Bridgewater Developments Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 03076623 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2022

for

Bridgewater Developments Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

G A Charrison

SECRETARY:

G A Charrison

REGISTERED OFFICE:

c/o Wilson Partners Limited

TOR

Saint-Cloud Way

Maidenhead

Berkshire

SL6 8BN

REGISTERED NUMBER:

03076623 (England and Wales)

ACCOUNTANTS:

Wilson Partners Limited

Chartered Accountants

TOR

Saint-Cloud Way

Maidenhead

Berkshire

SL6 8BN

FIXED ASSETS

Tangible assets

4

-

-

Investments

5

100

100

Investment property

6

1,599,848

1,529,191

1,599,948

1,529,291

CURRENT ASSETS

Debtors

7

483,240

470,800

Cash at bank

4,657

946

487,897

471,746

CREDITORS

Amounts falling due within one year

8

(101,233

)

(105,728

)

NET CURRENT ASSETS

386,664

366,018

TOTAL ASSETS LESS CURRENT LIABILITIES

1,986,612

1,895,309

PROVISIONS FOR LIABILITIES

(76,610

)

(58,946

)

NET ASSETS

1,910,002

1,836,363

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

1,909,002

1,835,363

SHAREHOLDERS' FUNDS

1,910,002

1,836,363

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

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

The director acknowledges his 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 28 September 2023 and were signed by:

G A Charrison - Director

1.	STATUTORY INFORMATION

Bridgewater Developments 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 presentation currency of the financial statements is the Pound 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.

Preparation of consolidated financial statements

The financial statements contain information about Bridgewater Developments Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Significant judgements and estimates

In the application of the company's accounting policies the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 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 company's main judgement is in relation to the recoverability of the balance due of £286,574 from its subsidiary undertaking, Bridgewater New Homes Limited. No provision has been made against the amount receivable on the basis that future trading profits will be sufficient to repay the amount due.

Turnover

Turnover represents rent receivable together with sale proceeds resulting from the sale of properties held for development rather than investment purposes and are exclusive of Value Added Tax.

Turnover represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of consideration due. Where services are provided and the right to consideration is contingent on a specific future event which is outside the control of the company then no turnover is recognised until that event occurs.

Tangible fixed assets

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

Fixtures and fittings

-

25% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Investment property

Investment property is included at fair value. Changes in market value are recognised in the income statement.

No depreciation is charged on investment properties. Although the Companies Act would not normally require the systematic annual depreciation of fixed assets, the members believe that the policy of not providing depreciation is necessary in order for the financial statements to give a true and fair view, since the current value of investment properties, and changes to that current value, are of prime importance rather than a calculation of systematic annual depreciation. Depreciation is only one of the many factors in the annual valuation, and the amount which might otherwise have been included and cannot be separately identified or quantified.

Financial instruments

Basic financial instruments are recognised at amortised cost using the effective interest method, except for investments in non-convertible preference and non-puttable preference and ordinary shares, which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value, with changes recognised in profit and loss.

Taxation

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.

3.	EMPLOYEES AND DIRECTORS

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

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2022

and 31 December 2022

6,025

DEPRECIATION

At 1 January 2022

and 31 December 2022

6,025

NET BOOK VALUE

At 31 December 2022

-

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2022

and 31 December 2022

100

NET BOOK VALUE

At 31 December 2022

100

At 31 December 2021

100

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2022

1,529,191

Revaluations

70,657

At 31 December 2022

1,599,848

NET BOOK VALUE

At 31 December 2022

1,599,848

At 31 December 2021

1,529,191

Fair value at 31 December 2022 is represented by:

£

Valuation in 2021

425,256

Valuation in 2022

70,657

Cost

1,103,935

1,599,848

If investment properties had not been revalued they would have been included at the following historical cost:

31.12.22

31.12.21

£

£

Cost

1,103,935

1,103,935

The investment properties were valued on an open market value basis on 31 December 2022 by G A Charrison, a director .

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Trade debtors

1,520

901

Amounts owed by group undertakings

299,574

299,574

Other debtors

182,146

170,325

483,240

470,800

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Bank loans and overdrafts

92,500

103,600

Trade creditors

300

300

Taxation and social security

8,281

1,676

Other creditors

152

152

101,233

105,728

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.22

31.12.21

£

£

Bank loans

92,500

103,600

Bank loans are secured by a charge over certain assets of the company.

10.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2022 and 31 December 2021:

31.12.22

31.12.21

£

£

G A Charrison

Balance outstanding at start of year

14,050

11,260

Amounts advanced

7,311

2,790

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

21,361

14,050

Interest is charged on overdrawn amounts at the HMRC Official Rate.

11.	ULTIMATE CONTROLLING PARTY

The controlling party is G A Charrison.