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REGISTERED NUMBER: 09221603 (England and Wales)


Bridwell Developments Ltd

Abridged Unaudited Financial Statements

for the Year Ended 31 March 2024






Bridwell Developments Ltd (Registered number: 09221603)






Contents of the Financial Statements
for the year ended 31 March 2024




Page

Company Information 1

Chartered Accountants' Report 2

Statement of Financial Position 3

Notes to the Financial Statements 5


Bridwell Developments Ltd

Company Information
for the year ended 31 March 2024







DIRECTOR: Mr S Dinc





REGISTERED OFFICE: 239-241 Kennington Lane
London
SE11 5QU





REGISTERED NUMBER: 09221603 (England and Wales)





ACCOUNTANTS: Alton & Co
Chartered Accountants
239-241 Kennington Lane
London
SE11 5QU

Chartered Accountants' Report to the Director
on the Unaudited Financial Statements of
Bridwell Developments Ltd

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Abridged Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Bridwell Developments Ltd for the year ended 31 March 2024 which comprise the Abridged Income Statement, 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Bridwell Developments Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Bridwell Developments Ltd and state those matters that we have agreed to state to the director of Bridwell Developments Ltd in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Bridwell Developments Ltd and its director for our work or for this report.

It is your duty to ensure that Bridwell Developments Ltd 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 Bridwell Developments Ltd. You consider that Bridwell Developments Ltd 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 Bridwell Developments Ltd. 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.






Alton & Co
Chartered Accountants
239-241 Kennington Lane
London
SE11 5QU


28 March 2025

Bridwell Developments Ltd (Registered number: 09221603)

Statement of Financial Position
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 3,190 3,753
Investment property 5 1,935,000 1,935,000
1,938,190 1,938,753

CURRENT ASSETS
Debtors 6 2,341,326 70,681
Cash at bank 81,095 1
2,422,421 70,682
CREDITORS
Amounts falling due within one year 7 798,531 187,857
NET CURRENT ASSETS/(LIABILITIES) 1,623,890 (117,175 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,562,080

1,821,578

CREDITORS
Amounts falling due after more than one
year

8

(2,907,316

)

(929,423

)

PROVISIONS FOR LIABILITIES 10 (186,300 ) (186,998 )
NET ASSETS 468,464 705,157

Bridwell Developments Ltd (Registered number: 09221603)

Statement of Financial Position - continued
31 March 2024

2024 2023
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 11 5,000 5,000
Non-distributable reserves 12 781,152 781,152
Retained earnings 12 (317,688 ) (80,995 )
SHAREHOLDERS' FUNDS 468,464 705,157

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

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

All the members have consented to the preparation of an abridged Income Statement for the year ended 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006.

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 24 March 2025 and were signed by:





Mr S Dinc - Director


Bridwell Developments Ltd (Registered number: 09221603)

Notes to the Financial Statements
for the year ended 31 March 2024

1. STATUTORY INFORMATION

Bridwell Developments Ltd 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.

Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover includes revenue earned from investments in properties. The revenue is recognised on an accrual basis in accordance with the tenancy agreement.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Going concern
The financial statements have been prepared on the going concern basis on the understanding that the director will continue to financially support the company to meet all liabilities as they fall due.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

Bridwell Developments Ltd (Registered number: 09221603)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

4. PROPERTY, PLANT AND EQUIPMENT
Fixtures
and
fittings
£   
COST
At 1 April 2023
and 31 March 2024 11,400
DEPRECIATION
At 1 April 2023 7,647
Charge for year 563
At 31 March 2024 8,210
NET BOOK VALUE
At 31 March 2024 3,190
At 31 March 2023 3,753

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 1,935,000
NET BOOK VALUE
At 31 March 2024 1,935,000
At 31 March 2023 1,935,000

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2017 232,253
Valuation in 2018 450,000
Valuation in 2020 215,000
Valuation in 2023 70,000
Cost 967,747
1,935,000

Bridwell Developments Ltd (Registered number: 09221603)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 3,350 350
Other debtors 2,337,976 70,331
2,341,326 70,681

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 12 31,264
Trade creditors 3,744 3,144
Taxation and social security 578,059 100
Other creditors 216,716 153,349
798,531 187,857

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 2,900,000 922,107
Other creditors 7,316 7,316
2,907,316 929,423

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 2,900,000 -

Repayable by instalments
Bank loans more 5 yr by instal - 14,755

Bridwell Developments Ltd (Registered number: 09221603)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 2,900,000 953,371

Bank loans are secured on the leasehold property building known as 224 Trafalgar Road, London, SE10 9ER.

10. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 186,300 186,998

Deferred
tax
£   
Balance at 1 April 2023 186,998
Credit to Income Statement during year (698 )
Balance at 31 March 2024 186,300

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
5,000 Ordinary £1 5,000 5,000

12. RESERVES
Retained Non-distributable
earnings reserves Totals
£    £    £   

At 1 April 2023 (80,995 ) 781,152 700,157
Deficit for the year (236,693 ) (236,693 )
At 31 March 2024 (317,688 ) 781,152 463,464

Bridwell Developments Ltd (Registered number: 09221603)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

13. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
Mr S Dinc
Balance outstanding at start of year (91,954 ) (91,954 )
Amounts advanced 2,019,634 -
Amounts repaid (222,105 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 1,705,575 (91,954 )

14. RELATED PARTY DISCLOSURES

Transactions with related parties:

Loans advanced to key management personel £1,705,575 (2023: due to key management personel £91,954).Interest free loan payable on demand.

Loans due from entities under common and joint control undertakings £56,369 (2023:£69,629).Loans bear interest at market rate and have no fixed repayment terms.

Loans due to entities under common and joint control undertakings £211,916 (2023:£57,795).Loans bear interest at market rate and have no fixed repayment terms.