ACCOUNTS - Final Accounts preparation

BOWER LANE LIMITED - Company Information

Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-3122021-12-23falsetrueBuilding and selling residential housingtrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 13815934 2021-12-22 13815934 2021-12-23 2022-12-31 13815934 2020-12-23 2021-12-22 13815934 2022-12-31 13815934 c:Director1 2021-12-23 2022-12-31 13815934 c:Director2 2021-12-23 2022-12-31 13815934 d:CurrentFinancialInstruments 2022-12-31 13815934 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 13815934 d:ShareCapital 2022-12-31 13815934 d:RetainedEarningsAccumulatedLosses 2022-12-31 13815934 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-12-31 13815934 c:FRS102 2021-12-23 2022-12-31 13815934 c:AuditExempt-NoAccountantsReport 2021-12-23 2022-12-31 13815934 c:AbridgedAccounts 2021-12-23 2022-12-31 13815934 c:PrivateLimitedCompanyLtd 2021-12-23 2022-12-31 iso4217:GBP xbrli:pure

Registered number: 13815934

BOWER LANE LIMITED

FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2022


BOWER LANE LIMITED REGISTERED NUMBER:13815934

BALANCE SHEET

AS AT 31 DECEMBER 2022

		2022
Note		£


Current assets
Stocks	4	2,185,887
Debtors	5	12,974
Cash at bank and in hand	6	3,611
		2,202,472
Creditors: amounts falling due within one year	7	(2,210,009)
Net current (liabilities)/assets			(7,537)
Total assets less current liabilities			(7,537)
Net (liabilities)/assets			(7,537)

Capital and reserves
Called up share capital			1,000
Profit and loss account			(8,537)
Shareholders' funds			(7,537)

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 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 financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 September 2023.

Mr N A Latter	Mr J R Stack
Director	Director

The notes on pages 2 to 6 form part of these financial statements.

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BOWER LANE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2022

1.	General information

The Company is incorporated in England and Wales and is limited by shares. The registered office is located at Yew Tree House, Lewes Road, Forest Row, East Sussex, RH18 5AA.
The Company was incorporated on 23 December 2021 and commenced trading thereafter. The Company's principal activity is that of building and selling of residential housing.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

2.3

Work in progress

Work in progress and finished goods include labour and attributable overheads.

2.4

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.6

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

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BOWER LANE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

2.7

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance sheet 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

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BOWER LANE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

2.7

Financial instruments (continued)

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Employees

The average monthly number of employees, including directors, during the period was 2.

4.	Work in progress
		2022
		£

	Long-term contract balances	2,185,887
		2,185,887

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BOWER LANE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2022

Debtors

					2022
					£


	Other debtors	3,348
	Prepayments and accrued income	9,627
		12,975

6.	Cash and cash equivalents
		2022
		£

	Cash at bank and in hand	3,611
		3,611

7.	Creditors: Amounts falling due within one year
		2022
		£

	Bank loans	1,533,418
	Trade creditors	2,960
	Other creditors	666,969
	Accruals and deferred income	6,662
		2,210,009

8.	Financial instruments
		2022
		£

	Financial assets
	Financial assets measured at fair value through profit or loss	3,611

Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.

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BOWER LANE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2022

9.	Transactions with directors

Included in other debtors due within one year are a loans to the directors, Mr N A Latter amounting to £1,102 and Mr J R Stack amounting to £375. The loans were repaid within 9 months of the year end.

10.

Related party transactions

The shareholders Mr S T Hignett, Mr N A Latter and Mr J R Stack are also directors in Weald Homes Ltd, a UK registered company. During the year loans totalling £108,505 were received from Weald Homes Ltd. At the year end £(108,505) included in other creditors due within one year, was due to Weald Homes Ltd.
Included in other creditors due within one year are loans from the shareholders Mr S T Hignett amounting to £(345,698) and Mr E Creasey amounting to £(212,765).

11.	Controlling party

The company was controlled throughout the current period by its directors, Mr N A Latter and Mr J R Stack, by virtue of the fact that between them they own the majority of company’s ordinary issued share capital.

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