Company registration number 04821730 (England and Wales)
BOXPIPE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
BOXPIPE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
BOXPIPE LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
4
4,500,000
4,500,000
Current assets
Debtors
5
5,583
14,547
Creditors: amounts falling due within one year
6
(4,592,940)
(4,567,468)
Net current liabilities
(4,587,357)
(4,552,921)
Net liabilities
(87,357)
(52,921)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(87,358)
(52,922)
Total equity
(87,357)
(52,921)

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 7 September 2024 and are signed on its behalf by:
Mr G R Jackson
Director
Company registration number 04821730 (England and Wales)
BOXPIPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Boxpipe Limited is a private company limited by shares incorporated in England and Wales. The registered office is Lugano Building, 57 Melbourne Street, Newcastle upon Tyne, NE1 2JQ. The place of business address is Kensington House, Osborne Road, Newcastle upon Tyne NE2 2AA. The company number is 04821730.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, as modified to include valuation of investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The directors have assessed the company's future prospects and have determined it has sufficient financial resources available to continue to trade for the foreseeable future, despite the net liability position of the balance sheet. true

The company will continue to receive the support of its parent, Lugano Group Limited along with other companies in the group. Lugano Group Limited is financially healthy and has confirmed it has the resources to continue this support.

 

In making their assessment, the directors have considered the trading results for the period covered by these financial statements and the post balance sheet period.

1.3
Turnover

Turnover represents rental income, accounted for in accordance with the terms of the tenancy in place.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

BOXPIPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies are initially recognised at transaction price.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
5
5
4
Investment property
2023
£
Fair value
At 1 January 2023 and 31 December 2023
4,500,000

Investment property comprises of Kensington House, Jesmond. The fair value of the investment property has been arrived at on the basis of a valuation carried out in June 2021 by Knight Frank, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The directors are of the opinion that the property value has not materially changed since June 2021.

BOXPIPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2,503
7,711
Other debtors
3,080
6,836
5,583
14,547
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
4,775
10,073
Amounts due to group undertakings and undertakings in which the company has a participating interest
4,578,681
4,553,134
Other taxation and social security
1,000
-
0
Other creditors
8,484
4,261
4,592,940
4,567,468
7
Financial commitments, guarantees and contingent liabilities

The company's banking facilities are secured by a debenture dated 13 December 2021 and cross guarantees from the parent company and other wholly owned subsidiaries within the Lugano Group. The exact amount owed by this company under these securities at any one time cannot be separately identified.

8
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

At the year end the company owed £4,578,681 (2022: £4,553,134) to various companies in the Lugano group of companies. The company relies on its group holding company for financial and banking facilities, consequently all transactions included in these financial statements are reflected within the intercompany creditor at the year end.

 

All transactions have been incurred at arm's-length. They reflect recharges of income and expenditure from non-group entities, except for market rate charges for property management, administration and bookkeeping services.

9
Parent company

Lugano Group Limited is the ultimate controlling party whose registered address is Level 5, Mill Court, La Charroterie, St Peter Port, Guernsey GY1 1EJ.

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