Great Western Regional Capital Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—8

1. General Information

Great Western Regional Capital Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10015924 . The registered office is Desklodge House, 2 Redcliffe Way, Bristol, BS1 6NL.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Significant judgements and estimations

Accounting estimates and key judgements

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are:

Investment Properties

The valuation assumes a discount rate of 4.4%, reflecting the perceived risks associated with the future cash flows of the investment properties. Rental income projections are based on current lease agreements and market expectations for future rent reviews. The valuation considers the anticipated timing and amount of future disposals, if any.

Finance lease

The implicit interest rate of 4.4% is based on the lease agreement and reflects the rate at which the present value of the minimum lease payments was equal to the fair value of the leased asset at acquisition. The company has assumed a 2% annual increase in the Consumer Price Index (CPI) when estimating future cash flows related to lease payments.

2.3. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

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Great Western Regional Capital Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Fixtures & Fittings

5 Years Straight Line

2.5. Investment Properties

All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.

2.6. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as investment property. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The asset acquired under the finance lease is initially recognized at the lower of its fair value and the present value of the minimum lease payments. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.

2.7. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

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Great Western Regional Capital Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

3. Average Number of Employees

Average number of employees, including directors, during the year was: NIL (2024: NIL)

4. Tangible Assets

	Fixtures & Fittings
	£
Cost or Valuation
As at 1 April 2024	38,232
Disposals	(38,232 )

As at 31 March 2025	-

Depreciation
As at 1 April 2024	5,735
Provided during the period	5,733
Disposals	(11,468 )

As at 31 March 2025	-

Net Book Value
As at 31 March 2025	-

As at 1 April 2024	32,497

5. Investment Property

	2025
	£
Fair Value
As at 1 April 2024	8,167,350
Fair value adjustments	645,905

As at 31 March 2025	8,813,255

The company manages forty eight flats which were purchased on a forty two year lease. Of the forty eight flats, twenty are rented out at 90% of the market value. These flats are provided at a reduced rate to support keyworkers. The remaining flats are rented out at full market value.

The investment properties are measured at fair value, which is determined by discounting the future cash flows expected to be generated from the properties. This valuation method reflects the present value of the future income streams that the properties are expected to produce.

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Great Western Regional Capital Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

6. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	70,510	61,498
Prepayments and accrued income	5,428	575
Other debtors	17,277	10,814
Amounts owed by group undertakings	1	1

	93,216	72,888

7. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	334,245	202,636
Trade creditors	132,872	75,115
Corporation tax	33,196	-
Deferred income	-	2,047
Accruals	23,063	141,737
Amounts owed to group undertakings	-	9,828

	523,376	431,363

8. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	8,120,603	8,088,364

The company has entered into a lease agreement for 48 properties. The lease term is 42 years, and the company has the option to purchase each of the properties for a nominal amount of £1 at the end of the lease term.

9. Obligations Under Finance Leases and Hire Purchase

	2025	2024
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	334,245	202,636
Later than one year and not later than five years	1,276,439	1,226,356
Later than five years	6,844,164	6,862,008

	8,454,848	8,291,000

	8,454,848	8,291,000

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Great Western Regional Capital Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

10. Deferred Taxation

The provision for deferred tax is made up as follows:

	2025	2024
	£	£
Other timing differences	162,697	928

11. Provisions for Liabilities


	Deferred Tax	Other Provisions	Total
	£	£	£
As at 1 April 2024	928	5,118	6,046
Additions	161,769	18,015	179,784
Utilised	-	(414 )	(414)

Balance at 31 March 2025	162,697	22,719	185,416

12. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	1	1

13. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as following:

	2025	2024
	£	£
Not later than one year	149,245	124,185
Later than one year and not later than five years	615,127	598,373
Later than five years	2,412,376	2,346,669

	3,176,748	3,069,227

Operating leases relate to 13 rent to buy properties which are sublet as ethical housing to generate rental income. Tenants have an option to purchase the properties from the freeholder at a discount from market value after five years. The leases are for 21 year terms from May 2022.

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Great Western Regional Capital Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

14. Related Party Transactions

Controlling party:

The company is 100% owned by Place Based Investments Limited (company number 12471293), a company under the control of and 100% owned by Bristol & Bath Regional Capital CIC (company number 09672937).

Laura Barrow is a director of the company, Bristol & Bath Regional Capital CIC and Place Based Investments Limited.

The company was under the control of the directors throughout the period.

Transactions with related parties:

As at 31 March 2025 Great Western Regional Capital Limited was owed £1 (2024: £1) by Place Based Investments Limited.

During the period ending 31 March 2025 Great Western Regional Capital Limited was charged £56,275 (2024: £130,652) for management fees and £49 (2024: £1,649) in interest on loans by Bristol & Bath Regional Capital CIC.

As at 31 March 2025 Great Western Regional Capital Limited owed £nil (2024: £9,828) to Bristol & Bath Regional Capital CIC. As at 31 March 2025 Great Western Regional Capital Limited trade creditors included £16,694 (2024: £74,593) owed to Bristol & Bath Regional Capital CIC.

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		-		32,497
Investment Properties	5		8,813,255		8,167,350

			8,813,255		8,199,847
CURRENT ASSETS
Debtors	6	93,216		72,888
Cash at bank and in hand		246,232		23,093

		339,448		95,981
Creditors: Amounts Falling Due Within One Year	7	(523,376 )		(431,363 )

NET CURRENT ASSETS (LIABILITIES)			(183,928 )		(335,382 )

TOTAL ASSETS LESS CURRENT LIABILITIES			8,629,327		7,864,465

Creditors: Amounts Falling Due After More Than One Year	8		(8,120,603 )		(8,088,364 )

PROVISIONS FOR LIABILITIES
Provisions For Charges	11		(22,719 )		(5,118 )
Deferred Taxation	10		(162,697 )		(928 )

NET ASSETS/(LIABILITIES)			323,308		(229,945 )

CAPITAL AND RESERVES
Called up share capital	12		1		1
Other reserves			488,091		3,955
Profit and Loss Account			(164,784 )		(233,901 )

SHAREHOLDERS' FUNDS			323,308		(229,945)