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Registration number: 12200502

Salboy BP Limited

Financial Statements

for the Year Ended 31 March 2023

 

Salboy BP Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 8

 

Salboy BP Limited

(Registration number: 12200502)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Investments

4

47

39

Current assets

 

Debtors (including £5,435,561 (2022: £4,803,235) due after
one year)

5

52,953,705

27,704,854

Cash at bank and in hand

 

1,966

1,556

 

52,955,671

27,706,410

Creditors: Amounts falling due within one year

6

(46,488,498)

(22,195,829)

Net current assets

 

6,467,173

5,510,581

Total assets less current liabilities

 

6,467,220

5,510,620

Creditors: Amounts falling due after more than one year

6

(4,177,830)

(4,396,115)

Net assets

 

2,289,390

1,114,505

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

2,289,388

1,114,503

Shareholders' funds

 

2,289,390

1,114,505

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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 27 September 2023 and signed on its behalf by:
 

.........................................
Mr SA Ismail
Director

 

Salboy BP Limited

Notes to the Financial Statements for the Year Ended 31 March 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:
Unit 3 Birchwood One Business Park
Dewhurst Road
Birchwood
Warrington
Cheshire
WA3 7GB

These financial statements were authorised for issue by the Board on 27 September 2023.

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 that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are prepared in Sterling, which is the functional currency of the company. All monetary amounts are rounded to the nearest £.

Audit report
The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 27 September 2023 was Mr Ian William Biddington, who signed for and on behalf of Alextra Audit Limited.

Exemption from preparing group accounts

The company has taken advantage of the exemption in section 400 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the grounds that the company is included within the consolidated financial statements of their ultimate parent, Salboy Limited.

 

Salboy BP Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Judgements

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 revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

Salboy BP Limited

Notes to the Financial Statements for the Year Ended 31 March 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.

3

Staff numbers

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

4

Investments

2023
£

2022
£

Investments in subsidiaries

47

39

Subsidiaries

£

Cost or valuation

At 1 April 2022

39

Additions

10

Disposals

(2)

At 31 March 2023

47

Carrying amount

At 31 March 2023

47

At 31 March 2022

39

 

Salboy BP Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the group holds 20% or more of the nominal value of any class of share capital are as follows:

Proportion of voting rights

Undertaking

Holding

and shares held

Principal Activity

Subsidiary undertaking

2023

2022

Salboy BP SPV 2 Limited

Ordinary

100%

100%

Development of building projects

Salboy BP SPV 3 Limited

Ordinary

100%

100%

Development of building projects

Salboy BP SPV 4 Limited

Ordinary

100%

100%

Development of building projects

Salboy BP SPV 5 Limited

Ordinary

100%

100%

Development of building projects

Salboy BP SPV 6 Limited

Ordinary

100%

100%

Development of building projects

Salboy BP SPV 7 Limited

Ordinary

100%

100%

Development of building projects

Salboy BP SPV 8 Limited

Ordinary

100%

100%

Development of building projects

Salboy BP SPV 9 Limited

Ordinary

100%

100%

Development of building projects

Salboy BP SPV 10 Limited

Ordinary

100%

100%

Development of building projects

Salboy BP SPV 11 Limited

Ordinary

100%

100%

Development of building projects

Salboy BP SPV 12 Limited

Ordinary

100%

100%

Development of building projects

Salboy BP SPV 13 Limited

Ordinary

100%

100%

Development of building projects

Salboy BP SPV 14 Limited

Ordinary

0%

100%

Development of building projects

Salboy BP SPV 15 Limited

Ordinary

100%

100%

Development of building projects

Salboy BP SPV 16 Limited

Ordinary

100%

100%

Development of building projects

Salboy BP SPV 17 Limited

Ordinary

100%

100%

Development of building projects

Salboy BP SPV 18 Limited

Ordinary

0%

100%

Development of building projects

Salboy BP SPV 19 Limited

Ordinary

100%

100%

Development of building projects

Salboy BP SPV 20 Limited

Ordinary

100%

100%

Development of building projects

Salboy BP SPV 21 Limited

Ordinary

100%

100%

Development of building projects

Salboy BP SPV 22 Limited

Ordinary

100%

100%

Development of building projects

Salboy BP SPV 23 Limited

Ordinary

100%

100%

Development of building projects

Salboy BP SPV 24 Limited

Ordinary

100%

100%

Development of building projects

Salboy BP SPV 25 Limited

Ordinary

100%

100%

Development of building projects

Salboy BP SPV 26 Limited

Ordinary

100%

100%

Development of building projects

Salboy BP SPV 27 Limited

Ordinary

100%

100%

Development of building projects

Salboy BP SPV 28 Limited

Ordinary

100%

100%

Development of building projects

Salboy BP SPV 29 Limited

Ordinary

100%

100%

Development of building projects

 

Salboy BP Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Salboy BP SPV 30 Limited

Ordinary

100%

100%

Development of building projects

Salboy BP SPV 31 Limited

Ordinary

100%

100%

Development of building projects

Salboy BP SPV 32 Limited

Ordinary

100%

100%

Dormant

Salboy BP SPV 33 Limited

Ordinary

100%

100%

Development of building projects

Salboy BP SPV 34 Limited

Ordinary

100%

100%

Development of building projects

Salboy BP SPV 35 Limited

Ordinary

100%

100%

Development of building projects

Salboy BP SPV 36 Limited

Ordinary

100%

100%

Development of building projects

Salboy BP SPV 37 Limited

Ordinary

100%

100%

Development of building projects

Salboy BP SPV 38 Limited

Ordinary

100%

100%

Development of building projects

Salboy BP SPV 39 Limited

Ordinary

100%

100%

Development of building projects

Salboy BP SPV 40 Limited

Ordinary

100%

100%

Dormant

Salboy BP SPV 41 Limited

Ordinary

100%

0%

Development of building projects

Salboy BP SPV 42 Limited

Ordinary

100%

0%

Development of building projects

Salboy BP SPV 43 Limited

Ordinary

100%

0%

Dormant

Salboy BP SPV 44 Limited

Ordinary

100%

0%

Development of building projects

Salboy BP SPV 45 Limited

Ordinary

100%

0%

Development of building projects

Salboy BP SPV 46 Limited

Ordinary

100%

0%

Development of building projects

Salboy BP SPV 47 Limited

Ordinary

100%

0%

Development of building projects

Salboy BP SPV 48 Limited

Ordinary

100%

0%

Development of building projects

Salboy BP SPV 49 Limited

Ordinary

100%

0%

Development of building projects

Salboy BP SPV 50 Limited

Ordinary

100%

0%

Dormant

All companies listed above hold the registered office of:
Unit 3 Birchwood One Business Park
Dewhurst Road
Birchwood
Warrington
Cheshire
WA3 7GB

 

Salboy BP Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

5

Debtors

2023
£

2022
£

Owed by group undertakings

52,933,480

27,692,159

Prepayments

7,530

-

Other debtors

12,695

12,695

 

52,953,705

27,704,854

Details of non-current trade and other debtors

£5,435,561 (2022 - £4,803,235) of 'Owed by group undertakings' is classified as non current.

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Loans and borrowings

-

15,117,996

Trade creditors

600

75,989

Owed to group undertakings

46,032,123

6,910,975

Accruals and deferred income

455,775

90,869

46,488,498

22,195,829

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

 

Loans and borrowings

-

2,808,174

Owed to group undertakings

 

4,177,830

1,587,941

 

4,177,830

4,396,115

Included within Loans and borrowings is £nil (2022: £17,926,170) in relation to a loan which is secured by fixed and floating charge 16 March 2020 over all present and future freehold or leasehold land and all intellectual property of the company. The floating charge covers all property or undertaking of the company.

7

Related party transactions

On 6th February 2023, a cross guarantee was created with Salboy Midco Limited in favour of Cbre Loan Services Limited. The cross guarantee created a fixed and floating charge over all present and future leasehold land and all property or undertaking of the company.

 

Salboy BP Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

8

Parent and ultimate parent undertaking

The company's immediate parent is Salboy Midco Limited, a company incorporated in England and Wales, company number 14525541, registered office Unit 3 Birchwood One Business Park, Dewhurst Road, Birchwood, Warrington, United Kingdom, WA3 7GB.

The ultimate parent is Salboy Limited, a company incorporated in England and Wales, company number 09123542, registered office Unit 3 Birchwood One Business Park, Dewhurst Road, Birchwood, Warrington, United Kingdom, WA3 7GB.

These financial statements are consolidated within the group financial statements of Salboy Limited. Copies of the consolidated financial statements are available on request from Unit 3 Birchwood One Business Park, Dewhurst Road, Birchwood, Warrington, United Kingdom, WA3 7GB.

The shareholders of Salboy Limited are considered to be the controlling parties.

The company has taken advantage of the exemption from disclosure of intra group transactions in accordance with FRS102 paragraph 33.1A.

9

Non adjusting events after the financial period

On 24 May 2023, Salboy BP Limited disposed of its entire share capital of Salboy BP SPV 12 Limited (Company number 12726528), Salboy BP SPV 13 Limited (Company number 12726694) and Salboy BP SPV 30 Limited (Company number 13390372).