IRIS Accounts Production v25.1.3.33 00092438 Board of Directors Board of Directors 31.12.24 1.1.24 31.12.24 31.12.24 Medium entities These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. a holding company of a trading group. true true false true true false false false true false Ordinary Share Capital 0 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REGISTERED NUMBER: 00092438 (England and Wales)










GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

BRITISH AND FOREIGN WHARF COMPANY
LIMITED(THE)

BRITISH AND FOREIGN WHARF COMPANY
LIMITED(THE) (REGISTERED NUMBER: 00092438)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Statement of Comprehensive Income 8

Consolidated Balance Sheet 9

Company Balance Sheet 10

Consolidated Statement of Changes in Equity 11

Company Statement of Changes in Equity 12

Consolidated Cash Flow Statement 13

Notes to the Consolidated Cash Flow Statement 14

Notes to the Consolidated Financial Statements 15


BRITISH AND FOREIGN WHARF COMPANY
LIMITED(THE)

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: G S Pitt
J B Leathers
S E Ward
T C Leathers
N N Pitt
R J Booth





REGISTERED OFFICE: 43 Ormside Way
Holmthorpe Industrial Estate
Redhill
Surrey
RH1 2LG





REGISTERED NUMBER: 00092438 (England and Wales)





AUDITORS: Collards, Chartered Accountants
Registered Auditors
5-9 Eden Street
Kingston-upon-Thames
Surrey
KT1 1BQ

BRITISH AND FOREIGN WHARF COMPANY
LIMITED(THE) (REGISTERED NUMBER: 00092438)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their strategic report of the company and the group for the year ended 31 December 2024.

REVIEW OF BUSINESS
The principal activities of the Company continues to be work on the potential development of the Company's share in the Quadrilateral site in Southwark and the management of the trading companies of the Group and of the management of freehold and leasehold properties owned by the Group. The trading companies of the group include Stocksigns Limited (sign manufacturers and distributors), Messagemaker Displays Limited (sellers and designers of LED signage) and Burnham Signs Limited.

The group also has an investment in Runswick Limited (providers of showers and WCs for outside events), which is running down its business having ceased manufacturing and sold its events hire business to the management team in 2019; and an investment in Pocket App Limited, a seller and developer of mobile phone applications.

2024 2023
£ £

Profit for the year before taxation 1,567,502 1,045,747
Corporation Tax (540,555 ) (249,158 )
Profit for the year after taxation 1,026,947 796,589
Retained profit brought forward 20,782,528 20,192,677
Dividends (238,966 ) (206,738 )
Retained profit carried forward 21,570,509 20,782,528

In 2024 the turnover of Stocksigns decreased by 1% whilst Messagemaker's sales increased by 26%. The focus on exceptional personal service continues to provide high customer satisfaction with a 5 star Trust pilot score. Stocksigns produced a profit of £132,073 (2023 £115,171) and Messagemaker produced profits of £84,107 (2023 - loss £60,749).

Burnham Signs sales decreased by 85% and its profit decreased to £7,838 (2023 - £54,406).

British and Foreign Wharf Company Limited has continued to successfully rent out its commercial property portfolio and all tenants are now up to date with their payments.

On 23rd December 2024 the Company's new fully owned subsidiary, B&F Wharf Developments Limited exchanged contracts to purchase four freehold properties in Southwark for £6,400,000. This adjoins, complements and improves the present Southwark freehold land in the Southern Phase 2 of its Southwark landholding. This transaction was completed on January 10th 2025.


BRITISH AND FOREIGN WHARF COMPANY
LIMITED(THE) (REGISTERED NUMBER: 00092438)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

PRINCIPAL RISKS AND UNCERTAINTIES
The Board is responsible for carrying out an assessment of the principle risks affecting the British and Foreign Group in order to preserve the value, assets and reputation of the company. The key risks are set out below:

1. Economic Risk
The Group is exposed to uncertainties in the economy in the UK. This may have a negative impact on the overall condition and performance of the company's investments, customers, suppliers and loans.
The Group has mitigated its risk by having a spread of investments and trading businesses in a number of different markets to reduce its reliance on one particular activity.
1. Stocksigns Limited, a wholly owned subsidiary, manufactures and sells a broad range of signage.
2. Messagemaker Displays Limited, a wholly owned subsidiary, designs, manufactures and sells electronic message displays and LED traffic signs;
3. Pocket App Limited, an associate, designs and develops applications for mobile phone technology;
4. Blue Spruce Homes Norwood Limited and Blue Spruce Homes 250 Limited, an investment, develops residential property.
5.The Group has a portfolio of commercial properties (See 3 below).
6. The Group holds a portfolio of investments in early stage growing businesses.
This diversity allows the Group to manage changes in economic activity and the business cycle.

2. Customer Risk
Competitive pressures mean that customers are searching for lowest cost suppliers making the market across all businesses highly competitive and price driven.
The Group continues to invest in new production equipment and product development across our trading companies to allow us to remain competitive in the market.

3. Property Risk
Market values of property and rental yield can vary as a result of economic conditions.
The property portfolio held by the Group is based in the South East of England with a number of properties in London. It is diverse with a number of different types of commercial properties with leases of different lengths, and investments in residential property development companies.

The joint venture between British and Foreign Wharf Co Ltd and two adjoining co-owners of Southwark property came to an end in July 2024.This allowed the British and Foreign Wharf group to subsequently purchase the four Southwark properties referred to on page 2 (last paragraph).

4. Financial Risk
The Group has low debt and maintains cash reserves for working capital and to enable it to consider further suitable investments.

ON BEHALF OF THE BOARD:





G S Pitt - Director


29 April 2025

BRITISH AND FOREIGN WHARF COMPANY
LIMITED(THE) (REGISTERED NUMBER: 00092438)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2024.

DIVIDENDS
A first interim dividend of 60p per share totalling £114,402 (2023 - £111,768) was paid on 3rd May 2024 and a further interim dividend of 65p per share totalling £124,564 (2023 - £94,970) was paid on 10th October 2024. The total dividends paid in the year were therefore £238,966 (2023 - £206,738).

DIRECTORS
The Directors who served during the year and their interests in the company's share capital were:
2024 2023
G S Pitt 43,856 43,856
J B Leathers 12,397 12,397
S E Ward 1,700 -
T C Leathers 1,919 1,919
N N Pitt 3,511 3,511
R J Booth 1,669 526

Directors, as shareholders received dividends on their shareholding as shown. Related party shareholdings combined with their individual holdings totalled 68,233 (2023 - 68,233) for G S Pitt and 30,569 (2023 - 30,569) for J B Leathers.

FINANCIAL INSTRUMENTS
The Group is controlled through timely monthly management accounts. The Group's cash and short term investments are managed so that sums required for the group and available for deposit are deposited with due regard for security rather than the ultimate return available.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

BRITISH AND FOREIGN WHARF COMPANY
LIMITED(THE) (REGISTERED NUMBER: 00092438)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2024


AUDITORS
The auditors, Collards, Chartered Accountants, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





G S Pitt - Director


29 April 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BRITISH AND FOREIGN WHARF COMPANY
LIMITED(THE)

Opinion
We have audited the financial statements of British and Foreign Wharf Company Limited(The) (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 31 December 2024 and of the group's profit for the year 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 directors' 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 group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are 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 in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BRITISH AND FOREIGN WHARF COMPANY
LIMITED(THE)


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by Management which were contrary to applicable laws and regulations, including fraud. We made enquiries of the Directors to obtain further understanding of risks of non-compliance.

We focused on laws and regulations that could give rise to a material misstatement in the financial statements. Our tests included, but were not limited to:

- agreement of the financial statement disclosures to underlying supporting documentation;
- enquiries of management regarding known or suspected instances of non-compliance with laws and regulations;
- review of minutes of the Board meetings throughout the year; and
- obtaining an understanding of the control environment in place to prevent and detect irregularities.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognizing 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 where non-compliance with laws and regulations is removed 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 for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.




Christopher Julian Brigstocke FCA (Senior Statutory Auditor)
for and on behalf of Collards, Chartered Accountants
Registered Auditors
5-9 Eden Street
Kingston-upon-Thames
Surrey
KT1 1BQ

29 April 2025

BRITISH AND FOREIGN WHARF COMPANY
LIMITED(THE) (REGISTERED NUMBER: 00092438)

CONSOLIDATED
STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024 2023
Notes £    £    £   

TURNOVER 3,694,305 3,429,615

Cost of sales 2,116,127 2,025,479
GROSS PROFIT 1,578,178 1,404,136

Distribution costs 639,217 607,121
Administrative expenses 1,843,551 2,006,116
2,482,768 2,613,237
(904,590 ) (1,209,101 )

Other operating income 2,095,882 2,079,004
GROUP OPERATING PROFIT 4 1,191,292 869,903

Share of operating profit in
Associates 2,316 3,722

Interest receivable and similar income 373,894 172,122
PROFIT BEFORE TAXATION 1,567,502 1,045,747

Tax on profit 5 540,555 249,158
PROFIT FOR THE FINANCIAL YEAR 1,026,947 796,589

OTHER COMPREHENSIVE INCOME
Revaluation of property 1,572,674 -
Income tax relating to other comprehensive
income

(393,168

)

-
OTHER COMPREHENSIVE INCOME FOR
THE YEAR, NET OF INCOME TAX

1,179,506

-
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

2,206,453

796,589

Profit attributable to:
Owners of the parent 1,026,947 796,589

Total comprehensive income attributable to:
Owners of the parent 2,206,453 796,589

BRITISH AND FOREIGN WHARF COMPANY
LIMITED(THE) (REGISTERED NUMBER: 00092438)

CONSOLIDATED BALANCE SHEET
31 DECEMBER 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 8 - -
Tangible assets 9 31,187,446 29,709,046
Investments 10
Interest in associate 23,418 85,183
Other investments 394,780 3,149,199
31,605,644 32,943,428

CURRENT ASSETS
Stocks 11 1,088,616 1,075,868
Debtors 12 8,247,561 1,265,064
Cash at bank 13 2,932,206 5,704,167
12,268,383 8,045,099
CREDITORS
Amounts falling due within one year 14 1,924,274 1,445,964
NET CURRENT ASSETS 10,344,109 6,599,135
TOTAL ASSETS LESS CURRENT
LIABILITIES

41,949,753

39,542,563

PROVISIONS FOR LIABILITIES 15 3,790,268 3,372,699
NET ASSETS 38,159,485 36,169,864

CAPITAL AND RESERVES
Called up share capital 16 191,451 191,451
Share premium 17 251,875 229,741
Revaluation reserve 17 4,763,974 4,763,974
Capital redemption reserve 17 134,991 134,991
Other reserves 17 428,167 428,167
Fair Value reserve 17 10,818,518 9,639,012
Retained earnings 17 21,570,509 20,782,528
SHAREHOLDERS' FUNDS 38,159,485 36,169,864

The financial statements were approved by the Board of Directors and authorised for issue on 29 April 2025 and were signed on its behalf by:




G S Pitt - Director



S E Ward - Director


BRITISH AND FOREIGN WHARF COMPANY
LIMITED(THE) (REGISTERED NUMBER: 00092438)

COMPANY BALANCE SHEET
31 DECEMBER 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 8 - -
Tangible assets 9 25,876,129 25,996,109
Investments 10 4,260,730 7,088,869
30,136,859 33,084,978

CURRENT ASSETS
Stocks 11 671,366 622,480
Debtors 12 7,951,690 1,469,876
Cash at bank 13 4,320,599 6,981,309
12,943,655 9,073,665
CREDITORS
Amounts falling due within one year 14 2,675,696 2,376,594
NET CURRENT ASSETS 10,267,959 6,697,071
TOTAL ASSETS LESS CURRENT
LIABILITIES

40,404,818

39,782,049

PROVISIONS FOR LIABILITIES 15 3,224,885 3,239,001
NET ASSETS 37,179,933 36,543,048

CAPITAL AND RESERVES
Called up share capital 16 191,451 191,451
Share premium 17 251,875 229,741
Revaluation reserve 17 4,763,974 4,763,974
Capital redemption reserve 17 25,000 25,000
Other reserves 17 428,167 428,167
Fair Value reserve 17 8,622,677 8,622,677
Retained earnings 17 22,896,789 22,282,038
SHAREHOLDERS' FUNDS 37,179,933 36,543,048

Company's profit for the financial year 853,717 698,614

The financial statements were approved by the Board of Directors and authorised for issue on 29 April 2025 and were signed on its behalf by:




G S Pitt - Director



S E Ward - Director


BRITISH AND FOREIGN WHARF COMPANY
LIMITED(THE) (REGISTERED NUMBER: 00092438)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024

Called up
share Retained Share Revaluation
capital earnings premium reserve
£    £    £    £   
Balance at 1 January 2023 191,451 20,192,677 229,741 4,763,974

Changes in equity
Dividends - (206,738 ) - -
Total comprehensive income - 796,589 - -
Balance at 31 December 2023 191,451 20,782,528 229,741 4,763,974

Changes in equity
Issue of share capital - - 22,134 -
Dividends - (238,966 ) - -
Total comprehensive income - 1,026,947 - -
Balance at 31 December 2024 191,451 21,570,509 251,875 4,763,974
Capital Fair
redemption Other Value Total
reserve reserves reserve equity
£    £    £    £   
Balance at 1 January 2023 134,991 428,167 9,639,012 35,580,013

Changes in equity
Dividends - - - (206,738 )
Total comprehensive income - - - 796,589
Balance at 31 December 2023 134,991 428,167 9,639,012 36,169,864

Changes in equity
Issue of share capital - - - 22,134
Dividends - - - (238,966 )
Total comprehensive income - - 1,179,506 2,206,453
Balance at 31 December 2024 134,991 428,167 10,818,518 38,159,485

BRITISH AND FOREIGN WHARF COMPANY
LIMITED(THE) (REGISTERED NUMBER: 00092438)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024

Called up
share Retained Share Revaluation
capital earnings premium reserve
£    £    £    £   
Balance at 1 January 2023 191,451 21,790,162 229,741 4,763,974

Changes in equity
Dividends - (206,738 ) - -
Total comprehensive income - 698,614 - -
Balance at 31 December 2023 191,451 22,282,038 229,741 4,763,974

Changes in equity
Issue of share capital - - 22,134 -
Dividends - (238,966 ) - -
Total comprehensive income - 853,717 - -
Balance at 31 December 2024 191,451 22,896,789 251,875 4,763,974
Capital Fair
redemption Other Value Total
reserve reserves reserve equity
£    £    £    £   
Balance at 1 January 2023 25,000 428,167 8,622,677 36,051,172

Changes in equity
Dividends - - - (206,738 )
Total comprehensive income - - - 698,614
Balance at 31 December 2023 25,000 428,167 8,622,677 36,543,048

Changes in equity
Issue of share capital - - - 22,134
Dividends - - - (238,966 )
Total comprehensive income - - - 853,717
Balance at 31 December 2024 25,000 428,167 8,622,677 37,179,933

BRITISH AND FOREIGN WHARF COMPANY
LIMITED(THE) (REGISTERED NUMBER: 00092438)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (4,985,112 ) 2,156,861
Tax paid (253,533 ) (337,715 )
Net cash from operating activities (5,238,645 ) 1,819,146

Cash flows from investing activities
Purchase of tangible fixed assets (142,960 ) (355,278 )
Purchase of fixed asset investments (87,150 ) (15,000 )
Sale of tangible fixed assets (34,917 ) 23,500
Sale of fixed asset investments 2,596,783 23,633
Interest received 373,894 172,122
Net cash from investing activities 2,705,650 (151,023 )

Cash flows from financing activities
Equity dividends paid (238,966 ) (206,738 )
Net cash from financing activities (238,966 ) (206,738 )

(Decrease)/increase in cash and cash equivalents (2,771,961 ) 1,461,385
Cash and cash equivalents at beginning of year 2 5,704,167 4,242,782

Cash and cash equivalents at end of year 2 2,932,206 5,704,167

BRITISH AND FOREIGN WHARF COMPANY
LIMITED(THE) (REGISTERED NUMBER: 00092438)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Profit before taxation 1,567,502 1,045,747
Depreciation charges 269,053 233,945
Profit on disposal of fixed assets (67,607 ) (23,500 )
Loss on revaluation of fixed assets 206,197 -
Share of operating result in Associate 56,884 51,069
Impairment of tangible fixed assets - 9,000
Loss on revaluation of investments 109,294 370,545
Finance income (373,894 ) (172,122 )
1,767,429 1,514,684
(Increase)/decrease in stocks (12,748 ) 25,895
(Increase)/decrease in trade and other debtors (6,982,385 ) 601,720
Increase in trade and other creditors 242,592 14,562
Cash generated from operations (4,985,112 ) 2,156,861

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024
31.12.24 1.1.24
£    £   
Cash and cash equivalents 2,932,206 5,704,167
Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 5,704,167 4,242,782


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24 Cash flow At 31.12.24
£    £    £   
Net cash
Cash at bank 5,704,167 (2,771,961 ) 2,932,206
5,704,167 (2,771,961 ) 2,932,206
Total 5,704,167 (2,771,961 ) 2,932,206

BRITISH AND FOREIGN WHARF COMPANY
LIMITED(THE) (REGISTERED NUMBER: 00092438)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1. STATUTORY INFORMATION

British and Foreign Wharf Company Limited(The) 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 General Information page.

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" 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
Turnover comprises the invoiced value of goods supplied to customers net of Value Added Tax, adjusted for work in progress and uninvoiced sales which are recognised to the extent that they are due at the balance sheet date.
The turnover and pre-tax profit are wholly attributable to the company's main activity. A geographical analysis of turnover is not disclosed in these accounts.

Goodwill
Goodwill arising on the acquisition of subsidiary undertakings represents any excess of the fair value of the consideration given over the fair value of the identifiable assets and liabilities acquired, is capitalised and written off on a straight line basis over its useful economic life, which is 10 years. Provision is made for any impairment.This is consistent with Financial Reporting Standard 102 and has not changed as a result of its introduction.
Goodwill in note 8 refers to the acquisition of Messagemaker Limited in 2011 and is fully written off.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold buildings - over 50 years from 1 January 2001
Short leasehold property - over term of lease
Motor vehicles - 25% per annum
Plant and machinery - 12.5% and 15% per annum (factory)
- 25% to 50% per annum (computers)
- leased assets over term of lease
Fixtures and fittings - 15% per annum
Office equipment - 16.67% per annum

Freehold and leasehold property held by British and Foreign Wharf Company was revalued at fair value on 31st December 2024 in accordance with Financial Reporting Standard 102. The freehold property is held mainly for investment purposes and not depreciated. This treatment is a departure from the Companies Act 2006, which is necessary to give a true and fair view. The effect of this departure is not practicable to qualify.

Investments in associates
Investments in associate undertakings are recognised at cost.

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

BRITISH AND FOREIGN WHARF COMPANY
LIMITED(THE) (REGISTERED NUMBER: 00092438)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

2. ACCOUNTING POLICIES - continued

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Associated companies
The Company has a 42.30% holding in Runswick Limited, which is accounted for using the equity method. The consolidated profit and loss account includes the group's share of the associate's results while the group's share of net assets is shown in the consolidated balance sheet.

The Company has a 45.1% holding in Pocket App Limited, a designer and developer of mobile phone applications. This company is a short term investment and shown at its recoverable amount.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 1,294,432 1,243,110
Social security costs 120,420 118,694
Other pension costs 85,346 82,463
1,500,198 1,444,267

The average number of employees during the year was as follows:
2024 2023

Directors 6 6
Office and Administration 7 7
Sales and Marketing 12 12
Production 12 11
37 36

The average number of employees by undertakings that were proportionately consolidated during the year was 30 (2023 - 30 ) .

2024 2023
£    £   
Directors' remuneration 122,548 115,173
Directors' pension contributions to money purchase schemes 6,458 3,876

BRITISH AND FOREIGN WHARF COMPANY
LIMITED(THE) (REGISTERED NUMBER: 00092438)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Depreciation - owned assets 269,052 233,945
Profit on disposal of fixed assets (67,607 ) (23,500 )
Auditors' remuneration 27,058 30,940
Foreign exchange differences (67 ) 344

5. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 549,049 177,739
Under/Over Accrual re Previous
Year (32,895 ) -
Total current tax 516,154 177,739

Deferred tax 24,401 71,419
Tax on profit 540,555 249,158

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 1,567,502 1,045,747
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 -
23.500 %)

391,876

245,751

Effects of:
Expenses not deductible for tax purposes 200 3,205
Capital allowances in excess of depreciation - (37,465 )
Depreciation in excess of capital allowances 25,472 -
Utilisation of tax losses (1,882 ) (12,785 )
Adjustments to tax charge in respect of previous periods (32,895 ) (3,651 )
Investment write down not deductible for tax 131,999 -
Share of profit in associate 15,441 947
Profit on asset disposals 776 (5,523 )
Effects of deferred tax 24,399 71,419
Franked investment income (14,800 ) (12,876 )
Taxation charged at alternative rates (31 ) 136

Total tax charge 540,555 249,158

Tax effects relating to effects of other comprehensive income

2024
Gross Tax Net
£    £    £   
Revaluation of property 1,572,674 (393,168 ) 1,179,506

BRITISH AND FOREIGN WHARF COMPANY
LIMITED(THE) (REGISTERED NUMBER: 00092438)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

6. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


7. DIVIDENDS

2024 2023
£ £
Ordinary - first interim paid 3rd May 2024 114,402 111,768
Ordinary - second interim paid 10th October 2024 124,564 94,970
Total 238,966 206,738

8. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 January 2024
and 31 December 2024 726,531
AMORTISATION
At 1 January 2024
and 31 December 2024 726,531
NET BOOK VALUE
At 31 December 2024 -
At 31 December 2023 -

9. TANGIBLE FIXED ASSETS

Group
Freehold Long Plant and
property leasehold machinery
£    £    £   
COST OR VALUATION
At 1 January 2024 28,469,374 1,367,628 2,654,152
Additions 2,796 - 134,422
Revaluations 1,572,674 - -
At 31 December 2024 30,044,844 1,367,628 2,788,574
DEPRECIATION
At 1 January 2024 613,754 413,047 1,861,846
Charge for year 38,563 69,646 127,060
Eliminated on disposal - - (31,818 )
At 31 December 2024 652,317 482,693 1,957,088
NET BOOK VALUE
At 31 December 2024 29,392,527 884,935 831,486
At 31 December 2023 27,855,620 954,581 792,306

BRITISH AND FOREIGN WHARF COMPANY
LIMITED(THE) (REGISTERED NUMBER: 00092438)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

9. TANGIBLE FIXED ASSETS - continued

Group

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST OR VALUATION
At 1 January 2024 379,013 10,949 242,660 33,123,776
Additions 3,485 - 2,257 142,960
Revaluations - - - 1,572,674
At 31 December 2024 382,498 10,949 244,917 34,839,410
DEPRECIATION
At 1 January 2024 284,201 9,352 232,530 3,414,730
Charge for year 23,903 1,597 8,283 269,052
Eliminated on disposal - - - (31,818 )
At 31 December 2024 308,104 10,949 240,813 3,651,964
NET BOOK VALUE
At 31 December 2024 74,394 - 4,104 31,187,446
At 31 December 2023 94,812 1,597 10,130 29,709,046

The freehold property shown above includes land and buildings shown at fair value in accordance with Financial Reporting Standard 102.

The freehold and leasehold properties shown above with the exception of the properties held in Southwark were valued by professional agents, Graves Jenkins. After this recent valuation the directors have determined that there had been a material change to the fair value of the assets since the previous year end and therefore adjustments have been made.

Cost or valuation at 31 December 2024 is represented by:

Freehold Long Plant and
property leasehold machinery
£    £    £   
Valuation in 2014 4,864,173 906,442 -
Valuation in 2015 1,177,550 - -
Valuation in 2016 5,359,646 - -
Valuation in 2017 3,221,051 364,000 -
Valuation in 2018 1,039,760 (79,072 ) -
Valuation in 2024 1,572,674 - -
Cost 12,809,990 176,258 2,788,574
30,044,844 1,367,628 2,788,574

BRITISH AND FOREIGN WHARF COMPANY
LIMITED(THE) (REGISTERED NUMBER: 00092438)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

9. TANGIBLE FIXED ASSETS - continued

Group

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
Valuation in 2014 - - - 5,770,615
Valuation in 2015 - - - 1,177,550
Valuation in 2016 - - - 5,359,646
Valuation in 2017 - - - 3,585,051
Valuation in 2018 - - - 960,688
Valuation in 2024 - - - 1,572,674
Cost 382,498 10,949 244,917 16,413,186
382,498 10,949 244,917 34,839,410


Company
Freehold Long Plant and
property leasehold machinery Totals
£    £    £    £   
COST OR VALUATION
At 1 January 2024 24,526,276 1,365,928 1,859,925 27,752,129
Additions - - 8,420 8,420
At 31 December 2024 24,526,276 1,365,928 1,868,345 27,760,549
DEPRECIATION
At 1 January 2024 - 412,172 1,343,848 1,756,020
Charge for year - 69,600 58,800 128,400
At 31 December 2024 - 481,772 1,402,648 1,884,420
NET BOOK VALUE
At 31 December 2024 24,526,276 884,156 465,697 25,876,129
At 31 December 2023 24,526,276 953,756 516,077 25,996,109

Cost or valuation at 31 December 2024 is represented by:

Freehold Long Plant and
property leasehold machinery Totals
£    £    £    £   
Valuation in 2014 4,864,173 906,442 - 5,770,615
Valuation in 2015 1,177,550 - - 1,177,550
Valuation in 2016 5,125,761 - - 5,125,761
Valuation in 2017 2,446,027 364,000 - 2,810,027
Valuation in 2018 1,725,823 (79,072 ) - 1,646,751
Cost 9,186,942 174,558 1,868,345 11,229,845
24,526,276 1,365,928 1,868,345 27,760,549

BRITISH AND FOREIGN WHARF COMPANY
LIMITED(THE) (REGISTERED NUMBER: 00092438)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

10. FIXED ASSET INVESTMENTS

Group
Interest
in Listed Unlisted
associate investments investments Totals
£    £    £    £   
COST OR VALUATION
At 1 January 2024 85,183 2,465,728 683,471 3,234,382
Additions - - 87,148 87,148
Disposals - (2,465,728 ) (60,349 ) (2,526,077 )
Share of profit/(loss) (61,765 ) - - (61,765 )
Impairments - - (315,490 ) (315,490 )
At 31 December 2024 23,418 - 394,780 418,198
NET BOOK VALUE
At 31 December 2024 23,418 - 394,780 418,198
At 31 December 2023 85,183 2,465,728 683,471 3,234,382

Interest in associate

Runswick Limited results and net assets
The group's share of Runswick Limited results and net assets is as follows:

2024 2023
£    £   
Turnover 4,429 6,847

Profit before tax 2,858 5,678
Taxation (543 ) (1,956 )
Profit after tax 2,315 3,722

Share of assets
Fixed assets - -
Current assets 40,274 102,129

Share of liabilities
Liabilities due within one year (1,282 ) (2,002 )
Liabilities due after one year or more - -


Share of net assets 38,992 100,127

BRITISH AND FOREIGN WHARF COMPANY
LIMITED(THE) (REGISTERED NUMBER: 00092438)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

10. FIXED ASSET INVESTMENTS - continued

Group

Cost or valuation at 31 December 2024 is represented by:

Interest
in Unlisted
associate investments Totals
£    £    £   
Valuation in 2017 401,646 - 401,646
Valuation in 2018 (337,998 ) (60,148 ) (398,146 )
Valuation in 2019 (193,720 ) (200,000 ) (393,720 )
Valuation in 2020 (31,017 ) (75,000 ) (106,017 )
Valuation in 2021 26,149 (379,177 ) (353,028 )
Valuation in 2022 (64,754 ) - (64,754 )
Valuation in 2023 (51,069 ) - (51,069 )
Valuation in 2024 (61,765 ) (315,491 ) (377,256 )
Cost 335,946 1,424,596 1,760,542
23,418 394,780 418,198
Company
Shares in Interest
group in Listed Unlisted
undertakings associate investments investments Totals
£    £    £    £    £   
COST OR VALUATION
At 1 January 2024 3,839,543 100,127 2,465,728 683,471 7,088,869
Additions 100 - - 87,148 87,248
Disposals - - (2,465,728 ) (60,349 ) (2,526,077 )
Revaluations - (73,820 ) - - (73,820 )
Impairments - - - (315,490 ) (315,490 )
At 31 December 2024 3,839,643 26,307 - 394,780 4,260,730
NET BOOK VALUE
At 31 December 2024 3,839,643 26,307 - 394,780 4,260,730
At 31 December 2023 3,839,543 100,127 2,465,728 683,471 7,088,869

Cost or valuation at 31 December 2024 is represented by:

Shares in Interest
group in Unlisted
undertakings associate investments Totals
£    £    £    £   
Valuation in 2022 - (20,920 ) - (20,920 )
Valuation in 2023 - (47,038 ) (370,545 ) (417,583 )
Valuation in 2024 - (73,820 ) (315,491 ) (389,311 )
Cost 3,839,643 168,085 1,080,816 5,088,544
3,839,643 26,307 394,780 4,260,730


BRITISH AND FOREIGN WHARF COMPANY
LIMITED(THE) (REGISTERED NUMBER: 00092438)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

10. FIXED ASSET INVESTMENTS - continued




Trade
Country of
Incorporation
Class of
Shares

%

Holding
2024 2023
Subsidiaries
Stocksigns Limited Signmaking England Ordinary 100 100
Messagemaker Displays
Limited
LED Signmaking England Ordinary 100 100
Burnham Signs Limited Signmaking England Ordinary 100 100
Pocock Brothers Limited Property Investment England Ordinary 100 100
Garnier Limited Dormant England Ordinary 100 100
Messagemaker Limited Dormant England Ordinary 100 100
First Call Signs Limited Dormant England Ordinary 100 100
B&F Wharf Developments
Limited
Property investment England Ordinary 100

Associated Companies
Runswick Limited Outside toilet and shower hire
business
England Ordinary 42.30 42.30
Pocket App Limited Mobile phone application
company
England Ordinary 45.1 31.07



11. STOCKS

Group Company
2024 2023 2024 2023
£    £    £    £   
Raw materials 50,283 53,607 - -
Work in Progress - Southwark
project costs 671,366 622,480 671,366 622,480
Finished goods 366,967 399,781 - -
1,088,616 1,075,868 671,366 622,480

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 1,258,395 665,017 333,170 283,073
Amounts owed by group undertakings 112 - 7,149,340 465,050
Other debtors 6,864,208 488,578 429,880 684,493
Prepayments and accrued income 124,846 111,469 39,300 37,260
8,247,561 1,265,064 7,951,690 1,469,876

Other debtors includes:

1) A secured loan of £nil (2023 - £nil) to Blue Spruce Homes Portland Limited at a commercial interest rate.

2) A loan of £nil (2023 - £212,500) made to Blue Spruce Homes 250 Limited as part of an agreement to provide more funding to this company in 2017.The loan is interest free and repayable once 100% of the original investment in the company has been returned.

Loans (1) and (2) above are related party loans as disclosed in note 19.

3) Monies deposited into the Groups lawyers bank account in anticipation of the purchase of additional freehold property in Southwark.

BRITISH AND FOREIGN WHARF COMPANY
LIMITED(THE) (REGISTERED NUMBER: 00092438)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

13. CASH AT BANK
Group Company
2024 2023 2024 2023
£    £    £    £   
Bank deposit account 1,158,989 4,867,409 1,064,389 4,774,054
Bank current accounts 1,773,217 836,758 3,256,210 2,207,255
2,932,206 5,704,167 4,320,599 6,981,309

The bank balance has decreased during the year to £2.9m as the group transferred monies to its lawyers in anticipation of the purchase of additional freehold property in Southwark. (see note 12 above).The current balance will be used to provide working capital for the trading companies, and to enable the group to fund further planning costs expected in 2025 on its Southwark properties.

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade creditors 115,200 22,426 4,571 246
Amounts owed to group undertakings 95 - 1,291,202 1,290,702
Tax 269,965 31,615 213,039 31,330
Social security and other taxes 292,763 259,289 142,570 149,670
Other creditors 534,230 466,227 453,606 403,189
Accruals and deferred income 712,021 666,407 570,708 501,457
1,924,274 1,445,964 2,675,696 2,376,594

15. PROVISIONS FOR LIABILITIES

Group Company
2024 2023 2024 2023
£    £    £    £   
Deferred tax
Accelerated capital allowances 144,570 120,169 33,696 47,812
Revaluation of properties 3,645,698 3,252,530 3,191,189 3,191,189
3,790,268 3,372,699 3,224,885 3,239,001

Group
Deferred
tax
£   
Balance at 1 January 2024 3,372,699
Accelerated capital allowances 24,401
Revaluation of freehold 393,168
Balance at 31 December 2024 3,790,268

Company
Deferred
tax
£   
Balance at 1 January 2024 3,239,001
Accelerated capital allowances (14,116 )
Balance at 31 December 2024 3,224,885

BRITISH AND FOREIGN WHARF COMPANY
LIMITED(THE) (REGISTERED NUMBER: 00092438)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

15. PROVISIONS FOR LIABILITIES - continued

The deferred tax provision shown above relating to property revaluation represents the tax that would crystallise should the investment properties be sold at their current valuation.

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
191,451 Ordinary Share Capital £1 191,451 191,451

17. RESERVES

Group
Retained Share Revaluation
earnings premium reserve
£    £    £   

At 1 January 2024 20,782,528 229,741 4,763,974
Profit for the year 1,026,947
Dividends (238,966 )
Cash share issue - 22,134 -
At 31 December 2024 21,570,509 251,875 4,763,974

Group
Capital Fair
redemption Other Value
reserve reserves reserve Totals
£    £    £    £   

At 1 January 2024 134,991 428,167 9,639,012 35,978,413
Profit for the year 1,026,947
Dividends (238,966 )
Revaluation of Properties - - 1,179,506 1,179,506
Cash share issue - - - 22,134
At 31 December 2024 134,991 428,167 10,818,518 37,968,034

Company
Retained Share Revaluation
earnings premium reserve
£    £    £   

At 1 January 2024 22,282,038 229,741 4,763,974
Profit for the year 853,717
Dividends (238,966 )
Cash share issue - 22,134 -
At 31 December 2024 22,896,789 251,875 4,763,974

BRITISH AND FOREIGN WHARF COMPANY
LIMITED(THE) (REGISTERED NUMBER: 00092438)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

17. RESERVES - continued

Company
Capital Fair
redemption Other Value
reserve reserves reserve Totals
£    £    £    £   

At 1 January 2024 25,000 428,167 8,622,677 36,351,597
Profit for the year 853,717
Dividends (238,966 )
Cash share issue - - - 22,134
At 31 December 2024 25,000 428,167 8,622,677 36,988,482

The Fair Value Reserve represents the revaluation of the freehold properties of the group in 2024, 2020 and 2019 as shown in the Statement of Other Comprehensive Income, the balance of which is non distributable.

The revaluation reserve, capital redemption reserve and other reserves are non distributable.

18. CAPITAL COMMITMENTS
2024 2023
£    £   
Contracted but not provided for in the
financial statements 6,709,500 -

Prior to 31 December 2024 the Group agreed to buy, through its newly incorporated subsidiary B & F Wharf Developments Limited, additional freehold land in Southwark for £6.4m plus costs totalling £6,709,500. The purchase completed on 10 January 2025.

BRITISH AND FOREIGN WHARF COMPANY
LIMITED(THE) (REGISTERED NUMBER: 00092438)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

19. RELATED PARTY DISCLOSURES

A Hull

Andrew Hull is the husband of Tara Leathers and the son in law of Jeremy Leathers. Andrew Hull is a director of the following related companies, in which he has the following shareholding:

% Shareholding
Company Name 2024 2023
Pocket App Limited 14.1 28.2
Blue Spruce Norwood Limited 17.0 17.0
Blue Spruce Homes 250 Limited 7.1 7.1

A loan was made to Mr Hull on a commercial interest rate and secured over Andrew Hull's shares in Blue Spruce Norwood Limited. At the year end the loan balance included in other debtors was £35,374 plus interest owing for 2024 (2023: £60,493).

Pocket App Limited

British and Foreign Wharf Company Limited holds 45.1% (2023 - 31.07%) of the share capital of Pocket App Limited, a mobile phone application development company founded in 2011.

The investment is included at fair value under Unlisted Investments in Note 12 at £85,700 (2023 £35,700).

Blue Spruce Homes Norwood Limited

British and Foreign Wharf Company Limited holds 17% (2023 - 17%) of the share capital of Blue Spruce Homes Norwood Limited (previously London Property Ventures Limited) a company buying, developing and selling its own real estate.

The investment is included at cost under Unlisted Investments in Note 12 at £nil (2023 - £nil).

Blue Spruce Homes Portland Limited

Blue Spruce Homes Portland Limited (previously London Property Ventures Portland Limited) has a loan of £nil (2023 - £nil) which is included in other debtors, Note 14. The loans were made at a commercial interest rate and secured over a property owned by Blue Spruce Homes Portland Limited. Provision has been made for the outstanding loan given uncertainty about recoverability.

Blue Spruce Homes 250 Limited

British and Foreign Wharf Company Limited holds 7.1% (2023 - 7.1%) of the share capital of Blue Spruce Homes 250 Limited (previously London Property Ventures 250 Limited) a company buying, developing and selling its own real estate.

The investment is included at cost under Unlisted Investments in Note 12 at £nil (2023 - £25,000).

Blue Spruce Homes 250 Limited has a loan of £nil (2023 - £212,500) included in other debtors in Note 14. The loan is interest free and repayable only after a 100% return has been made to investors. Provision has been made for the outstanding loan given uncertainty about recoverability.