Company registration number 09482470 (England and Wales)
BALTIC WHARF PROPERTIES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
BALTIC WHARF PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
BALTIC WHARF PROPERTIES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
3,614,249
Current assets
Debtors
5
194,181
1,757,555
Land and buildings
6
3,190,038
-
3,384,219
1,757,555
Creditors: amounts falling due within one year
7
(96,499)
(589,742)
Net current assets
3,287,720
1,167,813
Total assets less current liabilities
3,287,720
4,782,062
Creditors: amounts falling due after more than one year
8
-
(1,759,570)
Net assets
3,287,720
3,022,492
Capital and reserves
Called up share capital
10
1,000,000
1,000,000
Profit and loss reserves
2,287,720
2,022,492
Total equity
3,287,720
3,022,492
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 21 May 2025 and are signed on its behalf by:
P A Marklund
Director
Company Registration No. 09482470
BALTIC WHARF PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information
Baltic Wharf Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office and principal place of business is Baltic Wharf, Wallasea Island, Rochford, Essex, SS4 2HA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.
As set out in the Directors' Report, due to the intention of the directors to cease trading within twelve months of the date of approval of the financial statements, the directors have decided to prepare the financial statements on a basis other than that of a going concern. The financial statements have been prepared on a break-up basis at the year end. In adopting the break up basis at the year end, the following policies and procedures were implemented:
All assets have been disclosed at values at which they are expected to be realised, and are shown as current
All liabilities reflect the full amount at which the are expected to materialise, and are shown as current
1.2
Going concern
At the time of approving the financial statements, trueit is the intention of the directors to undertake a group reorganisation within twelve months of the date of approval of the financial statements, and so the directors have considered it inappropriate to prepare the financial statements on a going concern basis. As a result, the directors have prepared these financial statements on a break up basis as set out above under the basis of preparation.
As such, tangible fixed assets have been reclassified as current assets. However, preparation under the break-up basis has no material impact to the carrying value of assets and liabilities reflected,
1.3
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for rent under the terms of the company's agreements with its tenants on a straight line basis.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold buildings
5% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
BALTIC WHARF PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial assets
The company applies the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments, which are all classified as basic.
Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets are classified into specified categories. The classification depends on the nature and purpose of the financial assets and is determined at the time of recognition.
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Loans and receivables
Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.
Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting end date.
1.8
Financial liabilities
Basic financial liabilities are initially measured at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
BALTIC WHARF PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
2
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
3,990
2,940
3
Employees
The company currently has no employees, aside from 2 directors (2023: 4) who are not remunerated through this company.
4
Tangible fixed assets
Land and buildings
£
Cost
At 1 January 2024
3,671,193
Disposals
(416,076)
Transfers
(3,255,117)
At 31 December 2024
Depreciation and impairment
At 1 January 2024
56,944
Depreciation charged in the year
8,135
Transfers
(65,079)
At 31 December 2024
Carrying amount
At 31 December 2024
At 31 December 2023
3,614,249
BALTIC WHARF PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
5
Debtors: amounts falling due within one year
2024
2023
£
£
Amounts owed by group undertakings
192,595
1,756,064
Other debtors
1,586
1,491
194,181
1,757,555
6
Land and buildings
2024
2023
£
£
Land and buildings reclassified as current assets
3,190,038
-
7
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Loans from group undertakings and related parties
9
120,000
Trade creditors
2,665
1,465
Amounts due to group undertakings
93,409
466,802
Accruals and deferred income
425
1,475
96,499
589,742
8
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Loans from group undertakings and related parties
9
-
1,759,570
The amounts relating to loans that are due to be repaid in more than five years is £Nil (2023: £1,279,570).
9
Loans and overdrafts
2024
2023
£
£
Loans from group undertakings and related parties
1,879,570
Payable within one year
120,000
Payable after one year
1,759,570
BALTIC WHARF PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
9
Loans and overdrafts
(Continued)
- 6 -
The group loan was unsecured, and repayable over 3 years from 6 March 2023 by capital instalments of £30,000 per quarter and bears interest at SONIA plus 3.0%, with a final repayment due on the date of maturity. However, the remaining loan balance was repaid in full early in December 2024.
See note 6 for details of the interest paid to the lender during the financial year.
10
Share capital
2024
2023
£
£
Issued and fully paid
1,000,000 Ordinary shares of £1 each
1,000,000
1,000,000
11
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Daniel Graves BA(Hons) FCA
Statutory Auditor:
Azets Audit Services
12
Financial commitments, guarantees and contingent liabilities
In January 2022, Bergs Timber AB signed an agreement with Danske Bank and SEB as creditors on the refinancing of the bulk of the group’s existing loans. The new credit facilities totalling SEK 650 million have a three-year maturity and encompass one term loan totalling SEK 250 million and a revolving credit facility of SEK 400 million. At the end of 2022, the option to extend the facilities by one year to January 2026 was exercised. In addition to these credit facilities, the Bergs Timber AB Group has an overdraft facility of SEK 50 million with Danske Bank. The loan agreement contains the customary obligations, such as the one limiting the scope for action for Bergs Timber AB (publ) regarding pledging of assets, raising loans or issuing securities, selling or transferring assets, acquisitions and merging or consolidating operations with another company. In contrast to the Bergs Timber AB Group’s existing loans, the new loan agreement is non-guaranteed and in general involves better terms for the Group.
13
Operating lease commitments
Lessor
At the reporting end date the company had contracted with tenants for the following minimum lease payments:
2024
2023
£
£
3,166,667
3,416,667
BALTIC WHARF PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
14
Parent company
The immediate parent company is Bergs UK Holdings Limited (formerly Continental Wood Limited), a company registered in England, and the intermediate parent company is Bergs Timber AB, a company registered in Sweden.
The ultimate parent company is Norvik hf., a company registered in Iceland. Norvik hf forms the smallest and largest group for which group accounts are prepared and of which the company is a member. The registered office of Norvik hf. is Vallakor 4, 203 Koubavogira (Kopavogur), Iceland.
15
Related party transactions
Bergs Timber AB prepares group financial statements and copies can be obtained from Bergs väg 13, SE-570 84, Mörlunda, Sweden. Accordingly the company has taken advantage of the exemptions available in paragraph 33.1A of FRS102 not to make disclosures concerning group related party transactions.
The balances due from/to group undertakings are disclosed in notes 8, 9 and 10.