Bowerbird Homes Ltd - Period Ending 2023-02-28

Bowerbird Homes Ltd

(Registration number: 13212242)
Balance Sheet as at 28 February 2023

	Note	2023 £	2022 £
Fixed assets
Tangible assets	4	18,071	-
Current assets
Debtors	5	1,545	25
Cash at bank and in hand		46,697	546
		48,242	571
Creditors: Amounts falling due within one year	6	(159,891)	(2,077)
Net current liabilities		(111,649)	(1,506)
Net liabilities		(93,578)	(1,506)
Capital and reserves
Called up share capital		100	100
Profit and loss account		(93,678)	(1,606)
Shareholders' deficit		(93,578)	(1,506)

For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 16 October 2023 and signed on its behalf by:
 

J Pearson
Company secretary and director

Bowerbird Homes Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
2 Wesley Gardens
Pebworth
Worcestershire
CV37 8DJ

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	20% Straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Bowerbird Homes Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

Bowerbird Homes Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

4

Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost
Additions	20,458	20,458
At 28 February 2023	20,458	20,458
Depreciation
Charge for the period	2,387	2,387
At 28 February 2023	2,387	2,387
Carrying amount
At 28 February 2023	18,071	18,071

5

Debtors

	28 February 2023  £	28 February 2022  £
Other debtors	1,545	25

6

Creditors

	Note	28 February 2023  £	28 February 2022  £
Due within one year
Loans and borrowings	7	384	72
Trade creditors		9,120	-
Amounts due to related parties	8	148,691	925
Other creditors		531	-
Accrued expenses		1,165	1,080
		159,891	2,077

7

Loans and borrowings

	Note	2023 £	2022 £
Current loans and borrowings
Other borrowings	8	384	72

Bowerbird Homes Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

8

Related party transactions

Summary of transactions with other related parties

At 28 February 2023, the company owed £148,425 (2022: £925) to Alpha Stanway Finance Limited, a company which owns 75% of the shares in this company. No interest was charged on this balance and there are no fixed repayment terms.

At 28 February 2023, the company owed £266 to JMKA Investments 1LP, an associated company connected through the director. No interest was charged on this balance and there are no fixed repayment terms.

At 28 February 2023, the company owed £384 (2022: £72) to its directors. No interest was charged on this balance and there are no fixed repayment terms.
 

9

Parent and ultimate parent undertaking

The company's immediate parent is Alpha Stanway Finance Ltd, incorporated in England and Wales.