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COMPANY REGISTRATION NUMBER: 03581074
Bostall Estates Limited
Unaudited Financial Statements
31 August 2023
Bostall Estates Limited
Financial Statements
Year ended 31 August 2023
Contents
Page
Director's report
1
Income statement
2
Statement of financial position
3
Notes to the financial statements
5
The following pages do not form part of the financial statements
Chartered accountant's report to the director on the preparation of the unaudited statutory financial statements
10
Bostall Estates Limited
Director's Report
Year ended 31 August 2023
The director presents his report and the unaudited financial statements of the company for the year ended 31 August 2023 .
Director
The director who served the company during the year was as follows:
Mr M Heer
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 29 August 2024 and signed on behalf of the board by:
Mr M Heer
Chairman
Registered office:
The Old Mill
9 Soar Lane
Leicester
LE3 5DE
Bostall Estates Limited
Income Statement
Year ended 31 August 2023
2023
2022
(restated)
Note
£
£
Turnover
1,258,179
1,222,598
Cost of sales
15,387
------------
------------
Gross profit
1,242,792
1,222,598
Administrative expenses
847,824
721,447
------------
------------
Operating profit
394,968
501,151
Interest payable and similar expenses
542,398
450,215
------------
------------
(Loss)/profit before taxation
4
( 147,430)
50,936
Tax on (loss)/profit
9,678
---------
--------
(Loss)/profit for the financial year
( 147,430)
41,258
---------
--------
All the activities of the company are from continuing operations.
The company has no other recognised items of income and expenses other than the results for the year as set out above.
Bostall Estates Limited
Statement of Financial Position
31 August 2023
2023
2022
(restated)
Note
£
£
Fixed assets
Tangible assets
5
29,547,478
29,547,592
Investments
6
1,200,050
1,078,460
-------------
-------------
30,747,528
30,626,052
Current assets
Debtors
7
9,326,753
8,856,550
Cash at bank and in hand
119,128
119,792
------------
------------
9,445,881
8,976,342
Creditors: amounts falling due within one year
8
1,824,562
19,501,381
------------
-------------
Net current assets/(liabilities)
7,621,319
( 10,525,039)
-------------
-------------
Total assets less current liabilities
38,368,847
20,101,013
Creditors: amounts falling due after more than one year
9
18,415,264
Provisions
3,092,548
3,092,548
-------------
-------------
Net assets
16,861,035
17,008,465
-------------
-------------
Capital and reserves
Called up share capital
101
101
Revaluation reserve
16,275,814
16,275,814
Profit and loss account
585,120
732,550
-------------
-------------
Shareholders funds
16,861,035
17,008,465
-------------
-------------
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 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Bostall Estates Limited
Statement of Financial Position (continued)
31 August 2023
These financial statements were approved by the board of directors and authorised for issue on 29 August 2024 , and are signed on behalf of the board by:
Mr M Heer
Chairman
Company registration number: 03581074
Bostall Estates Limited
Notes to the Financial Statements
Year ended 31 August 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 The Old Mill, 9 Soar Lane, Leicester, LE3 5DE.
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.
Revenue recognition
Turnover is rental income and is recognised when receivable.
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Fixtures and fittings
-
15% reducing balance
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.
Impairment of fixed assets
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.
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.
4. Profit before taxation
Profit before taxation is stated after charging:
2023
2022
(restated)
£
£
Depreciation of tangible assets
114
134
----
----
5. Tangible assets
Investment properties
Fixtures and fittings
Total
£
£
£
Cost
At 1 September 2022 (as restated) and 31 August 2023
29,546,830
17,932
29,564,762
-------------
--------
-------------
Depreciation
At 1 September 2022
17,170
17,170
Charge for the year
114
114
-------------
--------
-------------
At 31 August 2023
17,284
17,284
-------------
--------
-------------
Carrying amount
At 31 August 2023
29,546,830
648
29,547,478
-------------
--------
-------------
At 31 August 2022
29,546,830
762
29,547,592
-------------
--------
-------------
Tangible assets held at valuation
The directors consider that investment properties are held at their fair value.
6. Investments
Other investments other than loans
£
Cost
At 1 September 2022 as restated
1,078,460
Additions
121,590
------------
At 31 August 2023
1,200,050
------------
Impairment
At 1 September 2022 as restated and 31 August 2023
------------
Carrying amount
At 31 August 2023
1,200,050
------------
At 31 August 2022
1,078,460
------------
7. Debtors
2023
2022
(restated)
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
9,171,804
7,822,844
Other debtors
154,949
1,033,706
------------
------------
9,326,753
8,856,550
------------
------------
8. Creditors: amounts falling due within one year
2023
2022
(restated)
£
£
Bank loans and overdrafts
9,840
18,434,892
Trade creditors
2
48,865
Amounts owed to group undertakings and undertakings in which the company has a participating interest
1,321,534
455,000
Corporation tax
9,662
9,662
Social security and other taxes
34,517
34,517
Other creditors
449,007
518,445
------------
-------------
1,824,562
19,501,381
------------
-------------
9. Creditors: amounts falling due after more than one year
2023
2022
(restated)
£
£
Bank loans and overdrafts
18,415,264
-------------
----
Bostall Estates Limited
Management Information
Year ended 31 August 2023
The following pages do not form part of the financial statements.
Bostall Estates Limited
Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Bostall Estates Limited
Year ended 31 August 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Bostall Estates Limited for the year ended 31 August 2023, which comprise the income statement, statement of financial position 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Bostall Estates Limited. Our work has been undertaken solely to prepare for your approval the financial statements of Bostall Estates Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Bostall Estates Limited and its director for our work or for this report.
It is your duty to ensure that Bostall Estates 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 loss of Bostall Estates Limited. You consider that Bostall Estates 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 Bostall Estates 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.
VERSANT ASSOCIATES LLP Chartered accountants
The Old Mill, 9 Soar Lane Leicester LE3 5DE