Registration number:
Bexwell Holdings Ltd
for the Period from 3 November 2023 to 31 December 2024
Bexwell Holdings Ltd
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Statement of comprehensive income |
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Statement of financial position |
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Statement of Changes in Equity |
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Statement of Cash Flows |
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Notes to the Financial Statements |
Bexwell Holdings Ltd
Company Information
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Directors |
Mr R Evershed Mr M Evershed |
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Registered office |
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Auditors |
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Bexwell Holdings Ltd
Strategic Report for the Period from 3 November 2023 to 31 December 2024
The directors present their strategic report for the period from 3 November 2023 to 31 December 2024.
Principal activity
The principal activity of the company is holding company.
Fair review of the business
Bexwell Holdings Limited generated a strong profit in the period, driven primarily by dividend income from its wholly owned trading subsidiary, Dorplan Contracts Limited, alongside income from property rental.
Administrative costs were minimal, reflecting the company’s nature as a non-trading holding entity with limited operational overhead.
The company holds a 100% interest in Dorplan Contracts Limited, which specialises in the manufacture and sale of timber doorsets and architectural ironmongery. This investment is expected to continue generating reliable income for the foreseeable future.
Principal risks and uncertainties
The company is exposed to limited operational risk as a non-trading holding company. Its principal exposure is to the financial performance and stability of its subsidiary, Dorplan Contracts Limited, where any adverse trading conditions or cash flow pressures could impact the holding company’s results. The directors monitor this relationship closely and receive regular updates on performance and risk from the subsidiary’s leadership team.
Economic fluctuations, inflationary pressures, and changes in the tax regime also pose general risks. The directors actively monitor these factors to ensure any risks are identified and addressed early. No significant risks or uncertainties are currently expected, and the directors consider the likelihood of any material financial disruption to be low.
Approved and authorised by the
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Bexwell Holdings Ltd
Directors' Report for the Period from 3 November 2023 to 31 December 2024
The directors present their report and the financial statements for the period from 3 November 2023 to 31 December 2024.
Incorporation
The company was incorporated on
Directors of the company
The directors who held office during the period were as follows:
Dividends
The total distribution of dividends for the period ended 31st December 2024 will be 376,000.
Information included in the Strategic Report
The fair review of the business is shown within the strategic report.
Financial instruments
Objectives and policies
The directors recognise that they have a reponsibility to manage risks effectively in order to protect the company against potential losses, and to minimise uncertainty. The directors are aware that some risks cannot be eliminated fully, however they have tried to ensure that they have a strategy that provides structured, systematic and focussed approach to managing risk.
Price risk, credit risk, liquidity risk and cash flow risk
Price risk: The company is not exposed to significant price risk from trading activities. However, as the owner of property assets, it is subject to changes in property market valuations over time. This risk is mitigated by the stable, long-term rental relationship with Dorplan Contracts Limited, which occupies both buildings under lease arrangements. As such, the directors consider any impact of price risk to be minimal in the short to medium term.
Credit risk: Credit risk arises principally from amounts due from the subsidiary. The company manages this risk by maintaining strong oversight and receiving regular reporting from Dorplan Contracts Limited. Given the close relationship and ownership structure, the directors currently consider this risk to be low.
Liquidity risk: The company maintains sufficient cash balances to meet its short-term obligations. At year end, the company held cash and cash equivalents of £188,488 and had current liabilities of £330,614. The directors are confident that the company has adequate resources and support from its subsidiary to meet its commitments as they fall due.
Cash flow risk: As a holding company, Bexwell Holdings Ltd has limited operational cash flows and relies primarily on dividends and rental income for liquidity. The directors monitor cash flow requirements regularly and do not consider there to be a material risk in this area at present.
Engagement with suppliers, customers and other relationships
Bexwell Holdings Ltd founding principles – One Team, Trust, Innovation, and Integrity – underpin its approach to stakeholder engagement.
Bexwell Holdings Ltd
Directors' Report for the Period from 3 November 2023 to 31 December 2024
Future developments
Bexwell Holdings Ltd will continue to obtain rental income and dividend income, and provide support to the subsidiary Dorplan Contracts Limited.
The Directors do not anticipate any future changes in the principal activities of the Company.
Going concern
In preparing the financial statements, the Directors are required to assess the Company’s ability to continue to trade as a going concern for the foreseeable future. The directors have assessed the company’s financial position, performance, and forecasts, and are satisfied that the business remains a going concern for the foreseeable future.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Reappointment of auditors
The auditors Hayhow & Co. are deemed to be reappointed under section 487(2) of the Companies Act 2006.
Approved and authorised by the
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Bexwell Holdings Ltd
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Bexwell Holdings Ltd
Independent Auditor's Report to the Members of Bexwell Holdings Ltd
Opinion
We have audited the financial statements of Bexwell Holdings Ltd (the 'company') for the period from 3 November 2023 to 31 December 2024, which comprise the Statement of comprehensive income, Statement of Comprehensive Income, Statement of financial position, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the period then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Bexwell Holdings Ltd
Independent Auditor's Report to the Members of Bexwell Holdings Ltd
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities [set out on page 5], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Bexwell Holdings Ltd
Independent Auditor's Report to the Members of Bexwell Holdings Ltd
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.
As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial statements, including how fraud may occur by enquiring of management of its own consideration of fraud. In particular, we looked at where management made subjective judgements, for example in respect of significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain. We also considered potential financial or other pressures, opportunity, and motivations for fraud. As part of this discussion, we identified the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations and how management monitor these processes. Appropriate procedures included the review and testing of manual journals and key estimates and judgements made by management.
We gained an understanding of the legal and regulatory framework applicable to the Company and the industry in which it operates, drawing on our broad sector experience, and considered the risk of acts by the Company that were contrary to these laws and regulations, including fraud.
We focused on laws and regulations that could give rise to a material misstatement in the financial statements. Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
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For and on behalf of
King's Lynn
Norfolk
PE30 1HB
Bexwell Holdings Ltd
Statement of comprehensive income for the Period from 3 November 2023 to 31 December 2024
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Note |
2024 |
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Turnover |
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Gross profit |
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Administrative expenses |
( |
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Operating profit |
20,699 |
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Income from shares in group undertakings |
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Profit before tax |
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Profit for the financial period |
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The above results were derived from continuing operations.
The company has no recognised gains or losses for the period other than the results above.
Bexwell Holdings Ltd
(Registration number: 15257443)
Statement of financial position as at 31 December 2024
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Note |
2024 |
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Fixed assets |
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Investment property |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
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Net current liabilities |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
299 |
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Retained earnings |
1,740,313 |
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Shareholders' funds |
1,740,612 |
Approved and authorised by the
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Bexwell Holdings Ltd
Statement of Changes in Equity for the Period from 3 November 2023 to 31 December 2024
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Share capital |
Retained earnings |
Total |
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Profit for the period |
- |
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Dividends |
- |
( |
( |
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New share capital subscribed |
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- |
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At 31 December 2024 |
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Bexwell Holdings Ltd
Statement of Cash Flows for the Period from 3 November 2023 to 31 December 2024
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Note |
2024 |
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Cash flows from operating activities |
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Profit for the period |
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Adjustments to cash flows from non-cash items |
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Finance income |
( |
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Working capital adjustments |
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Increase in trade debtors |
( |
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Increase in trade creditors |
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Net cash flow from operating activities |
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Cash flows from investing activities |
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Interest received |
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Acquisition of subsidiaries |
( |
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Acquisition of investment properties |
( |
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Net cash flows from investing activities |
( |
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Cash flows from financing activities |
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Proceeds from issue of ordinary shares, net of issue costs |
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Dividends paid |
( |
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Net cash flows from financing activities |
( |
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Net increase in cash and cash equivalents |
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Cash and cash equivalents at 3 November |
- |
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Cash and cash equivalents at 31 December |
188,488 |
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Bexwell Holdings Ltd
Notes to the Financial Statements for the Period from 3 November 2023 to 31 December 2024
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General information |
The company is a private company limited by share capital, incorporated in UK.
The address of its registered office is:
These financial statements were authorised for issue by the
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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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
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
Dividend income is recognised when the right to receive payment is established. Rental income is received and recognised in the profit and loss account for the period in which it relates to.
Investment property
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Bexwell Holdings Ltd
Notes to the Financial Statements for the Period from 3 November 2023 to 31 December 2024
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.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Leases
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with
the lessor are charged against profits on a straight-line basis over the period of the lease.
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.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
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Turnover |
The analysis of the company's turnover for the period from continuing operations is as follows:
Bexwell Holdings Ltd
Notes to the Financial Statements for the Period from 3 November 2023 to 31 December 2024
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2024 |
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Rental income from investment property |
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Staff costs |
The average number of persons employed by the company (including directors) during the period, analysed by category was as follows:
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2024 |
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Other departments |
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Auditors' remuneration |
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2024 |
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Audit of the financial statements |
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Investment properties |
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2024 |
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Additions |
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At 31 December |
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There has been no valuation of investment property by an independent valuer. The property was purchased on 29 October 2024 from Dorplan Contracts Limited (subsidiary) and Dorplan LLP.
Carrying amount of investment property rented to another group entity
The carrying amount of investment property rented to another group entity was
£
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Investments |
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31 December 2024 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
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Cost or valuation |
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Additions |
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Provision |
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Carrying amount |
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At 31 December 2024 |
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Bexwell Holdings Ltd
Notes to the Financial Statements for the Period from 3 November 2023 to 31 December 2024
Details of undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
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Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2024 |
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Subsidiary undertakings |
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Bexwell House Karoo Close, Bexwell Business Park, Bexwell, Norfolk, United Kingdom, PE38 9GA UK |
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Subsidiary undertakings |
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Dorplan Contracts Limited The principal activity of Dorplan Contracts Limited is |
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Debtors |
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Current |
2024 |
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Trade debtors |
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Other debtors |
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Cash and cash equivalents |
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2024 |
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Cash at bank |
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Bexwell Holdings Ltd
Notes to the Financial Statements for the Period from 3 November 2023 to 31 December 2024
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Creditors |
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Note |
2024 |
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Due within one year |
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Amounts due to related parties |
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Accruals |
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Dividends payable |
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Share capital |
Allotted, called up and fully paid shares
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2024 |
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No. |
£ |
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3 |
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3 |
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30 |
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30 |
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15 |
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15 |
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4 |
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5 |
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5 |
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3 |
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3 |
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3 |
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100 |
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80 |
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Bexwell Holdings Ltd
Notes to the Financial Statements for the Period from 3 November 2023 to 31 December 2024
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Obligations under leases and hire purchase contracts |
Operating leases - lessor
The total of future minimum lease receipts are as follows:
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2024 |
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Not later than one year |
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Later than one year and not later than five years |
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Later than five years |
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Total contingent rents recognised as income in the period are £
The rental lease relates to Dorplan Contracts Limited which is for 7 years.
Bexwell Holdings Ltd
Notes to the Financial Statements for the Period from 3 November 2023 to 31 December 2024
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Dividends |
Final dividends paid
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2024 |
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Final dividend |
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Related party transactions |
Loans from related parties
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2024 |
Key management |
Total |
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Advanced |
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At end of period |
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