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COMPANY REGISTRATION NUMBER: 03733254
Boultbee Brooks Limited
Unaudited Financial Statements
31 March 2023
Boultbee Brooks Limited
Financial Statements
Year ended 31st March 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 Limited
Directors' Report
Year ended 31st March 2023
The directors present their report and the unaudited financial statements of the company for the year ended 31 March 2023 .
Principal activities
The principal activity of the company during the year was farming and related activities.
Directors
The directors who served the company during the year were as follows:
E.L. Boultbee Brooks
C.E. Boultbee Brooks
C.J. Boultbee Brooks
Events after the end of the reporting period
Particulars of events after the reporting date are detailed in note 11 to the financial statements.
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 12 March 2024 and signed on behalf of the board by:
C.E. Boultbee Brooks
Director
Registered office:
Formal House
60 St Georges Place
Cheltenham
GL50 3PN
Boultbee Brooks Limited
Statement of Comprehensive Income
Year ended 31st March 2023
2023
2022
Note
£
£
Turnover
942,217
900,200
Cost of sales
1,137,717
1,300,273
------------
------------
Gross loss
( 195,500)
( 400,073)
Administrative expenses
51,602
( 10,135)
Other operating income
25,193
25,887
---------
---------
Operating loss
( 221,909)
( 364,051)
Income from other fixed asset investments
133,178
225,632
Other interest receivable and similar income
910
33,819
---------
---------
Loss before taxation
( 87,821)
( 104,600)
Tax on loss
( 123,924)
---------
---------
Profit/(loss) for the financial year and total comprehensive income
36,103
( 104,600)
---------
---------
All the activities of the company are from continuing operations.
Boultbee Brooks Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
15,331,628
14,166,869
Investments
6
491,387
600,232
-------------
-------------
15,823,015
14,767,101
Current assets
Stocks
1,386,553
898,265
Debtors
7
2,530,130
2,257,287
Cash at bank and in hand
58,876
95,185
------------
------------
3,975,559
3,250,737
Creditors: amounts falling due within one year
8
19,535,412
17,654,309
-------------
-------------
Net current liabilities
15,559,853
14,403,572
-------------
-------------
Total assets less current liabilities
263,162
363,529
Creditors: amounts falling due after more than one year
9
15,374
26,393
Provisions
125,451
---------
---------
Net assets
247,788
211,685
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
247,688
211,585
---------
---------
Shareholders funds
247,788
211,685
---------
---------
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 March 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 Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 12 March 2024 , and are signed on behalf of the board by:
C.E. Boultbee Brooks
Director
Company registration number: 03733254
Boultbee Brooks Limited
Statement of Changes in Equity
Year ended 31st March 2023
Called up share capital
Profit and loss account
Total
£
£
£
At 1st April 2021
100
526,185
526,285
Loss for the year
( 104,600)
( 104,600)
----
---------
---------
Total comprehensive income for the year
( 104,600)
( 104,600)
Dividends paid and payable
( 210,000)
( 210,000)
----
---------
---------
Total investments by and distributions to owners
( 210,000)
( 210,000)
At 31st March 2022
100
211,585
211,685
Profit for the year
36,103
36,103
----
---------
---------
Total comprehensive income for the year
36,103
36,103
----
---------
---------
At 31st March 2023
100
247,688
247,788
----
---------
---------
Boultbee Brooks Limited
Notes to the Financial Statements
Year ended 31st March 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 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 investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The entity 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 entity and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover represents amounts receivable for goods supplied and 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 income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
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:
Freehold property
-
Is not depreciated
Plant and machinery
-
2-10% reducing balance
Long leasehold property is not depreciated.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. Certain livestock that forms part of a herd is valued at open market value.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
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 7 (2022: 6 ).
5. Tangible assets
Freehold property
Long leasehold property
Plant and machinery
Total
£
£
£
£
Cost or valuation
At 1st April 2022
13,224,055
1,234,453
14,458,508
Additions
1,087,797
104,754
1,192,551
Disposals
( 61,749)
( 61,749)
Revaluations
65,172
20,000
85,172
Transfers
( 120,000)
120,000
-------------
---------
------------
-------------
At 31st March 2023
14,257,024
140,000
1,277,458
15,674,482
-------------
---------
------------
-------------
Depreciation
At 1st April 2022
291,639
291,639
Charge for the year
2,916
52,773
55,689
Disposals
( 4,474)
( 4,474)
-------------
---------
------------
-------------
At 31st March 2023
2,916
339,938
342,854
-------------
---------
------------
-------------
Carrying amount
At 31st March 2023
14,254,108
140,000
937,520
15,331,628
-------------
---------
------------
-------------
At 31st March 2022
13,224,055
942,814
14,166,869
-------------
---------
------------
-------------
Included within the above is investment property as follows:
£
At 1st April 2022
2,695,000
Additions
9,828
Fair value adjustments
85,172
-------------
At 31st March 2023
2,790,000
-------------
Investment properties were valued by the director C.E.Boultbee Brooks at the year end at fair value. He is a member of the Royal Institute of Chartered Surveyors.
Tangible assets held at valuation
In respect of tangible assets 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:
Freehold property
Long leasehold property
Total
£
£
£
At 31st March 2023
Aggregate cost
1,432,100
96,739
1,528,839
Aggregate depreciation
------------
--------
------------
Carrying value
1,432,100
96,739
1,528,839
------------
--------
------------
At 31st March 2022
Aggregate cost
1,528,840
1,528,840
Aggregate depreciation
------------
----
------------
Carrying value
1,528,840
1,528,840
------------
----
------------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant and machinery
£
At 31st March 2023
90,783
--------
At 31st March 2022
96,425
--------
6. Investments
Shares in group undertakings
Other investments
Total
£
£
£
Cost
At 1st April 2022
600,232
600,232
Additions
52,869
52,869
Disposals
( 105,021)
( 105,021)
Revaluations
( 56,693)
( 56,693)
Transfers
4
(4)
----
---------
---------
At 31st March 2023
4
491,383
491,387
----
---------
---------
Impairment
At 1st April 2022 and 31st March 2023
----
---------
---------
Carrying amount
At 31st March 2023
4
491,383
491,387
----
---------
---------
At 31st March 2022
600,232
600,232
----
---------
---------
Investments held at valuation
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:
Other investments
£
At 31st March 2023
Aggregate cost
739,194
Aggregate depreciation
---------
Carrying value
739,194
---------
At 31st March 2022
Aggregate cost
905,893
Aggregate depreciation
---------
Carrying value
905,893
---------
7. Debtors
2023
2022
£
£
Trade debtors
62,721
69,023
Amounts owed by group undertakings and undertakings in which the company has a participating interest
2,205,000
2,091,000
Other debtors
262,409
97,264
------------
------------
2,530,130
2,257,287
------------
------------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
70,960
145,259
Amounts owed to group undertakings and undertakings in which the company has a participating interest
410
Corporation tax
162
162
Social security and other taxes
18,015
37,311
Other creditors
19,445,865
17,471,577
-------------
-------------
19,535,412
17,654,309
-------------
-------------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
15,374
26,393
--------
--------
10. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
2023
2022
£
£
Not later than 1 year
10,375
10,375
Later than 1 year and not later than 5 years
10,375
20,750
--------
--------
20,750
31,125
--------
--------
11. Events after the end of the reporting period
After the year end the company will issue ordinary shares under the terms of a contract to acquire the share capital of Cambray Developments Limited during the year ended 31st March 2016 in exchange for share consideration.
12. 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
( 438,144)
1,837,566
( 1,222,047)
177,375
---------
------------
------------
---------
2022
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
C.E. Boultbee Brooks
( 384,438)
1,169,700
( 1,223,406)
( 438,144)
---------
------------
------------
---------
13. Related party transactions
Included within other creditors is £14,000 owed to the director C.J.Boultbee Brooks (2022:£14,000). Also included within other creditors is an interest free loan from Boultbee Estates Limited £18,775,916 (2022:£15,870,916), a company in which C.E & C.J.Boultbee Brooks are interested. Included within other debtors is £28,000 owed by Boultbee Developments (NO.1) Limited (2022:£28,000), a company in which the directors C.E & C.J.Boultbee Brooks are interested. Interest is charged on overdrawn directors loan accounts at 2% per annum.