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COMPANY REGISTRATION NUMBER: 11768692
Boultbee Brooks (Trimbridge House) Limited
Unaudited Financial Statements
31 December 2023
Boultbee Brooks (Trimbridge House) Limited
Financial Statements
Year ended 31 December 2023
Contents
Page
Directors' report
1
Statement of comprehensive income
2
Statement of financial position
3
Statement of changes in equity
5
Notes to the financial statements
6
Boultbee Brooks (Trimbridge House) Limited
Directors' Report
Year ended 31 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 period 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 House
Cheltenham
GL50 3PN
Boultbee Brooks (Trimbridge House) Limited
Statement of Comprehensive Income
Year ended 31 December 2023
2023
2022
Note
£
£
Turnover
488,054
327,912
Fair value adjustment investment property
215,263
840,933
Other operating expenses
387,600
233,839
---------
---------
Operating loss
( 114,809)
( 746,860)
Other interest receivable and similar income
11,595
1,826
Interest payable and similar expenses
316,275
172,566
---------
---------
Loss before taxation
4
( 419,489)
( 917,600)
Tax on loss
( 14,566)
---------
---------
Loss for the financial year and total comprehensive income
( 419,489)
( 903,034)
---------
---------
All the activities of the company are from continuing operations.
Boultbee Brooks (Trimbridge House) Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
8,758,030
9,000,000
Current assets
Debtors
6
301,190
51,213
Cash at bank and in hand
603,359
357,985
---------
---------
904,549
409,198
Creditors: amounts falling due within one year
7
7,257,784
6,558,358
------------
------------
Net current liabilities
6,353,235
6,149,160
------------
------------
Total assets less current liabilities
2,404,795
2,850,840
Creditors: amounts falling due after more than one year
8
4,280,136
4,306,692
------------
------------
Net liabilities
( 1,875,341)
( 1,455,852)
------------
------------
Capital and reserves
Called up share capital
1
1
Profit and loss account
( 1,875,342)
( 1,455,853)
------------
------------
Shareholders deficit
( 1,875,341)
( 1,455,852)
------------
------------
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 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 (Trimbridge House) 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: 11768692
Boultbee Brooks (Trimbridge House) Limited
Statement of Changes in Equity
Year ended 31 December 2023
Called up share capital
Profit and loss account
Total
£
£
£
At 1 January 2022
1
( 552,819)
( 552,818)
Loss for the year
( 903,034)
( 903,034)
----
---------
---------
Total comprehensive income for the year
( 903,034)
( 903,034)
At 31 December 2022
1
( 1,455,853)
( 1,455,852)
Loss for the year
( 419,489)
( 419,489)
----
------------
------------
Total comprehensive income for the year
( 419,489)
( 419,489)
----
------------
------------
At 31 December 2023
1
( 1,875,342)
( 1,875,341)
----
------------
------------
Boultbee Brooks (Trimbridge House) Limited
Notes to the Financial Statements
Year ended 31 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 House, 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.
Going concern
The company has net liabilities of £1,875,341. It has the the continuing support of its creditors for the foreseeable future.
Revenue recognition
Turnover represents rental income and service charge 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.
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
-
25% reducing balance
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.
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. Profit before taxation
Profit before taxation is stated after charging:
2023
2022
£
£
Depreciation of tangible assets
770
Fair value adjustments to investment property
214,493
840,933
---------
---------
5. Tangible assets
Freehold property
Fixtures and fittings
Total
£
£
£
Cost or valuation
At 1 January 2023
9,000,000
9,000,000
Additions
( 35,507)
8,800
( 26,707)
Revaluations
( 214,493)
( 214,493)
------------
-------
------------
At 31 December 2023
8,750,000
8,800
8,758,800
------------
-------
------------
Depreciation
At 1 January 2023
Charge for the year
770
770
------------
-------
------------
At 31 December 2023
770
770
------------
-------
------------
Carrying amount
At 31 December 2023
8,750,000
8,030
8,758,030
------------
-------
------------
At 31 December 2022
9,000,000
9,000,000
------------
-------
------------
The valuation of the investment property at the period end was considered by the director C.E.Boultbee Brooks who is a member of The Royal Institute of Chartered Surveyors. It was considered that cost is a reflection of fair value.
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 31 December 2023
Aggregate cost
10,902,814
Aggregate depreciation
-------------
Carrying value
10,902,814
-------------
At 31 December 2022
Aggregate cost
10,938,321
Aggregate depreciation
-------------
Carrying value
10,938,321
-------------
6. Debtors
2023
2022
£
£
Trade debtors
158,468
Other debtors
142,722
51,213
---------
--------
301,190
51,213
---------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
25,763
26,092
Trade creditors
135,106
67,046
Amounts owed to group undertakings and undertakings in which the company has a participating interest
6,904,369
6,345,289
Social security and other taxes
17,234
Other creditors
175,312
119,931
------------
------------
7,257,784
6,558,358
------------
------------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
4,280,136
4,306,692
------------
------------
9. Charges on assets
The bank loan is secured by a charge over Freehold investment property and other assets.
10. Controlling party
The parent company is Boultbee Estates (NO.1) Limited whose registered address is; Formal House,60 St Georges Hose,Cheltenham, GL50 3PN.