Registered number
04700443
Boundary House Business Centre Limited
Filleted Accounts
31 March 2023
Boundary House Business Centre Limited
Registered number: 04700443
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 27,960 36,269
Tangible assets 4 6,059,409 6,642,379
Investments 5 9,701 9,701
6,097,070 6,688,349
Current assets
Debtors 6 2,653,509 1,535,157
Cash at bank and in hand 82,888 99,482
2,736,397 1,634,639
Creditors: amounts falling due within one year 7 (1,937,418) (950,503)
Net current assets 798,979 684,136
Total assets less current liabilities 6,896,049 7,372,485
Creditors: amounts falling due after more than one year 8 (1,023,994) (1,107,327)
Provisions for liabilities (705,316) (824,269)
Net assets 5,166,739 5,440,889
Capital and reserves
Called up share capital 100 100
Non Distributable Reserve 10 3,006,873 3,513,990
Profit and loss account 2,159,766 1,926,799
Shareholders' funds 5,166,739 5,440,889
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 members have not required the company to obtain an audit in accordance with section 476 of the Act.
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 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.
Naveen Bhandari Suresh Kumar Aggarwal
Director Director
Approved by the board on 20 October 2023 Approved by the board on 20 October 2023
Boundary House Business Centre Limited
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Land and building at fair value
Plant and machinery 25% straight line
Furniture and fittings 25% straight line
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 3
3 Intangible fixed assets £
Interest Cap costs, Loan arrangement fees and Lease Premium:
Cost
At 1 April 2022 98,916
At 31 March 2023 98,916
Amortisation
At 1 April 2022 62,647
Provided during the year 8,309
At 31 March 2023 70,956
Net book value
At 31 March 2023 27,960
At 31 March 2022 36,269
Lease Premium of £25,000 is amortised over the lease term of 10 years.

Interest Cap cost of £22,826 arose on 18 February 2020 is being written off over 7 years.

Loan Arrangement fees of £12,740 arose on 19 January 2021 is being written off over 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Furniture & Fittings Total
£ £ £ £
Cost
At 1 April 2022 6,611,764 298,642 417,038 7,327,444
Additions 14,306 918 52,559 67,783
Surplus on revaluation (626,070) - - (626,070)
Disposals - - - -
At 31 March 2023 6,000,000 299,560 469,597 6,769,157
Depreciation
At 1 April 2022 - 294,777 390,288 685,065
Charge for the year - 2,292 22,391 24,683
At 31 March 2023 - 297,069 412,679 709,748
Net book value
At 31 March 2023 6,000,000 2,491 56,918 6,059,409
At 31 March 2022 6,611,764 3,865 26,750 6,642,379
Freehold land and buildings: 2023 2022
£ £
Historical cost 1,954,145 1,954,145
Cumulative depreciation based on historical cost - -
1,954,145 1,954,145
The directors have revalued the freehold property at the Balance Sheet date based on the purchase price, acquisition costs and the enhancement costs to date. An independent professional valuation was not instructed during the year.The property value £6,000,000 at 31 March 2023.
5 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 April 2022 9,701
At 31 March 2023 9,701
Historical cost
At 1 April 2022 9,701
At 31 March 2023 9,701
Company Country of registration Shares held
or incorporation Class %
Boundary House Business
Centre Nominee (No.1) Limited England and Wales Ordinary 100
Boundary House Business
Centre Nominee (No.2) Limited England and Wales Ordinary 100
Boundary House Business
Centre Nominee (No.3) Limited England and Wales Ordinary 100
360 Business Centres Limited England and Wales Ordinary 100
Number Six Coffee Limited England and Wales Ordinary 100
6 Debtors 2023 2022
£ £
Trade debtors 66,926 40,558
Other debtors 2,586,583 1,494,599
2,653,509 1,535,157
7 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 83,333 83,333
Trade creditors 60,906 117,216
Corporation tax 57,952 57,704
Other taxes and social security costs 24,483 25,550
Other creditors 1,710,744 666,700
1,937,418 950,503
8 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 1,023,994 1,107,327
9 Loans 2023 2022
£ £
Creditors include:
Instalments falling due for payment after more than five years - 394,414
Secured bank loans 1,107,327 1,190,661
The bank has a legal charge over the company. The charge contains fixed charge and negative pledge.
10 Non Distributable Reserve 2023 2022
£ £
At 1 April 2022 3,513,990 3,513,990
Loss on revaluation of land and buildings (626,070) -
Deferred taxation arising on the revaluation of land and buildings 118,953 -
At 31 March 2023 3,006,873 3,513,990
11 Contingent liabilities
The company and Chiswick Business Centres Limited jointly act as guarantors for the lease between Richmond Business Centre Limited and Essex County Council to an amount of £941,760 per annum. A lease commenced on 18 December 2020 and expires on 17 May 2024. At the year end there were no liabilities outstanding in relation to the lease.
12 Transaction with the directors
At the year end the directors owed the company £250,000 [2022 - £250,000]. During the year, the directors claimed mileage of £518 [2022 - £472]. The directors withdrew salary amounting to £12,000 [2022 - £12,000].
13 Controlling party
The company is controlled jointly by Mr and Mrs Bhandari by virtue of their joint 100% shareholding in the issued share capital of the company.
14 Other information
Boundary House Business Centre Limited is a private company limited by shares and incorporated in England. Its registered office is:
Boundary House
Boston Road
Hanwell
London
W7 2QE
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