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COMPANY REGISTRATION NUMBER: 04547592
Boultbee Brooks Real Estate Limited
Unaudited Financial Statements
30 June 2023
Boultbee Brooks Real Estate Limited
Financial Statements
Year ended 30th June 2023
Contents
Page
Directors' report
1
Statement of comprehensive income
2
Statement of financial position
3
Statement of changes in equity
5
Notes to the financial statements
6
Boultbee Brooks Real Estate Limited
Directors' Report
Year ended 30th June 2023
The directors present their report and the unaudited financial statements of the company for the year ended 30 June 2023 .
Principal activities
The principal activity of the company during the year was asset managers within the property sector.
Directors
The directors who served the company during the year were as follows:
L. Roberts
J.M. Whitcher
C.E. Boultbee Brooks
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 15 March 2024 and signed on behalf of the board by:
L. Roberts
Director
Registered office:
Formal House
60 St Georges House
Cheltenham
GL50 3PN
Boultbee Brooks Real Estate Limited
Statement of Comprehensive Income
Year ended 30th June 2023
2023
2022
Note
£
£
Turnover
1,008,338
1,100,571
------------
------------
Gross profit
1,008,338
1,100,571
Administrative expenses
1,382,483
1,411,983
------------
------------
Operating loss
( 374,145)
( 311,412)
Other interest receivable and similar income
900
422
Interest payable and similar expenses
9,250
3,582
------------
------------
Loss before taxation
( 382,495)
( 314,572)
Tax on loss
125
---------
---------
Loss for the financial year and total comprehensive income
( 382,495)
( 314,697)
---------
---------
All the activities of the company are from continuing operations.
Boultbee Brooks Real Estate Limited
Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
1,185,312
1,192,572
Current assets
Debtors
6
1,148,542
887,321
Cash at bank and in hand
89,968
92,278
------------
---------
1,238,510
979,599
Creditors: amounts falling due within one year
7
4,182,484
3,548,338
------------
------------
Net current liabilities
2,943,974
2,568,739
------------
------------
Total assets less current liabilities
( 1,758,662)
( 1,376,167)
------------
------------
Net liabilities
( 1,758,662)
( 1,376,167)
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 1,758,762)
( 1,376,267)
------------
------------
Shareholders deficit
( 1,758,662)
( 1,376,167)
------------
------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 30th June 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Boultbee Brooks Real Estate Limited
Statement of Financial Position (continued)
30 June 2023
These financial statements were approved by the board of directors and authorised for issue on 15 March 2024 , and are signed on behalf of the board by:
L. Roberts
Director
Company registration number: 04547592
Boultbee Brooks Real Estate Limited
Statement of Changes in Equity
Year ended 30th June 2023
Called up share capital
Profit and loss account
Total
£
£
£
At 1st July 2021
100
( 1,061,570)
( 1,061,470)
Loss for the year
( 314,697)
( 314,697)
----
------------
------------
Total comprehensive income for the year
( 314,697)
( 314,697)
At 30th June 2022
100
( 1,376,267)
( 1,376,167)
Loss for the year
( 382,495)
( 382,495)
----
------------
------------
Total comprehensive income for the year
( 382,495)
( 382,495)
----
------------
------------
At 30th June 2023
100
( 1,758,762)
( 1,758,662)
----
------------
------------
Boultbee Brooks Real Estate Limited
Notes to the Financial Statements
Year ended 30th June 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Formal House, 60 St Georges House, Cheltenham, GL50 3PN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
Going concern
The company has net liabilities £1,758,662. It has sufficient support from its creditors to remain in operational existence for the foreseeable future.
Revenue recognition
Turnover represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
25% reducing balance
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 13 (2022: 12 ).
5. Tangible assets
Fixtures and fittings
£
Cost
At 1st July 2022
1,323,210
Additions
1,765
Disposals
( 48,841)
------------
At 30th June 2023
1,276,134
------------
Depreciation
At 1st July 2022
130,638
Charge for the year
4,605
Disposals
( 44,421)
------------
At 30th June 2023
90,822
------------
Carrying amount
At 30th June 2023
1,185,312
------------
At 30th June 2022
1,192,572
------------
6. Debtors
2023
2022
£
£
Trade debtors
921,837
667,192
Other debtors
226,705
220,129
------------
---------
1,148,542
887,321
------------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
430,029
84,125
Social security and other taxes
80,545
175,149
Other creditors
3,671,910
3,289,064
------------
------------
4,182,484
3,548,338
------------
------------
8. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
117,295
103,905
Later than 1 year and not later than 5 years
284,665
294,515
---------
---------
401,960
398,420
---------
---------
The charge for the period in respect of operating leases relating office premises was £120,660 (2022:£155,443).
9. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
C.E. Boultbee Brooks
2,559
21,102
( 20,485)
3,176
-------
--------
--------
-------
2022
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
C.E. Boultbee Brooks
3,796
54,188
( 55,425)
2,559
-------
--------
--------
-------
Interest is charged at the rate of 3%.
10. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
Balance owed by/(owed to)
2023
2022
2023
2022
£
£
£
£
Boultbee Estates Limited
( 326,719)
( 388,444)
( 3,567,933)
( 3,241,214)
---------
---------
------------
------------
The loan is interest free and repayable on demand .