Registered number
04904219
Boston House Business Centre Limited
Filleted Accounts
31 March 2023
Boston House Business Centre Limited
Registered number: 04904219
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 15,384 19,951
Tangible assets 4 3,611,815 3,962,755
Investments 5 3 3
3,627,202 3,982,709
Current assets
Debtors 6 889,204 276,853
Cash at bank and in hand 67,027 683,042
956,231 959,895
Creditors: amounts falling due within one year 7 (205,455) (201,219)
Net current assets 750,776 758,676
Total assets less current liabilities 4,377,978 4,741,385
Creditors: amounts falling due after more than one year 8 (779,002) (845,668)
Provisions for liabilities (351,145) (428,817)
Net assets 3,247,831 3,466,900
Capital and reserves
Called up share capital 2 2
Non Distributable Reserve 10 1,479,048 1,810,176
Profit and loss account 1,768,781 1,656,722
Shareholders' funds 3,247,831 3,466,900
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 Aggarwal
Director Director
Approved by the board on 20 October 2023 Approved by the board on 20 October 2023
Boston 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 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:
Plant and machinery 25% straight line
Fixtures, fittings, tools and equipment 25% straight line
Investments
Investments in unquoted equity instruments are measured at fair value. Changes in fair value are recognised in profit or loss. Fair value is estimated by using a valuation technique.
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.
Revaluation
The company has revalued its Land and Buildings in accordance with paragraphs 11.27 and 11.32 of FRS 102.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 2
3 Intangible fixed assets £
Interest cap cost
Cost
At 1 April 2022 66,351
At 31 March 2023 66,351
Amortisation
At 1 April 2022 46,400
Provided during the year 4,567
At 31 March 2023 50,967
Net book value
At 31 March 2023 15,384
At 31 March 2022 19,951
Interest Cap cost of £18,261 arose on 18 February 2020 is being amortised over the term off over 7 years.
Arrangement fee of £9,790 arose on 31 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 3,908,800 164,115 160,066 4,232,981
Additions - 43,433 33,223 76,656
Surplus on revaluation (408,800) - - (408,800)
At 31 March 2023 3,500,000 207,548 193,289 3,900,837
Depreciation
At 1 April 2022 - 138,196 132,030 270,226
Charge for the year - 7,099 11,697 18,796
At 31 March 2023 - 145,295 143,727 289,022
Net book value
At 31 March 2023 3,500,000 62,253 49,562 3,611,815
At 31 March 2022 3,908,800 25,919 28,036 3,962,755
Freehold land and buildings: 2023 2022
£ £
Historical cost 1,638,845 1,638,845
Cumulative depreciation based on historical cost - -
1,638,845 1,638,845
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 £3,500,000 at 31 March 2023.
5 Investments
Investments in
subsidiary Other
undertakings investments Total
£ £ £
Cost
At 1 April 2022 3 - 3
At 31 March 2023 3 - 3
Company Country of registration Shares held
or incorporation Class %
Boston House Business Centre Nominee (No. 1) Limited England and Wales Ordinary 100
Boston House Business Centre Nominee (No. 2) Limited England and Wales Ordinary 100
Boston House Business Centre Nominee (No. 3) Limited England and Wales Ordinary 100
6 Debtors 2023 2022
£ £
Trade debtors 8,988 429
Other debtors 880,216 276,424
889,204 276,853
7 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 66,667 66,667
Trade creditors 8,135 12,164
Taxation and social security costs 32,766 37,616
Other creditors 97,887 84,772
205,455 201,219
8 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 779,002 845,668
9 Loans 2023 2022
£ £
Creditors include:
Instalments falling due for payment after more than five years - 300,459
Secured bank loans 845,669 912,335
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 1,810,176 1,810,176
Loss on revaluation of land and buildings (408,800) -
Deferred taxation arising on the revaluation of land and buildings 77,672 -
At 31 March 2023 1,479,048 1,810,176
11 Transactions with the directors
The directors claimed mileage of £Nil [2022 - £33] during the year.
12 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.
13 Other information
Boston 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
Boston House Business Centre Limited 04904219 false 2022-04-01 2023-03-31 2023-03-31 VT Final Accounts April 2022 Naveen Bhandari No description of principal activity 04904219 2021-04-01 2022-03-31 04904219 core:RevaluationReserve core:LandBuildings 2021-04-01 2022-03-31 04904219 core:RevaluationReserve 2021-04-01 2022-03-31 04904219 core:WithinOneYear 2022-03-31 04904219 core:AfterOneYear 2022-03-31 04904219 core:ShareCapital 2022-03-31 04904219 core:OtherReservesSubtotal 2022-03-31 04904219 core:RetainedEarningsAccumulatedLosses 2022-03-31 04904219 core:RevaluationReserve 2021-03-31 04904219 2022-04-01 2023-03-31 04904219 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 04904219 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 04904219 bus:Director40 2022-04-01 2023-03-31 04904219 1 2022-04-01 2023-03-31 04904219 2 2022-04-01 2023-03-31 04904219 core:Goodwill 2022-04-01 2023-03-31 04904219 core:LandBuildings 2022-04-01 2023-03-31 04904219 core:PlantMachinery 2022-04-01 2023-03-31 04904219 core:Vehicles 2022-04-01 2023-03-31 04904219 core:RevaluationReserve core:LandBuildings 2022-04-01 2023-03-31 04904219 core:RevaluationReserve 2022-04-01 2023-03-31 04904219 1 2022-04-01 2023-03-31 04904219 countries:England 2022-04-01 2023-03-31 04904219 bus:FRS102 2022-04-01 2023-03-31 04904219 bus:FullAccounts 2022-04-01 2023-03-31 04904219 2023-03-31 04904219 core:WithinOneYear 2023-03-31 04904219 core:AfterOneYear 2023-03-31 04904219 core:ShareCapital 2023-03-31 04904219 core:OtherReservesSubtotal 2023-03-31 04904219 core:RetainedEarningsAccumulatedLosses 2023-03-31 04904219 core:Goodwill 2023-03-31 04904219 core:LandBuildings 2023-03-31 04904219 core:PlantMachinery 2023-03-31 04904219 core:Vehicles 2023-03-31 04904219 core:RevaluationReserve 2023-03-31 04904219 2022-03-31 04904219 core:Goodwill 2022-03-31 04904219 core:LandBuildings 2022-03-31 04904219 core:PlantMachinery 2022-03-31 04904219 core:Vehicles 2022-03-31 04904219 core:RevaluationReserve 2022-03-31 iso4217:GBP xbrli:pure