IRIS Accounts Production v23.4.0.336 01771430 Board of Directors 1.11.22 31.10.23 31.10.23 0 0 false true false false true false Fair value model Ordinary shares 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh017714302022-10-31017714302023-10-31017714302022-11-012023-10-31017714302021-10-31017714302021-11-012022-10-31017714302022-10-3101771430ns15:EnglandWales2022-11-012023-10-3101771430ns14:PoundSterling2022-11-012023-10-3101771430ns10:Director12022-11-012023-10-3101771430ns10:PrivateLimitedCompanyLtd2022-11-012023-10-3101771430ns10:SmallEntities2022-11-012023-10-3101771430ns10:AuditExemptWithAccountantsReport2022-11-012023-10-3101771430ns10:SmallCompaniesRegimeForDirectorsReport2022-11-012023-10-3101771430ns10:SmallCompaniesRegimeForAccounts2022-11-012023-10-3101771430ns10:FullAccounts2022-11-012023-10-3101771430ns10:OrdinaryShareClass12022-11-012023-10-3101771430ns10:Director22022-11-012023-10-3101771430ns10:CompanySecretary12022-11-012023-10-3101771430ns10:RegisteredOffice2022-11-012023-10-3101771430ns5:CurrentFinancialInstruments2023-10-3101771430ns5:CurrentFinancialInstruments2022-10-3101771430ns5:PlantMachinery2022-11-012023-10-3101771430ns5:FurnitureFittings2022-11-012023-10-3101771430ns5:PlantMachinery2022-10-3101771430ns5:FurnitureFittings2022-10-3101771430ns5:PlantMachinery2023-10-3101771430ns5:FurnitureFittings2023-10-3101771430ns5:PlantMachinery2022-10-3101771430ns5:FurnitureFittings2022-10-3101771430ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-10-3101771430ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-10-3101771430ns10:OrdinaryShareClass12023-10-3101771430ns5:RetainedEarningsAccumulatedLosses2022-11-012023-10-31
REGISTERED NUMBER: 01771430 (England and Wales)







Unaudited Financial Statements

for the Year Ended 31 October 2023

for

Borovere Development Limited

Borovere Development Limited (Registered number: 01771430)






Contents of the Financial Statements
for the Year Ended 31 October 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Certified Accountants' Report 11

Borovere Development Limited

Company Information
for the Year Ended 31 October 2023







DIRECTORS: M C Cole
Mrs G R Curtis





SECRETARY: Mrs G R Curtis





REGISTERED OFFICE: Beechey House
87 Church Street
Crowthorne
Berkshire
RG45 7AW





REGISTERED NUMBER: 01771430 (England and Wales)





ACCOUNTANTS: PKB Accountants Limited
Chartered Certified Accountants
Beechey House
87 Church Street
Crowthorne
Berkshire
RG45 7AW

Borovere Development Limited (Registered number: 01771430)

Balance Sheet
31 October 2023

31.10.23 31.10.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 20 23
Investment property 5 640,000 640,000
640,020 640,023

CURRENT ASSETS
Debtors 6 5,647 6,398
Cash at bank 25,743 21,623
31,390 28,021
CREDITORS
Amounts falling due within one year 7 18,751 17,340
NET CURRENT ASSETS 12,639 10,681
TOTAL ASSETS LESS CURRENT
LIABILITIES

652,659

650,704

CAPITAL AND RESERVES
Called up share capital 8 100 100
Fair value reserve 9 142,222 142,222
Retained earnings 9 510,337 508,382
SHAREHOLDERS' FUNDS 652,659 650,704

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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.

Borovere Development Limited (Registered number: 01771430)

Balance Sheet - continued
31 October 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 28 March 2024 and were signed on its behalf by:





M C Cole - Director


Borovere Development Limited (Registered number: 01771430)

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

1. STATUTORY INFORMATION

Borovere Development 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Going Concern
At the time of approving the financial statements the directors believe that all appropriate measures have been or will be taken to ensure that the company will be able to continue its operations for at least the next 12 months and thus conclude that the going concern basis remains appropriate.

Significant judgements and estimates
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Turnover
Turnover represents rent received in the year, net of VAT.

Borovere Development Limited (Registered number: 01771430)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance

Fixtures and Fittings are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the Company reviews the carrying amounts of its Tangible Fixed Assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined ( net of depreciation ) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately.

Investment property
Investment properties are shown at their market value . Gains are recognised in the income statement.
Deferred taxation is provided on these gains at the rate expected to apply when the properties are sold.


Borovere Development Limited (Registered number: 01771430)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

2. ACCOUNTING POLICIES - continued
Taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in the Income statement, except that a change attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income 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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of financial position date, except that:

- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Borovere Development Limited (Registered number: 01771430)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties loans to related parties and investments in non-puttable ordinary shares.

Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measures, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. .

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Income Statement.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right of set off the recognised amounts and there is an intention to settle on a net basis or to realise the assets and settle the liability simultaneously.

Impairment of financial assets
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

At each reporting date non-financial assets not carried at face value are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.

Borovere Development Limited (Registered number: 01771430)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST
At 1 November 2022
and 31 October 2023 1,576 4,862 6,438
DEPRECIATION
At 1 November 2022 1,576 4,839 6,415
Charge for year - 3 3
At 31 October 2023 1,576 4,842 6,418
NET BOOK VALUE
At 31 October 2023 - 20 20
At 31 October 2022 - 23 23

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 November 2022
and 31 October 2023 640,000
NET BOOK VALUE
At 31 October 2023 640,000
At 31 October 2022 640,000

Borovere Development Limited (Registered number: 01771430)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

5. INVESTMENT PROPERTY - continued

Fair value at 31 October 2023 is represented by:
£   
Valuation in 1996 (145,114 )
Valuation in 1997 6,800
Valuation in 1998 33,300
Valuation in 1999 (50,200 )
Valuation in 2003 165,000
Valuation in 2015 50,000
Valuation in 2016 82,436
Cost 497,778
640,000

The investment properties were valued on an open market basis on 31 October 2023 by the directors of the company .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Other debtors 5,647 6,398

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Taxation and social security 12,978 13,052
Other creditors 5,773 4,288
18,751 17,340

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.10.23 31.10.22
value: £    £   
100 Ordinary shares £1 100 100

Borovere Development Limited (Registered number: 01771430)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

9. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 November 2022 508,382 142,222 650,604
Profit for the year 37,955 37,955
Dividends (36,000 ) (36,000 )
At 31 October 2023 510,337 142,222 652,559

Chartered Certified Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Borovere Development Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Borovere Development Limited for the year ended 31 October 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Borovere Development Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Borovere Development Limited and state those matters that we have agreed to state to the Board of Directors of Borovere Development Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Borovere Development Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Borovere Development Limited. You consider that Borovere Development Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Borovere Development Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






PKB Accountants Limited
Chartered Certified Accountants
Beechey House
87 Church Street
Crowthorne
Berkshire
RG45 7AW


28 April 2024