
2.6

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.

 
2.7

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.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2024
3,373,778


Additions
5,051,588



At 31 December 2024
8,425,366





4.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
24
51

24
51


Page 4

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

5.


Creditors: Amounts falling due within one year

2024
2023
£
£

Amounts owed to group undertakings
26,500
2,000

Accruals and deferred income
77,227
18,500

103,727
20,500



6.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Amounts owed to group undertakings
3,923,893
1,531,253

3,923,893
1,531,253



7.


Share capital and reserves

2024
2023
£
£
Allotted, called up and fully paid



231,953,471 (2023 - 95,766,700) A Ordinary shares shares of £0.01 each
2,319,535
957,667
222,857,203 (2023 - 92,011,100) B Ordinary shares shares of £0.01 each
2,228,572
920,111

4,548,107

1,877,778


During the year, the Company issued 136,186,771 A Ordinary shares and 130,846,103 B Ordinary shares, bringing the total issued shares to 231,953,471 A Ordinary shares and 222,857,203 B Ordinary shares as of 31 December 2024.
The nominal value per share remained at £0.01, increasing total share capital from £1,877,778 in 2023 to £4,548,107 in 2024.
On 22 July 2024, a total of 89,201,226 shares were redeemed, and £770,996 was returned to shareholders during the year. The remaining balance of £121,016 has been recognised as Capital Redemption Reserve as of 31 December 2024.


8.


Financial Guarantee

In 2024 the Company entered into a financial guarantee, alongside Sumitomo Forestry Europe Limited, on an Equity Commitment agreement. This guarantee pertained to a facility agreement entered into by 34 Fouberts Place Limited. The Company has committed to a maximum guarantee amount of £209,367.

Page 5

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

9.


Controlling party

The immediate parent is Sumitomo Forestry Europe 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.


10.


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 6