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REGISTERED NUMBER: 08404549 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2023

FOR

THE BOROUGH ROOMS LIMITED

THE BOROUGH ROOMS LIMITED (REGISTERED NUMBER: 08404549)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 28 February 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


THE BOROUGH ROOMS LIMITED

COMPANY INFORMATION
for the Year Ended 28 February 2023







DIRECTORS: M R Horner
Mrs H L Horner





REGISTERED OFFICE: c/o The Borough
3-5 Dalton Square
Lancaster
Lancashire
LA1 1PP





REGISTERED NUMBER: 08404549 (England and Wales)





ACCOUNTANTS: RfM Preston Ltd
Chartered Accountants
120-124 Towngate
Leyland
Lancashire
PR25 2LQ

THE BOROUGH ROOMS LIMITED (REGISTERED NUMBER: 08404549)

BALANCE SHEET
28 February 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 1,825,000 1,825,000

CURRENT ASSETS
Debtors 5 98,721 102,501
Cash in hand 10 10
98,731 102,511
CREDITORS
Amounts falling due within one year 6 212,113 161,371
NET CURRENT LIABILITIES (113,382 ) (58,860 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,711,618

1,766,140

CREDITORS
Amounts falling due after more than one
year

7

(899,629

)

(947,692

)

PROVISIONS FOR LIABILITIES (143,520 ) (143,520 )
NET ASSETS 668,469 674,928

CAPITAL AND RESERVES
Called up share capital 10 10
Retained earnings 668,459 674,918
SHAREHOLDERS' FUNDS 668,469 674,928

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 BOROUGH ROOMS LIMITED (REGISTERED NUMBER: 08404549)

BALANCE SHEET - continued
28 February 2023


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 Board of Directors and authorised for issue on 23 November 2023 and were signed on its behalf by:





M R Horner - Director


THE BOROUGH ROOMS LIMITED (REGISTERED NUMBER: 08404549)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 28 February 2023

1. STATUTORY INFORMATION

The Borough Rooms 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.

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.

TURNOVER
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

INVESTMENT PROPERTY
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or 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 (2022 - NIL).

THE BOROUGH ROOMS LIMITED (REGISTERED NUMBER: 08404549)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 28 February 2023

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2022
and 28 February 2023 1,825,000
NET BOOK VALUE
At 28 February 2023 1,825,000
At 28 February 2022 1,825,000

Fair value at 28 February 2023 is represented by:
£   
Valuation in 2019 755,366
Cost 1,069,634
1,825,000

If investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 1,069,634 1,069,634

Investment property was valued on on open market basis on 16 August 2019 by Colliers Int'l Property Consultants .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors - 3,780
Prepayments and accrued income 98,721 98,721
98,721 102,501

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 33,339 33,339
Trade creditors 7,805 12,014
VAT 8,872 6,469
Other creditors 153,161 90,213
Accruals and deferred income 8,936 19,336
212,113 161,371

THE BOROUGH ROOMS LIMITED (REGISTERED NUMBER: 08404549)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 28 February 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 899,629 100,017
Bank loans - 2-5 years - 847,675
899,629 947,692

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 932,968 981,031

The bank loan is secured by a fixed charge over the fixed assets of the company and a floating charge over all other property, assets and rights of the company.