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Registration number: 13671550

BOC Property Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

BOC Property Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

BOC Property Ltd

Company Information

Directors

Mr J Blake

Mr A Hambidge

Mr C A Hambidge

Registered office

20-22 Wenlock Road
London
N1 7GU

Accountants

Regulatory Accounting Ltd
T/A Optimum Professional Services
Vicarage Court
160 Ermin Street
Swindon
Wiltshire
SN3 4NE

 

BOC Property Ltd

(Registration number: 13671550)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

38,411

33,239

Investment property

5

1,287,959

630,579

 

1,326,370

663,818

Current assets

 

Debtors

6

28,690

28,288

Cash at bank and in hand

 

11,246

3,720

 

39,936

32,008

Creditors: Amounts falling due within one year

7

(498,635)

(479,439)

Net current liabilities

 

(458,699)

(447,431)

Total assets less current liabilities

 

867,671

216,387

Creditors: Amounts falling due after more than one year

7

(726,809)

(258,500)

Net assets/(liabilities)

 

140,862

(42,113)

Capital and reserves

 

Called up share capital

8

3

3

Retained earnings

140,859

(42,116)

Shareholders' funds/(deficit)

 

140,862

(42,113)

For the financial year ending 31 October 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 30 July 2024 and signed on its behalf by:
 

 

BOC Property Ltd

(Registration number: 13671550)
Balance Sheet as at 31 October 2023

.........................................
Mr J Blake
Director

.........................................
Mr A Hambidge
Director

.........................................
Mr C A Hambidge
Director

 

BOC Property Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
20-22 Wenlock Road
London
N1 7GU
England

These financial statements were authorised for issue by the Board on 30 July 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

BOC Property Ltd

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

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

BOC Property Ltd

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

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 November 2022

28,746

5,990

34,736

Additions

-

8,894

8,894

At 31 October 2023

28,746

14,884

43,630

Depreciation

At 1 November 2022

-

1,497

1,497

Charge for the year

-

3,722

3,722

At 31 October 2023

-

5,219

5,219

Carrying amount

At 31 October 2023

28,746

9,665

38,411

At 31 October 2022

28,746

4,493

33,239

Included within the net book value of land and buildings above is £28,746 (2022 - £28,746) in respect of freehold land and buildings.
 

5

Investment properties

2023
£

At 1 November

630,579

Additions

477,959

Fair value adjustments

179,421

At 31 October

1,287,959

 

BOC Property Ltd

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

Properties have been revalued frrom valuations taken from re-mortgage completion statements.

6

Debtors

Current

2023
£

2022
£

Prepayments

23,152

22,747

Other debtors

5,538

5,541

 

28,690

28,288

 

BOC Property Ltd

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

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

447,500

441,339

Accruals and deferred income

 

38,635

24,600

Other creditors

 

12,500

13,500

 

498,635

479,439

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

648,312

-

Other non-current financial liabilities

 

78,497

258,500

 

726,809

258,500

8

Share capital

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

648,312

-

Current loans and borrowings

2023
£

2022
£

Bank borrowings

447,500

441,339