| 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) |
| 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: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| 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: |
| 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: |
| 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. |
| for and on behalf of |
| Registered Auditors |
| 5-9 Eden Street |
| Kingston-upon-Thames |
| Surrey |
| KT1 1BQ |
| 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 |
| 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 |
| Investments | 10 |
| CURRENT ASSETS |
| Stocks | 11 |
| Debtors | 12 |
| Cash at bank | 13 |
| CREDITORS |
| Amounts falling due within one year | 14 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | 15 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 16 |
| Share premium | 17 |
| Revaluation reserve | 17 |
| Capital redemption reserve | 17 |
| Other reserves | 17 |
| Fair Value reserve | 17 |
| Retained earnings | 17 |
| SHAREHOLDERS' FUNDS |
| 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 |
| 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 |
| Changes in equity |
| Dividends | - | ( |
) | - | - |
| Total comprehensive income | - | - |
| Balance at 31 December 2023 |
| Changes in equity |
| Issue of share capital | - | - |
| Dividends | - | ( |
) | - | - |
| Total comprehensive income | - | - |
| Balance at 31 December 2024 |
| Capital | Fair |
| redemption | Other | Value | Total |
| reserve | reserves | reserve | equity |
| £ | £ | £ | £ |
| Balance at 1 January 2023 |
| Changes in equity |
| Dividends | - | - | - | ( |
) |
| Total comprehensive income |
| Balance at 31 December 2023 |
| Changes in equity |
| Issue of share capital | - | - | - |
| Dividends | - | - | - | ( |
) |
| Total comprehensive income |
| Balance at 31 December 2024 |
| 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 |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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 |
| 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 |
| Additions |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 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 | 7,088,869 |
| Additions | 87,248 |
| Disposals | ( |
) | ( |
) | (2,526,077 | ) |
| Revaluations | ( |
) | (73,820 | ) |
| Impairments | ( |
) | (315,490 | ) |
| At 31 December 2024 | 4,260,730 |
| NET BOOK VALUE |
| At 31 December 2024 | 4,260,730 |
| At 31 December 2023 | 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 |
| Finished goods | 366,967 | 399,781 |
| 1,088,616 | 1,075,868 |
| 12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Trade debtors | 1,258,395 | 665,017 |
| Amounts owed by group undertakings | 112 | - |
| Other debtors | 6,864,208 | 488,578 |
| Prepayments and accrued income | 124,846 | 111,469 |
| 8,247,561 | 1,265,064 |
| 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 |
| 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 |
| Amounts owed to group undertakings | 95 | - |
| Tax | 269,965 | 31,615 |
| Social security and other taxes | 292,763 | 259,289 |
| Other creditors | 534,230 | 466,227 |
| Accruals and deferred income | 712,021 | 666,407 |
| 1,924,274 | 1,445,964 |
| 15. | PROVISIONS FOR LIABILITIES |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Deferred tax |
| Accelerated capital allowances | 144,570 | 120,169 |
| 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 |
| Accelerated capital allowances | (14,116 | ) |
| Balance at 31 December 2024 |
| 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: | £ | £ |
| 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 |
| Profit for the year |
| Dividends | ( |
) |
| Cash share issue | - | 22,134 | - |
| At 31 December 2024 |
| 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 | 36,351,597 |
| Profit for the year |
| Dividends | ( |
) |
| Cash share issue | - | - | - | 22,134 |
| At 31 December 2024 | 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. |