Company registration number:
11991397
Borough Holdings Limited
Unaudited filleted financial statements
31 May 2023
Borough Holdings Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Borough Holdings Limited
Directors and other information
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Directors |
Mr A Moulton-Smith |
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Mr M J Smith |
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Company number |
11991397 |
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Registered office |
No 3 Hampstead West |
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224 Iverson Road |
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London |
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NW6 2HX |
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Accountants |
Redford & Co Limited |
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Chartered Accountants |
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First Floor |
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64 Baker Street |
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London |
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W1U 7GB |
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Borough Holdings Limited
Statement of financial position
31 May 2023
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2023 |
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2022 |
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Note |
£ |
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£ |
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£ |
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£ |
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Fixed assets |
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Tangible assets |
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5 |
934,778 |
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812,136 |
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_______ |
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_______ |
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934,778 |
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812,136 |
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Current assets |
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Debtors |
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6 |
11,438 |
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8,505 |
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Cash at bank and in hand |
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657 |
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1,687 |
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_______ |
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_______ |
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12,095 |
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10,192 |
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Creditors: amounts falling due |
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within one year |
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7 |
(
832,917) |
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(
668,335) |
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_______ |
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_______ |
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Net current liabilities |
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(
820,822) |
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(
658,143) |
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_______ |
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_______ |
Total assets less current liabilities |
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113,956 |
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153,993 |
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Creditors: amounts falling due |
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after more than one year |
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8 |
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(
228,530) |
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(
238,806) |
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_______ |
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_______ |
Net liabilities |
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(
114,574) |
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(
84,813) |
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_______ |
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_______ |
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Capital and reserves |
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Called up share capital |
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100 |
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100 |
Profit and loss account |
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(
114,674) |
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(
84,913) |
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_______ |
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Shareholders deficit |
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(
114,574) |
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(
84,813) |
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_______ |
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_______ |
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For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
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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;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
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:
Mr M J Smith
Director
Company registration number:
11991397
Borough Holdings Limited
Notes to the financial statements
Year ended 31 May 2023
1.
General information
The company is a private company limited by shares, registered in England. The address of the registered office is No 3 Hampstead West, 224 Iverson Road, London, NW6 2HX.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Going concern
The accounts have been prepared on a going concern basis. The company is able to meet its liabilities as they fall due and the directors will ensure that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, the going concern basis has been adopted in preparing the accounts.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period.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.
Tangible assets
Tangible fixed assets consist entirely of properties acquired for investment purposes.Investment properties are stated at their Fair Value, as at the year end date.No depreciation or amortisation is provided in respect of the investment properties. The treatment of the company's investment properties is a departure from the requirements of the Companies Act 2006 concerning depreciation of fixed assets. However, these properties are not held for consumption but for investment and the director considers that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the accounts to give a true and fair view.
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:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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
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4.
Employee numbers
The average number of persons employed by the company during the year amounted to
2
(2022:
2
).
5.
Tangible assets
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Freehold property |
Total |
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£ |
£ |
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Cost |
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At 1 June 2022 |
812,136 |
812,136 |
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Additions |
122,642 |
122,642 |
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_______ |
_______ |
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At 31 May 2023 |
934,778 |
934,778 |
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_______ |
_______ |
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Depreciation |
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At 1 June 2022 and 31 May 2023 |
- |
- |
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_______ |
_______ |
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Carrying amount |
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At 31 May 2023 |
934,778 |
934,778 |
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_______ |
_______ |
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At 31 May 2022 |
812,136 |
812,136 |
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_______ |
_______ |
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6.
Debtors
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2023 |
2022 |
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£ |
£ |
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Other debtors |
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11,438 |
8,505 |
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_______ |
_______ |
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7.
Creditors: amounts falling due within one year
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2023 |
2022 |
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£ |
£ |
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Trade creditors |
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4,480 |
42,023 |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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825,416 |
623,391 |
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Other creditors |
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3,021 |
2,921 |
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_______ |
_______ |
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832,917 |
668,335 |
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_______ |
_______ |
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8.
Creditors: amounts falling due after more than one year
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2023 |
2022 |
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£ |
£ |
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Bank loans and overdrafts |
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228,530 |
238,806 |
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_______ |
_______ |
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Loans advanced to the company are secured against the property owned by the company.