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COMPANY REGISTRATION NUMBER: 09566001
Boultbee Brooks (Noel Street) Limited
Unaudited Financial Statements
31 December 2023
Boultbee Brooks (Noel Street) Limited
Financial Statements
Year ended 31st December 2023
Contents
Page
Directors' report
1
Income statement
2
Statement of financial position
3
Statement of changes in equity
5
Notes to the financial statements
6
Boultbee Brooks (Noel Street) Limited
Directors' Report
Year ended 31st December 2023
The directors present their report and the unaudited financial statements of the company for the year ended 31 December 2023 .
Principal activities
The principal activity of the company during the year was property investment.
Directors
The directors who served the company during the year were as follows:
L. Roberts
C.E. Boultbee Brooks
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 16 August 2024 and signed on behalf of the board by:
L. Roberts
Director
Registered office:
Formal House
60 St Georges Place
Cheltenham
GL50 3PN
Boultbee Brooks (Noel Street) Limited
Income Statement
Year ended 31st December 2023
2023
2022
Note
£
£
Turnover
554,197
494,770
Other operating expenses
127,246
128,744
---------
---------
Operating profit
426,951
366,026
Other interest receivable and similar income
7,972
1,122
Interest payable and similar expenses
369,526
210,829
---------
---------
Profit before taxation
65,397
156,319
Tax on profit
131,134
23,973
---------
---------
(Loss)/profit for the financial year
( 65,737)
132,346
---------
---------
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.
Boultbee Brooks (Noel Street) Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
4
11,250,000
11,250,000
Current assets
Debtors
5
237,482
263,215
Cash at bank and in hand
631,114
473,469
---------
---------
868,596
736,684
Creditors: amounts falling due within one year
6
4,789,737
4,460,070
------------
------------
Net current liabilities
3,921,141
3,723,386
-------------
-------------
Total assets less current liabilities
7,328,859
7,526,614
Creditors: amounts falling due after more than one year
7
4,642,571
4,929,695
Provisions
646,273
491,167
------------
------------
Net assets
2,040,015
2,105,752
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
9
2,039,915
2,105,652
------------
------------
Shareholders funds
2,040,015
2,105,752
------------
------------
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 December 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 (Noel Street) Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 16 August 2024 , and are signed on behalf of the board by:
L. Roberts
Director
Company registration number: 09566001
Boultbee Brooks (Noel Street) Limited
Statement of Changes in Equity
Year ended 31st December 2023
Called up share capital
Profit and loss account
Total
£
£
£
At 1st January 2022
100
1,973,306
1,973,406
Profit for the year
132,346
132,346
----
------------
------------
Total comprehensive income for the year
132,346
132,346
At 31st December 2022
100
2,105,652
2,105,752
Loss for the year
( 65,737)
( 65,737)
----
------------
------------
Total comprehensive income for the year
( 65,737)
( 65,737)
----
------------
------------
At 31st December 2023
100
2,039,915
2,040,015
----
------------
------------
Boultbee Brooks (Noel Street) Limited
Notes to the Financial Statements
Year ended 31st December 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.
Revenue recognition
Turnover represents rent, service charge and insurance income receivable stated net 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.
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.
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.
4. Tangible assets
Freehold property
£
Cost
At 1st January 2023 and 31st December 2023
11,250,000
-------------
Carrying amount
At 31st December 2023
11,250,000
-------------
At 31st December 2022
11,250,000
-------------
The investment property was valued at fair value at the year end by the director C.E.Boultbee Brooks. 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
£
At 31st December 2023
Aggregate cost
9,526,309
Aggregate depreciation
------------
Carrying value
9,526,309
------------
At 31st December 2022
Aggregate cost
9,526,309
Aggregate depreciation
------------
Carrying value
9,526,309
------------
5. Debtors
2023
2022
£
£
Trade debtors
145,060
132,292
Other debtors
92,422
130,923
---------
---------
237,482
263,215
---------
---------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
23,310
10,960
Amounts owed to group undertakings and undertakings in which the company has a participating interest
4,410,663
4,110,763
Corporation tax
23,973
Social security and other taxes
55,867
32,978
Other creditors
299,897
281,396
------------
------------
4,789,737
4,460,070
------------
------------
7. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
4,642,571
4,929,695
------------
------------
The bank loan is secured by a charge over the investment property and other assets.
8. Financial instruments
Financial assets and liabilities are accounted for on an amortised cost basis.
9. Reserves
Of the profit and loss account reserves, £962,497 is distributable.
10. Controlling party
The parent company is Boultbee Estates Limited whose address is; Formal House,60 St Georges Place,Cheltenham,GL50 3PN .