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Company No: 04386309 (England and Wales)

# BANCROFT HEATH LIMITED

### UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH THE REGISTRAR

BANCROFT HEATH LIMITED

## UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025

Contents

BANCROFT HEATH LIMITED

## BALANCE SHEET

AS AT 31 MARCH 2025
BANCROFT HEATH LIMITED

## BALANCE SHEET (continued)

AS AT 31 MARCH 2025

| Note | 2025 |  | 2024
|  | £ |  | £
Fixed assets |  |  |  |
Tangible assets | 4 | 101,689 |  | 28,872
|  | 101,689 |  | 28,872
Current assets |  |  |  |
Debtors | 5 | 1,101,433 |  | 1,380,332
Cash at bank and in hand |  | 1,929 |  | 140,373
|  | 1,103,362 |  | 1,520,705
Creditors: amounts falling due within one year | 6 | ( 521,966) |  | ( 1,032,974)
Net current assets |  | 581,396 |  | 487,731
Total assets less current liabilities |  | 683,085 |  | 516,603
Creditors: amounts falling due after more than one year | 7 | ( 48,706) |  | ( 25,508)
Provision for liabilities |  | ( 3,225) |  | ( 7,219)
Net assets |  | 631,154 |  | 483,876
Capital and reserves |  |  |  |
Called-up share capital | 8 | 2 |  | 1
Profit and loss account |  | 631,152 |  | 483,875
Total shareholders' funds |  | 631,154 |  | 483,876

For the financial year ending 31 March 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
- These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Bancroft Heath Limited (registered number: 04386309) were approved and authorised for issue by the Director on 06 January 2026. They were signed on its behalf by:

Mr J W Pirie Director |

BANCROFT HEATH LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025
BANCROFT HEATH LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025

##### 1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

##### General information and basis of accounting

Bancroft Heath Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 15, Talina Centre, Bagleys Lane, Fulham, London, SW6 2BW, United Kingdom.
The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

##### Turnover

Turnover is stated net of VAT and trade discounts. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

##### Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the Balance Sheet date. This is normally measured by the proportion that contract costs incurred for work performed to date bear to the estimated total contract costs, except where this would not be representative of the stage of completion. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.
Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.
When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.

##### Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

##### Taxation

Current tax
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement 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.
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.

##### Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery | 3 years straight line
Vehicles | 4 years straight line
Office equipment | 3 years straight line

Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The selection of these residual values and estimated lives requires the exercise of judgement. The directors are required to assess whether there is an indication of impairment to the carrying value of assets. In making that assessment, judgements are made in estimating value in use. The directors consider that the individual carrying values of assets are supportable by their value in use.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

##### Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

##### Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account.

##### Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

##### Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

##### Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

#### 2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

#### 3. Employees

| 2025 |  | 2024
| Number |  | Number
Monthly average number of persons employed by the Company during the year, including the director | 4 |  | 4

#### 4. Tangible assets

| Plant and machinery |  | Vehicles |  | Office equipment |  | Total
| £ |  | £ |  | £ |  | £
Cost |  |  |  |  |  |  |
At 01 April 2024 | 18,470 |  | 76,546 |  | 10,252 |  | 105,268
Additions | 0 |  | 104,050 |  | 1,123 |  | 105,173
Disposals | ( 1,851) |  | 0 |  | ( 2,354) |  | ( 4,205)
At 31 March 2025 | 16,619 |  | 180,596 |  | 9,021 |  | 206,236
Accumulated depreciation |  |  |  |  |  |  |
At 01 April 2024 | 18,470 |  | 50,973 |  | 6,953 |  | 76,396
Charge for the financial year | 0 |  | 30,842 |  | 1,514 |  | 32,356
Disposals | ( 1,851) |  | 0 |  | ( 2,354) |  | ( 4,205)
At 31 March 2025 | 16,619 |  | 81,815 |  | 6,113 |  | 104,547
Net book value |  |  |  |  |  |  |
At 31 March 2025 | 0 |  | 98,781 |  | 2,908 |  | 101,689
At 31 March 2024 | 0 |  | 25,573 |  | 3,299 |  | 28,872

#### 5. Debtors

| 2025 |  | 2024
| £ |  | £
Trade debtors | 673 |  | 388,649
Amounts owed by related parties | 643,254 |  | 585,609
Corporation tax | 22,674 |  | 9,037
Other debtors | 434,832 |  | 397,037
| 1,101,433 |  | 1,380,332

#### 6. Creditors: amounts falling due within one year

| 2025 |  | 2024
| £ |  | £
Bank loans | 10,000 |  | 9,436
Trade creditors | 212,449 |  | 619,269
Amounts owed to related parties | 37,657 |  | 27,251
Taxation and social security | 176,206 |  | 106,563
Obligations under finance leases and hire purchase contracts | 25,120 |  | 15,628
Other creditors | 60,534 |  | 254,827
| 521,966 |  | 1,032,974

#### 7. Creditors: amounts falling due after more than one year

| 2025 |  | 2024
| £ |  | £
Bank loans | 1,667 |  | 12,231
Obligations under finance leases and hire purchase contracts | 47,039 |  | 13,277
| 48,706 |  | 25,508

#### 8. Called-up share capital

| 2025 |  | 2024
| £ |  | £
Allotted, called-up and fully-paid |  |  |
1 Ordinary A share of £ 1.00 (2024: nil shares) | 1 |  | 0
1 Ordinary B share of £ 1.00 (2024: nil shares) | 1 |  | 0
Nil Ordinary share (2024: 1 share of £ 1.00 ) | 0 |  | 1
| 2 |  | 1

During the year, the company redesignated its Ordinary share as an Ordinary A share.
The company also issued one Ordinary B share for consideration of £1.
Both share classes have full rights in the company with respect to voting and capital distribution. Their rights to dividends are at the discretion of the company's director.

#### 9. Related party transactions

During the year the company entered into the following transactions with related parties:
At the balance sheet date, the director owed £319,752 to the company (2024: £140,407). This amount is unsecured with no fixed repayment terms other than it is repayable on demand. Interest is charged on loans to the director at 2.25%.
During the year, Bancroft Heath Limited (BHL) made sales totalling £nil (2024: £2,092,206) to BHRE Investments Limited (BHREI), a company under the common control of the director. Also during the year, BHL made purchases totalling £nil (2024: £2,364,052) from BHREI. At the balance sheet date, included within other debtors, BHL is owed £643,254 (2024: £585,609) by BHREI.
During the year, BHL paid costs on behalf of Bancroft Heath Building Supplies Ltd (BHBS), a company under the common control of the director, totalling £39,713 (2024: £4,519). At the balance sheet date, included in other creditors, BHL owed £37,657 (2024: £27,251) to BHL.