Caseware UK (AP4) 2023.0.135 2023.0.135 2023-11-302023-11-302022-12-01falseproperty developers22falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 02047933 2022-12-01 2023-11-30 02047933 2021-12-01 2022-11-30 02047933 2023-11-30 02047933 2022-11-30 02047933 c:Director1 2022-12-01 2023-11-30 02047933 d:Buildings 2022-12-01 2023-11-30 02047933 d:Buildings 2023-11-30 02047933 d:Buildings 2022-11-30 02047933 d:Buildings d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 02047933 d:FurnitureFittings 2022-12-01 2023-11-30 02047933 d:FurnitureFittings 2023-11-30 02047933 d:FurnitureFittings 2022-11-30 02047933 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 02047933 d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 02047933 d:CurrentFinancialInstruments 2023-11-30 02047933 d:CurrentFinancialInstruments 2022-11-30 02047933 d:CurrentFinancialInstruments d:WithinOneYear 2023-11-30 02047933 d:CurrentFinancialInstruments d:WithinOneYear 2022-11-30 02047933 d:ShareCapital 2023-11-30 02047933 d:ShareCapital 2022-11-30 02047933 d:RevaluationReserve 2023-11-30 02047933 d:RevaluationReserve 2022-11-30 02047933 d:RetainedEarningsAccumulatedLosses 2023-11-30 02047933 d:RetainedEarningsAccumulatedLosses 2022-11-30 02047933 d:OtherDeferredTax 2023-11-30 02047933 d:OtherDeferredTax 2022-11-30 02047933 c:OrdinaryShareClass1 2022-12-01 2023-11-30 02047933 c:OrdinaryShareClass1 2023-11-30 02047933 c:OrdinaryShareClass1 2022-11-30 02047933 c:FRS102 2022-12-01 2023-11-30 02047933 c:AuditExempt-NoAccountantsReport 2022-12-01 2023-11-30 02047933 c:FullAccounts 2022-12-01 2023-11-30 02047933 c:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 02047933 2 2022-12-01 2023-11-30 02047933 5 2022-12-01 2023-11-30 02047933 6 2022-12-01 2023-11-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 02047933










BEAUFORT HOUSE LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 NOVEMBER 2023

 
BEAUFORT HOUSE LIMITED
REGISTERED NUMBER: 02047933

BALANCE SHEET
AS AT 30 NOVEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
281,369
281,688

Investments
 5 
6,202,032
6,202,032

  
6,483,401
6,483,720

Current assets
  

Debtors: amounts falling due within one year
 6 
65,980
69,298

Cash at bank and in hand
 7 
11,272,117
11,820,052

  
11,338,097
11,889,350

Creditors: amounts falling due within one year
 8 
(12,765,753)
(13,583,896)

Net current liabilities
  
 
 
(1,427,656)
 
 
(1,694,546)

Total assets less current liabilities
  
5,055,745
4,789,174

Provisions for liabilities
  

Deferred tax
  
(44,403)
(44,403)

Net assets
  
5,011,342
4,744,771


Capital and reserves
  

Called up share capital 
 10 
2
2

Revaluation reserve
  
173,407
173,407

Profit and loss account
  
4,837,933
4,571,362

  
5,011,342
4,744,771


Page 1

 
BEAUFORT HOUSE LIMITED
REGISTERED NUMBER: 02047933

BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 August 2024.




M J Osborne
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
BEAUFORT HOUSE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.


General information

Beaufort House Limited is a private company, limited by shares, incroporated in England and Wales, United Kingdom.  The address of the registered office is Beaufort House, 12 Abingdon Road, London, W8 6AF.
The principal activity of the Company continued to be that of property developers.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The Company's functional and presentational currency is GBP. These financial statements are rounded to the nearest £.

The following principal accounting policies have been applied:

  
2.2

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

Page 3

 
BEAUFORT HOUSE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

 
BEAUFORT HOUSE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
BEAUFORT HOUSE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
Not depreciated
Fixtures and fittings
-
15%
Per annum on the reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

  
2.12

Work in progress

Work in progress is stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the development cost of the specific development. Work in progress includes directly attributable costs including labour and interest.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 6

 
BEAUFORT HOUSE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

  
2.15

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.17

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

 
2.18

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

Page 7

 
BEAUFORT HOUSE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

4.


Tangible fixed assets





Freehold property
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 December 2022
279,560
17,690
297,250



At 30 November 2023

279,560
17,690
297,250



Depreciation


At 1 December 2022
-
15,562
15,562


Charge for the year on owned assets
-
319
319



At 30 November 2023

-
15,881
15,881



Net book value



At 30 November 2023
279,560
1,809
281,369



At 30 November 2022
279,560
2,128
281,688




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Freehold land - non depreciable
279,560
279,560


Cost or valuation at 30 November 2023 is as follows:

Land and buildings
£


At cost
61,750
At valuation:

Revaluation by director on open market value
217,810



279,560

Page 8

 
BEAUFORT HOUSE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

           4.Tangible fixed assets (continued)

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2023
2022
£
£



Cost
61,750
61,750

Net book value
61,750
61,750


5.


Fixed asset investments





Investments in subsidiary companies

£



Cost


At 1 December 2022
6,393,900



At 30 November 2023

6,393,900



Impairment


At 1 December 2022
191,868



At 30 November 2023

191,868



Net book value



At 30 November 2023
6,202,032



At 30 November 2022
6,202,032


6.


Debtors

2023
2022
£
£


Other debtors
65,980
69,298


Page 9

 
BEAUFORT HOUSE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
11,272,118
11,820,051

Less: bank overdrafts
-
(21,315)

11,272,118
11,798,736



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
-
21,315

Trade creditors
1,915
5,110

Amounts owed to group undertakings
3,683,267
3,846,690

Amounts owed to other related entities
7,772,908
8,236,772

Corporation tax
55,481
85,293

Other taxation and social security
797
811

Other creditors
1,248,600
1,385,255

Accruals and deferred income
2,785
2,650

12,765,753
13,583,896


Bank overdrafts totalling £Nil (2022 - £21,315) are secured on the assets to which they relate and by a fixed and floating charge of the assets of the company.


9.


Deferred taxation




2023


£






At beginning of year
(44,403)



At end of year
(44,403)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


On revalued freehold property
(44,403)
(44,403)

(44,403)
(44,403)

Page 10

 
BEAUFORT HOUSE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



2 (2022 - 2) Ordinary shares of £1.00 each
2
2



11.


Pension commitments

The company operates a defined contribution pension scheme.  The assets of the scheme are held separately from those of the company in an independently administered fund.  The pension cost charge represents contributions payable by the company to the fund and amounted to £1,240 (2022 - £5,728).  Contributions totalling £NIL (2022 - £NIL) were payable to the fund at the balance sheet date.


12.


Related party transactions

During the year the company operated an intercompany account with Beaufort House Projects Limited, a subsidiary undertaking.  The balance with Beaufort House Projects Limited as at 30 November 2022 was £2 (2021 - £2).
During the year the company operated an intercompany account with Beaufort House Building Limited,  a subsidiary undertaking.  The balance due to Beaufort House Building Limited as at 30 November 2023 was £3,683,265 (2022 - £3,846,688).
During the year the company operated an intercompany account with Openyard Limited, a company under common control.  The balance due to Openyard Limited as at 30 November 2023 was £6,434,970 (2022 - £6,597,020).
During the year the company operated an intercompany account with Beaufort House Surveyors Limited, a company in which M J Osborne has a material interest.  The balance due to Beaufort House Surveyors Limited as at 30 November 2023 was £143,840 (2022 - £271,170).
During the year the company operated an intercompany account with Beaufort House Design Limited,  a company in which M J Osborne has a material interest.  The balance due to Beaufort House Design Limited as at 30 November 2023 was £1,194,098 (2022 - £1,368,582).
During the year the company paid dividends of £51,984 (2022 - £47,000) to M J Osborne,  a director of the company.
During the year the company operated a loan account with M J Osborne,  a director of the company.  The balance due to M J Osborne as at 30 November 2023 was £1,067,182 (2022 - £1,317,934).  


13.


Controlling party

The company is under the immediate and ultimate control of M J Osborne, who owns all of the issued share capital.


Page 11