| BLACKWATER SERVICES LIMITED |
| Registered number: |
03528426 |
| Statement of financial position |
| as at 31 March 2022 |
|
| Notes |
|
|
2022 |
|
|
2021 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
4 |
|
|
1,775,000 |
|
|
1,775,000 |
|
| Current assets |
| Debtors |
|
|
1,074,809 |
|
|
996,211 |
| Cash at bank and in hand |
|
|
32,683 |
|
|
13,725 |
|
|
|
1,107,492 |
|
|
1,009,936 |
|
| Creditors: amounts falling due within one year |
6 |
|
(67,116) |
|
|
(38,084) |
|
| Net current assets |
|
|
|
1,040,376 |
|
|
971,852 |
|
| Total assets less current liabilities |
|
|
|
2,815,376 |
|
|
2,746,852 |
|
|
| Provisions for liabilities |
|
|
|
(86,297) |
|
|
(86,297) |
|
|
| Net assets |
|
|
|
2,729,079 |
|
|
2,660,555 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
7 |
|
|
2 |
|
|
2 |
| Non-Distributable reserve |
|
|
|
703,460 |
|
|
703,460 |
| Profit and loss account |
|
|
|
2,025,617 |
|
|
1,957,093 |
|
| Shareholders' funds |
|
|
|
2,729,079 |
|
|
2,660,555 |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
| The financial statements were approved by the board of directors and authorised for issue on 25th January 2023 and are signed on its behalf by: |
|
|
|
| ALAN RAYMOND TAYLOR |
| Director |
| Approved by the board on 25 January 2023 |
| Company Registration No. 03528426 |
|
| BLACKWATER SERVICES LIMITED |
| Notes to the Accounts |
| for the year ended 31 March 2022 |
|
|
| 1 |
Accounting policies |
|
| 1.1 |
Acounting convention |
|
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. |
|
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. |
|
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. |
|
| 1.2 |
Turnover |
|
Turnover represents amounts received in respect of rental properties |
|
| 1.3 |
Investment properties |
|
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss. |
|
| 1.4 |
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 current liabilities. |
|
| 1.5 |
Financial instruments |
|
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
|
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. |
|
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention 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. |
|
|
Classification of Financial liabilities |
|
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. |
|
|
Basic of 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. |
|
| 1.6 |
Equity Instruments |
|
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. |
|
| 1.7 |
Taxation |
|
The tax expense represents the sum of the tax currently payable and deferred tax. |
|
|
Current tax |
|
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date. |
|
|
|
Deferred tax |
|
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. |
|
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority. |
|
|
| 2 |
Judgements and key sources of estimation uncertainty |
|
|
In the application of the company's accounting policies, the directors are 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 |
2022 |
|
2021 |
| Number |
Number |
|
|
Average number of persons employed by the company |
3 |
|
3 |
|
|
|
|
|
|
|
|
|
|
| 4 |
Investment property |
|
|
|
|
|
|
|
|
2022 |
|
Fair Value |
£ |
|
At 1st April 2021 and 31st March 2022 |
1,775,000 |
|
|
|
| 5 |
Debtors |
2022 |
|
2021 |
| £ |
£ |
|
|
Trade debtors |
2,148 |
|
39,650 |
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
1,071,800 |
|
946,800 |
|
Other debtors |
861 |
|
9,761 |
|
|
|
|
|
|
1,074,809 |
|
996,211 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due within one year |
2022 |
|
2021 |
| £ |
£ |
|
|
Trade creditors |
1,269 |
|
- |
|
Taxation and social security costs |
16,073 |
|
35,521 |
|
Other creditors |
49,774 |
|
2,563 |
|
|
|
|
|
|
67,116 |
|
38,084 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Called up Share capital |
2022 |
|
2021 |
| £ |
£ |
|
Ordinary share capital |
|
Issued and fully paid |
|
2 ordinary shares of £1 each |
2 |
|
2 |
|
|
|
|
|
|
|
2 |
|
2 |
|
|
|
|
|
|
|
|
|
|
|
| 8 |
Non-Distributable reserve |
2022 |
|
2021 |
| £ |
£ |
|
|
At 1 April 2021 |
703,460 |
|
703,460 |
|
|
At 31 March 2022 |
703,460 |
|
703,460 |
|
|
|
|
|
|
|
|
|
|
| 9 |
Financial commitments, guarantees and contingent liabilities |
|
The company is part of a cross guarantee arrangement securing the group's total borrowing facility with Lloyds Bank plc. At the balance sheet date the total loan liability amounted to £8,095,264 (2021: £8,504,454 ). |
| 10 |
Parent company |
|
The ultimate parent company is Newcroft Investments Limited, a company registered in England and Wales. |
|
The company regards Allan Taylor as its ultimate controlling party by virtue of his interest in the share capital of Newcroft Investments Limited. |
|
| 11 |
Company information |
|
|
BLACKWATER SERVICES LIMITED is a private company limited by shares and incorporated in England. Its registered office is: |
|
VYMAN HOUSE |
|
104 COLLEGE ROAD |
|
HARROW |
|
MIDDLESEX |
|
HA1 1BQ |
