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COMPANY REGISTRATION NUMBER: 08318457
Boultbee Estates Limited
Unaudited Financial Statements
31 December 2022
Boultbee Estates Limited
Financial Statements
Year ended 31st December 2022
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 Estates Limited
Directors' Report
Year ended 31st December 2022
The directors present their report and the unaudited financial statements of the company for the year ended 31 December 2022 .
Principal activities
The principal activity of the company during the period was to invest in entities interested in real estate .
Directors
The directors who served the company during the year were as follows:
L. Roberts
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 14 March 2024 and signed on behalf of the board by:
L. Roberts
Director
Registered office:
Formal House
60 St Georges Place
Cheltenham
GL50 3PN
Boultbee Estates Limited
Statement of Comprehensive Income
Year ended 31st December 2022
2022
2021
Note
£
£
Turnover
( 854,941)
1,377,966
Other operating expenses
1,105
1,551
---------
------------
Operating (loss)/profit
( 856,046)
1,376,415
Fair value adjustment and disposal of group interests
5
( 500,000)
1,934,319
Fair value adjustment and disposal of participating interests
6
270,543
( 27,512)
Income from fixed asset investments
7
( 2,430,628)
1,335,851
Other interest receivable and similar income
42,307
24,187
Interest payable and similar expenses
616,194
1,265,548
------------
------------
(Loss)/profit before taxation
( 4,090,018)
3,377,712
Tax on (loss)/profit
11,597
------------
------------
(Loss)/profit for the financial year and total comprehensive income
( 4,101,615)
3,377,712
------------
------------
All the activities of the company are from continuing operations.
Boultbee Estates Limited
Statement of Financial Position
31 December 2022
2022
2021
Note
£
£
Fixed assets
Investments
8
22,070,319
24,803,331
Current assets
Debtors
9
30,376,798
23,344,974
Current asset investments
10
2,417,370
11,575,943
Cash at bank and in hand
268,006
290,499
-------------
-------------
33,062,174
35,211,416
Creditors: amounts falling due within one year
11
26,768,590
8,849,920
-------------
-------------
Net current assets
6,293,584
26,361,496
-------------
-------------
Total assets less current liabilities
28,363,903
51,164,827
Creditors: amounts falling due after more than one year
12
18,464,309
-------------
-------------
Net assets
28,363,903
32,700,518
-------------
-------------
Capital and reserves
Called up share capital
1,100
1,100
Profit and loss account
28,362,803
32,699,418
-------------
-------------
Shareholders funds
28,363,903
32,700,518
-------------
-------------
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 31st December 2022 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 Estates Limited
Statement of Financial Position (continued)
31 December 2022
These financial statements were approved by the board of directors and authorised for issue on 14 March 2024 , and are signed on behalf of the board by:
L. Roberts
Director
Company registration number: 08318457
Boultbee Estates Limited
Statement of Changes in Equity
Year ended 31st December 2022
Called up share capital
Profit and loss account
Total
£
£
£
At 1st January 2021
1,100
29,481,706
29,482,806
Profit for the year
3,377,712
3,377,712
-------
-------------
-------------
Total comprehensive income for the year
3,377,712
3,377,712
Dividends paid and payable
( 160,000)
( 160,000)
-------
-------------
-------------
Total investments by and distributions to owners
( 160,000)
( 160,000)
At 31st December 2021
1,100
32,699,418
32,700,518
Loss for the year
( 4,101,615)
( 4,101,615)
-------
-------------
-------------
Total comprehensive income for the year
( 4,101,615)
( 4,101,615)
Dividends paid and payable
( 235,000)
( 235,000)
----
---------
---------
Total investments by and distributions to owners
( 235,000)
( 235,000)
-------
-------------
-------------
At 31st December 2022
1,100
28,362,803
28,363,903
-------
-------------
-------------
Boultbee Estates Limited
Notes to the Financial Statements
Year ended 31st December 2022
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 Place, 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, as modified by the revaluation of certain financial assets and liabilities and investments at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover represents investment income from shares and profits from Limited Liability Partnerships on which there is no Value Added Tax.
Exceptional items
Exceptional items are disclosed separately in the financial statements in order to provide further understanding of the financial performance of the entity. They are material items of income or expense that have been shown separately because of their nature or amount.
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.
Investments
Fixed and current asset investments are measured at fair value with changes being recognised through the statement of Comprehensive Income.
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 .
4. Exceptional items
2022
2021
£
£
Loan
585,444
471,858
---------
---------
Included within interest payable and similar charges is £585,444 (2021:£471,858) in respect of a provision for non recoverability of a loan.
5. Fair value adjustment and disposal of group interests
2022
2021
£
£
Gain/(loss) on disposal of group interests
40,897
Gain/(loss) on fair value adjustment to group interests
(500,000)
1,893,422
---------
------------
( 500,000)
1,934,319
---------
------------
6. Fair value adjustment and disposal of participating interests
2022
2021
£
£
Gain/(Loss) on fair value adjustment of participating interests
270,543
(27,512)
---------
--------
7. Income from fixed asset investments
2022
2021
£
£
Dividends from current asset investments
129,191
119,156
Gain/(loss) on disposal of fixed/current asset investments
(1,016,166)
745,568
Gain/(loss) on fair value adjustment to fixed/current asset investments
(1,904,471)
482,647
Foreign exchange profit /(loss)
340,562
(26,725)
Interest Receivable
111,788
71,885
Management fees and charges
(68,494)
(43,156)
Interest payable
(23,038)
(13,524)
------------
------------
( 2,430,628)
1,335,851
------------
------------
Included within the foreign exchange gain for the year is £307,818 in respect of unrealised currency gains on losses relating to securities and forward contracts.
8. Investments
Group undertakings
Participating interests
Other investments other than loans
Total
£
£
£
£
Cost
At 1st January 2022
14,091,469
10,711,862
24,803,331
Additions
131,486
1,538,877
6,136,039
7,806,402
Disposals
( 1,879,087)
( 8,034,380)
( 7,475,467)
( 17,388,934)
Revaluations
( 500,000)
270,543
( 2,036,156)
( 2,265,613)
Transfers
( 2,228,102)
( 188,407)
11,531,642
9,115,133
-------------
-------------
-------------
-------------
At 31st December 2022
9,615,766
4,298,495
8,156,058
22,070,319
-------------
-------------
-------------
-------------
Impairment
At 1st January 2022 and 31st December 2022
-------------
-------------
-------------
-------------
Carrying amount
At 31st December 2022
9,615,766
4,298,495
8,156,058
22,070,319
-------------
-------------
-------------
-------------
At 31st December 2021
14,091,469
10,711,862
24,803,331
-------------
-------------
-------------
-------------
At the beginning of the year certain current asset investments were transferred to fixed asset investments since they represented a portfolio of securities originally acquired to be held long term to generate income.
Investments held at valuation
Fixed asset investments are valued at fair value at the year end by the directors,one of whom is a member of the Royal Institute of Chartered Surveyors and the other a member of the Institute of Chartered Accountants England and Wales.
In respect of investments held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Group undertakings
Participating interests
Other investments other than loans
Total
£
£
£
£
At 31st December 2022
Aggregate cost
6,486,986
4,850,679
9,022,170
20,359,835
Aggregate depreciation
------------
------------
------------
-------------
Carrying value
6,486,986
4,850,679
9,022,170
20,359,835
------------
------------
------------
-------------
At 31st December 2021
Aggregate cost
11,317,724
9,976,258
21,293,982
Aggregate depreciation
-------------
------------
----
-------------
Carrying value
11,317,724
9,976,258
21,293,982
-------------
------------
----
-------------
9. Debtors
2022
2021
£
£
Trade debtors
21,264
31,787
Other debtors
30,355,534
23,313,187
-------------
-------------
30,376,798
23,344,974
-------------
-------------
10. Current asset investments
2022
2021
£
£
Other investments
2,417,370
11,575,943
------------
-------------
11. Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
53,042
2,802
Social security and other taxes
2,969
Other creditors
26,715,548
8,844,149
-------------
------------
26,768,590
8,849,920
-------------
------------
12. Creditors: amounts falling due after more than one year
2022
2021
£
£
Other creditors
18,464,309
----
-------------
13. Charges on assets
Certain interests in subsidiary undertakings whose value £2,835,107 is included within fixed asset investments are subject to a charge in favour of a lender to entities in which the company and or the director C.E.Boultbee Brooks has an interest.
There are charges in respect of bank borrowings (£162,082) over other fixed asset investments and bank accounts. The value in respect of such assets included wthin the accounts is £4,568,355.
14. Related party transactions
Included within other debtors is £3,217,933 (2021:£3,066,572) due from Boultbee Brooks Real Estate Limited and £17,800,916 (2021:£15,700,916) due from Boultbee Brooks Limited. The director C.E.Boultbee Brooks was interested in the above mentioned entities. None of the amounts were subject to interest and they are all repayable on demand. Also included within other debtors is £8,896,197 (2021:£3,857,386) due from Boultbee Developments (NO.1) Limited. This is repayable on demand and is subject to interest at 0% (2021:7%) per annum. The director C.E.Boultbee Brooks was interested in the company. Also included within other debtors is £1,057,299 (2021:£471,857) due from Otti Clothing Limited a company in which a relation of C.E.Boultbee Brooks. This is repayable on demand and is subject to interest at 5% per annum. A provision for non recoverability has been made in the financial statements. Included within other creditors is £25,670,286 (2021:£25,670,286) due to Boultbee Finance Limited. Interest is charged at 0% (2021:1.5%) per annum. This is repayable within one year. The director C.E.Boultbee Brooks is interested in this company. Total dividends of £235,000 were paid to C.E and C.J. Boultbee Brooks, (2021:£160,000 to C.E.Boultbee Brooks).
15. Controlling party
The controlling party is the director C.E.Boultbee Brooks.