BLCKWD Limited - Limited company accounts 20.1

REGISTERED NUMBER: 10567022 (England and Wales)

REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2022

FOR

BLCKWD LIMITED

Page

Company Information

1

Report of the Directors

2

Statement of Income and Retained Earnings

3

Balance Sheet

4

Notes to the Financial Statements

6

DIRECTORS:

G Blackwood

Mrs N Blackwood

REGISTERED OFFICE:

45 Queen Street

Deal

Kent

CT14 6EY

REGISTERED NUMBER:

10567022 (England and Wales)

ACCOUNTANTS:

Higson APS Limited

45 Queen Street

Deal

Kent

CT14 6EY

The directors present their report with the financial statements of the company for the year ended 31 January 2022.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of Information technology consultants.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 February 2021 to the date of this report.

G Blackwood

Mrs N Blackwood

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

G Blackwood - Director

1 October 2022

TURNOVER

86,524

74,802

Cost of sales

1,289

183

GROSS PROFIT

85,235

74,619

Administrative expenses

25,596

21,892

59,639

52,727

Other operating income

-

1,715

OPERATING PROFIT

4

59,639

54,442

Interest receivable and similar income

762

295

60,401

54,737

Gain/loss on revaluation of investments

2,341

-

62,742

54,737

Interest payable and similar expenses

74

-

PROFIT BEFORE TAXATION

62,668

54,737

Tax on profit

10,543

10,407

PROFIT FOR THE FINANCIAL YEAR

52,125

44,330

Retained earnings at beginning of year

64,171

57,341

Dividends

(37,600

)

(37,500

)

RETAINED EARNINGS AT END OF YEAR

78,696

64,171

FIXED ASSETS

Tangible assets

5

3,222

4,569

Investments

6

18,556

16,215

21,778

20,784

CURRENT ASSETS

Debtors

7

55,774

35,188

Cash at bank

65,944

59,280

121,718

94,468

CREDITORS

Amounts falling due within one year

8

46,722

50,113

NET CURRENT ASSETS

74,996

44,355

TOTAL ASSETS LESS CURRENT LIABILITIES

96,774

65,139

CREDITORS

Amounts falling due after more than one year

9

(17,555

)

-

PROVISIONS FOR LIABILITIES

10

(423

)

(868

)

NET ASSETS

78,796

64,271

CAPITAL AND RESERVES

Called up share capital

11

100

100

Revaluation reserve

12

1,896

-

Retained earnings

76,800

64,171

SHAREHOLDERS' FUNDS

78,796

64,271

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 1 October 2022 and were signed on its behalf by:

G Blackwood - Director

1.	STATUTORY INFORMATION

BLCKWD Limited 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 Company Information page.

The financial statements are presented in round pounds sterling £.

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" including the provisions of Section 1A "Small Entities" 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Fixtures and fittings

-

25% on cost

Computer equipment

-

33% on cost

Tangible fixed assets are reviewed for impairment annually.

It is the policy of the Company to capitalise items with an estimated useful economic life in excess of three years, and in excess of £150.

Investments in associates

Investments in associate undertakings are recognised at cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 2 ) .

4.	OPERATING PROFIT

The operating profit is stated after charging:

2022

2021

£

£

Depreciation - owned assets

2,707

2,461

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 February 2021

1,946

7,691

9,637

Additions

-

1,360

1,360

At 31 January 2022

1,946

9,051

10,997

DEPRECIATION

At 1 February 2021

641

4,427

5,068

Charge for year

487

2,220

2,707

At 31 January 2022

1,128

6,647

7,775

NET BOOK VALUE

At 31 January 2022

818

2,404

3,222

At 31 January 2021

1,305

3,264

4,569

6.	FIXED ASSET INVESTMENTS

Interest

in

Other

associate

investments

Totals

£

£

£

COST OR VALUATION

At 1 February 2021

75

16,140

16,215

Additions

-

19,000

19,000

Disposals

-

(19,000

)

(19,000

)

Revaluations

-

2,341

2,341

At 31 January 2022

75

18,481

18,556

NET BOOK VALUE

At 31 January 2022

75

18,481

18,556

At 31 January 2021

75

16,140

16,215

Cost or valuation at 31 January 2022 is represented by:

Interest

in

Other

associate

investments

Totals

£

£

£

Valuation in 2021

-

16,140

16,140

Valuation in 2022

-

2,341

2,341

Cost

75

-

75

75

18,481

18,556

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Other debtors

24,899

-

Intercompany loan

30,875

35,188

55,774

35,188

The following intercompany loans subsisted during the year.

House of Blackwood Limited

Amounts advanced £Nil (2021: £Nil).

Amounts due at the year end £5,000 (2021: £5,000).

The loan is interest free, and repayable upon demand.

Sibertswold Limited

Amounts advanced £Nil (2021: £Nil).

Interest accrued during year £762 (2021: £Nil)

Amounts due at the year end £30,875 (2021: 30,113)

Interest is charged at 2.5%, and the loan is repayable upon demand.

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

4,700

23,500

Trade creditors

200

-

Amounts owed to associates

-

75

Tax

10,988

10,370

Social security and other taxes

434

272

VAT

7,456

4,555

Directors' current accounts

22,289

10,777

Accrued expenses

655

564

46,722

50,113

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans - 1-2 years

4,700

-

Bank loans - 2-5 years

12,855

-

17,555

-

10.	PROVISIONS FOR LIABILITIES

2022

2021

£

£

Deferred tax

423

868

Deferred

tax

£

Balance at 1 February 2021

868

Provided during year

(445

)

Balance at 31 January 2022

423

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

100

Ordinary

£1

100

100

12.

RESERVES

Revaluation

reserve

£

Revaluation

1,896

At 31 January 2022

1,896

13.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Directors Loan Account

A Member of Key Management Personnel

The following Directors loans subsisted within the year;

Mr G Blackwood

During the year the Director advanced the Company £8,712 (2021: £29,089)

During the year the Company repaid the Director £Nil (2021: £25,255)

As at 31 January 2021 the Company owed the Director £20,419 (2021: £11,707).

The loan is interest free and repayable upon demand.

Mrs N Blackwood

During the year the Director advanced the Company £2,800 (2021: £Nil)

During the year the Company repaid the Director £Nil (2021: £930)

As at 31 January 2021 the Company owed the Director £1,870 (2021: £930 owed to Company).

The loan is interest free and repayable upon demand.